Saudi Arabia Plans to Wean Off Its 'Addiction' to Oil

With the sharp decline in oil prices over the past couple of years, Saudi Arabia announced a bold reform plan on Monday to move the country off its "addiction" to oil.

The project, dubbed Vision 2030, plans to sell stock in Aramco, the world's largest oil company owned by the Saudi government.

The Saudis also plan to set up one of the world's biggest government investment funds and trim government perks.

The plan also includes expanding the role of women and providing job opportunities for them. While Saudi women were recently granted the right to vote, they are still forbidden to drive and may not travel abroad without the approval of a husband, father, or other male relative.

In addition to his duties as defense minister, Deputy Crown Prince Mohammed bin Salman, the 30-year-old son of King Salman and second in line to the throne, chairs the Council on Economic and Development Affairs, which oversees the kingdom's economic policies.

"The vision is a road map of our development and economic goals," the crown prince said. "Without a doubt, Aramco is one of the main keys of this vision and the kingdom's economic renaissance."

But some analysts question if the Saudis can actually cut their dependence on oil over the next few years.