Saudi Arabia and United Arab Emirates (UAE) have set aside $13 billion to protect poor families from the ripple effects of food price hikes.
The two biggest economies in the Gulf region 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.
Quoting the Saudi Press Agency, Bloomberg reported Saudi Arabia would provide $5.3 billion to support citizens toward stockpiling strategic stocks — with almost half of the amount distributed as direct cash transfers.
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 will support Emirati families with a total household income of up to 25,000 dirhams, with about 28 billion dirhams ($7.63 billion).
(the Cable)
