‘Citizen Account Program’ to Support Saudis Face Rate Hikes, to See First Deposit in Eight Days

Saudi Minister of Labor during the press conference to announce the policies of "Citizen Account Program"  (Photo by Khaled Al-Khamis),Asharq Al-Awsat
Saudi Minister of Labor during the press conference to announce the policies of "Citizen Account Program" (Photo by Khaled Al-Khamis),Asharq Al-Awsat
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‘Citizen Account Program’ to Support Saudis Face Rate Hikes, to See First Deposit in Eight Days

Saudi Minister of Labor during the press conference to announce the policies of "Citizen Account Program"  (Photo by Khaled Al-Khamis),Asharq Al-Awsat
Saudi Minister of Labor during the press conference to announce the policies of "Citizen Account Program" (Photo by Khaled Al-Khamis),Asharq Al-Awsat

In a move to reduce the economic impact of price changes in energy products in the country, the Saudi cabinet on Tuesday adopted policies for a Citizen Account Program.

The policies include details of the beneficiaries of the program and the eligibility criteria.

This step is the first to activate support programs under ‘Citizen Account’, which focuses on the distribution of government financial boosters efficiently, by distributing it to the categories eligible for support depending on the social situation.

According to Minister of Labor Ali bin Nasser Ghafis, there are more than 13 million beneficiaries registered in the Citizen Account. The first deposit to the citizens’ accounts will be made starting December 21, 2017, and will be accompanied by the announcement of the amounts and other details.

The support compensates for the increase in prices as a result of the correction in electricity and gasoline prices, and the application of VAT on food and beverage commodities.

The program’s policies stipulate that the beneficiary should be a Saudi citizen, that the beneficiary is not residing in any of the government shelters or prisons, and that the data given on the registration form should be consistent with that of the relevant authorities.

During a press conference held in Riyadh, Minister of Labor and Social Development Dr. Ali Al-Ghafis stressed that the Citizen Account program will not affect other support programs such as social security or the Hafiz program.

Ghafis pointed out that the amount of beneficiary support from the "Citizen Account" program will vary according to changing economic conditions of families and the independent beneficiaries, indicating that the program policies will be reviewed every 3 months.

Beneficiaries can directly modify the support plan they join if recorded data changes, they will receive a additional support in case of maturity will be in the following month immediately.

On the other hand, the Saudi energy ministry issued a statement announcing that in implementation of the decision of the Council of Ministers, electricity tariffs and prices of gasoline, diesel (for industry and utilities) and aviation fuel will be corrected.

Accordingly, the ministry will supervise studying these prices and study all related arrangements in order to achieve the desired goals.

It added that this decision falls within the framework of economic reform programs initiated by the Kingdom, which aim to enhance economic, environmental efficiency, rationalize consumption of natural resources, namely "energy products" and conserve them for the benefit of the future generations, while taking into account sustaining competitiveness inside the industrial sector and other economic sectors.



Saudi Role Pivotal as Syria Hosts Investment Forum in Damascus

The Syria-Saudi Investment Forum in Damascus (SANA) 
The Syria-Saudi Investment Forum in Damascus (SANA) 
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Saudi Role Pivotal as Syria Hosts Investment Forum in Damascus

The Syria-Saudi Investment Forum in Damascus (SANA) 
The Syria-Saudi Investment Forum in Damascus (SANA) 

In a symbolic and strategic move, Syria and Saudi Arabia took a major step toward deepening economic ties this week with the launch of the Syrian-Saudi Investment Forum 2025, held at the People’s Palace in Damascus. The event brought together top officials from both countries, including Syrian President Ahmad Al-Sharaa and Saudi Minister of Investment Khalid Al-Falih, along with over 120 Saudi investors and business leaders.

The forum marks the most significant Saudi economic delegation to visit Syria in over a decade, and comes amid a broader push by Damascus to attract regional and international investment to rebuild the war-torn country.

Speaking to Asharq Al-Awsat, Osama Qadi, Senior Advisor to Syria’s Ministry of Economy and Industry, described the forum as a turning point.

“Saudi Arabia is helping to write a new chapter in Syria’s economic history,” he said. “The Kingdom is not only a political and security partner, it will be remembered as the driving force behind what could become Syria’s economic miracle.”

Qadi said Saudi Arabia’s presence signaled deep trust in Syria’s post-conflict potential. “This initial delegation of over 120 Saudi business leaders is just the beginning,” he noted. “Minister Al-Falih has committed to encouraging investment not only from the Kingdom but from countries across the globe.”

According to Qadi, Saudi investments send a powerful signal to the international business community that Syria is stable and open for investment.

“The presence of Saudi capital builds trust,” he said. “It shows that Syria is safe, serious about reform, and prepared to welcome global partnerships.”

He emphasized that the large-scale destruction resulting from years of conflict has created opportunities in reconstruction, particularly for real estate developers, contractors, and urban planners.

In this context, he said: “The ruins can be rebuilt into a modern Syria... Before 2011, Syria already had widespread informal housing. Now, we have the opportunity to design cities with green spaces, modern infrastructure, and sustainable architecture - all while preserving local heritage.”

Qadi added that the Syrian government sees this as a chance to rebuild in line with global standards.

“Together with our partners, we can build a Syria of 2025, with smart cities, environmentally friendly construction, and livable communities for the next generation,” he underlined.

The timing of the forum, he noted, sends a strong political message to skeptics.

“Even as some areas of the country, like Sweida, remain unstable and US lawmakers debate the future of the Caesar Act sanctions, this forum shows that serious investors believe in Syria’s future,” he remarked.

Qadi expressed hope that Saudi engagement would trigger a ripple effect, saying: “Together with the Kingdom, we can attract the largest number of investors, companies, and projects. This will create jobs and help Syria become one of the region’s most attractive investment destinations.”

At a press conference Wednesday night, Syrian Minister of Information Hamza Al-Mustafa officially launched the forum under the auspices of the Supreme Council for Economic Development and in partnership with the Syrian Investment Agency. Al-Mustafa praised Saudi Arabia’s role as “a key player in the Arab regional order and a very important global actor.”

He also highlighted the strong historical and cultural ties between the two countries.

“Saudi Arabia holds a special place in the hearts of all Syrians. That’s why President Al-Sharaa’s first official visit abroad was to Riyadh. Syria received a warm welcome and a clear signal of Saudi commitment to our recovery,” the minister stated.

Al-Mustafa further said the forum reflects Syria’s readiness to turn the page.

“After decades of authoritarian rule and economic stagnation, Damascus is now presenting itself as a serious opportunity for investors. The soil is fertile, the environment is right, and we welcome all those who want to be part of Syria’s renewal,” he affirmed.