Royal rivalries, oil uncertainties, and premature optimism about reform initiatives could jeopardize the kingdom’s hopes for transformative economic change. On April 25, 2016, Saudi Arabia announced Vision 2030, an ambitious economic plan intended to confirm the kingdom’s status as “the heart of the Arab and Islamic worlds, the investment power house, and the hub connecting three continents.”
” It is huge, audacious, ambitious, and the word ‘transform’ does not do it justice,” Saudi Arabian Oil Minister Khalid Al-Falih said of the Crown Prince’s Vision 2030 economic revitalization plan during the 2017 World Economic Forum meeting in Switzerland.
The Kingdom is firmly committed to the development of Saudi society by achieving its goals set out in the Vision 2030. Among these aims is to reduce unemployment rates, dependency on foreign goods and foreign exchange remittances.