Saudi Cabinet approves reform plan for oil-driven economy

Saudi Cabinet approves reform plan for oil-driven economy | iNFOnews.ca
FILE- In this Friday, Jan. 1, 2016 file photo, Saudis chant traditional songs during a barbecue party at the outskirts of Jeddah, Saudi Arabia. Saudi Arabia on Tuesday unveiled the details of the first phase of its ambitious overhaul for the economy, part of a plan to wean the country off its reliance on oil exports and prepare the kingdom for the millions of young people who will be seeking jobs and affordable housing in the coming years. (AP Photo/Amr Nabil, File)

RIYADH, Saudi Arabia – Saudi Arabia’s Cabinet has approved part of a plan to reform its oil-driven economy, a roadmap promoted by King Salman’s son.

The Cabinet announced its approval for a portion of the Vision 2030 late on Monday night in a statement issued by the state-run Saudi Press Agency.

The SPA statement offered no details about what is included in the portion of the proposal, referred to as the National Transformation Plan. Saudi officials could not be immediately reached for comment.

The overall plan includes a proposal to float a stake in the world’s largest oil company, Saudi Arabian Oil Co., and set up one of the world’s biggest government investment funds. It is meant to provide sweeping reforms to steer the OPEC kingdom away from its decades-long reliance on oil.

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