he added that image copyright getty images image caption most of saudi arabia 's profits come from oil the saudi cabinet has approved sweeping economic reforms aimed at moving the country away from its dependence on oil profits .
“ we have developed a case of oil addiction in saudi arabia , ” saudi deputy crown prince mohammad bin salman said riyadh ( reuters ) - the powerful young prince overseeing saudi arabia ’s economy unveiled ambitious plans on monday aimed at ending the kingdom ’s “ addiction ” to oil and transforming it into a global investment power .
he said the world ’s top oil giant aramco to create a sovereign wealth fund .
abu dhabi : the record drop in oil prices from more than $ 110 per barrel in 2014 to less than $ 40 per barrel this year has forced the saudi government to reform its economy and look beyond oil , analysts said on monday .
as part of the new reforms announced on monday , tourism will be encouraged and new industries will be set up .
( l - r ) saudi crown prince mohammed bin nayef , saudi king salman , and saudi arabia 's deputy crown prince mohammed bin salman stand together after saudi arabia 's cabinet agrees to implement a broad reform plan known as vision 2030 in riyadh , april 25 , 2016 .
saudis react on social media the vision 2030 plan , he told the saudi aramco ipo salman al - arabiya news channel , would ensure " we can live without oil by 2020 " .
prince mohammed bin salman , the deputy crown prince , said on monday that the country was building up its public investment fund to become a major player in global markets .
among the reforms , deputy crown prince mohammed bin salman described his country as being addicted to oil - reliant state plans to diversify its economy over the next 14 years .