The funds, earmarked for aid, assistance and pension; have been transferred to the bank accounts of 723,642 beneficiaries," said Mohammed Ibn Ibrahim Al-Awadh, a spokesman of the Ministry of Social Affairs.

Al-Awadh said the funds had been given to the persons and the families listed under the Kingdom's social security system. He called on the beneficiaries to withdraw the funds from the banks or by using their ATM cards. He said that the allocation of funds covered smaller families and, in precise terms, families with the maximum number of 15 members.

The benefits granted under the security system are restricted to only needy Saudi citizens including physically disabled persons, orphans, senior citizens and families with no income. They also must be permanently living in the Kingdom, said a statement released by the Ministry of Social Affairs on this occasion. The amount of annual pension for the first beneficiary in a family is SR9,400 and an amount of SR3,100 is added for every additional member in that family.

On the plans to support senior citizens of the country, the statement said that the ministry was concerned about the needs of the people, especially senior citizens and families with no income. The number of senior citizens (above 65 years age) will exceed 2.5 million in 2030.

Asked about the plans to grant SR200,000 in assistance to young unemployed Saudi citizens to start their own businesses, Al-Awadh said that he would be able to find out information about this initiative later next week. According to a report published in Al Watan Arabic daily recently, Saudis who wish to open small supply stores will be provided with start-up funds of SR200,000 by the National Charity Fund.