The economic reforms may still be viable even with a prolonged low energy environment.

“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. “The plan can deal with any price, $30, $28, $70… but the plan was made with $30 in mind.”

Despite the country’s large energy industry, the Saudi Arabia ETF includes a small 1.4% tilt toward the energy sector. The privatization of the national oil company could eventually trickle into the ETF. However, for now, KSA’s largest sector tilts include financials 31.7%, materials 30.2% and telecom services 12.1%.

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