The Kingdom of Saudi Arabia’s Vision 2030, approved by the government and publicly introduced by Deputy Crown Prince Mohammed Bin Salman, now constitutes the roadmap for the oil-rich country development and economic goals for the next 15 years.
According to Salman, oil will remain an essential part of the Saudi economy but must now become just one part and not almost the whole part as powerful as a constitution would be in legal matters. “We will not allow our country ever (again) to be at the mercy of commodity price volatility or external markets,” the Prince stressed. The first “revolutionary” move will therefore consist of the IPO of state oil giant Aramco in addition to extended subsidy cuts.
With all this quick and deep change propelled by a USD 2 trillion mega-fund – the future world’s largest sovereign wealth fund – Salman and the Saudi leadership “are confident about the Kingdom’s future.” National and foreign observers will now assess to what extent the Saudi major corporations will benefit from the fund with a view to expanding across borders, and how can foreign companies take a piece of this huge pie.