Saudi Arabia and United Arab Emirates (UAE) have set aside
about $13 billion to protect poor families from the ripple effects of high food
prices.
The two biggest Gulf economies will use the fund to
stockpile essential commodities as well as distribute direct cash transfers to
support social security beneficiaries, according to reports.
Since the beginning of the Russia-Ukraine war, the spike in
energy prices has caused nations to witness high living and food costs.
The Saudi Press Agency reported that the Saudi Arabia
authority would provide $5.3 billion (about 20 billion riyals) to support
citizens in stockpiling strategic stocks — with almost half of the amount
distributed as direct cash transfers.
Under the royal allocation, 10 billion riyals will go to the
beneficiaries of the social security, account citizen programme, and an
additional salary to eligible citizens.
#عاجل
— واس الأخبار الملكية (@spagov) July 4, 2022
صدور توجيه خادم الحرمين الشريفين ، وبناء على ما رفعه سمو ولي العهد، بالموافقة على تخصيص 20 مليار ريال لمواجهة تداعيات ارتفاع الأسعار العالمية منها 10 مليارات لمستفيدي الضمان الاجتماعي وبرنامج حساب المواطن.#واس pic.twitter.com/2M1QaKrFJZ
Saudi King Salman Bin Abdulaziz ordered the allocation “to
protect the beneficiary families from the repercussions of the effects of
global price hikes.”
The UAE government would support Emirati families with a
total household income of up to 25,000 dirhams, with about 28 billion dirhams
($7.63 billion).
According to a report by The National, eligible Emiratis will
also receive 85 percent discount on the cost of petrol above Dh2.10 per litre —
the current price is Dh4.6 — as part of a series of measures designed to ease
rising inflation. The new price is similar to the cost of petrol in 2015 when
the nation ended subsidy regime.
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