Saudi Arabia says it can move beyond crude

Riyadh has outlined an ambitious economic development plan aimed at dramatically reducing its dependence on crude prices, Reuters reports. Last year Saudi Arabia saw a $98 billion deficit because of low oil prices.

The authorities intend to restructure the economy by investing more in other sectors, particularly in healthcare, tourism and IT. Saudi Arabia also says it intends to liberalize the market in order to attract foreign investors.

Commerce and Industry Minister Tawfiq al-Rabiah said Saudi Arabia had been a victim of the so-called "Dutch disease" - total dependence on oil in the economy - but is now trying to change that .... https://www.rt.com/business