Saudi Vision 2030: Can the Kingdom Truly Break Free from Oil Dependency?

Saudi Vision 2030, launched on April 25, 2016, by Crown Prince Mohammed bin Salman, is a strategic framework to reduce the kingdom’s dependence on oil, diversify its economy, and enhance public services like health, education, and tourism. It rests on three pillars: a vibrant society, a thriving economy, and an ambitious nation, aiming to leverage Saudi Arabia’s strengths, including its strategic location and investment capabilities. The vision seeks to address the “resource curse” of oil dependency, a goal pursued since the 1970s, by developing alternative revenue sources like taxes, fees, and the sovereign wealth fund, and increasing private sector contributions to employment. Key Initiatives and Projects Under Vision 2030 Several initiatives are central to reducing oil dependence: Vision Realization Programs (VRPs): Established on April 24, 2017, these 13 programs include financial sector development, fiscal balance, national industrial development, logistics, privatization, and the Public Investment Fund (PIF) program, all aimed at diversifying the economy. National Transformation Program (NTP): Approved on June 7, 2016, as the first of three five-year phases, it focuses on structural reforms, including the 5% IPO of Saudi Aramco announced in January 2016, which reported a net income of $111.1 billion in 2018. Mega-Projects: These include NEOM