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June 7, 2016

Saudi economic diversification plan finalised

Business

 
June 7, 2016

Jeddah: Saudi officials have finalised a detailed plan to diversify the kingdom´s economy away from oil and have sent it for cabinet approval, official media said on Monday.

The National Transformation Programme (NTP) will elaborate upon Vision 2030, an 84-page document released in April by Deputy Crown Prince Mohammed bin Salman,
30, who is leading the reform charge.

At the heart of the Vision is a plan to float less than five percent of state oil firm Saudi Aramco on the stock market. The proceeds would become part of the world´s largest state investment fund, with $2 trillion in assets.

Profits from the investment fund would help economic diversification and provide an alternative to oil revenues that have fallen by about half since 2014. The collapse has accelerated Saudi efforts to move away from petroleum which still accounts for the bulk of government income.

The main economic coordinating body, the Council of Economic Affairs and Development chaired by Prince Mohammed, on Sunday night decided to submit the "final version" of the NTP to the cabinet for approval, the Saudi Press Agency said.

 

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