Saudi Arabia, with a budget of more than 90 percent dependent on oil exports, is going to develop a plan for substitution of commodity revenues. According to Bloomberg, citing the statement of the second crown Prince of Saudi Arabia Mohammed bin Salman, a national program to increase non-oil revenue will be announced April 25.
The launch will happen 30-45 days following the submission of the document. In one of the provisions stated that the state oil company Saudi Aramco will be a conglomerate that combines work on energy and industrial industries, as well as the largest sovereign investment Fund.
Steps sounded on the idea of the Saudis, will allow the country to adapt to low oil prices and by 2020 to attract up to one hundred billion dollars of additional non-oil revenue. Among other ambitious plans to increase the share of foreign investment within four years from five to 50 percent, and set the IPO at least five percent of the shares of Saudi Aramco.
