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Saudi Arabia's ambitious Vision 2030 plan in trouble

The future of Saudi Arabia's plan to reduce its dependency on oil income is in question after the king scrapped the kingdom's plans to take the national oil company public.
A man walks past the logo of Vision 2030 after a news conference, in Jeddah, Saudi Arabia June 7, 2016. REUTERS/Faisal Al Nasser/File Photo - S1AETISGXVAA

Saudi Vision 2030, the brainchild of Crown Prince Mohammed bin Salman to reduce the kingdom’s dependence on oil income, is coming undone. The king has stripped away the central pillar of the project. The country is becoming more autocratic and repressive. The slide toward greater repression is prompting capital flight.

The centerpiece of the ambitious plan was to open up Aramco, the national oil company, to outside investors. Five percent of the company would be opened initially, creating an initial public offering, or IPO. The crown prince estimated that the company would be valued at $2 trillion, creating the world's largest IPO of $100 billion.

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