A New Phase in Vision 2030: From Strategic Exemptions to Broad Ownership

The reforms currently shaping Saudi Arabia’s economy are the latest step in a broader push toward diversification. Under Vision 2030, led by Crown Prince Mohammed bin Salman, Saudi Arabia has committed to diversifying its economy away from oil, increasing and empowering private-sector activity, and improving the country’s investment climate.

In 2019, the “strategic investor” regime allowed approved foreign investors to acquire majority stakes in listed Saudi firms, abandoning older constraints on shareholding and easing “Qualified Foreign Investor” (QFI) eligibility thresholds. While this granted flexibility in isolated cases, it left in place a de facto barrier to broader foreign control.

Photo by Tierney L. Cross/Bloomberg via Getty Images

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