SAUDI ARABIA: Highlights from MBS’s remarkable interview

GULF COUNTRIES - Report 28 Apr 2021 by Justin Alexander

In a 90-min interview marking the 5th anniversary of his Vision 2030 strategy, MBS made major announcements on taxes (VAT will be reduced, there will be no income tax) and financing (Aramco may raise about $19bn selling equity to a "global energy company" and the 2030 target for PIF's assets has been upsized to $2.7bn). He also presented his view of the oil market: he expects demand to fall after 2030 but also expects sharper declines in supply, including in the US and China, creating a gap for more Saudi output. The interview also touched on his domestic investment strategy and, briefly on foreign policy, where he downplayed differences with the US and was relatively soft on Iran.

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