Deputy Crown Prince Mohammed bin Salman. (SPA)

Saudis and expatriates are waiting with bated breath for details of the new Saudi vision for the country’s future to be unveiled tomorrow by Deputy Crown Prince Mohammed bin Salman. Most Saudis believe the national transformation plan will change their lives and future.

The national transformation plan — Vision 2030 — which the deputy crown prince spoke about in his interview with Bloomberg, has raised hopes of Saudis about their future.

Awad Al-Asmari, a Shoura Council member, told Arab News: “It is known that the Kingdom has a natural fortune including mineral and oil resources. Now, the Kingdom will undertake ambitious plans to raise heavy industries … through the transformation program.”

Shoura Council member Sadaqa Fadel said the Kingdom is going to build a new economy to protect itself from fluctuating oil prices and hence it needs a major move to change laws and take drastic steps.

Speaking to Arab News, he said: “The deputy crown prince unveiled his vision to transform Aramco from an oil company into a colossal industrial facility. This move will ensure a high volume of non-oil exports. This is what the Kingdom dreams to have.”

The plan will enable the Kingdom to attract more foreign investments and build an industrial economy as a new alternative strategy to an oil-based economy.

This new vision of Saudi Arabia will create a new economy in the Gulf region, a region, which is known for targeting foreign investments. The UAE, Qatar and Bahrain succeeded in becoming attractive countries for foreign investments. However, Saudi Arabia will be a new industrial country in the Arab region, according to senior experts.

Saudi Arabia produces 10.2 million bpd of oil, with its production set to reach 10.56 million bpd in June 2016. Around 80 percent of the Kingdom’s economy depends on oil, which the transformation plan aims to diversify to cut dependence on oil.

Saleh Al-Agla, economy faculty dean at the Umm Al-Qura University, said Saudi Arabia plans to bolster the local industrial sector to become a new industrial power in the region. Foreign investment is not enough to enhance the national economy, and so the Kingdom is interested in raising the exports of non-oil products.

Speaking to Arab News, he said the Kingdom has all the tools and natural resources, and it needs to find new products to export. This policy is to prepare for an era without oil. Therefore, it is expected that the Kingdom will boost the industrial sector with the new vision.

Related articles across the web

• South Africa to Strengthen Economic Ties With Saudi Arabia
• The Gulf Arab States Versus Hezbollah
• Gulf states to slash roaming fees across GCC by 40% from April 1
• Iran slams renewal of mandate for UN special rapporteur
• life in Saudi Arabia
• A Case Study Of Saudi Arabia
• Obama faces unprecedented Saudi criticism ahead of summit
• Brutality of life in Saudi Arabia
• Arabian Peninsula Media Roundup (March 22)
• British arms sales to Saudi Arabia are immoral and illegal | Diane Abbott