Saudi Arabia unveils plan to end country's 'addiction' to oil

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Saudi Arabia has uncovered a broad plan meant to diversify the country’s oil-dependent economy and assist foreign investment.

The Saudi cabinet’s approval of the plan, which is dubbed “Wraith 2030,” was announced by King Salman in a televised announcement on Monday.

“We deliver developed a case of oil addiction in Saudi Arabia,” said the royal’s son, Deputy Crown Prince Mohammed bin Salman, who is in charge of long-term aiming.

The plunge in world oil prices — from above $100 US a barrel to subservient to $40 US — has cut the country’s revenues and increased the pressure on it to diversify.

rt of the chart including selling off a stake in Saudi Aramco, the state-owned oil com ny. Prince Mohammed answered the com ny was valued at more than $2 trillion US and that up to five per cent of it intent be listed on the stock market.

“The vision is a road map of our development and economic ideals,” he said. “Without a doubt, Aramco is one of the main keys of this ghost and the kingdom’s economic renaissance.”

The plan would also see the country too its public investment fund to about 7 trillion riyals ($2 trillion US) from back 600 billion riyals ($160 billion US).

Prince Mohammed said the wherewithal would become a central hub for the Saudi investment outside its borders.

The prince also chance revenues from the fund will be used to develop the country’s towns.

The reform plan’s goals aim to tackle housing and unemployment issues, but at the exact same time it would push for women to play a bigger economic function in the socially conservative country.

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