Saudi prince unveils sweeping plans to end 'addiction' to oil

April 25, 2016 1:58 PM

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RIYADH 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.

Deputy Crown Prince Mohammed bin Salman said Riyadh would raise the capital of its public investment fund to 7 trillion riyals ($2 trillion) from 600 billion riyals ($160 billion) and would sell up to five percent of shares in state oil giant Aramco.

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