Saudi Arabia pledges economic overhaul to end ‘addiction to oil’ - FT.com

Saudi Arabia pledges economic overhaul to end ‘addiction to oil’ - FT.com:

"Saudi Arabia has unveiled a long-awaited plan for a radical transformation of its economy, pledging to end its “addiction to oil” and bolster its private sector in a shift that will see the planned $2tn listing of the state-owned Saudi Aramco.
Spurred by the collapse in oil prices, the kingdom has set out ambitious targets for economic and social reform under a “Vision 2030” plan that is the brainchild of Mohammed bin Salman, the 30-year-old deputy crown prince and the favoured son of King Salman bin Abdulaziz.
The kingdom could end its reliance on oil within four years, the prince said in a television interview after the Saudi cabinet approved the plan on Monday morning. Saudi Arabia currently derives more than 90 per cent of its budget revenues from hydrocarbons."



'via Blog this'