Saudi Arabia’s investment minister Khalid Al-Falih said that 85% of the Vision 2030 targets are either completed or moving on schedule as of the end of 2024. He delivered this update during the Fortune Global Forum conference held in Riyadh, saying:
“We’ve made remarkable progress transforming our economy and society. As of the end of 24, 85% of our initiatives were completed or are on track with most targets met or exceeded.”
Khalid did not list the specific targets already achieved but confirmed that 675 companies now have their regional headquarters in Riyadh as part of the push to draw global firms into the capital.
The update served as a lead‑in to the Future Investment Initiative conference scheduled to begin on Tuesday. The Vision 2030 strategy aims to shift the country away from heavy reliance on oil, expand non‑oil revenue, attract global capital, and increase tourism.
The plan has moved forward, but not without adjustments. There have been delays linked to cost pressures, supply chain hurdles, and the scale of the projects involved.
Vision 2030 shifts and projects adjust
The minister emphasized the ongoing diversification process. Saudi Arabia has focused on moving international business centers into Riyadh, modernizing local economic structures, and building global‑facing sectors.
However, the multi‑billion dollar NEOM megacity project has faced repeated delays. Reuters said it has been scaled back as the government prioritizes infrastructure linked to international sporting events, including preparations connected to the 2034 World Cup.
Another major development under Vision 2030 is the New Murabba project in downtown Riyadh. Its CEO, Michael Dyke, spoke at the same conference. He laid out planned investment opportunities in technology, real estate, and construction.
The project was launched in 2023 by Crown Prince Mohammed bin Salman to build a new district intended as a central part of the diversification push. It will require international financing, long‑term urban construction, and staged rollouts.
Saudi Arabia’s leadership is also working on diplomatic positioning to support the economic plan. The crown prince is expected to travel to Washington next month for meetings at the White House.
This visit will take place on November 18 and 19. It will be the first U.S. visit since early 2018. One of the goals of the trip is to reset long‑term relations and establish conditions that could support eventual ties with Israel.
The timing follows a cease‑fire agreement negotiated to stop the two‑year conflict between Israel and Hamas in Gaza.
Defense discussions between Riyadh and Washington
Saudi Arabia is in talks with the United States on a defense deal that could be signed during the crown prince’s visit. The Financial Times reported this development, citing people familiar with the negotiations.
A senior Trump administration official allegedly said there were “discussions about signing something when the crown prince comes, but the details are in flux.” The FT reported that the possible deal could resemble the U.S.-Qatar agreement, where the United States pledged to treat any armed attack on Qatar as a threat to itself.
The U.S. deal with Qatar followed an air strike in Doha last month in which Israel attempted to kill Hamas leaders. The U.S. State Department described its defense cooperation with the kingdom as a “strong bedrock of our regional strategy,” but declined to provide details.
The White House and the government in Riyadh did not respond to requests for comment regarding the reported negotiations.
Saudi Arabia has sought similar security guarantees as part of broader talks linked to normalizing relations between Riyadh and Israel.
Last month, the kingdom signed a mutual defense pact with Pakistan, which possesses nuclear weapons capability.
This pact was described as part of a longer effort to secure regional balancing arrangements and external military support without relying on a single partner.
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