Before the last oil barrel ends

Over a five-hour-long conversation with Bloomberg, Saudi Deputy Crown Prince Mohammed bin Salman discussed exceptional programs, which will gradually transform Saudi Arabia into a country that does not depend on oil revenue.

The prince, who is leading the country’s economic reforms program, spoke about a plan that restructures the Public Investment Fund, which will eventually control more than $2 trillion and help wean the kingdom off oil.

“So within 20 years, we will be an economy or state that doesn’t depend mainly on oil,” said the prince as he detailed his economic vision for the kingdom. Several countries are currently altering ways to manage their resources and programs.

Recent years have shown that remaining completely dependent on oil, and on the regular pattern of relations between the state and the society, do not establish a solid framework to confront the challenges plaguing the region and the world.

Strategic transformation

The prince talked about means to increase non-oil revenue by undertaking a strategic transformation program in the country. People have already heard about this program and will witness its tangible results soon.

Making a shift from being completely dependent on oil to being partially dependent is essential for guaranteeing a strong economy and sustainable development

Turki Al-Dakhil

Oil is not an everlasting commodity as there will come a time when it will get depleted. Its value has a history of declining while the world’s need for it has a limited duration.

Therefore, making a shift from being completely dependent on oil to being partially dependent on it is essential for guaranteeing a strong economy and sustainable development that meets the needs of upcoming generations.

The prince’s vision of the future is sharp and clear as he is well aware of the challenges and of the importance of these transformations. It’s an interview that shapes the future for upcoming Saudi generations before the last oil barrel ends.

This article was first published by Okaz on Apr. 03, 2016.
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Turki Al-Dakhil is the General Manager of Al Arabiya News Channel. He began his career as a print journalist, covering politics and culture for the Saudi newspapers Okaz, Al-Riyadh and Al-Watan. He then moved to pan-Arab daily Al-Hayat and pan-Arab news magazine Al-Majalla. Turki later became a radio correspondent for the French-owned pan-Arab Radio Monte Carlo and MBC FM. He proceeded to Elaph, an online news magazine and Alarabiya.net, the news channel’s online platform. Over a ten-year period, Dakhil’s weekly Al Arabiya talk show “Edaat” (Spotlights) provided an opportunity for proponents of Arab and Islamic social reform to make their case to a mass audience. Turki also owns Al Mesbar Studies and Research Centre and Madarek Publishing House in Dubai. He has received several awards and honors, including the America Abroad Media annual award for his role in supporting civil society, human rights and advancing women’s roles in Gulf societies. He tweets @TurkiAldakhil.

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Last Update: Wednesday, 20 May 2020 KSA 09:50 - GMT 06:50
Disclaimer: Views expressed by writers in this section are their own and do not reflect Al Arabiya English's point-of-view.
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