Technoglitch
Core Member
Non-oil Economy
- The kingdom aims to generate 35 percent of the economy from small and medium enterprises, up from 20 percent, according to the plan. It's also plans to raise non-oil revenue to 1 trillion riyals ($266.6 billion) from 163 billion riyals.
- The kingdom also wants to reduce unemployment among Saudis to 7 percent from 11.6 percent, according to the document.
- Plan includes allowing expatriates to own property in selected areas, and simplifying visa processes. The kingdom also aims to raise home-ownership rate to 52 percent by 2020 from 47 percent currently.
- "The demand for housing is extremely large. You are talking about 70 percent of Saudis below 30 years old. If we maintained 47-percent ownership rate that would be an achievement," the prince said. The housing ministry is working on plans to restructure sectors related to housing, such as land taxes, advance sales, banking and finance lending procedures, he said.
Subsidies
- Seventy percent subsidies in 2015 benefited the rich, while low- and middle-income people received only 30 percent, the prince said. "Rich man's consumption of water and electricity equals that of 10 or 20 families."
"There won't be any major liberalization of energy prices unless there is a program that covers" those who rely on subsidies, he said.
Key Elements Of Saudi Arabia's Blueprint For Life After Oil
- The kingdom aims to generate 35 percent of the economy from small and medium enterprises, up from 20 percent, according to the plan. It's also plans to raise non-oil revenue to 1 trillion riyals ($266.6 billion) from 163 billion riyals.
- The kingdom also wants to reduce unemployment among Saudis to 7 percent from 11.6 percent, according to the document.
- Plan includes allowing expatriates to own property in selected areas, and simplifying visa processes. The kingdom also aims to raise home-ownership rate to 52 percent by 2020 from 47 percent currently.
- "The demand for housing is extremely large. You are talking about 70 percent of Saudis below 30 years old. If we maintained 47-percent ownership rate that would be an achievement," the prince said. The housing ministry is working on plans to restructure sectors related to housing, such as land taxes, advance sales, banking and finance lending procedures, he said.
Subsidies
- Seventy percent subsidies in 2015 benefited the rich, while low- and middle-income people received only 30 percent, the prince said. "Rich man's consumption of water and electricity equals that of 10 or 20 families."
"There won't be any major liberalization of energy prices unless there is a program that covers" those who rely on subsidies, he said.
Key Elements Of Saudi Arabia's Blueprint For Life After Oil
