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Saudis Moving to Reduce Dependence on Oil Money
Keywords:
Prince Mohammed bin Salman, son of the Saudi king Salman, oversees economic policy. He says stock sales of 5% of Saudi Aramco will be used to create a sovereign wealth fund of about $2 trillion that would help create the jobs with income from overseas investments and projects at home. About three times the jobs created in 2003-2013 will be needed with the demographic changes, according to McKinsey consultants. This will act as a diversification away from oil income dependence.
The planned creation of a Saudi sovereign wealth fund of about $2 trillion in 2017 with the sale of stock in Saudi Aramco
04/01/2016
The planned Saudi sovereign wealth fund would be a way to generate income from investments overseas. This would be used to support projects at home to employ the surging job seekers as about three times the jobs created in the 2003-2013 boom will be needed in future years, according to McKinsey consultants, because of the demographic changes.
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Forecasts in Dec. 2011 show oil prices remaining above $100 a barrel in 2012. The threat of Iranian retaliation for increased sanctions in the Straits of Hormuz have embedded a $10-$20 premium in oil prices say some experts. Saudia Arabia and other oil states have increased social spending after the democracy protests in the Arab world, and would like to see higher prices to support this spending.
Grouped Articles
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Grouped Articles
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