EconomyRiyadhSaudi Arabia

Saudi Crown Prince: We Are Close to Achieving the Goals of the Kingdom’s Vision Before 2030

Saudi Arabia’s Crown Prince Mohammed bin Salman said the kingdom will achieve several of its Vision 2030 goals before 2030.

In an interview with local Saudi television on the fifth anniversary of the launch of the kingdom’s Vision2030, the Crown Prince discussed Vision2030, which aims to diversify Saudi Arabia’s economy away from oil dependence.

Crown Prince Mohammed bin Salman stated that as more of the 2030 goals are met, the Kingdom will unveil a vision 2040 that will enable it to compete on a global scale.

“There will be no income taxes at all in Saudi Arabia,” he said, adding that the maximum limit for value-added tax (VAT) is 15% for a five-year period, which is a temporary decision.

Crown Prince revealed that more Saudi Aramco shares will be sold to foreign investors within the next year or two, and that talks are underway to sell a 1% stake to a foreign investor.

The Crown Prince stated that oil served Saudi Arabia and the Kingdom existed prior to the discovery of oil, which remains an important source of income; however, the Vision 2030 was launched in order to achieve ambitions for a stronger economy and a better life for Saudis by strengthening the economy with funds and investments.

He stated that foreign policy is “based on achieving our interests.” The margin for disagreement varies with each new American administration,” he noted, adding that the agreement between Riyadh and the Biden administration on a variety of issues is at 90 per cent.

The Crown Prince stated that Saudi Arabia wishes to have good relations with Iran and that the Kingdom’s issue with Iran is its behaviour, nuclear programme, and ballistic missile programme, adding, “We hope we will overcome the difficulties and enjoy good relations.”

Concerning the Yemeni conflict, the Crown Prince stated that he intends to find a political solution, emphasising that the Kingdom would not object to the Houthi militia’s presence at the negotiating table.