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IPFS News Link • Oil

Saudi Arabia trying to build a $2 trillion fund to support diversifying from oil

• by brian wang

Saudi Arabia wants to diversify its the economy away from oil, under a plan known as Vision 2030.

Saudi Arabia has tried and mostly failed to diversify its economy for over 40 years. Oil and oil-related industry is still about 90% of the kingdom's export earnings, 87% of budget revenues, and 42% of Gross Domestic Product (GDP) in 2017.

The PIF has $150 billion of assets in listed Saudi companies, including stakes in Saudi Basic Industries Corp (Sabic) the world's second-biggest chemicals manufacturer. It currently has assets of about $230 billion.