Billions of Saudi Arabia against oil dependency

amsterdam - In an effort to become less dependent on its oil revenues, Saudi Arabia's investments in multinational companies and new technology to extend 160 billion to $ 2 trillion.

The earnings from this revenue from crude oil must, 90% of the total state budget, now absorbing more and import less oil countries.

That investment plan, presented by Muhammad bin Salman, is part of the long-awaited change of which Saudi Arabia Monday finally announced.

Thus thinks Saudi Arabia, with 35 million people, to achieve more stability now though revenue decreased year and a half from crude oil at the low price of oil.

Saudi Arabia will bring state-owned enterprises on the stock market. This includes the eyeball for investors, shares in the state oil company Aramco.

According to Saudi Arabia, the company has a market value of at least $ 2 billion. Certainly that is not the entire group is brought to the fair.

Exports which should not come from crude oil to rise from 16% currently to 50%. To that end the country is aiming to invest billions in a few sectors, including technology, to become dominant in it.

Saudi Arabia sees a role for itself in asset management and investment in growth companies, the prince specifically mentioned the derivatives market.

Moreover, further the country adopt its scholarships to foreign funds. Since June last year, investors can go there directly for some products. Capital rihad should be financial center of the Middle East.

In its mining sector, focusing on minerals and metals, Saudi Arabia says quickly 90. 000 jobs to add.

The orthodox Islamic kingdom wants to help more women to work. Currently, 20% of the working woman, to be 30%.

Also, SMEs get more space in the plans of Prince Mohammed bin Salman. The unemployment rate should be reduced in 2020 from 11.6% to 7%.

Commenting on the plans stock markets rose in the country by 2.5%.