Saudi Arabia unveiled Vision 2030 cutting reliance on oil
Saudi Arabia kingdom has approved the Vision 2030, along term economic reform plan. The Blue Print charts out the roadmap to broaden the country’s economy in next 14 years and to ensure reduction in oil dependency and to live without oil by 2020.
It envisions forming Investment fund from the Public, offering affordable housing and providing expats long-term residence among others.
Disinvestment in Aramco: The project, which includes plan that the Kingdom would sell up to 5% of sharesin the 2$ trillion Aramco is probably the world largest oil company.
Oil Dependency: Oil prices pushed the Kingdom’s into a budget deficit of nearly $100 billion last year and a projected deficit this year of $87 billion.
Saudi Arabia possesses about 16% of the oil reserves It is the world’s largest exporter of petroleum liquids and the industry relies on almost half of its GDP.
Saudi Arabia was a founding member of OPEC in 1960.