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FINANCIAL NEWS
Saudi Arabia confirms Vision 2030 reform plan
26 Apr 2016
(MENAFN) Saudi Arabia approved to apply a reform plan “Vision 2030”, which is predicted to include sweeping change to spread the economy beyond dependence on oil exports.
Moreover, the kingdom will sell less than 5 percent of oil giant Aramco, which will surpass USD 2tr as the kingdom, prepares to sell part of the firm.
Additionally, a new investment fund will turn the world’s top oil exporter into a global investment power, which had made returns of USD 8bn in 2015.
On the other hand, the plan will not require major spending but will include restructuring, while spending on infrastructure projects will continue.
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