Saudi Vision 2030 reform plan

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Image: Saudi Defense Minister and Deputy Crown Prince Mohammed bin Salman gestures during a press conference in Riyadh, on April 25, 2016. AP

Saudi Arabia’s Deputy Crown Prince Mohammad Bin Salman announced the Saudi Vision 2030 reform plan this Monday. The reform plan consists of a package of economic and social policies designed to reduce the Kingdom’s dependence on oil exports.

“The Vision doesn’t need high oil prices, but we are dealing with the low (levels),” Prince Mohammed said, speaking in an exclusive interview with the Saudi-owned pan-Arab Al Arabiyah Channel. “We can live without oil in 2020.”

The low private sector participation and contribution to the economy remains a high obstacle to the Kingdom economy without oil. Big portion of the Kingdom’s GDP is generated by oil as well as over 80 percent of Saudis are employed by the government today.

 

 

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