Saudi Arabia unveils 15-year plan to transform its economy

2030 vision

Under the leadership of King Salman, custodian of the two holy mosques, Saudi Arabian government unveiled its most ambitious and bold growth strategy called “Saudi Vision 2030”.

The 15 years blueprint for economic prosperity focusses on increasing the non-dependency on oil revenue. The Deputy Crown Prince, HRH Mohammed Bin Salman, had a long interaction with the press on 25th April 2016 and addressed many critical aspects for the Kingdom’s future including decreasing unemployment, more participation of women in workforce, encouraging foreign investment, creating better living standards for expats and exploring tourism opportunities in the Kingdom.

Prince Mohammed Bin Salman also spoke about partial privatization of the national oil giant, Aramco, and creating the biggest sovereign wealth fund that could top $ 3 trillion.

The program would be built around three themes for a "vibrant society", "a thriving economy" and an "ambitious nation." The plan highlighted the country would raise its share of non-oil exports in non-oil gross domestic product (GDP) from 16 percent to 50 percent.

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