Saudi Arabian prince plans $2T fund

Saudi Arabia Deputy Crown Prince Mohammed bin Salman has laid out a $2 trillion fund to ween the country off oil.

The prince who is second in line to the throne said the Public Investment Fund would involve selling shares in the state's Saudi Aramco to transform the  oil giant into an industrial conglomerate.

An initial public offering could happen as soon as next year. Currently, the country plans to sell less than 5 percent of the company.

“IPOing Aramco and transferring its shares to PIF will technically make investments the source of Saudi government revenue, not oil,” the prince said. “What is left now is to diversify investments. So within 20 years, we will be an economy or state that doesn’t depend mainly on oil.”

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