SAUDI ARABIA’S VISION 2030 REFORM PLAN ANNOUNCED
25 April, 2016 - Saudi Arabia’s Crown Prince Mohammed bin Salman announced “Vision 2030” on Monday, a comprehensive 84-page reform plan designed to free the Kingdom from its dependence on oil exports.
Making the announcement during a broadcast interview with Al Arabiya, the Crown Prince said, “The Kingdom can live in 2020 without any dependence on oil … The Saudi addiction to oil has disturbed the development of many sectors in past years”.
At the centre of the Kingdom’s efforts to diversify revenue from oil is the plan to expand its sovereign wealth fund – the Public Investment Fund (PIF) – by privatising less than 5 per cent of Saudi Aramco and transferring its shares to PIF. The sovereign wealth fund will become the largest of its kind in the world with assets of close to $3 trillion, creating new economic opportunities and transforming Saudi Arabia into a global investment power.
“There will not be any investment or development in any region of the world without the Saudi sovereign wealth fund having a say,” said Prince Mohammed. “The vision is a road map of our development and economic goals… Without a doubt, Aramco is one of the main keys of this vision and the Kingdom’s economic renaissance.”
Also announced by the Crown Prince were plans to raise non-oil government revenue from SR 163 billion to SR 1 trillion, develop the tourism industry and create special economic zones, invest in domestic military capabilities and boost overall government efficiency.