The Saudi cabinet has approved plans to try to move the country away from its reliance on oil profits by diversifying its economy.

Close to 80% of Saudi Arabia’s revenue comes from oil but it has been hit by falling prices in the past year.

Under the the Vision 2030 plan, shares worth less than 5% of the state-owned Aramco oil company will be sold.

In a TV address, Deputy Crown Prince Mohammed bin Salman said the company was valued at up to $2.5tn (£1.7tn).

Prince Mohammed said part of the Aramco share sales would go towards creating a new $2tn sovereign wealth fund.

Further details on Vision 2030 are expected to be released later on Monday.

In an interview with Bloomberg last week, Prince Mohammed said taxes on luxury goods and sugary drinks could also be introduced. However, he said it was crucial that the programme would not leave the country’s poor worse off.