Cabinet Of Saudi Arabia Approves The Vision 2030 Reform Plan
The vision 2030 which has been developed by Council of Economic and Developmental Affairs (CEDA) approved by Saudi Arabia’s cabinet that aimed to develop the domestic economy through private and international investments instead of oil profit dependence.
Riyadh: Saudi Arabia’s cabinet approved the renewable energy projects comprehensive plan “vision 2030” according to ambitious plan to alter the Saudi economy from its oil dependence, King Salman announced on Monday and hope from Saudi citizens that they work hard together to achieve this vision.
Custodian of two Holy Mosques King Salman made his announcement when he attend the weekly meeting of Saudi cabinet that have a specific focus of comprehensive plan of the Council of Economic and Developmental Affairs led that led by second Prime as well as Defense Minister, Deputy Crown Prince Mohammed bin Salman, reported by Saudi Press Agency.
Cabinet is conscious about the implementation of “vision 2030” that the cabinet should have to set up necessary arrangements and mechanism to follow it.
According to a report, almost 70% of the revenues of Saudi Arabia come from its oil but last year it has been hit by reduction of oil prices.
In a speech of Saudi King Salman, he said the Saudi Kingdom established and based on Sunnah of Prophet Muhammad (peace be upon him) and Quran so the government would stick this mandate in all his decisions.
also stated “It is the cradle of the message and the Revelation, and was honored by Allah Almighty to provide a service to the two holy mosques and their visitors.”
According to “vision 2030”, the government assets will be sold, tax rate will increase, expenses should be decreased, and fundamental changes should be established to manage the foreign exchange reserves as well as the opportunities for private sector will also be created to play a greater role in the development of domestic economy.