A Saudi man poses with Saudi riyal banknotes at a money exchange shop, in Riyadh, Saudi Arabia © Faisal Al Nasser / Reuters
* Deputy Crown Prince Mohammed bin Salman wants to raise $100bn a year
* Non-oil income would come from subsidy cuts and new levies, he claims
* Second-in-line to the throne also has plan for $2trillion investment fund
* The Deputy Crown Prince said the kingdom must 'diversify its investments'
Saudi Arabia has unveiled its austerity plans as the nation prepares to cope with tumbling oil prices - but insists it will not start taxing people's incomes.
Deputy Crown Prince Mohammed bin Salman said his proposals would raise $100billion a year by 2020 as part of moves to balance the books.
The amount of non-oil related income would triple through subsidy cuts and new levies, he revealed.
It comes days after it emerged that the kingdom was preparing for the end of the oil age be creating a $2trillion investment fund which is set to be 'the largest on earth'.
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More News On Saudi Arabia Unveiling Its Austerity Plans
Saudi Arabia pushes austerity to mitigate latest oil woes -- The Independent
Saudi Arabia faces tough choices on oil dependency -- CNBC
No More Spending? Saudi Arabia Feels Dire Consequences of Oil Price Decline -- Sputnik
Saudi Arabia's Deputy Crown Prince Outlines Plans: Transcript -- Bloomberg
Saudi Arabia wants to build a $2 trillion mega-fund — and fundamentally change its economy -- Will Martin, Business Insider
Saudi Arabia adapting to new economic realities -- Adam Bouyamourn, The National