Saudi Arabia's Vision 2030: Balancing Ambitions and Realities

Saudi Arabia is intensifying efforts to shift its economy away from oil through the 'Vision 2030' plan, overseen by Crown Prince Mohammed bin Salman. With a focus on domestic projects, the Kingdom aims to attract $100 billion in foreign investments by 2030, despite challenges in achieving these ambitious goals.

Saudi Arabia is doubling down on its strategy to transform its economy beyond oil dependence, according to Finance Minister Mohammed Al Jadaan, who spoke on Wednesday at the Future Investment Initiative (FII) conference in Riyadh.

Overseen by Crown Prince Mohammed bin Salman, the 'Vision 2030' plan seeks to stimulate non-oil sectors, expand the private domain, and spur job creation through multi-billion-dollar ventures spearheaded by the $925 billion PIF sovereign wealth fund.

While efforts show progression, the Kingdom aims to secure $100 billion in foreign direct investment by 2030—an ambition that appears daunting given recent FDI figures. The FII conference serves as a crucial platform for fostering global investment interest.

(With inputs from agencies.)