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Decades-Old Oil Dependency May Stymie Saudi Prince’s ‘Vision’

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RIYAHD, SAUDI ARABIA - APRIL 20 :  Deputy Crown Prince of Saudi Arabia Mohammad bin Salman Al Saud attends the GCC-Morocco Summit in Riyadh, Saudi Arabia on April 20, 2016. (Photo by Pool / Bandar Algaloud/Anadolu Agency/Getty Images)
RIYAHD, SAUDI ARABIA - APRIL 20 : Deputy Crown Prince of Saudi Arabia Mohammad bin Salman Al Saud attends the GCC-Morocco Summit in Riyadh, Saudi Arabia on April 20, 2016. (Photo by Pool / Bandar Algaloud/Anadolu Agency/Getty Images)

The following is an excerpt from Glen Carey | April 24, 2016 | Bloomberg.com |

Saudi Arabia’s plan for the post-hydrocarbon era will have to overcome habits developed over decades of relying on crude sales to fuel economic growth, create job and build infrastructure.

Almost eight decades after oil was first found in the country, officials are set to unveil Deputy Crown Prince Mohammed bin Salman’s “Vision for the Kingdom of Saudi Arabia” on Monday, a blueprint seeking to reduce the reliance on revenue from crude exports. The plan will encompass developmental, economic, social and other programs, Prince Mohammed, known as MbS among diplomats and Saudi watchers, told Bloomberg in an interview this month.

“Shifting from an oil-based economy to something different is very difficult,” said Gregory Gause, a professor at Texas A&M University. “The Saudis have been talking about it for decades, but have made little progress. So MbS has his work cut out for him.”

For more visit: Bloomberg.com

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