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Saudi Cabinet Approves Reform Priorities
   2016-04-26 08:27:16    CRIENGLISH.com      Web Editor: Fei Fei

A file photo of an oil refinery in Saudi Arabia [Photo: Xinhua]

Saudi Arabia's Cabinet on Monday approved a reform plan that set in motion what is likely to be a period of significant economic change in the oil-rich kingdom.

The project, which includes plans to float a stake in the world's largest oil company and set up one of the world's largest government investment funds, is meant to provide a blueprint for sweeping changes to steer the OPEC kingpin sharply away from its decades-long reliance on cheap-to-produce oil.

King Salman bin Abdulaziz announced the approval for the "Vision 2030" plan in a short televised announcement on Monday in which he called on Saudis to work together to ensure its success.

"We have considered the draft of the Saudi Kingdom's 'Vision 2030' that was submitted by the Council of Economic Affairs and Development. And it was approved by the Council of Ministers. We thank the council for all the efforts exerted and also our citizens that worked together to achieve this ambitious vision."

That reform committee, the Council on Economic and Development Affairs, has been focused on reorienting the kingdom away from its heavy reliance on fossil fuels, creating jobs and boosting foreign investment.

The announcement says the kingdom will also seek to drive up non-oil revenue by investing more in mineral mining and boosting its military production capacity.

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