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Widely criticized over many years for its slow pace of reform and seeming unwillingness to modernize, 2016 will no doubt go a long way in helping to silence Saudi Arabia’s critics.
Since launching its economic transformation plan known as ‘Vision 2030’ in April, Saudi Arabia has quickly set to work in rolling out a raft of reforms and enacting a bullish new investment strategy, helping to lay the foundations for a new economic model.
Unveiled by Saudi’s Deputy Crown Prince Muhammad bin Salman on 25 April, it aims to end the kingdom’s dependence on oil by 2020 and to boost non-oil revenue by an additional SR600bn ($160bn) by 2020 and by SR1 trillion ($266bn) by 2030 from SR163bn in 2015 (MEES, 29 April). (CONTINUED - 2101 WORDS)
DATA INSIDE THIS ARTICLE
|table||Saudi Arabia’S Pif: Key Stakes ($Bn)|