A sweeping modernization drive led by Crown Prince Mohammed bin Salman has transformed daily life and skylines, but economic realities, scaled-back megaprojects, and lingering political concerns are raising questions about whether the kingdom’s Vision 2030 can truly deliver.
On the outskirts of Riyadh, a rollercoaster now slices through the desert air at speeds once unimaginable in a country where, not long ago, public entertainment was tightly restricted. The ride, a record-breaking attraction meant to symbolize a new era of openness and ambition, has become an unlikely metaphor for the country itself: exhilarating, disorienting, and not without risk.
Over the past decade, Saudi Arabia has embarked on one of the most expensive and rapid national transformations in modern history. Driven by Crown Prince Mohammed bin Salman, the Vision 2030 program seeks to reduce dependence on oil by building new industries, cities, and cultural institutions designed to prepare the kingdom for a post-hydrocarbon future.
Reporting drawn from accounts published in The Times portrays a nation in mid-metamorphosis, where futuristic construction projects rise beside ancient desert landscapes and where social change is unfolding at a pace that would have seemed implausible only a generation ago.
The scale is staggering. Since 2016, more than a trillion dollars has been committed to so-called gigaprojects: entertainment cities, tourism resorts, sports complexes, and financial hubs intended to create jobs for a young and fast-growing population. Roughly two-thirds of Saudis are under the age of 30, a demographic reality that has shaped the urgency of reform. The government hopes new sectors such as technology, hospitality, and finance will absorb this workforce as global demand for oil eventually declines.
Some of the most visible symbols of change are recreational. International boxing matches, Formula 1 races, and concerts by global pop stars now take place in venues that would once have been unthinkable in the conservative kingdom. For many young Saudis, these developments are a source of pride and a sign that their country is becoming more connected to the world.
Yet behind the spectacle lies a more complicated economic picture. Several of the most ambitious projects have been slowed, redesigned, or quietly scaled back as costs ballooned and foreign investment failed to meet expectations. Analysts point to fluctuating oil revenues and tighter global financial conditions as key pressures forcing policymakers to reassess priorities.
Saudi planners had hoped to attract around $100 billion annually in foreign direct investment by the end of the decade. In reality, inflows have fallen far short of that target, raising concerns about how sustainable such vast spending can be without stronger private-sector participation. Decisions by the oil-producing alliance OPEC to adjust output have provided periodic boosts to state income, but they have also underscored how closely national finances remain tied to hydrocarbons.
In the historic district of Diriyah, where restoration projects blend heritage with new construction, the government is attempting to anchor modernization in national identity. Carefully preserved mud-brick structures mark the birthplace of the Saudi state, while nearby cranes assemble cultural venues, luxury residences, and hospitality complexes meant to attract millions of visitors each year. The juxtaposition is deliberate: a narrative of continuity as much as transformation.
Supporters argue that such developments are already reshaping everyday life. Women’s participation in the workforce has risen sharply, private-sector employment is expanding, and urban culture has shifted toward longer working hours and more varied leisure activities. Longtime expatriates describe a psychological change as significant as the physical one, saying the country feels more outward-looking and economically dynamic than at any time in recent memory.
But critics question whether the benefits are spreading evenly. Many high-skilled roles remain dominated by foreign professionals, while migrant laborers continue to fill large numbers of construction and service jobs. Human rights organizations, including Human Rights Watch, have raised concerns about labor conditions and restrictions on freedom of expression, issues that complicate Saudi Arabia’s efforts to present itself as an attractive destination for global investors.
The 2018 killing of journalist Jamal Khashoggi still casts a long shadow over the crown prince’s international reputation, making some Western companies cautious about deep engagement despite lucrative opportunities. Saudi authorities deny allegations of systemic abuses and emphasize reforms they say are modernizing both governance and society.
Geopolitics also intersects with the kingdom’s reinvention. High-profile visits by global figures, including Prince William, highlight Saudi Arabia’s desire to position itself as a central diplomatic and economic player bridging East and West. Mega-events such as the planned World Expo in 2030 and the FIFA World Cup in 2034 are intended to cement that image, drawing tourism and infrastructure investment while showcasing the country’s transformation on a global stage.
Still, economists warn that spectacle alone cannot substitute for structural change. Some argue that funds devoted to headline-grabbing construction might have generated more employment if directed toward small and medium-sized enterprises, education, and technological innovation. The challenge is not merely to build cities, they say, but to cultivate a workforce capable of sustaining them.
Even so, evidence of change is visible across Riyadh and beyond. New metro lines, financial districts, and entertainment venues signal a deliberate pivot toward diversification. Restaurants and retail spaces employ young Saudis in roles that barely existed a decade ago. The social contract between citizens and the state appears to be evolving from one based largely on oil wealth distribution to one emphasizing productivity and private initiative.
Whether that transition can succeed remains uncertain. Oil revenues still bankroll much of the transformation, creating a paradox at the heart of Vision 2030: the kingdom must rely on the very resource it seeks to move beyond in order to finance its future without it.
For now, Saudi Arabia’s gilded revolution stands as one of the most ambitious national experiments of the 21st century, a vast attempt to compress decades of social and economic evolution into a single generation. Its gleaming attractions and sprawling construction sites suggest momentum, yet the recalibration of several megaprojects hints at a recognition that even the richest nations face limits.
As cranes continue to rise over desert horizons, the ultimate test will not be how spectacular the projects appear, but whether they create a resilient economy capable of thriving long after the oil era fades. The rollercoasters may symbolize excitement and change, but the harder journey lies in building sustainable prosperity on shifting sands.
