S/Arabia announces major economic reforms

Saudi Arabia’s cabinet has agreed a broad-based economic reform plan, known as Vision 2030, revealing how the oil-reliant state plans to diversify its economy over the next 14 years. Prince Mohammed bin Salman said on Monday that the country was building up the its Public Investment Fund to become a major player in global markets. […]

Saudi Arabia’s cabinet has agreed a broad-based economic reform plan, known as Vision 2030, revealing how the oil-reliant state plans to diversify its economy over the next 14 years.
Prince Mohammed bin Salman said on Monday that the country was building up the its Public Investment Fund to become a major player in global markets.
He added that Saudi Arabia was restructuring its housing ministry to increase the supply of affordable housing, and creating a “green card” system within five years to give expatriates long-term residence.
Saudi Arabia will also sell shares in state oil giant Aramco and set up the world’s largest wealth fund in line with the plan, the deputy crown prince said separately in an interview with the Saudi-owned Al-Arabiya news channel after the government announced the plan.