While 2024 was promoted as a pivotal year for Saudi Arabia’s Vision 2030, the reality painted a grim picture of economic instability, failed projects, and growing hardships for ordinary citizens. Under Crown Prince Mohammed bin Salman’s leadership, the kingdom found itself entangled in financial mismanagement, reckless policies, and mounting social discontent. Instead of achieving its ambitious promises, Vision 2030 became a glaring example of inflated dreams clashing with harsh realities.
Oil Dependency: A Weak Economic Foundation
Despite repeated promises to diversify the economy, Saudi Arabia remains tethered to its oil sector, which accounted for over 70% of government revenues in 2024. When oil prices dropped sharply in the second half of the year, and the kingdom voluntarily cut production as part of OPEC+ agreements, government revenues dwindled. This created a significant fiscal deficit, surpassing 3% of GDP, and underscored the kingdom’s failure to shift away from its reliance on oil—a central goal of Vision 2030.
The much-touted roadmap for a diversified economy has thus far proven to be more of a public relations exercise than a viable strategy. Saudi Arabia’s heavy reliance on a single commodity highlights the fragility of its economic model and exposes the vision as a “media bubble” that collapses under real-world pressures.
NEOM: The Costly Dream Turned Nightmare
NEOM, the $500 billion mega-city project, was intended to symbolize Saudi Arabia’s leap into the future. Instead, it has become a financial and managerial disaster. A Wall Street Journal report from December 2024 revealed that NEOM’s first phase encountered massive cost overruns, forcing budget cuts and significant delays. Leadership instability, with frequent dismissals over disagreements about funding, further showcased the project’s disarray.
Rather than driving economic growth, NEOM has become a drain on the national budget, diverting billions of dollars from productive investments. The project’s grand promises have failed to materialize, leaving it as a stark reminder of Mohammed bin Salman’s misguided ambitions.
Vision 2030: A Series of Failures
Launched in 2016, Vision 2030 aimed to transform Saudi Arabia into a diversified and sustainable economy. However, eight years later, the results are disappointing. The plan has failed to:
• Reduce the kingdom’s dependence on oil.
• Provide sustainable employment opportunities for its citizens.
• Deliver on key infrastructure and industrial projects promised as part of the vision.
Instead of prioritizing realistic and productive initiatives, billions were poured into fantastical projects, described as “dreams detached from reality.” This misallocation of resources has not only hindered economic growth but also exacerbated financial instability.
Rising Hardships for Citizens
The economic turmoil has taken a heavy toll on Saudi citizens. Unemployment among the youth reached an alarming 13% in 2024, according to the International Labour Organization. Inflation eroded purchasing power as prices for essential goods and services soared. These factors combined to create a perfect storm of economic hardship, forcing families to endure unprecedented challenges.
With job opportunities scarce and daily expenses rising, many Saudi families found themselves struggling to make ends meet. The disconnect between the government’s grandiose spending and the people’s everyday struggles deepened public dissatisfaction.
Exploitation of Migrant Workers
While Saudi citizens faced economic difficulties, migrant workers bore the brunt of the kingdom’s labor exploitation. In projects like NEOM, workers—primarily from South Asia—endured harsh working conditions, lack of safety measures, and delayed wages. According to ALQST, at least 12 workers died in 2024 due to these conditions.
Rather than addressing these violations, the Saudi government remained silent and intensified its crackdown on human rights advocates. The plight of workers became another casualty of Mohammed bin Salman’s economic fantasies.
A Culture of Suppression and Propaganda
Criticism of the government’s economic policies is treated as a crime in Saudi Arabia. Public spaces for debate have been closed, and the media operates as a propaganda tool, exaggerating achievements while concealing widespread failures. Citizens who dare to question the leadership face harsh penalties, creating an environment of fear and censorship.
This climate ensures that the narrative of success remains unchallenged, even as the realities on the ground tell a very different story.
A Reckless Approach to Governance
Mohammed bin Salman’s economic policies are characterized by impulsiveness and a lack of strategic foresight. The Crown Prince’s grand dreams, funded by billions of dollars, have morphed into a nightmare for the Saudi economy. His inability to ground his ambitions in practical realities has left the kingdom vulnerable to economic and social crises.
The Need for Urgent Change
As 2024 draws to a close, it is clear that Saudi Arabia’s economic policies under Mohammed bin Salman are unsustainable. The reliance on oil, the mismanagement of mega-projects, and the neglect of citizens’ needs have created a volatile situation that demands urgent attention. Unless the leadership revises its approach, the consequences will likely worsen in the coming years.
History is unforgiving to those who fail to learn from their mistakes. The Saudi people deserve an economy that prioritizes their well-being over unattainable fantasies. For Mohammed bin Salman, the question remains: will he adjust course before it is too late?
