Photo Credit: Wikipedia
Saudi King Salman bin Abdulaziz Al Saud.

Saudi Arabia’s new King Salam has handed out $32.2 billion in gifts to government employees despite the drastic dip in the price of oil the past six months.

Saudi kings have a tradition of marking their arrival to the throne by dipping into the kingdom’s vault and handing out a few shekels.

Advertisement



“The bonuses are the usual practice when there’s a succession,” Steffen Hertog, associate professor at the London School of Economics, told the Financial Times.

Saudi Arabia’s reserves stand at approximately $730 billion, give or take a penny, King Salam’s gifts reduce the reserves to a paltry $698 billion, which perhaps explains why there is not enough money to subsidize driving lessons for women.

 

Advertisement

4 COMMENTS

Comments are closed.

Loading Facebook Comments ...