Saudi Arabia’s cabinet has approved plans to move the country away from oil reliance by diversifying its economy, the kingdom’s state media has reported.
In a brief televised statement, King Salman said: “We hope citizens will work together to achieve Saudi Vision 2030,” referring to the broad plans that are expected to bring sweeping changes to the county.
More details are scheduled to be released later on Monday.
Separately, Deputy Crown Prince Mohammed bin Salman also said in a television interview on Monday that Saudi Arabia’s new investment fund will turn the world’s top oil exporter into a global investment power. He revealed that the kingdom’s existing Public Investment Fund had made returns of 30bn riyals ($8bn) in 2015, and that the PIF would be an elected board to make investment decisions.
He also said that a ‘green card’ system would be introduces within five years to give expat residents more rights, in a bid to improve its investment climate.