Tuesday, April 26, 2016

Saudi Arabia aims to become major weapons producer

Saudi Foreign Minister Adel Al-Jubeir
Saudi Foreign Minister Adel Al-Jubeir

Oil has fueled the economy of the Kingdom of Saudi Arabia for the past 84 years and turned what was previously a strategically negligible desert wasteland into one of the world’s wealthiest nations and most important power brokers.

With the price of oil at 10-year lows, however, and a series of stinging foreign policy defeats, Saudi Arabia is looking to diversify its economy – and prepare for the day when its petro-power will no longer be enough to sustain it.

On Monday Saudi Arabia formally announced the adoption of the “Vision 2030” plan, a radical departure from the Islamic kingdom’s economic policy since the founding of the state in 1932. READ MORE