The plan forward, called Vision 2030, includes state-owned oil company Aramco's shares getting sold to help create a sovereign wealth fund worth two trillion dollars. The company is valued at $2.5 trillion dollars, and the plan is to sell less than five percent of that. The Deputy Crown Prince Mohammed bin Salman said that selling just one percent of Aramco's shares would be the biggest IPO in history. The Prince, who is second to the throne and serves as the defense minister, says the reforms would still go ahead, even if oil prices recovered from the current slump.
Selling just 1% of Aramco's shares would be the biggest IPO in history.
There will also be steps taken to diversify the current economy, including investing in mining. Currently, almost 90 percent of Saudis are employed by the government, health care and schooling is free and there is no income tax; these have run up a deficit of $100 billion and the IMF has predicted that the country will run out of money in less than five years if oil prices stay the same. Even Saudi Arabia cannot run on cruise control when it comes to oil.