this $2 trillion fund into which ramco will go is an amazing thing.u think about it, it is enough to buy google, microsoft, alphabet, the whole lot of them. they would still have change to spare. into that would go ramco. they will add land, property, all these things. it is roughly twice as big as any other sovereign wealth fund. john, you are on the ground, what are the reactions of the people to all of these drastic changes that the deputy crown prince wants to make? >> you are very right to define them as drastic. i would say that people are welcoming this fresh approach to economic reform, which is very much needed. they do perceive this with a a butter positiveness. of positiveness. i think a lot of people are expecting that more reforms will come. saudi arabia needs to think of the future beyond oil, especially as oil revenues have to client. overall, there is a positive sense that we feel through society and other places in saudi arabia. this is aurely massive shift for the country. i wonder, what is the support within the royal family for the

into that will go ram -- ramco.is roughly twice as big as any other, more than twice as big, then any other front. the volatility on the saudi oil price and that we have concerns that they haven't done -- structural roof structural reforms needed? >> there are now moving on to other things. it is a dramatic plan in terms of the economic transformation of the country. all of us were weaned on robert lacey's books, they were already cover to cover. the first window into the royalty. this is a generational change. you get that tone in your interview? if it is a generational change, where they heading? >> his father is the king. he is the crown prince, the deputy crown prince. there is the element of a group of young performers who want to , step on the acceleration, of change. 200 15,000 jobs created in the month of march. that is more than the economists we surveyed expected by 10,000. the unemployment rate taking up to 5.0%. the first increase in the unemployment rate since may of 2015. make amonth does not report, b

chase has been a long time anchor -- banker for ramco.pmorgan seems to have had the pull position here. they have been working on this for a couple weeks and they are well into it. betty: so when are we going to get official news on this ipo? is there any sense of a timeline? matthew: the man behind this is the king's youngest son, second in line to the throne. in interviews he has given to bloomberg, he seems inclined to roll this out in an official capacity sometime in the next month or so. whether that includes more details on the ipo of aramco remains to be seen. it in the realm of a 5% stake in the parent. there was skepticism about whether the parent or downstream of subsidiaries is inclined to do the whole parent. this is all in line to reform the economy, to win the kingdom off its sole dependence on oil. this generates he says will be in the realm of $100 billion and put into what will be the world's largest sovereign wealth fund. the government will remain the largest owner of aramco. that will also go into the sovereign wealth

. >> according to what was said to the bloomberg people, they will sell a portion of ramco an put thisoney in. they already have a private investment fund that has some investment in the telephone company, and the big chemical company. they would create this fund and invest in the companies all over the world and earn a return and have the money that oil used to provide now come from investments. that is a transition that they have to make, and have to make successfully. they are not there yet. it is at least a roadmap. he seems very determined and dedicated to making economic reform. if they keep that up, even if oil prices go up a little, the tendency in the past has been, the government has promised widespread economic reform, privatization of the economy every time that oil prices get low. in the late 1990's and early 2000's. as soon as the rise goes back up, they just drop it all and go back to passing out money. it will be interesting to see if mohammad bin salman, who does seem to understand the necessity of this, will stick with it and get the government to stick with it, even

the plan is to put the saudio ramco into this fund and create a giant, at least $2 trillion, fund.ement is the partnerships that they are planning to grow into companies to change things in saudi arabia. joined and are waiting for that announcement. we're going to get it very soon. so, it is a packed week. then, it is going to start getting busy. angela merkel has a meeting for the so-called g-5. that is happening later today. tomorrow we have the primaries in delaware and maryland. then, we get to the main meat of the week and it is the fed rate decision. how dovish ultimately, will yellen end up being? and then thursday, we have the decision out of the boj. great reporting from bloomberg. then, we get gdp data out of the u.s. later on as well. all about, obviously plenty of coverage as we worked our way through the week. all of that will be covered and it will be a great week. hans nichols and myself will hand you over now to francine lacqua. ♪ francine: life after oil. saudi arabia outlines plans for crude oil. we are from the deputy crown prince earlier -- later. policymerkel f

. >> of a ramco -- oil company, yes. >> -- >> extremely difficult to do.y embedded within the structure of the state that to separate off the revenues. >> sovereign bonds sound like more -- >> i ulyou would have to tamp d the whole government. >> that's why investors figure in the fees. there is nothing like necessity to get the mind going. create activity. >> means creating a lot of vested interests. >> trying to make some cuts and recognizing oil may not go back to a hundred dollars a barrel in the next few months. >> if you ran as an outsider, it wasn't your time for president. >> timing is everything. and there are some things you don't control. >> this is unbelievable the year of the outsider. >> what's amazing on the republican side is that even though as positions, i don't agree with a lot of them, he's come across donald trump as the economic optimist. you saw it again in his speech last night. he's going after the federal reserve. the fed has a lot to answer for. i don't know if trump is going to give a speech where he slumps that out. cruz has to

he says as part of this ipo of saudi everybody a ramco, it could be between $2 and $3 trillion.bout that ipo of aramco they are valuing that above $3 billion. so very bold plans. they said some interesting things about the defense sector. this country is the third largest buyer of mega defense projects from the united states, from europe, particularly from the uk as well of these massive defense projects and basically what they said now is going forward they want to be buying at least half of everything from local suppliers here in saudi arabia. so that's pretty big news for the defense industry in this country or the bourgeoning defense industry in this country. one thing we didn't hear earlier from the crown prince, a lot of speculation whether or not they would allow women to get behind the twheel drive cars. there's been so much over the last year and a half how women have to be a bigger part of the workforce. but there's no news about getting them behind the wheel. they said this is not a religious issue, it's a societal issue and will move forward when society is ready. >>