Saudi Arabia will limit the impact of subsidy cuts on its citizens as the world’s largest oil exporter overhauls its economy for the post-oil era, Deputy Crown Prince Mohammed bin Salman said. The government is developing a mechanism to provide cash to low- and middle-income Saudis who rely on subsidies, Prince Mohammed said in an interview on Thursday at King Salman’s private farm in Diriyah, the original home of the Al Saud royal family. Under the previous system, 70 percent of the subsidies benefited high income people, he said. Mohammed Bin Salman Source: Saudi Arabia’s Royal Court “We don’t want to change the life of the average Saudi,” the prince said. “We want to exert pressure on wealthy people, those who use resources extensively.” Past rulers of Saudi Arabia have largely avoided seeking additional revenue from the public, which has grown accustomed to government largess in exchange for political […]