Saudi Arabia is still planning to sell part of its giant oil company on the stock market next year despite changes to the kingdom's economic revival plan. In a statement Saturday, the Saudi government said the initial public offering of shares in Saudi Aramco -- which is likely to be the world's biggest -- was on track. The partial sale of Aramco is part of Vision 2030, an ambitious plan to overhaul the Saudi economy and reduce its dependence on oil. Related: Saudi Arabia wants to be top beach vacation destinationBut as first reported by the Financial Times on Thursday, Saudi Arabia is redrafting parts of the economic makeover just over one year after it was first unveiled. Saudi Arabia was forced to rethink its economic strategy after oil prices dropped to $26 a barrel, blasting a huge hole in the country's budget.

Source: CNN September 10, 2017 10:41 UTC