New Saudi King Salman is showering his country with $32 billion in gifts


A free daily digest of the biggest news stories of the day - and the best features from our website
Thank you for signing up to TheWeek. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.
Even with the sharp drop in oil prices, Saudi Arabia isn't embracing austerity. New King Salman, as a goodwill gesture after his coronation, announced plans to hand out billions of dollars in cash to Saudi citizens. "It is party time for Saudi Arabia right now," investment banker John Sfakianakis tells The New York Times, pegging the king's inaugural splurge at more than $32 billion.
The money will go toward grants to various groups and clubs, infrastructure investments, and a hefty bonus — twice a worker's salary — to all government employees, pensioners, soldiers, and stipend-receiving students, The Times reports. More than half of the 5.5 million employed Saudis work for the government. The popular show of largesse will add to Saudi Arabia's already sizable deficit, but the oil-rich kingdom has $700 billion in foreign reserves.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Continue reading for free
We hope you're enjoying The Week's refreshingly open-minded journalism.
Subscribed to The Week? Register your account with the same email as your subscription.
Sign up to our 10 Things You Need to Know Today newsletter
A free daily digest of the biggest news stories of the day - and the best features from our website
Peter Weber is a senior editor at TheWeek.com, and has handled the editorial night shift since the website launched in 2008. A graduate of Northwestern University, Peter has worked at Facts on File and The New York Times Magazine. He speaks Spanish and Italian and plays bass and rhythm cello in an Austin rock band. Follow him on Twitter.
-
Is Sen. Bob Menendez's refusal to resign intransigence or smart politics?
Today's Big Question The indicted New Jersey Democrat is standing firm amidst calls to step down
By Rafi Schwartz Published
-
The Stinx
Cartoons
By The Week Staff Published
-
OSIRIS-REx returns
Cartoons
By The Week Staff Published
-
Elon Musk used Starlink, which saved Ukraine, to thwart a Ukrainian attack on Russia's Crimea fleet
Speed Read
By Peter Weber Published
-
Fitch downgrades US credit rating, citing 'repeated debt-limit political standoffs'
Speed Read
By Peter Weber Published
-
Bed Bath & Beyond relaunches online following bankruptcy
Speed Read
By Justin Klawans Published
-
San Francisco's iconic Anchor Brewing is closing after 127 years
Speed Read
By Peter Weber Published
-
Lawmakers say tax prep companies illegally shared taxpayer data with Meta and Google
Speed Read
By Theara Coleman Published
-
Microsoft wins FTC battle to acquire Activision Blizzard
Speed Read
By Theara Coleman Published
-
Tesla reports record quarter for sales
Speed Read
By Catherine Garcia Published
-
48 states sue telecom company over billions of robocalls
Speed Read
By Theara Coleman Published