Saudi Arabia’s Vision 2030 and Economic Diversification: Stakeholder Evidence on Business Transformation, Institutional Capacity, and Investment
Samer Yahia Hasno
Cyprus International University
Saudi Arabia currently has Vision 2030 to reduce its dependence on hydrocarbons, increase the private sector's contribution, and create new productive capacity. This research aims to examine stakeholders' perceptions of Vision 2030's role in economic and business diversification, as well as the institutional and operational challenges affecting its implementation. A qualitative, exploratory approach was used with 20 purposively selected stakeholders from both the public and private sectors. Data were collected from May 2025 to February 2026, and data from the UAE were used to provide a regional context, structured and presented as a document-based comparison. The six themes identified are: institutional capacity and implementation risk; mega-projects and economic diversification; renewable energy and the post-oil transition; human capital and educational reform; technology, innovation, and regulatory reform for investment; and tourism, mega-events, entertainment, and privatization. Regarding the different themes, the key cross-cutting issue that impacts investment in sustainable productive activity is the state of institutional capacity for implementation, including coordination, regulatory stability, staff training, project management, and implementation speed. The outcomes suggest that Vision 2030 should be viewed as a process of change across many aspects: sectoral growth relies on institutional and human capital capabilities, as well as private-sector capabilities.
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