Saudi Arabia’s cabinet approved on Monday an economic reform plan — named “Vision 2030” — that aims to minimize the gulf nation’s reliance on oil as a source of revenue and diversify the economy.
Under the chairmanship of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, the Saudi Cabinet devoted its session on Monday to look into the draft of the Kingdom of Saudi Arabia s Vision 2030 on which the Council of Economic Affairs and Development issued the decision No. (3-31/37) dated on 12/7/1437 AH.
The cabinet also decided that The Council of Economic Affairs and Development shall set the necessary mechanisms and arrangements to implement this vision and follow it up.
The decision holds Saudi ministries and other governmental bodies – each in its respective authority – responsible for taking the required measures to implement this vision according to the mechanisms and arrangements referred to in item (second) of this decision.
Deputy Crown Prince Mohammed bin Salman, who is heading the Vision 2030 roadmap, has previously said that National Transformation Plan (NTP) will include asset sales, tax increases, spending cuts, modifications to managing financial reserves, an efficiency drive, and a much bigger role for the private sector.
The deputy crown prince had previously revealed the kingdom’s plans to allocate a $2 trillion Public Investment Fund for a post-oil economy.
As part of the new strategy, the prince had said the kingdom will put 5 percent of oil firm Aramco’s shares in an initial public offering that could happen as early as next year. Aramco, Saudi’s state-owned oil giant, is the world’s largest company in terms of market capitalization.
During the meeting, the Custodian of the Two Holy Mosques delivered the following speech:
“In the name of Allah, the Most Merciful, the Most Gracious, Praise be to Allah and His prayer and peace be upon our Prophet Muhammad, his family and companions.
Brothers and sisters, male and female citizens: May Allah’s peace, mercy and blessings be upon you.
Your State was established on the basis of adhering to the Holy Quran and the Sunnah of Prophet Muhammad (peace be upon him). It is the cradle of the message and the Revelation, and was honored by Allah Almighty in the service of the Two Holy Mosques and their visitors.
Brothers and sisters:
I have set in front of me since I was honored to ascend to the throne the seeking for the comprehensive development emanating from our religious fundamentals, investing our country’s capabilities and potentialities, benefiting from our country’s location, and its characteristics of resources and advantages to achieve a better future for the country and its people along with adherence to our pure religion and maintaining of the originality of our society and its basic fundamentals. Emanating from this view point, we directed the Council of Economic Affairs and Development to set the Kingdom’s economic and development vision to achieve what we hope that our country – with the help of Allah Almighty – be a model for the world at all levels.
We were briefed on the Kingdom of Saudi Arabia’s vision submitted by the Council of Economic Affairs and Development and approved by the Cabinet, expressing our thanks to the Council for its efforts exerted in this regard, hoping that our sons and daughters, male and female citizens work together to achieve this ambitious vision, praying to Allah Almighty for success and that the vision be of goodness and blessing to achieve progress and prosperity for our dear homeland.
May Allah’s peace, mercy and blessings be upon you.”