Saudi Arabia to reduce its reliance on oil

In a bid to shore up the Middle East nation's finances battered by the global slump in crude prices, Saudi King Salman has pledged to diversify the country's economy and veer off its heavy dependence on oil.

"I have directed the Council of Economic and Development Affairs to devise the necessary plans, policies and programs to achieve that," he said while addressing the Shura Council, a formal advisory body.

Saudi Arabia - the world's largest crude exporter - relies heavily on oil income, which accounts for over 90 percent of public revenues in the country.

But the plunge in the price of the commodity by over 60 percent since mid-2014 due to a global supply glut has deteriorated the nation's public finances.........

time-ua.com