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BID TO CUT DEPENDENCE ON OIL

Saudi Deputy Crown Prince Mohammed bin Salman ...
promoting Vision 2030

Saudi prince seeks to promote business on US visit

WASHINGTON, June 16, 2016

By Warren Strobel and Patricia Zengerle

Saudi Arabia's powerful deputy crown prince held a full day of meetings with US lawmakers on Wednesday, part of a visit aimed at restoring frayed ties with Washington and promoting his plan to wean the kingdom away from oil revenue.

Mohammed bin Salman, son of Saudi Arabia's King Salman, is expected to meet US President Barack Obama on Friday.

Lawmakers said his discussions on Wednesday, including meetings with the Senate Foreign Relations and Armed Services committees and House Speaker Paul Ryan, emphasised his push to help end Saudi dependence on oil by 2030.

"I know that there are tremendous cultural challenges that he'll have to overcome, but if he's 50 percent successful, it will be something," said Republican Senator Bob Corker, who chairs the Foreign Relations committee.

The "Vision 2030" plan relies on an expanding private sector, selling shares in the Saudi state-owned oil company and reducing government subsidies.

"It was a fairly compelling vision. It was an interesting, detailed and engaging presentation of his economic vision, and then how that translates to regional stability," said Senator Chris Coons, a Democratic foreign relations committee member.

Prince Mohammed's US tour is expected to last more than 10 days and include stops in California and New York. – Reuters




Tags: Obama | Vision 2030 |

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