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Saudi Arabia agrees plans to move away from oil profits Saudi Arabia agrees plans to move away from oil profits
(about 1 hour later)
The Saudi cabinet has approved plans to try to move the country away from its reliance on oil profits by diversifying its economy. The Saudi cabinet has approved sweeping economic reforms aimed at moving the country away from its dependence on oil profits.
Close to 80% of Saudi Arabia's revenue comes from oil but it has been hit by falling prices in the past year.Close to 80% of Saudi Arabia's revenue comes from oil but it has been hit by falling prices in the past year.
Under the the Vision 2030 plan, shares worth less than 5% of the state-owned Aramco oil company will be sold. One part of the plan will see shares sold in state-owned oil giant Aramco to create a sovereign wealth fund.
In a TV address, Deputy Crown Prince Mohammed bin Salman said the company was valued at up to $2.5tn (£1.7tn). Announcing the reforms, Deputy Crown Prince Mohammed bin Salman described his country as being addicted to oil.
Prince Mohammed said part of the Aramco share sales would go towards creating a new $2tn sovereign wealth fund. The Vision 2030 plan, he told the Saudi-owned Al-Arabiya news channel, would ensure "we can live without oil by 2020".
Further details on Vision 2030 are expected to be released later on Monday. Among the reforms he announced in his interview were:
Oil prices are still less than half the peak of $115 a barrel seen in June 2014. But the prince said the reforms would go ahead regardless of prices.
"The vision has nothing to do with crude prices," he said.
"If the oil price goes back up it would greatly support the vision but it does not need high prices. We can deal with the lowest prices possible."
In an interview with Bloomberg last week, Prince Mohammed said taxes on luxury goods and sugary drinks could also be introduced. However, he said it was crucial that the programme would not leave the country's poor worse off.In an interview with Bloomberg last week, Prince Mohammed said taxes on luxury goods and sugary drinks could also be introduced. However, he said it was crucial that the programme would not leave the country's poor worse off.
The prince is second-in-line to the Saudi throne and also serves as defence minister.