Saudi Arabia Plans to Move Off of Dependence on Oil

April 25, 2016

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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″.

Click here for the full press release.

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Category: Energy