"We will smooth the process of listing private Saudi companies and state-owned enterprises, including Aramco. This will require deepening liquidity in our capital markets, fortifying the role of the debt market and paving the way for the derivatives market," the announcement said.
The reforms also included announcements in digital infrastructure, culture, education and the military. Prince Mohammed told reporters Monday that Saudi Arabia could achieve its vision with oil at just $30 a barrel.
"We can achieve this vision even if oil is lower than $30. We think it is almost impossible to go under $30 because of global demand," Prince Mohammed said in the news conference, according to Reuters. "The plan can deal with any price, $30, $28, $70... but the plan was made with $30 in mind."
The announcement comes hours after Saudi Arabia confirmed that it planned to sell a stake of its state oil giant Saudi Aramco which was expected to be valued at more than $2 trillion.
The sale would be less than 5 percent of the company and would be via an initial public offering (IPO), Deputy Crown Prince Mohammed bin Salman said in a television interview with the Al Arabiya News Channel.
He also said there were plans for Aramco, or to give it its full name Arabian American Oil Company, to be transformed into a holding company with an elected board, according to Reuters, with subsidiaries of the firm also to be sold by IPO.