Saudi Arabia post-oil plan on April 25

Jeddah : Saudi Arabia will announce a comprehensive economic plan for the country’s post-oil era on April 25, Deputy Crown Prince Mohammed bin Salman has said.

The plan is expected to include several developmental, economic, social and other programs. 

One of the components of the plan is the National Transformation Program due to be launched within a month after the announcement, he was quoted as saying by local media.

In an interview with Bloomberg recently, the deputy crown prince said: “Our future vision for Saudi Arabia will include numerous developmental, economic, social and other programs.” 

He explained that another element of this vision is to transform Saudi Aramco from an oil company to an energy firm in addition to industrial synergies. He said the vision would involve the future of the General Investment Fund (GIF).

“Such elements and vision are only one example of a fraction of the comprehensive vision for the Kingdom,” he said. 

The deputy crown prince explained that Saudi Arabia would sell less than five percent of the mother company Aramco in an initial public offering, possibly next year. The company will be shifted to the GIF, which will technically handle the transforming of investment to sources of income for the revenues of the Saudi government, but not oil, he said. “This fund will later play a major role in the national economy by investing inside and outside the Kingdom,” he added.

The fund will ultimately increase the share of foreign investments to about 50 percent by the end of 2020, from the current level of five percent.