Bloomberg said that the 31-year old prince has drawn up a plan to transform the world’s biggest crude exporter into a diversified economy.

Saudi Deputy Crown Prince Mohammed bin Salman bin Abdul-Aziz has been ranked 42nd on the list of Bloomberg’s 50 Most Influential People in the world of finance.

Bloomberg said that the 31-year old prince has drawn up a plan to transform the world’s biggest crude exporter into a diversified economy fit for the next era, almost eight decades after oil was discovered in Saudi Arabia.

“He is readying the state oil company (Saudi Aramco) for an IPO, so he can pump the proceeds into other industries,” said Bloomberg, describing the prince as the architect of the ambitious “2030 Vision” to rank Saudi Arabia among advanced countries.

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