Saudi Arabia’s Crown Prince Mohammed bin Salman’s Vision 2030 plan, once hailed as a blueprint for transforming the Middle East, is now facing major setbacks. The ambitious initiative, launched a decade ago to diversify the economy beyond oil through technology, tourism, and investment, is being reassessed amid financial and geopolitical pressures. Several mega projects, including the $500 billion NEOM city, have been scaled back, delayed, or risk cancellation as the 2030 deadline approaches.

Analysts attribute the slowdown to economic strain and regional instability. Falling oil prices before the recent Middle East war reduced Saudi revenues, while the ongoing conflict has created uncertainty for long-term investments. Foreign investment has also fallen short of expectations, with experts citing unrealistic planning and exaggerated projections by officials and consultants. Previous projects, such as the King Abdullah Economic City, similarly failed to meet expectations.

Despite setbacks, Vision 2030 has brought visible social changes, including women’s driving rights and international entertainment events. However, the new regional war has further clouded Saudi Arabia’s economic outlook, particularly in technology and manufacturing sectors, though mining remains stable.