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Crown Prince Mohammed's ascendancy gives hope to economic reform
Published in Alriyadh on 25 - 06 - 2017

Crown Prince Mohammed bin Salman's concern and interest in taking into hand the economic files and his leadership of the economy towards development has become evident since he came to power.
A number of prominent Saudi economists confirmed that the economic successes achieved by Prince Mohammed within a short period of time promise that the coming days will witness many achievements that would certainly lead to the diversification of the economic resources in Saudi Arabia.
Dr.Amer Al-Hussaini, a consultant in governance, said Prince Mohammed has taken care of the economic file on his first day in office and is currently chairing the Council for Economic and Development Affairs, which was assigned to draw the Kingdom's vision 2030 and the implement the National Transition Program 2020.
The policy of Prince Mohammed was focused on regulations and legislation and ways to improve them through the application of high standards of governance. Many of these initiatives have been successful and have ensured that there is no overlap between the executive bodies and increased the efficiency of the government projects and the responsibility of each side away from wasting or repetition which is a direct result of communication and coordination between the different parties, Al-Hussaini added.
Al-Hussaini noted that one of the most important topics of the economy that the Crown Prince assumed was to reduce dependence on oil as a sole source of income, diversify sources of revenue and increase state resources from non-oil sources. He also focused on the nationalization issue and creating new job opportunities for Saudi youth. One of the economic issues which has received great attention was the activating of the role of the Public Investment Fund and making it a major channel for the development of state-owned investment, and sell five percent of the giant Saudi oil company Aramco's shares so as to develop the company and put it on the international markets.
The subjects of the transfer and settlement of industries have also received great attention and this has been evident in the establishment of the Military Industries Company, which aims to manufacture military equipment and ammunition.
For his part, Dean of the Faculty of Finance and Administration at King Khalid University Dr. Fayez bin Dhafrah described Prince Mohammed as a political reformist and a unique model of a man of economy.
He said the appointment of Prince Mohammed as crown prince is a valuable opportunity to serve his beloved nation from a more lofty and important position.
"The appointment of Prince Mohammed carries a new hope for a brighter future and prosperity" bin Dhafrah said.
Bin Dhafrah said Prince Mohammed is an economist of a first-class who believes that the economic planning that is based on a phased strategy is the firm foundation for the stability of the homeland and the well-being of its citizens at all times.
He said his economic theory, known as Vision 2030, is only a small part of his economic thought and long-term planning, which carries great objectives based on diversifying the Kingdom's economy and maintaining its strength and integrity.
"Indeed, the plans developed by Prince Mohammed have begun to bear fruit in creating a tangible diversity in the Kingdom's economy.
This is highlighted in the following:
1. Establishing many of the principles of Vision 2030, which charted the roadmap for the Kingdom's economic development in the coming years.
2- The diversification of the Saudi economy so that it is no longer an economy based on oil as the main source of income.
3 - Maximizing the investment capacity as stipulated in Vision 2030 so that the Public Investment Fund becomes the largest sovereign investment fund in the world after the transfer of part of the ownership of Aramco to him, which in turn will raise the state non-oil revenue.
4 - the nationalization of military industries
5. Support small and medium enterprises and thus create new jobs.
Prince Mohammed embodies the youthful spirit and the firm leadership, and these together undoubtedly make it possible to achieve ambitions and continue to move to more horizons of development, stability and economic well-being, bin Dhafrah added.
Meanwhile, Mohammed Al-Saqr, member of the Business Councils of the Saudi Chambers, described Prince Mohammed as the architect of the comprehensive plan to end the dependence of the Saudi economy on oil in accordance with the vision 2030, and the National Transition Program 2020.
He added that Prince Mohammed is working hard to increase the Kingdom's non-oil exports from 16% to 50% of the GDP, increase the contribution of the private sector to the GDP from 40% to 65% by 2030 and increase foreign direct investment from 3.8% to 5.7% of the GDP.


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