A Prince of Saudi Arabia is looking past oil as the primary source of income for the kingdom and spearheading an ambitious economy free from oil dependency.

The plan, advertised as 'Saudi Arabia's Vision 2030,' aims to increase private sector output from 40 to 60 percent, reduce unemployment from 11 to 7.6 percent, and focus on non-oil income ventures.

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On the forefront of this task is the 31-year-old son of King Salman, Deputy Crown Prince Mohammed bin Salman, (also known as MbS in the diplomatic world).

Last week, the first daring move of Saudi Arabia's Vision 2030 caught the nation off-guard as major government positions were shuffled. Oil Minister Ali al-Naimi, who has led Saudi Arabia's energy policy for 20 years, has been replaced by Khaled al-Falih.

Khaled al-Falih will lead the newly created Energy, Industry, and Natural Resources Ministry. Also, the newly created Commerce and Investment Ministry will be led by Majed al-Qusaibi. Saudi Arabia's Central Bank has been entrusted to Ahmed al-Kholifey.

More than the Economy

Saudi Arabia's Vision 2030 is not only limited to finding a new economic path, as a matter of fact, the crowned Prince emphasized on the promotion of cultural and entertainment activities that are appropriate in the extremely conservative society. Vision 2030 promotes the role of women in the workforce of Saudi Arabia. The Prince said, "We believe women have rights in Islam that they've yet to obtain." This is considered a big step towards social reforms.

Rich History

When King Abdulaziz of Saudi Arabia first discovered oil in commercial quantities at Dammam in 1938, the Middle Eastern political relations shifted with Saudi Arabia at its center. Oil translates to money, and money begets power.

Since that fateful day, Saudi Arabia has enjoyed the blessings of a steady economy. From 2000 to 2008, the price of oil witnessed a record spike, going from under $25 per barrel to almost $150 per barrel. This lasted until 2014 when oil price suddenly experienced a dive.

Public Reception

Experts have noted that it will be interesting to see how Saudi Arabian citizens, who have since enjoyed subsidies, free land, and public sector jobs, react to austere budget control. The Prince has proposed a budget cut of 25 percent and a tight control on spending. Many observers agree that the success of Vision 2030 will determine the survival of Saudi Arabia in this modern world.

TagsSaudi Arabia Women Vote, saudi arabia oil, prince mohammed bin salman, King Salman Bin Abdulaziz Al Saud, saudi arabia vision 2030, saudi reforms