Saudi Arabia’s cabinet announcing the approval of Vision 2030 on Monday, April 25, 2016.

The Council of Ministers has approved Vision 2030, the ambitious plan to transform the Saudi economy away from its dependence on oil, Custodian of the Two Holy Mosques King Salman announced on Monday.

King Salman made the announcement while chairing the weekly Cabinet meeting that focused specifically on the plan proposed by the Council of Economic Affairs and Development led by Deputy Crown Prince Mohammed bin Salman, second deputy premier and defense minister, the Saudi Press Agency reported.

The Cabinet stated the council should “set up the necessary mechanisms and arrangements to implement this vision and follow it up.” In addition, all ministries and government agencies must implement each part of the plan set aside for them.

In a speech, King Salman said that the Kingdom was established based on the Holy Qur’an and the Sunnah of Prophet Muhammad (peace be upon him), and that the government would stick to this mandate in all its decisions. “It is the cradle of the message and the Revelation, and was honored by Allah Almighty to provide a service to the two holy mosques and their visitors.”

King Salman said that he has had the task of ensuring the “comprehensive development” of the country based on Islamic principles since he ascended to the throne. The main aim was to make sure the country maximizes its potential and capabilities, he said.

The government was committed to ensuring benefits accrue from the country’s strategic location and natural resources “to achieve a better future” for citizens. This must be done by adhering to “our pure religion” and the nation’s cultural and traditional values, said the king.

The monarch said this was the basis on which the Cabinet has made its decision to approve the economic transformation plan, which he hoped would be “a model for the world at all levels.”

He thanked the council for the plan, and urged “our sons and daughters, male and female citizens, to work together to achieve this ambitious vision, praying to Allah Almighty for success.” He hoped that it would provide considerable blessings and “progress and prosperity for our dear homeland.”

Vision 2030

The Cabinet of Saudi Arabia on Monday approved the country’s Vision 2030, which has been developed by the Council of Economic and Developmental Affairs (CEDA).

Commenting on the announcement, King Salman praised CEDA’s efforts in constructing this plan and has called upon citizens to work together to see it through.

“We hope citizens will work together to achieve Saudi Vision 2030,” King Salman said in a brief statement.

The Cabinet devoted its session on Monday to consider the draft of Saudi Arabia’s Vision 2030 and decided the following:

• The approval of Saudi Arabia s Vision 2030 on which CEDA issued the decision No. (3-31/37) dated April 25, 201.
• The CEDA shall set the necessary mechanisms and arrangements to implement this vision and follow it up.
• The ministries and other government bodies shall take the necessary measures to implement this vision based on the mechanisms and arrangements referred to in item (second) of this decision.

Later, in an exclusive interview to Al Arabiya News Channel, Mohammed bin Salman – Saudi Arabia’s Deputy Crown Prince, Defense Minister and Head of CEDA – said the country plans to sell less than 5 percent of its state oil giant Saudi Aramco via an initial public offering (IPO).

He discussed plans to set up a $2 trillion sovereign wealth fund that would be managed by a board of directors, and not Aramco. The fund’s revenues would go into developing the country’s cities, he said.

“The vision is a road map of our development and economic goals. A part of that is related to Aramco and this is a very small aspect,” Prince Mohammed bin Salman said in the interview.

Saudi Arabia’s “Vision 2030” is a comprehensive plan roadmap and is expected to include various economic and social aspects.

The plan is set to substantially reduce the country’s reliance on oil, the official SPA news agency reported. The plan focuses on privatizations, further reductions in subsidies, the sale of part of state oil giant Aramco and the creation of a giant $2 trillion Sovereign Wealth Fund, SPA reported.

Prince Mohammed bin Salman also said that the country’s existing Public Investment Fund had made returns of 30 billion ($8 billion) riyals in 2015.

The Saudi 2030 vision is a comprehensive plan that also includes a highly-anticipated National Transformation Plan (NTP).

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