This week, the highly anticipated announcement outlining Saudi Arabia’s future strategy was made. Originally due for release in late January, the strategy – Vision 2030 – has been led by Deputy Crown Prince Mohammed bin Salman al-Saud. The young prince is setting out a strategy that aims to diversify the kingdom’s economy, making it less reliant on oil.

Saudi Arabia will announce the details of the plans in four to six weeks, as it tries to shift from being the world’s 19^th-largest economy today to being in the top 15 by 2030. The country wants to increase its non-oil government revenues to $1 trillion by that date, and see the contribution to GDP made by small- and medium-sized enterprises (SMEs) reach 70 per cent.

Particularly ambitious is its target of reducing its reliance on oil revenues within four years. Last year, oil proceeds were about $118.5bn, 73 per cent of its total revenues. It will also be important to see details on Riyadh’s plans for Saudi Aramco. Up to 5 per cent of the state oil company will be floated, with ownership of the rest transferred to the Public Investment Fund. The kingdom estimates this will boost the fund’s value by about $2 trillion.

• Saudi Arabia’s Vision 2030 strategy

Within the kingdom, Aramco continues to award contracts. Last week, it progressed with four offshore oil and gas deals. According to MEED sources, in the past few days the oil major selected a contractor for its Hasbah gas field expansion project, with the award going to the low bid. Prices were originally submitted in November last year, but companies were asked to resubmit them, as Aramco felt they were too high.

• Aramco selects contractor for Hasbah gas field expansion

Elsewhere in the GCC, Dubai and Qatar pushed ahead with water schemes. Qatar General Electricity & Water Corporation (Kahramaa) is planning its next major desalination plant at Ras Abu Fontas, most likely to be developed as an independent water project (IWP). In Dubai, an award was made to build the second phase of the Jebel Ali sewage treatment facility. The deal was let to the low bidder.

• Qatar planning next Ras Abu Fontas water project
• Contractor wins Dubai sewage treatment plant deal

Finally, Abu Dhabi has taken the next step in the development of its second major solar scheme. Progress on solar projects slowed in the emirate following the completion of Shams 1 in 2013. Abu Dhabi Water & Electricity Authority (Adwea) has set a September submission date for prequalified firms to submit their bids for the 350MW independent power project (IPP).

• Abu Dhabi invites bids for 350MW solar project