Few countries have attempted an economic transformation as ambitious as Saudi Arabia’s Vision 2030, and this book examines its deeper roots, tracing the evolution of the Kingdom’s oil-based development model and the forces driving reform.

The book follows Saudi Arabia’s economic, political, and social evolution from the 1980s to the present, culminating in the reforms launched under Vision 2030. It first analyses the structure of the Saudi economy and its reliance on oil revenues, showing how this model shaped state institutions, welfare provision, and economic policy. It then explores the political and social dynamics underpinning reform, including demographic change, governance patterns, and an evolving social contract. Subsequent chapters assess the reforms associated with Vision 2030, their impact on diversification, labour markets, housing, and social change, and the financing mechanisms supporting them, ultimately offering a comprehensive evaluation of the Kingdom’s ongoing economic transformation.

Monica Malik has over 30 years of experience as an economist specialising in the MENA region, especially the Gulf economies and Egypt. Monica is the Chief Economist and heads the Economics team of Abu Dhabi Commercial Bank (ADCB). She established the Economic Research Departments at ADCB and EFG Hermes, and is the main economist covering the Gulf countries. Prior to joining ADCB in 2014, she was the Chief Economist at EFG Hermes, Senior Economist for the MENA region in Standard Chartered (Dubai) and at Dun & Bradstreet (London). Monica writes regularly on economic developments in the GCC, with the reports read by financial institutions, global investors, the regional private sector, and government and international organisations. As a trusted voice on the region, Monica has presented at a number of high-profile conferences and policy round table discussions, alongside appearing regularly on regional and international media and TV.

Monica holds a Ph.D. in Economic Development in the Middle East from the University of Durham, with the thesis on private sector development in Saudi Arabia.