UAE And Saudi Arabia Have Mutually Decided To Set Aside $13 BILLION To Support Low-Income Citizens

Amid the current surge for the cost of living, both KSA and UAE have decided to cohesively set aside money for their citizens

LATEST: Saudi Arabia and the UAE will set aside about $13 billion to support low-income citizens and stockpile key commodities amid a surge in the costs of livinghttps://t.co/OOyqoyC5XZ pic.twitter.com/uicdY6QEAh

— Bloomberg Middle East (@middleeast) July 5, 2022

Saudi Arabia aims to provide around 20 billion riyals ($5.3 billion) to protect its citizens from the ongoing economical surge. As the cost of living has increased globally, the Kingdom has decided to distribute the numbers through direct cash transfers, social security beneficiaries, and stocks.

UAE has also allocated 28 billion dirhams ($7.3 billion) for its citizens as fuel prices have increased by 80% this year

Both nations are hoping to help ease living conditons in the countries, as prices hit a spike this year.