15-year arrangement includes diversification,privatisation of state assets, tax increases and creating a $2tn sovereign wealth fundSaudi Arabia has approved an ambitious strategy to restructure the kingdom’s oil-dependent economy, or involving diversification,privatisation of massive state assets including the energy giant Aramco, tax increases and spending and subsidy cuts.
King Salman bin Abdulaziz announced cabinet backing for the Saudi Vision 2030 arrangement in a brief televised announcement on Monday in which he called on his subjects to work together to ensure success. Shares on the Riyadh stock market rose sharply.
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Source: theguardian.com