Saudi Arabia wants to diversify its economy
On Monday, Saudi Arabia issued an ambitious plan aimed at transforming this country and in particular diversifying its national economy.
The plan was worked out by Mohammed bin Salman, 30- year old Deputy Crown Prince and one of the most powerful personalities in the country’s government. Of course, it’s hard to say what took place behind the scene of the country’s political life, but there’re evident signs that Mohammed bin Salman seems to have overruled the respected and long-standing oil minister Ali al-Naimi.
In his broad interview to Bloomberg, the prince provided a series of clues into the roadmap, highlighting the government’s ambitious plans to spin off parts of the state-owned Saudi Aramco in an IPO. Furthermore, he added that Saudi Arabia is on the verge of creating the biggest sovereign wealth fund in the world. Reportedly, the fund is expected to boast up to $2 trillion in assets, which could become helpful when it comes to diversifying the country’s economy, putting it away from crude dependence.