BBC News reported that Saudi Arabia has approved a number of reforms to reduce the economy’s dependence on oil. Roughly 70 percent of the country’s revenues came from oil last year.
As quoted in the publication:
One part of the plan will see shares sold in state-owned oil giant Aramco to create a sovereign wealth fund.
Announcing the reforms, Deputy Crown Prince Mohammed bin Salman described his country as being addicted to oil.
The Vision 2030 plan, he told the Saudi-owned Al-Arabiya news channel, would ensure “we can live without oil by 2020″.
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