Riyadh: Deputy Crown Prince of Saudi Arabia Mohammed bin Salman said the kingdom on April 25 will announce a comprehensive plan to take the country in an era in which it will not rely heavily on oil.
The deputy crown prince said ‘the vision for the Kingdom of Saudi Arabia’ will include developmental, economic, social and other programs.
One part of the plan is the National Transformation Program (NTP), which will be launched a month or 45 days after this month’s announcement.
The plan to transform Saudi Aramco from an oil company into an energy and industrial conglomerate, as well as the future of the Public Investment Fund, will also be part of the comprehensive vision, he told the Bloomberg.
Saudi Arabia is planning to overhaul the economy to reduce the kingdom’s reliance on oil after the plunge in crude prices.
In an interview late last month, the deputy crown prince said the plan involves raising non-oil revenue by $100 billion by 2020 as well as turning the PIF into the world’s largest sovereign wealth fund for the kingdom’s most prized assets.