Money Talks: Saudi Arabia looking to diversify economy

10:45

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Middle East

Money Talks: Saudi Arabia looking to diversify economy

2017 has been a relatively good year for oil producers as prices climbed. But it has also seen renewable energy sources achieve new milestones. And that could spell trouble for fossil fuels in the years ahead. After crude crashed by around 75% from its highs in 2013, the OPEC oil producers' cartel agreed to output cuts in late 2016. One country that has embraced the new normal in oil prices is the world's biggest crude exporter, Saudi Arabia. With the promotion of Mohammed bin Salman to Crown Prince in June 2017, the kingdom wasted no time in shaking things up in order to adapt. As Laila Humairah reports, he is leading a cultural and economic shift to wean the kingdom off its dependence on oil. Energy expert Ellen Wald, author of the upcoming book `Saudi Inc.`, brings her analysis.

December 29, 2017