Saudi Arabia Aims To Raise Its Public Investment Fund Capital To $2 Trillion

| } April 26 , 2016 , 13:37 IST
Prince Mohammed Bin SalmanThe Oil rich Saudi Arabia will transform itself into a global investment power by 2030, revealed Deputy Crown Prince Mohammed Bin Salman. While addressing a Press Conference at Riyadh palace, the powerful young prince said that he is aimed at ending the kingdom's "addiction" to oil. He added that the kingdom would raise the capital of its public investment fund to 7 trillion riyals ($2 trillion) from 600 billion riyals ($160 billion). He also claimed that he is also committed to change the social structure of the ultra-conservative Muslim kingdom by pushing for women to have a bigger economic role and by offering improved status to resident expatriates. "We will not allow our country ever to be at the mercy of commodity price volatility or external markets," Prince Mohammed said. His "Vision 2030" envisaged raising non-oil revenue to 600 billion riyals ($160 billion) by 2020 and 1 trillion riyals ($267 billion) by 2030 from 163.5 billion riyals ($43.6 billion) last year.