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Recently Saudi Deputy Crown Prince Mohammed bin Salman announced Saudi Arabia's National Transformation Plan (NTP) in which Vision 2030 maintained a central position. This will radically transform the Kingdom's economy. Vision 2030 sets out a comprehensive road map to promote more efficient government services and to diversify the Kingdom's economy by boosting private sector job creation and developing the non-oil economy.
Lesser Dependency of Oil
It outlined the key elements to shift the kingdom's economy away from its dependence on oil. It was meant to further diversifying its macro-economy. It further liberalized its national economy and envisioned attracting more and more foreign direct investments in the different sectors of production in the country. It encouraged boosting private sector in order to speed up business activities in the Kingdom.
Series of Comprehensive Reforms
It included regulatory, budget and policy short, medium and long terms reforms that will be implemented over the next 15 years in the hope of making the country less reliant on crude oil. It started a new chapter in its economy which was heavily dependent on "black gold" to new smarter economy. It aimed to build a "prosperous and sustainable economic future" for the country.
Vibrant Society
It supported having a vibrant society with emphasis on rapid social development, it encouraged qualitative education, health and housing facilities to its countrymen. Indeed, it was a paradigm shift from the traditional sources of production to more innovative and was the start of new era in the Kingdom.
Start of Smarter Economy
It outlined different rigorous reforms in different sectors of its national economy. Now, it is the start of new chapter i.e. a smarter economy. Moreover, Saudi Arabia introduced a new $ 2 trillion mega fund to generate more new jobs, further diversification of economy, markets, services, financial derivatives, banking industry and the last but not the least, further gearing up of commercial diplomacy for achieving desired goals of socio-economic prosperity in ear of post-oil.
Privatization Drive
The NTP is the centerpiece of the "Vision 2030" reforms set out in the earlier part of this year. The plan is to change the country's public sector-dependent and promote and foster private sector entrepreneurial spirit.
The Vision 2030 initially focused partly privatizing the state oil company, Aramco,...