A child displays a flag with the portrait of Saudi Crown Prince Mohammed bin Salman during the celebrations of the 96th National Day of the kingdom in Riyadh, on Sept. 23, 2026. (Credit: Fayez Nureldine/AFP)
The kingdom had promised to become the Gulf’s land of opportunity, attracting foreign investors and skilled workers and positioning itself at the forefront of technological innovation. The vision rested on a policy of economic diversification and regional stabilization aimed at keeping conflict at bay. But 10 years after the launch of Vision 2030, Mohammed bin Salman’s (MBS) megaprojects have been scaled back dramatically.Beyond the economic realities, the war in Iran seems to have dealt a final blow to the Saudi crown prince’s ambitions. In the space of six months, the kingdom has found itself caught between the closure of the Strait of Hormuz and a Houthi blockade in the Red Sea, while coming under repeated attacks on its territory, first from Iran and then from the Yemeni rebels. Its capital, Riyadh, was even hit by several deadly...
The kingdom had promised to become the Gulf’s land of opportunity, attracting foreign investors and skilled workers and positioning itself at the forefront of technological innovation. The vision rested on a policy of economic diversification and regional stabilization aimed at keeping conflict at bay. But 10 years after the launch of Vision 2030, Mohammed bin Salman’s (MBS) megaprojects have been scaled back dramatically.Beyond the economic realities, the war in Iran seems to have dealt a final blow to the Saudi crown prince’s ambitions. In the space of six months, the kingdom has found itself caught between the closure of the Strait of Hormuz and a Houthi blockade in the Red Sea, while coming under repeated attacks on its territory, first from Iran and then from the Yemeni rebels. Its capital, Riyadh, was even hit by several...
