Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman discussed the details of the country’s ambitious economic reform program with Bloomberg last week. Components of the plan include a green card-like system for foreign workers, restructuring subsidies, and imposing levies on sugary drinks and luxury items, in addition to a previously announced value-added tax. Saudi officials expect the plan to generate more than $100 billion a year to fund a sovereign wealth fund to underwrite the diversification of the country’s economy away from oil dependence, though the plan includes near-term debt increases. King Salman will travel to Egypt this week to shore up relations with President Abdel Fattah al-Sisi. Saudi Arabia is expected to announce a $20 billion deal to finance Egypt’s oil needs, as well as another $5 billion in other investments.
A top Saudi prince has announced new elements of a plan to reduce the kingdom’s heavy dependence on oil, amid a drop in world prices that has sent shock waves through the Saudi economy. – New York Times Saudi Arabia Lays Out Economic Plan, New Investments in Egypt
Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman discussed the details of the country’s ambitious economic reform program with Bloomberg last week. Components of the plan include a green card-like system for foreign workers, restructuring subsidies, and imposing levies on sugary drinks and luxury items, in addition to a previously announced value-added tax. Saudi officials expect the plan to generate more than $100 billion a year to fund a sovereign wealth fund to underwrite the diversification of the country’s economy away from oil dependence, though the plan includes near-term debt increases. King Salman will travel to Egypt this week to shore up relations with President Abdel Fattah al-Sisi. Saudi Arabia is expected to announce a $20 billion deal to finance Egypt’s oil needs, as well as another $5 billion in other investments.
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