Prince Mohammed bin Salman, Saudi Arabia’s deputy crown prince, attends a cabinet meeting in Riyadh to approve a broad reform plan known as Vision 2030. Saudi Press Agency via Reuters
Bloomberg: Saudi Arabia to Overhaul Military in Plan for Life After Oil
* Plan includes setting up holding company for military industry
* Military company to be offered later in an IPO, prince says
Saudi Arabia’s plans to overhaul every corner of its economy won’t spare the military.
The kingdom will put its armaments industry under a holding company as it prepares for a post-oil era. Part of that reboot will seek to meet more of its military needs domestically and diversify its economy, Deputy Crown Prince Mohammed bin Salman said.
Prince Mohammed, second in line to be king and the power behind the throne, is leading the biggest economic shakeup since the founding of Saudi Arabia in 1932, with steps that include selling less than 5 percent of Saudi Arabian Oil Co., cutting subsidies and bringing more Saudis into the labor market. His goal: end eight decades of the dependency on oil.
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WNU Editor: This is an eye opening statement from Deputy Crown Prince Mohammed bin Salman ....
.... “When I enter a Saudi military base, the floor is tiled with marble, the walls are decorated and the finishing is five stars. I enter a base in the U.S., you can see the pipes in the ceiling, the floor is bare, no marble and no carpets. It’s made of cement. Practical,” Prince Mohammed said in an interview with Saudi-owned Arabiya television before details of the "Vision 2030" plan were announced. “We have a problem with military spending.”
He is also right about this ....
.... “How [can] we be the world’s third-largest spender on arms but [not] have a military industry?" Prince Mohammed said. “We are now about to establish a holding company for the military industries 100 per cent owned by the government that will be listed later in the Saudi market."
More News On Saudi Arabia's Plans To Change Its Economy And Its Impact On The Military
Half of Saudi Arabia's Military Purchases To Be Local -- Defense News
Saudi plans a military industries holding firm- top prince -- Reuters
Saudi Arabia to cut down on foreign military spending -- Times of Israel
Saudi economic reform plan unveiled -- DW
Saudi Arabia's King Salman is launching a long-awaited plan laying out reform priorities for the next decade and a half -- US News and World Report
A powerful Saudi prince says his country will be ready to survive without oil by 2020 -- Quartz
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