Deputy Crown Prince Mohammed bin Salman

The Council for Economic and Development Affairs led by Deputy Crown Prince Mohammed bin Salman has finalized the operational structure for Vision 2030, which includes setting up various committees and an administration office to oversee the Kingdom’s ambitious economic revamp.

Based on directives from the Cabinet, the council set up a finance committee that would oversee income and expenditure over the medium term; and a strategic committee that would guide the decision-making of the council.

The strategic committee would be supported by an administration office and hold meetings every three months, or as needed. It would provide the council with constantly updated information on projects undertaken, including reasons for delays and other problems.

There would also be a media team that would ensure all stakeholders in the country are informed about how Vision 2030 would be implemented, and promote transparency at all times.

The structure of the body would be critical for the economic overhaul plan under Vision 2030, which aims to ensure that the country moves away from its dependence on oil. The Kingdom plans to create a $2 trillion sovereign wealth to ensure the nation has income derived from investments. This includes a partial public floating of oil giant Saudi Aramco.

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