Saudi Arabia’s cabinet approves Vision 2030

King praises efforts made by Council of Economic and Developmental Affairs

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The Cabinet of Saudi Arabia on Monday approved the country’s Vision 2030, which has been developed by the Council of Economic and Developmental Affairs (CEDA).

Commenting on the announcement, King Salman praised CEDA's efforts in constructing this plan and has called upon citizens to work together to see it through.

"We hope citizens will work together to achieve Saudi Vision 2030," King Salman said in a brief statement.

The Cabinet devoted its session on Monday to consider the draft of Saudi Arabia’s Vision 2030 and decided the following:

• The approval of Saudi Arabia s Vision 2030 on which CEDA issued the decision No. (3-31/37) dated April 25, 201.
• The CEDA shall set the necessary mechanisms and arrangements to implement this vision and follow it up.
• The ministries and other government bodies shall take the necessary measures to implement this vision based on the mechanisms and arrangements referred to in item (second) of this decision.

Later, in an exclusive interview to Al Arabiya News Channel, Mohammed bin Salman – Saudi Arabia’s Deputy Crown Prince, Defense Minister and Head of CEDA – said the country plans to sell less than 5 percent of its state oil giant Saudi Aramco via an initial public offering (IPO).

He discussed plans to set up a $2 trillion sovereign wealth fund that would be managed by a board of directors, and not Aramco. The fund's revenues would go into developing the country's cities, he said.

"The vision is a road map of our development and economic goals. A part of that is related to Aramco and this is a very small aspect," Prince Mohammed bin Salman said in the interview.

Saudi Arabia's “Vision 2030” is a comprehensive plan roadmap and is expected to include various economic and social aspects.

The plan is set to substantially reduce the country's reliance on oil, the official SPA news agency reported. The plan focuses on privatizations, further reductions in subsidies, the sale of part of state oil giant Aramco and the creation of a giant $2 trillion Sovereign Wealth Fund, SPA reported.

Prince Mohammed bin Salman also said that the country's existing Public Investment Fund had made returns of 30 billion ($8 billion) riyals in 2015.

The Saudi 2030 vision is a comprehensive plan that also includes a highly-anticipated National Transformation Plan (NTP).

Read also: What Saudis expect from the kingdom’s future vision

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Prince Mohammed granted his first-ever television interview to Al Arabiya News Channel. The interview will air on Monday.