Saudi Arabia approved its National Transformation Program "Saudi Arabia's Vision 2030", a key part of a blueprint to prepare the kingdom for the post-oil era. Which aim to reduce dependence on oil revenues.
The plan in general designed to liberalize the Kingdom's economy from heavy reliance on oil. And it is expected to include radical reforms.
In a television interview with Al-Arabiya, Deputy Crown Prince Mohammed bin Salman revealed the most important principles of the plan, as he said that Saudi Arabia has three strong points, the Arab and Islamic depth, investment strength, and geographical location.
He also pointed out that "King Salman Bridge" will be the most important land crossing in the world, which will enable the kingdom to invest its geographical location. As the goods will pass through Saudi Arabia with hundreds of billions, and it will also provide huge opportunities for investment and construction.
Applying green card system
Deputy Crown Prince Mohammed bin Salman announced that his country will apply the "Green card" system within the next five years, in order to improve its investment environment. He also explained that the comprehensive reforms, which are scheduled to be implemented-including the proposed green card system- will be applied even if the price of oil rose again above $ 70 a barrel, pledging to end Riyadh's dependence on oil revenue by 2020.
He added that the green card system will enable the Arabs and Muslims to live long in Saudi Arabia, and the country's tourism will be open to all nationalities in a way that consistent with the values and beliefs of the kingdom.
Holding company for military industries
Prince Mohammed bin Salman said that Saudi Arabia plans to set up a holding company for military industries that would be fully owned by the government at first, and listed later on the Saudi Market.
Aramco: part of program 2030
Deputy Crown Disclosed about his country's intention to list less than 5% of the oil company, "Aramco" to the public market. Affirming that Aramco is a part of the main keys to this vision, also for the renaissance of the economy and Saudi Arabia.
Bin Salman explained that listing part of Aramco will be the largest IPO in the history, which will lead to several benefits. Most notably transparency, as the company will announce their lists, and it will be under the control of all the Saudi banks, all the Saudi analysts and thinkers, and the entire international banks.
He also laid out his vision for the Public Investment Fund, which will eventually control more than $2 trillion, making it the largest Investment Fund in the world.
He added that the fund would control 10% of the investment capacity in the world, and some of the territory of the state will be transferred to it, in order to be developed and solving problems in cities.
Restructuring the financial sectors
Deputy Crown Prince Bin Salman said that some sectors of the Ministry of Finance will be restructured, including budget preparation within two years. Pointing out that all infrastructure projects are ongoing, and the economic ambition will end the problems of housing, unemployment and others.
About the expected cost of the plan, Bin Salman confirmed that it would not require high spending from the government, and it aims to reduce unemployment among Saudis from 11.66% to 7%.