MBS unveils his ambitions for Saudi economy, markets left hanging on detail

Plans to overhaul the economy unveiled in The Economist’s scoop interview with Deputy Crown Prince Mohammed Bin Salman (MBS) offer the prospect of a more open economy that the kingdom’s current dominant policy-maker wants to deliver, and that McKinsey & Company and other advisers believe is essential if Saudi Arabia is to better employ and house its young population. In the Finance and Energy and industry sections, GSN sets out MBS’ economic ambitions, with analysis of planned subsidy and budget cuts, and the introduction of VAT and other indirect taxes – but no income or other direct imposition (so “there are going to be no income taxes, and no wealth taxes”).