SAUDI VISION 2030

Saudi Arabia to announce future vision April 25

One part of the plan is the National Transformation Program, which will be launched a month or 45 days after this month’s announcement. (File photo: Shutterstock)

Saudi Arabia will announce on April 25 a comprehensive plan to prepare the kingdom for an era in which it does not rely heavily on oil, Deputy Crown Prince Mohammed bin Salman said in an interview with Bloomberg published late Saturday,

The "Vision for the Kingdom of Saudi Arabia" will include developmental, economic, social and other programs, Prince Mohammed was quoted as saying.

One part of the plan is the National Transformation Program (NTP), which will be launched a month or 45 days after this month’s announcement, the prince added.

Saudi Arabia's Deputy Crown Prince Mohammed bin Salman, who is also the head of the kingdom's Council of Economic and Development Affairs, announced the measures. (File photo: Reuters)

The NTP includes asset sales, tax increases, spending cuts, changes to the way the state manages its financial reserves, an efficiency drive, and a much bigger role for the private sector.

The deputy crown prince had previously announced the kingdom's plans to dedicate a $2 trillion Public Investment Fund for a post-oil economy.

The fund plans to increase the proportion of foreign investments to 50 percent of the fund by 2020 from 5 percent now, according to Bloomberg.

As part of the new strategy, the prince had said Saudi Arabia will put 5 percent of oil firm Aramco's shares in an initial public offering that could happen as early as next year. Aramco, Saudi's state-owned oil giant, is the world's largest company in terms of market capitalization.

Previously, Prince Mohammad had told Bloomberg that low oil prices were not of foremost concern for Saudi Arabia.

“If prices went up to $60 or $70, that would be a strong factor to push forward the wheel of development,” Prince Mohammed said.

“But this battle is not my battle. It’s the battle of others who are suffering from low oil prices.”

He added: “We have our own programs that don’t need high oil prices.”

Infographic: Saudi’s $2 trillion megafund: How to move on from oil


 

SHOW MORE
Last Update: Sunday, 24 April 2016 KSA 15:25 - GMT 12:25
Top
BREAKING NEWS

Send to a friend

Close
Saudi Arabia to announce future vision April 25
One part of the plan is the National Transformation Program, which will be launched following the announcement
Friend's name:
Friend's Email:
Sender's name:
Sender's Email:
Captcha Code
How are we doing?
X

How are we doing?

Name Name *
Email Email *
Country Country
Message Message *
Maximum 550 words allowed