Deputy Crown Prince Mohammed bin Salman

Deputy Crown Prince Mohammed bin Salman’s selection among the top 50 influential figures in the world is based on a number of factors, most notably his transparent efforts to reform the Kingdom’s economy and attract foreign investment under the National Transformation Program 2020 and Vision 2030.

Bloomberg ranked the young prince 42nd globally, surpassing a number of senior influential and powerful figures in the international arena in light of his adoption of an ambitious plan to transform the Kingdom’s economy and reduce dependence on oil eight decades after its discovery.

A member of the Jeddah Chamber of Commerce and Industry, Ziad Al-Bassam, said Prince Mohammed bin Salman is characterized by his futuristic vision of what the country will become in the next 20 to 30 years, and his youthful, international and transparent approach in dealing with issues.

He said the prince foresaw the status of the Kingdom early on and laid out an ambitious plan for economic reform based on supporting industry and productivity; reducing dependence on oil; attracting foreign investment to support the industrial sector; diversifying sources of income; cutting public spending by 40 percent; and strengthening the partnership with the private sector. The plan also involves investing SR100 billion in the metals sector which is witnessing promising investment opportunities.

For his part, the dean of the Business School at the University of Jeddah, Dr. Abdullah Sa’ati, said the plan and vision put in place by Prince Mohammed for economic reform is characterized by comprehensiveness, transparency and sound methodology, all of which enhance the chances of success.

He said the vision works to address a major challenge, which is the waste of public funds by controlling spending and rationing support for fuel, water and electricity.

He said one of the prominent features of Prince Mohammed is objective self-criticism for the purpose of reform, which is generally absent from the Arab region. He called on officials to draw inspiration from this vision in order to correct errors in a timely manner.

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