(TRUNEWS) Saudi Arabia has unveiled plans to create a Public Investment Fund to help free the country from its dependence on oil money.
Deputy Crown Prince Mohammed bin Salman told Bloomberg the fund will control more than $2 trillion dollars by selling shares in Aramco’s parent company, while transforming it. The plan could come to fruition as early as 2017, but it is projected to begin in 2018.
“What is left now is to diversify investments. So within 20 years, we will be an economy or state that doesn’t depend mainly on oil,” he said.
President of Russia Vladimir Putin and Crown Prince Salman bin Abdulaziz Al Saud of Saudi Arabia talk through their interpreters during a plenary session at the G20 leaders summit in Brisbane.
Salman claims the country will soon have enough money to buy four of the world’s largest publically traded companies, including Apple and Microsoft. The fund is looking at “two opportunities outside Saudi Arabia”, but the prince didn’t name them. He claimed he was confident at least one would go through.
The move comes as oil prices go down. The Saudis said they will continue their current output and would only consider cutting production if Iran agrees to slow down output. But Iran shows no interest in freezing production because it wants to restore its program now that sanctions have been lifted as part of the nuclear deal reached in July with world powers.
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