Riyadh – Mubasher: Deputy Crown Prince Mohammed bin Salman revealed that Saudi Arabia will announce a comprehensive plan for the upcoming post-oil period on 25 April, Bloomberg reported.
The “Vision for the Kingdom of Saudi Arabia” will entail various developmental, economic, social and other programmes, the deputy Crown Prince told Bloomberg in an interview, adding that one of the aspects of the ‘Vision’ will be the National Transformation Programme, which is set to be launched a month or 45 days after the April announcement.
Prince Mohammed bin Salman further added that there is a plan to transform Saudi oil firm Aramco from an oil company into an energy and industrial conglomerate.
The deputy Crown Prince told Bloomberg late March that the plan will include raising non-oil revenues by around $100 billion by 2020, added to transforming the Kingdom’s Public Investment Fund (PIF) to become the largest sovereign fund in the world.
Through this vision, the Kingdom aims to decrease its dependency on oil following the plunge in oil prices over the past year and a half through an overhaul of the economy.
