This development is at the centre of 'Vision 2030', the kingdom's new medium-term strategy for reducing reliance on crude oil revenue and improving economic efficiency. The unveiling of the strategy last month by Deputy Crown Prince Mohammed bin Salman bin Abd-al-Aziz Al Sa'ud, the country's de facto prime minister, was followed on May 7 by sweeping changes to the cabinet and government structure, including the replacement of the kingdom's long-serving oil minister, Ali al-Naimi.
Value-added tax (VAT) on non-essential goods and services could be introduced by 2020.
The new energy minister will have greater ability to push through subsidy reforms.
Efforts to value and float Saudi Aramco could spark some opposition from within the royal family.
The plan could bring important cultural changes, notably through increasing women's employment, leisure activities and entertainment.
If successful, the strategy will help reduce unemployment, although the target of 7% is hugely ambitious.
