A Vision of Reform in Saudi Arabia
Apr 26, 2016 | 00:10 GMT
(FAYEZ NURELDINE/AFP/Getty Images)
Saudi Arabia has lifted its veil of secrecy ever so slightly. Deputy Crown Prince Mohammed bin Salman gave his first-ever live interview to Saudi-owned Al-Arabiya television on April 25, less than an hour after the Cabinet in Riyadh approved the kingdom's National Transformation Plan. The five-year plan, which will kick off officially in the next couple of months, outlines Saudi Arabia's strategy to expand and develop its economy while de-emphasizing oil revenue. Within the framework of the larger Vision 2030, the plan focuses on broadening privatization efforts, lifting power and water subsidies across socio-economic classes, decreasing unemployment, bolstering domestic industrial military production, and spinning off some of Saudi Arabian Oil Co.'s assets into what the kingdom hopes will become the world's largest sovereign wealth fund.