Just a year after its release, Saudi Arabia is reportedly slowing down the planned pace of the National Transformation Program, a bundle of targets and initiatives designed to deliver the “Vision 2030” plan to diversify the country’s economy and reduce its reliance on oil revenue.
The NTP was exceedingly ambitious from the start, with a head-spinning 543 initiatives and 346 targets. It has a laudable focus on concrete targets, measurable outcomes, transparency and accountability, along with a strong focus on boosting the education and skill levels of Saudi Arabian citizens. At the same time, many of the goals were unrealistic — tripling non-oil revenue by 2020, for example — and the pace of reform has been slower than intended.
The reset is not surprising, therefore. Announcing an attention-grabbing set of goals can be an effective way to galvanise a complex government bureaucracy, as well demonstrate seriousness to both citizens at home and international investors who have seen economic reform visions in the Gulf states come and go.