Executives at state-owned oil major Saudi Aramco said the economic reform plan announced by Saudi Arabia's Deputy Crown Prince Mohammed bin Salman would fuel growth by boosting existing company initiatives and attracting new capital.

The prince's Vision 2030 announced plans aimed at ending the kingdom's reliance on oil, including a proposed conversion of Aramco into an energy holding company and selling up to five per cent of the company in an initial public offering (IPO).

Khalid A Al-Falih, chairman of Saudi Aramco, said: “Saudi Vision 2030 is a pioneering and game-changing plan that will enable sustained economic growth, diversification and job creation to benefit the Kingdom and its citizens for generations to come.”

“Saudi Aramco will continue its commitment and remain fully engaged as a champion of transformation, ensuring that our significant contributions to the overall social and economic development of Saudi Arabia generate even greater positive impact in the future.

“There needs to be a fundamental shift in our economic landscape if we are to reduce our unsustainable over-reliance on oil. Therefore, accelerating reforms across key economic sectors, privatization of key industries and the creation of a globally competitive small and medium-sized enterprise sector are essential to delivering Saudi Vision 2030,” he added.

“The message is clear: Saudi Arabia is opening itself for further investment by those already in the Kingdom, as well as openly inviting potential future investors,” Al-Falih continued.

“Investment and export opportunities exist for global companies who want to take advantage of Saudi Arabia’s ready access to infrastructure and abundant supply of energy. Saudi Arabia provides unrivalled competitive advantages and investment opportunities as a manufacturing and trading base to reach global markets. The Government will continue to ease regulations to make the Kingdom one of the most attractive locations in the world to do business.

“The Vision is there, the path has been set and the prize is great. Everyone – business and community leaders, partners, suppliers, and most of all Saudi men and women, especially our talented youth - can make a contribution, and everyone must play their part,” he concluded.

Amin H Nasser, president and CEO of Saudi Aramco, said: “We remain committed to maintaining the Kingdom’s position as the world’s top oil exporter and most reliable supplier of energy, while continuing to make strategic investments across the hydrocarbons value chain that will elevate the Kingdom as the global hub for energy.”

“The Kingdom’s transformation vision demands innovation, technology and R&D to spur a new era of industrial growth. Saudi Aramco’s continued leadership and investments in upstream and new investments in downstream expansion will help drive the widespread and rapid in-Kingdom development of a vibrant population of Small and Medium-sized Enterprises focused on producing high-value finished and semi-finished products in the petrochemicals conversion sector.”

“Saudi Vision 2030 will provide tremendous opportunities to strengthen Saudi Arabia’s local supply chain capabilities across every industry sector. Saudi Aramco’s flagship iktva program is essential to attracting inward investments in local engineering; innovation and technology, and manufacturing; and to creating thousands of highly-skilled and specialized jobs for Saudis, while embedding an entrepreneurship culture and more agile business climate,” he added. – TradeArabia News Service & Reuters