Saudi Arabia agrees plans to move away from oil profits

The Saudi cabinet has approved sweeping economic reforms aimed at moving the country away from its dependence on oil profits. 

Close to 80% of Saudi Arabia's revenue comes from oil but it has been hit by falling prices in the past year.

One part of the plan will see shares sold in state-owned oil giant Aramco to create a sovereign wealth fund.

Announcing the reforms, Deputy Crown Prince Mohammed bin Salman described his country as being addicted to oil.

The Vision 2030 plan, he told the Saudi-owned Al-Arabiya news channel, would ensure "we can live without oil by 2020".

Among the reforms he announced in his interview were:

• Shares worth less than 5% of Aramco, a company he valued at up to $2.5tn (£1.7tn), will be sold
• Some of the proceeds will go towards a sovereign wealth fund worth $2tn
• A new visa system will allow expatriate Muslims and Arabs to work long term in Saudi Arabia
• Steps will be taken to diversify the economy, including investment in mineral mining and expanding military production