Saudi Arabia's new king showers £21billion on his people to celebrate his coronation

Saudi Arabia’s new monarch has handed out £21billion to his countrymen to celebrate his coronation. Salman bin Abdulaziz Al Saud, one of the world’s wealthiest men, dished out the King’s Ransom to mark taking the throne in the oil-rich country.

In a message on Twitter, shared more than 350,000 times, one of the world’s wealthiest men said: “ Dear people: You deserve more and whatever I do will not be able to give you what you deserve."

Within hours his delighted subjects splashed out on new smart phones, luxury watches and exotic holidays to celebrate.

Some men are also reported to be setting aside the royal bonanza to marry their first, second or third wives.

On the current exchange rate one Saudi Riyal equalled 17 British pence.

All three million state employees, including soldiers, students and pensioners were given a two month wage and pensions payout. Literary and sports clubs, as well as professional associations, were given the cash boost -- traditional in Arabic countries when a new monarch takes the throne.

John Sfakianakis, Middle East director of investment company, the Ashmore group, said: “ It is party time for Saudi Arabia right now.”

Several private companies have also reportedly followed the King’s lead and handed out bonuses to their own employees.

Seventy-nine-year-old King Salman, 79 - friend of Britain’s Prince Charles - came to the throne last month after his half-brother Abdullah died aged 90 after losing his battle with pneumonia. 

It has long been a common tactic for a new monarch to win over the hearts and mind of the people with generosity when they first come to power.

The late King Abdullah announced a 15 per cent raise in government salaries after taking the throne in 2005. He also handed out a one-month salary bonus in 2011 after returning from medical treatment abroad.

...DailyMirror