Saudi reform plan pleases markets, doesn't reassure skeptics

[WorldNews]

By Andrew Torchia DUBAI (Reuters) - A sweeping economic reform plan announced by Saudi Arabia on Monday pleased the financial markets but fell short of convincing sceptics that the kingdom can prosper in an era of cheap oil. Deputy Crown Prince Mohammed bin Salman promised to invest Saudi petrodollars more aggressively, sell stakes in state firms such as oil giant Saudi Aramco, restructure ministries to make them efficient, modernize the education system and even give foreigners long-term residency rights. A 2.5 percent jump by the Saudi stock market in the heaviest trading volume for eight months showed many local investors liked what they heard.

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