RIYADH: A cross section of Saudi society on Wednesday welcomed the National Transformation Program (NTP) that aims to further boost non-oil revenue by 2020, saying that these announcements are based on solid foundations supporting development projects in various stages across the Kingdom.

The Cabinet, chaired by Custodian of the Two Holy Mosques King Salman, on Monday approved the NTP, which is a part of Vision 2030 being spearheaded by the Council of Economic and Development Affairs, which is chaired by Deputy Crown Prince Mohammed bin Salman.

Welcoming the announcements of the national program, Mohamed Al-Khunaizi, a senior member of the Shoura Council, applauded the NTP aiming to boost non-oil revenue to SR530 billion by 2020.

Al-Khunaizi told Arab News: “The NTP plans to boost SR530bn from minerals available in different locations in Saudi Arabia, and at the same time utilize gas available in various parts of the Kingdom while cutting subsidy support on water and electricity.”

He underscored that the government will not cut salaries, but will rather stop recruiting Saudis for government positions, and will give more Saudis greater participation in the private sector.

He maintained that although the government will decrease subsidies on water and electricity, low-income people will not be affected as their grievances will be taken care of.

Applauding the NTP, Abdullah Inayat, co-founder and media director of W7 Communications, said the programs are intended to transform the economy with greater responsibility to the private sector and small and medium enterprises.

The intention is also to transform society at large, being the beneficiary of the welfare programs, by addressing the needs of the younger generation and the aspirations that they look forward to with so much hope, he added.

Zeyad Abdullah, an event manager, described the NTP as “very positive,” saying that despite tough circumstances, it has taken full care of public grievances and social welfare to serve the citizens by improving services and at the same time contributing to the sustainability of strong public finances with the aim of tripling revenues from non-oil sources.

It is indeed a long-term plan and can be termed as the first phase of Vision 2030, the ambitious plan to transform the Saudi economy away from its dependence on oil by economic diversification.