Saudi Arabia Plans 'Thatcherite Revolution'

As oil costs near 12-year lows, the country mulls the sale of shares in its vast state-owned oil firm and wider economic reforms.

audi Arabia is mulling the sale of shares in Aramco, believed to be the world's most valuable company, as part of plans to repair its finances and open up its economy.

The announcement was made by the country's deputy crown prince as Saudi's secretive, state-owned oil firm grapples with the effects of oil prices nearing 12-year lows.

Mohammed bin Salman told The Economist: "That is something that is being reviewed, and we believe a decision will be made over the next few months."

The Saudi economy has taken a battering from the oil price decline and the finance ministry announced last month it was to review its tax and spending regime after the country posted a record budget deficit of $98bn (£66bn) in its last financial year.

It was its second annual shortfall and it predicted a third for 2016 of $87bn (£58bn).

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