Saudi Arabia's Deputy Crown Prince Mohammed bin Salman in Paris, June 24, 2015. REUTERS/Charles Platiau
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Saudi Arabia may reduce energy and water subsidies for wealthy citizens among other reforms to diversify its economy away from oil amid a sustained fall in prices, its Deputy Crown Prince Mohammad bin Salman was quoted as saying Wednesday.Low oil prices and expected deficits in coming years have spurred a new focus on reforms in the conservative Islamic kingdom with the aims of diversifying the economy away from a dependence on crude revenue.Under King Abdullah, who died in January, Saudi Arabia privatized big state companies, opened main sectors of the economy to private and foreign investment, joined the World Trade Organization and reformed labor laws.However, economists say the government can do more to strengthen the role of Saudi nationals in the private sector economy via education reform, and to make the government more efficient.
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