​Saudi Araba presents Vision 2030, a plan to free the kingdom from its dependence on oil

Vision 2030, Saudi Arabia’s economic reform plan that will gradually reduce the kingdom’s reliance on oil and diversify its economy, has been approved by the Cabinet. The key details of the plan include diversification, creating jobs for women and youth, increased openness to foreign investment, improving public services, rationalisation of expenditure,promotion of SMEs and privatisation. Vision 2030 focuses on priority areas such as renewable energy, industrial installations, tourism, mining, defence and the construction of a national gas distribution network. As part of the plan, the ” Public Investment Fund ” (PIF) will be transformed into a huge sovereign wealth fund which will mainly hold assets from the partial privatisation of Saudi Aramco, the state oil company, and its subsidiaries. With the approval of Vision 2030 strategic partnerships will be sought only with countries offering a comprehensive industry structure focused on joint production in Saudi Arabia and technology transfer activities to be implemented within long-term projects with an evident positive impact on the economy.