1. Home
2. Highlights
3. Vision 2030: Saudi Arabia’s Bold Bid for a New Era

By 2030, Saudi Arabia envisions a radical reinvention of itself. Since April 25, 2016, Crown Prince Mohammed bin Salman (MBS) has been leading a bold and transformative agenda, centered on innovation, economic diversification, and unprecedented social reform.

Vision 2030 is reshaping Saudi Arabia’s economic, political, and social landscape through three core objectives.

First, economic diversification. The Kingdom is focused on reducing its reliance on oil, emphasizing the development of tourism, technology, industry, and renewable energy. This strategic shift is driven by two key factors:  fluctuating commodity prices and the global transition to alternative energy sources.

Second, social development. Bin Salman is spearheading a sweeping transformation to improve quality of life, foster innovation in education and healthcare, and unlock new opportunities in culture and sports.

Third, elevating Saudi Arabia’s global stature. Bin Salman aims to establish the country as a key global player, particularly in investment, trade, and diplomacy.

“The Crown Prince is leading a sweeping transformation of Saudi Arabia’s social, economic, and bureaucratic landscape,” says Bernard Haykel, an expert on the Arabian Peninsula, professor of Near Eastern Studies at Princeton University, and director of the Institute for Transregional Study of the Contemporary Middle East.

According to Haykel, while the Kingdom has made significant progress in bureaucracy and social reform—particularly in tackling corruption, enhancing administrative efficiency, and advancing e-governance—economic challenges remain. The reason is simple: “Saudi Arabia’s mega-projects come with staggering costs, making oil revenues insufficient,” he explains. “This makes external financing and foreign investment crucial—yet, for now, they remain insufficient,” he adds, noting that this shortfall is a key factor behind delays in projects like Neom, a futuristic mega-city project.

Despite these hurdles, Bin Salman remains unwavering in his pursuit of Vision 2030. The launch of major economic initiatives under this vision reflects his commitment to realizing his ambitious goals.

Economic and Social Reforms

As part of its privatization and economic diversification strategy, Saudi Arabia has launched bold initiatives to attract foreign investment. A landmark moment in this effort was the 2019 initial public offering (IPO) of Aramco, marking the world’s largest oil company’s entry into global financial markets.

Concurrently, the Kingdom has ramped up efforts to expand its non-oil industries, channeling massive investments into infrastructure, technology, and renewable energy. The Neom project, a futuristic city and innovation hub, embodies this vision for transformation.

On the financial front, Saudi Arabia has implemented key structural reforms to ensure fiscal sustainability. Notable measures such as the introduction of a value-added tax (VAT) in 2018 and the gradual reduction of fuel and electricity subsidies have been pivotal steps in stabilizing public finances.

Beyond economic policy, Saudi Arabia is undergoing sweeping social reforms, ushering in an era of unprecedented openness. Women’s rights have advanced through major decisions, with milestones such as the lifting of the driving ban in 2018 and the relaxation of employment restrictions. However, “Despite initiatives to enhance their role in professional and political life, Saudi women still do not fully enjoy their rights,” notes Clarence Rodriguez, a journalist and expert on Saudi Arabia.

Additionally, in a move to enhance cultural and tourism openness, the Kingdom introduced a tourist visa in 2019, streamlining entry for foreign visitors. The growth of high-profile cultural and sporting events, such as the Jeddah Formula 1 Grand Prix and international concerts, highlights Saudi Arabia’s ambition to draw a broader global audience.

Finally, significant reforms have been introduced in education and healthcare, with major investments in infrastructure and strengthened global partnerships. This modernization drive aims to elevate service quality and prepare the country for future challenges.

Perspectives for 2030 

The realization of Vision 2030 hinges on overcoming key challenges while leveraging opportunities for transformation.

“Despite significant progress in tourism, technology, and industry, whether Saudi Arabia can diversify its economy enough to offset declining oil revenues remains uncertain,” notes a well-informed source.

“Shifting away from oil is a long-term endeavor—one that requires sustained investment and the flexibility to adapt to an ever-evolving global market,” adds the source.

Regarding social reforms, while they have undeniably modernized aspects of Saudi society, “introducing changes in areas such as human rights and freedom of expression remains a sensitive matter,” notes the source. “This is why the pace of reform may be constrained by internal resistance and the need to maintain political stability in a complex regional context.”

Megaprojects like Neom, envisioned as a “city of the future” powered by renewable energy and advanced technology, are central to Saudi Arabia’s economic diversification strategy. However, while these projects are designed to drive innovation, they face significant technical, financial, and geopolitical challenges. 

According to Haykel, “While completing these projects in their entirety may be unlikely, reaching even 30 to 40% of their objectives would still mark a winning bet for Bin Salman.”

The expert on the Arabian Peninsula notes that “the Crown Prince is fully aware that failing to enact reforms would have inevitably led to the collapse of both his rule and the country’s economy.” Instead, “by steering the country in a new direction, Bin Salman is securing its future, seizing every opportunity available to him on multiple fronts,” he emphasizes.