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Saudi Arabia reveals plan to transform oil dependent economy

09:41 AM | 26 Apr, 2016
Saudi Arabia reveals plan to transform oil dependent economy
RIYADH (Staff Report) - Badly affected by the falling prices of oil, Saudi Arabia has unveiled a plan to transform its oil dependent economy.

In a press conference at Riyadh, Deputy Crown Prince Mohammed bin Salman told reporters that his country will create world's largest sovereign investment fund and sell shares in state energy giant Aramco through this programme.

He said part of the funds from share sale will be used to set up a two trillion dollars sovereign wealth fund.

According to the prince, the son of King Salman, the sale of Aramco could come as early as 2017. “If all this go as planned, within 20 years, we will be an economy or state that doesn’t depend mainly on oil,” he said in an interview earlier this month.

The Public Investment Fund (PIF) established by the kingdom’s second-in-line to the throne will eventually be large enough to buy Google, Apple and Microsoft with money to spare.

It comes as Saudi Arabia, the world’s biggest crude exporter, insists that it will only freeze its oil output if other key producers, including Iran, take a similar measure.

It is nearly 80 years since the first oil was discovered in Saudi Arabia but, with crude prices plummeting worldwide, the nation plans to shake its dependence on the market.

Oil prices are being hit in part owing to the return of Iranian crude to markets after crippling economic sanctions on Tehran were lifted following last year’s nuclear deal between Iran and world powers.

Ali Zain is a member of the staff at Daily Pakistan Global. He earned BS Communication Studies degree from University of the Punjab. His thesis titled "Cultural Continuity and Mass Media: An analysis of leading online newspapers of Pakistan" has been published as a book in Germany. He has also translated David Mathews' book "The Ecology of Democracy" into Urdu. He tweets at @alimaan.

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Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal - 22 February 2024

Pakistani rupee remains stable against US dollar and other currencies in the open market on February 22, 2024 (Thursday)

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.6 for buying and 282.4 for selling.

Euro comes down to 300.2 for buying and 303.2 for selling while British Pound rate stands at 350.6 for buying, and 354.1 for selling.

UAE Dirham AED hovers at 76.2 whereas the Saudi Riyal saw slight increase, with new rates at 74.45.

Today’s currency exchange rates in Pakistan - 22 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.6 282.4
Euro EUR 300.2 303.2
UK Pound Sterling GBP 350.6 354.1
U.A.E Dirham AED 76.2 76.95
Saudi Riyal SAR 74.45 75.2
Australian Dollar AUD 181.15 183.15
Bahrain Dinar BHD 743.32 751.32
Canadian Dollar CAD 207.15 209.15
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.74 36.09
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 902.41 911.41
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 725.96 733.96
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207.1 209.1
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 316.9 319.4
Thai Bhat THB 7.93 8.08

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