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A look at Saudi Arabia’s most pressing economic targets

DUBAI, United Arab Emirates (AP) — Saudi Arabia is embarking on an aggressive transformation of its economy, which is being led by King Salman’s 30-year-old son, Deputy Crown Prince Mohammed bin Salman. Prince Mohammed has announced a bold plan to wean his country off of its “addiction to oil.” Here’s a look at some of the country’s most pressing goals:

— Listing less than 5 percent of oil giant Aramco, which boasts the world’s largest oil reserves, on the Saudi stock exchange and another international exchange;

— Developing Saudi Arabia’s $160 billion Public Investment Fund and turning it into a $2 trillion sovereign wealth fund;

— Reducing unemployment, officially just under 12 percent, to 7 percent;

— Producing locally more than half of Saudi Arabia’s spending on military equipment from its current 2 percent;

— Creating 450,000 new private sector jobs by 2020;

— Cutting expenditure on public wages from 45 to 40 percent of the state budget;

— Raising non-oil state revenue from around $44 billion to $266 billion;

— More than doubling direct foreign investment to $18.7 billion;

— Slashing energy and water subsidies by $53 billion;

— Doubling household spending on entertainment activities in Saudi Arabia;

— Raising life expectancy from 74 years old to 80;

— Increasing the percentage of Saudi families who own a home by 5 percent;

— Increasing women’s participation in the work force from 22 to 30 percent;

— Generating 9.5 gigawatts of renewable energy

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Source: Saudi Vision 2030 http://vision2030.gov.sa/en

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