During another interview with Bloomberg last week Deputy Crown Prince Mohammed bin Salman said the “Vision for the Kingdom of Saudi Arabia” – a comprehensive plan the includes developmental, economic and social aspects and is intended to position Saudi Arabia for a post-oil era – will be announced on April 25th.
The National Transformation Plan – the main economic framework of the “Vision” – is expected to be launched “a month or 45 days” after the announcement later this month.
Deputy Crown Prince Mohammed bin Salman. Photo provided to Bloomberg via the Saudi Royal Court.
According to Bloomberg, “the plan to transform Saudi Aramco from an oil company into an energy and industrial conglomerate, as well as the future of the Public Investment Fund, will also be part of the comprehensive vision…Saudi authorities are weighing measures that include more steps to restructure subsidies, imposing a value-added tax, and a levy on energy and sugary drinks as well as luxury items. The National Transformation Program will also focus on ways to boost economic growth, create jobs, attract investors and hold government offices more accountable.”
The policy shake-up is seen as the most ambitious since the Kingdom’s founding with significant economic and social implications.
In a separate story published from the interview, which took place at the historic Dirriyah Palace in Riyadh, the Deputy Crown Prince said that Saudi Arabia will “limit the impact of subsidy cuts on its citizens” by developing “a mechanism to provide cash to low- and middle-income Saudis who rely on subsidies.”
“We don’t want to change the life of the average Saudi,” the prince said. “We want to exert pressure on wealthy people, those who use resources extensively.”
Like last month’s interview with the Deputy Crown Prince, Bloomberg did not immediately release the transcript of the interview.
