The Saudi government on Monday approved a plan for vast economic reforms dubbed "Saudi Vision 2030" to substantially reduce the OPEC kingpin’s reliance on oil, the official SPA news agency reported.

The Saudi government on Monday approved a plan for vast economic reforms dubbed "Saudi Vision 2030" to substantially reduce the OPEC kingpin's reliance on oil, the official SPA news agency reported.

The plan, details of which were to be announced later Monday, focuses on privatizations, further reductions in subsidies, the sale of part of state oil giant Aramco and the creation of a giant $2 trillion Sovereign Wealth Fund, SPA reported.