Saudi Arabia unveiled plans to more than triple its nonoil revenue by 2020 while cutting state handouts, in a broad bid to reshape the kingdom’s economy amid falling energy prices.

The initiative, called the National Transformation Program, offers details on how the ruling monarchy plans to achieve long-term economic change in an era of cheap oil.

The overall target is ambitious: Riyadh expects nonoil revenue to more than triple by 2020 to 530 billion Saudi riyals ($141.33 billion).

The changes, focused on generating revenue from sources other than oil, aim to revamp the country’s economy by rolling back the role of the state.

Developing industries like mining and tourism and the creation of some 450,000 private-sector jobs by 2020 are part of the NTP, which will cost around 270 billion riyals to implement in its initial five-year phase.