World Economy

S. Arabia to Diversify Income

S. Arabia to Diversify IncomeS. Arabia to Diversify Income

Saudi Arabia will seek to diversify its sources of income and improve the efficiency of government spending as it strives to reduce its dependence on oil revenue, which has plunged since last year, King Salman said on Wednesday. The world’s top oil exporter is expected to announce on Monday that it has run a big deficit this year, and Riyadh’s approach to an era of expected low crude prices is closely watched both inside the country and global energy markets, Reuters reported. Salman’s comments precede what is expected to be a more detailed roster of economic proposals outlined in next week’s budget announcement, and in a “transformation plan” to be revealed by his son Deputy Crown Prince Mohammed bin Salman in January. “The kingdom is committed to implementing programs to diversify sources of income and decrease dependence on oil as a main source of revenue,” Salman said in the text of his annual address to the Shura Council setting out policy goals.