Vision 2030 milestone: Progress or PR

Saudi Arabia's ambitious Vision 2030 program is reportedly 85% complete or progressing as planned, according to the kingdom's investment minister, Khalid Al-Falih. 

Speaking at the Fortune Global Forum in Riyadh on Sunday, just ahead of the high-profile Future Investment Initiative (FII) conference, Al-Falih said the country had made “remarkable progress” in transforming both its economy and society.

“As of the end of 2024, 85% of our Vision 2030 initiatives were either completed or firmly on track, with most targets met or exceeded,” Al-Falih told an international audience of investors and business leaders.

While Al-Falih did not provide a detailed breakdown of which specific goals have been achieved, he highlighted that Riyadh has now attracted the regional headquarters of 675 international companies, a key benchmark in the kingdom’s effort to become the commercial capital of the Middle East.

Encouraging global firms to relocate their regional hubs to Riyadh has been a central component of the Vision 2030 strategy, which aims to reduce the country’s dependence on oil revenues and position Saudi Arabia as a competitive global hub for investment, tourism, sports, and innovation.

Challenges Behind the Optimism

Despite the upbeat tone, several of Vision 2030’s flagship projects have faced delays, budget adjustments, and shifting priorities. The $500 billion NEOM megacity, often touted as the crown jewel of the transformation, has seen repeated setbacks, and sources say the scope of the project has been scaled back in recent months.

The recalibration comes as the government pivots toward infrastructure deemed essential for hosting global events such as the 2034 FIFA World Cup, which Saudi Arabia is set to organize. Rising costs, supply chain issues, and workforce demands have forced the kingdom to reassess timelines for several of its giga-projects.

Balancing Vision with Reality

While Vision 2030 remains a bold blueprint for Saudi Arabia’s future, experts say its success will depend on how well the kingdom balances its aspirations with practical constraints. 

Social modernization, diversification of income streams, and sustainable urban development are all still works in progress.

The upcoming FII conference, often dubbed “Davos in the Desert,” is expected to serve as a platform for Saudi officials to reaffirm their commitment to the plan, attract new investments, and address growing international skepticism around timelines and execution.

As the clock ticks toward 2030, the next five years will be critical in determining whether Saudi Arabia’s transformation becomes a global case study in ambition — or a cautionary tale of overreach.