Mohammad bin Salman, Saudi Arabia’s youthful decision maker in chief, has unveiled an ambitious plan to wean the country off its addiction to oil. Key elements of prince’s plan include privatizing Saudi Aramco for around $2tn and putting the proceeds into the Kingdom’s sovereign wealth fund, likely making it the world’s largest with no less than $3tn in assets under management. The fund would be mandated to fund domestic investment outside the oil sector, in a desperate bid to diversify the Saudi economy.
Saudi Arabia is Condemmed to Rentierdom
Saudi Arabia is Condemmed to Rentierdom
Saudi Arabia is Condemmed to Rentierdom
Mohammad bin Salman, Saudi Arabia’s youthful decision maker in chief, has unveiled an ambitious plan to wean the country off its addiction to oil. Key elements of prince’s plan include privatizing Saudi Aramco for around $2tn and putting the proceeds into the Kingdom’s sovereign wealth fund, likely making it the world’s largest with no less than $3tn in assets under management. The fund would be mandated to fund domestic investment outside the oil sector, in a desperate bid to diversify the Saudi economy.