Saudi Arabia's Vision 2030 reform plan

(Reuters) - Saudi Arabia announced on Monday its Vision 2030 reform plan, a package of economic and social policies designed to free the kingdom from dependence on oil exports.

Following are analysts' comments following the announcement.

MOHIEDDINE KRONFOL, CHIEF INVESTMENT OFFICER FOR GLOBAL SUKUK AND MIDDLE EAST FIXED INCOME AT FRANKLIN TEMPLETON INVESTMENTS:

The Saudi 2030 vision, as articulated by H.H. the deputy crown prince and consequently approved by the cabinet, will probably be viewed positively by market participants.

Plans for improved governance, transparency, structural reform, and evolving social contracts should underpin the outlook for many industries.

Details are still scarce, but the ambition is evident and the government appears confident in embracing technology and cultural development in the execution of its plans. Implementation and the impact on government finances will likely continue to be closely monitored.

MOHAMMAD AL-SHAMMASI, HEAD OF ASSET MANAGEMENT AT RIYADH-BASED DERAYAH FINANCIAL

Initial reaction, I appreciated the transparency and addressing issues that have previously not been addressed, such as military spending, the housing issue and unemployment...I believe this vision has a lot to offer and I am optimistic, but the biggest challenge will be the execution.

The markets did react positively as the interview was taking place, but the efficacy of this reaction may be short-lived.

AHMED AL-JUNDI, EXECUTIVE AT JEDDAH-BASED ARCHITECTURAL FIRM DIYAR CONSULTANTS

The proactive approach to try and reduce the corruption and inefficiencies that led to mispricing, and cost the government billions of riyals, is a huge step forward in the right direction...

As a Saudi I am optimistic, as a businessman I am encouraged, but we have to see how the government plans on pushing through with those plans in a way that is mutually beneficial to the private sector, so that we can continue absorbing more employees from the public sector.

(Reporting by Andrew Torchia and Celine Aswad Editing by Jeremy Gaunt)