Off the wire
• 1st LD-Writethru-China Focus: China mulls new law to secure national defense transport  • Taiwan's 2016 economic growth forecast lowered to 1.27 pct  • GAC Fiat Chrysler recalls 2,990 vehicles in China  • Weather forecast for world cities -- April 25  • Xi stresses enhanced Internet development for people, country  • Weather forecast for major Chinese cities, regions -- April 25  • Egypt's army kills 30 militants in North Sinai air raids  • Norway's Statoil enters German offshore wind market  • Metro runs normally in Brussels one month after terror attacks  • Top legislature reviews draft decision to promote education on law  
You are here: 　 Home

Saudi cabinet approves economic vision for post-oil era

Xinhua, April 25, 2016 Adjust font size:

Saudi cabinet approved on Monday 2030 economic vision for post oil era with the focus on business reforms and investments, Al Arabiya local news reported.

The Saudi King Salman bin Abdulaziz Al Saudi directed the Economic Affairs Council to set criteria for the implementation of the vision and urged citizens to work with the government to achieve it.

The move aims to get the oil-rich country ready to end the oil-dependency era by attracting investments, serious economic reforms and profit-earning business projects.

Part of the vision will be privatization of assets worth around 400 billion U.S. dollars to attract the involvement of companies in promoting the economy and creation of millions of jobs.

Before launching the vision, Saudi Arabia announced the formation of investment fund with a budget of 2.7 trillion dollars with activities inside and outside the country.

The vision also aims to save 300 billion dollars four years later and increase the non-oil revenues to 100 billion dollars.

In an interview with Al Arabiya TV news on Monday, the Saudi deputy crown prince, Prince Mohammed bin Salman Al Saudi, said that the vision got nothing to do with the dropping oil prices in the international market as it was planned long back. He said that his country could live without oil in 2020.

About the investment fund, he said that it is expected to control 10 percent of the investment power of the world. He said that Saudi Arabia will depend on its strengths such as its investment power and geographic location to achieve the goals of the vision.

To promote investment, the country will launch the green card project that will enable Arabs and Muslims to live for long periods in the country. The deputy CP revealed that the project will be implemented within the coming five years. Endit