Saudi reform to boost non-oil revenue, suppress public-sector salaries

Jeddah

SAUDI Arabia plans to more than triple the government's non-oil revenues and clamp down on public-sector salaries over the next five years, ministers said on Monday as they described reforms designed to reduce the economy's dependence on oil and build a sustainable future.

The National Transformation Plan (NTP) aims to boost non-oil revenue to 530 billion riyals (S$191.3 billion) by 2020, creating some 450,000 jobs, according to comments by ministers and documents distributed to reporters in Jeddah.