(MENAFN- The Arabian Post) Saudi Arabia's Deputy Crown Prince Mohammed bin Salman unveiled his 'Saudi Vision 2030' to reduce the kingdom's reliance on oil.
The blueprint, approved by King Salman, includes plans to sell less than 5 percent of Saudi Arabian Oil Co., or Aramco, the creation of the world's largest sovereign wealth fund and raising non-oil revenue.
Here's a guide to the main elements of the plan, announced on Monday in Riyadh and during Prince Mohammed's interview with Saudi-owned Arabiya television. The prince had disclosed some of the proposals in two interviews with Bloomberg News.
Aramco IPO:
* While Aramco's valuation hasn't been completed, the company is expected to be worth more than $2 trillion, the prince said, making the planned initial public offering the world's biggest.
* 'Aramco's IPO would have several benefits, the most important of which is transparency,' he said. 'Aramco would have to announce its earnings every quarter. It will be observed by all Saudi banks, all analysts and Saudi thinkers as well as all international banks and think tanks. You'll have great supervision overnight.'
Public Investment Fund:
* Saudi Arabia will create the world's largest sovereign wealth fund to hold state assets, including Aramco and real-estate, said the prince. Land will be developed and companies owning these projects listed. The fund will be headquartered in King Abdullah Financial District.