Saudi to unveil 'Vision 2030' for post oil-era

Saudi Arabia is set to reveal a comprehensive plan to prepare itself for a post-oil economy on Monday.

The new program, called the “Vision for the Kingdom of Saudi Arabia,” is aimed at achieving economic, social, organizational and administrative development, Bloomberg reported last week, citing Deputy Crown Prince Mohammed bin Salman.

It will focus on diversifying the kingdom’s income sources, enhancing government spending and investments, promoting the private sector role and development, and raising productivity.

One component of the plan includes the National Transformation Program (NTP), which aims to transform Saudi Aramco from an oil company into an energy conglomerate, and convert the Public Investment Fund (PIF) into a sovereign fund with $2 trillion in assets, Prince bin Salman said. The NTP will be launched a month or 45 days after this month’s new vision is announced.

Under the new program, the kingdom will focus on reducing oil reliance and diversifying income sources, along with enhancing Zakat and fee collection and the privatization of major entities, including health institutions.

The plan will also focus on optimizing investments of the kingdom’s reserves, enhancing the state’s subsidy system, and expanding home finance options to face an affordable housing shortage amid a growing population.