Saudi Arabia's biggest companies, including energy giant Aramco, will cut their dividends and redirect money to the local economy as the Crown Prince tries to get his economic restructuring plan back on track, Bloomberg reported.

Minority shareholders in Aramco - the world's largest oil company, 98% of which is owned by the kingdom - will continue to receive dividends, the de facto leader of the kingdom, Crown Prince Mohammed bin Salman noted.

According to him, investors in other firms will profit because stock prices will rise as additional investment stimulates the economy.

Twenty-four companies such as Saudi Basic Industries Corp., Almarai Co., Saudi Telecom Co. and National Shipping Co. have agreed to join the plan by investing 5 trillion riyals ($ 1.33 trillion) in domestic capital spending over the next 10 years.

The new plan came in the wake of the coronavirus pandemic and the oil market turmoil that led to a twin crisis in Saudi Arabia, setting back the prince's goals of boosting the non-oil economy and reducing unemployment.

According to the prince, companies will receive additional subsidies and the ability to lobby for changes in legislation.