Foreign Affairs

Eugene

(61,914 posts) Mon Apr 25, 2016, 01:33 PM Apr 2016

Saudi Arabia agrees plans to move away from oil profits

Source: BBC

Saudi Arabia agrees plans to move away from oil profits

25 April 2016 Middle East

The Saudi cabinet has approved sweeping economic reforms aimed at moving the country away from its dependence on oil profits.

Just over 70% of revenues came from oil last year but it has been hit by falling prices.

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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Read more: http://www.bbc.com/news/world-middle-east-36131391

Source: Reuters

Markets | Mon Apr 25, 2016 12:10pm EDT

Saudi prince unveils sweeping plans to end 'addiction' to oil

RIYADH | BY SAMIA NAKHOUL, WILLIAM MACLEAN AND MARWA RASHAD

The powerful young prince overseeing Saudi Arabia's economy unveiled ambitious plans on Monday aimed at ending the kingdom's "addiction" to oil and transforming it into a global investment power.

Deputy Crown Prince Mohammed bin Salman said the world's top oil exporter would raise the capital of its public investment fund to 7 trillion riyals ($2 trillion) from 600 billion riyals ($160 billion) and would sell up to five percent of shares in state oil giant Aramco.

The plans also included changes that would alter the social structure of the ultra-conservative Muslim kingdom by pushing for women to have a bigger economic role and by offering improved status to resident expatriates.

"We will not allow our country ever to be at the mercy of commodity price volatility or external markets," Prince Mohammed said at his first news conference with international journalists, who were invited to a Riyadh palace for the event.

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Saudi Arabia agrees plans to move away from oil profits (Original Post) Eugene Apr 2016 OP

The last time the idea of selling off upstream supply was in '97. That's when al-Qaeda was leveymg Apr 2016 #1

Appears the Saudi Royal Family is Wellstone ruled Apr 2016 #2

leveymg

(36,418 posts)

1. The last time the idea of selling off upstream supply was in '97. That's when al-Qaeda was

Reply to Eugene (Original post)

Mon Apr 25, 2016, 01:41 PM

Apr 2016

reorganized as a closely-held paramilitary arm based in Sudan to a deeper black terrorist organization. AQ was still tied to and funded through Saudi GID even after its move from Khartoum to Kabul. This is all tied to shifting power within the Saudi Royal Family, some of whom want to diversify and cash out while the other wants to maintain the status quo of oil-based wealth.

Wellstone ruled

(34,661 posts)

2. Appears the Saudi Royal Family is

Reply to Eugene (Original post)

Mon Apr 25, 2016, 01:51 PM

Apr 2016

trying to stave off a Coup. And with the release of some 28 pages of information as to the Royal's involvement in the 9/11 affair,analyst estimate the legal costs to the Saudi Kingdom to be 2 trillion in settlements and other issues.

Notice the US military hardware .this past few days to the Saudi Government,interesting.

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