Saudi Vision 2030:A Kingdom’s Blueprint for Economic Diversification-Will the Reforms Succeed?

In April 2016, Mohammed bin Salman (Prince Mohammed), Deputy Crown Prince of the world’s largest producer and exporter of oil, Saudi Arabia, announced a comprehensive roadmap for the economic diversification of the kingdom. The program called Saudi Vision 2030 detailed the country’s long-term goals and expectations of economic diversification along with its strengths and capabilities. Saudi had been home to almost one quarter of the world’s known oil reserves and petroleum that formed roughly 80 percent of the kingdom’s annual budget. Considering the economy’s dependence on oil, Prince Mohammed launched several initiatives to open the country’s economy and wean it away from its dependence on oil and other energy resources...