Riyadh sets economic transformation targets

摘要

Saudi Arabia plans to end its economic dependence on oil revenues and instead rely on income from its Public Investment Fund (PIF), which it aims to transform into the world’s largest sovereign wealth fund. Plans for the economic overhaul, the brainchild of Saudi deputy crown prince and defence minister Mohammad bin Salman, were released on 25 April, as part of a wide-ranging roadmap for change, the Saudi Vision 2030. This signals a clear break with the past. “We now have a condition of addiction to oil in Saudi Arabia,” Prince Mohammad says. “This is very dangerous” and has “held up the development of many other sectors”, he says.