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Riyadh towards Diversifying Income Sources, Nationalizing Industry - ASHARQ AL-AWSAT English Archive
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Riyadh- The interview with Deputy Crown Prince Mohammed bin Salman bin Abdulaziz, Second Deputy Premier and Minister of Defense aired on Saudi channels on Tuesday gave an important insight into the country’s economic future.

In the televised interview, the Deputy Crown Prince affirmed that the kingdom is willing to issue 5 percent of Aramco shares for sale.

He also revealed the kingdom’s determination to achieve the Saudi Vision 2030 amidst economic indicators that the kingdom has actually started the phase of diversifying income sources as non-oil revenues grew in the past two years to SAR200 billion (USD53.3 billion).

His remarks coincided with Saudi Arabia announcing that the Council of Economic and Development Affairs has determined ten programs of development, cultural and economic dimensions that are strategically important for the government.

In this context, engineer Khalid al-Ghamdi said that Saudi Vision 2030 will put a solid base for the economy on the path of nationalizing industry.

“The National industry development program – launched by the Council of Economic and Development Affairs – represents a giant leap that would support the industrial sector and increase its contribution in the gross domestic product,” he said.

“The industrial sector’s contribution in the GDP doesn’t exceed 15 percent. But the Saudi Vision 2030 will increase in the coming years this vital sector’s contribution to 25 percent,” Ghamdi added.

In light of these developments, the Saudi vision, which aims at diversifying the country’s economy and lessening dependency on oil, is considered an earmark on the level of development and strategic planning put forth by the state.