Saudi Arabia to Overhaul Military in Plan for Life After Oil - Bloomberg

Saudi Arabia to Overhaul Military in Plan for Life After Oil - Bloomberg:

"Saudi Arabia’s plans to overhaul every corner of its economy won’t spare the military.

The kingdom will put its armaments industry under a holding company as it prepares for a post-oil era. Part of that reboot will seek to meet more of its military needs domestically and diversify its economy, Deputy Crown Prince Mohammed bin Salman said.

Prince Mohammed, second in line to be king and the power behind the throne, is leading the biggest economic shakeup since the founding of Saudi Arabia in 1932, with steps that include selling less than 5 percent of Saudi Arabian Oil Co., cutting subsidies and bringing more Saudis into the labor market. His goal: end eight decades of the dependency on oil."



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