Saudi Arabia's 2030 Vision – A Snapshot
26 April 2016
On April 25th, Saudi Arabia’s Council of Ministers approved the Kingdom’s “Vision 2030”. The ambitious plan involves a series of major economic and social reforms, some of which were already revealed earlier this year by the country’s Deputy Crown Prince, Mohammed bin Salman. The plan indeed envisages raising the country’s non-oil related revenues to SAR 600bn ($160bn) by 2020 and SAR 1tn ($267bn) by 2030. The main objective of the vision is to completely over-haul the economy and build a dynamic modern 21st century economy away from oil. The vision also targets to achieve a sovereign credit rating of Aa2 by 2020. The current rating of Saudi Arabia is A1 by Moody’s, A- by S&P and AA- by Fitch. On May 7th, the kingdom’s Council of Ministers approved a “Comprehensive Reform Plan” which includes closure/merger of ministries and the replacement of ministers.
Following the above announcements, the Saudi Cabinet reviewed the National Transformation Plan (NTP), a pivotal element of the Vision 2030, and The Council of Economic and Development Affairs approved the plan on June 7th. Prince Mohammed bin Salman (main driver of this plan) has the central role in decision making after his father, King Salman. The main reforms and the final objectives of the NTP are listed below.
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*Privatize certain government assets.
* Reduce inefficiencies
Market Insights & Strategy
National Bank of Abu Dhabi
Tel: +971 2 6110 127
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