Crown Prince Muhammad bin Salman

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Saudi Arabia’s Ascending Role on the Global Stage - Reshaping the New Multipolar World

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South Eye | Report - Exclusive

Under the leadership of Crown Prince Mohammed bin Salman, Saudi Arabia has undergone a profound transformation, emerging as a pivotal player in global geopolitics, economics, and regional stability. Vision 2030, the Kingdom’s ambitious blueprint for economic diversification and modernization, has not only reshaped its domestic landscape but also elevated its influence internationally. Today, Saudi Arabia stands as a key architect of a multipolar world, a main player in peace making, and a driving force behind economic innovation and industrial growth.

Shaping a Multipolar World

Saudi Arabia has strategically positioned itself as a powerful bridge between major powers, balancing relations with the U.S., China, Russia, and emerging economies. Its deepening economic ties with Russia—where non-oil trade surged from $491 million in 2016 to $3.28 billion in 2024—exemplify its pragmatic approach and autonomy to fostering diversified alliances 59. The Kingdom’s participation in forums like OPEC+, where it collaborates closely with Russia to stabilize energy markets, underscores its role as a consensus-builder in global economic governance 9. Additionally, Saudi Arabia’s stability restoring efforts in the region.

Promoting Stability and Cooperation

Beyond energy diplomacy, Saudi Arabia has become a linchpin for regional stability. Its normalization of relations with Iran in 2023 marked a turning point in Gulf geopolitics, reducing tensions and opening avenues for economic cooperation. On the global stage, Saudi Arabia’s Future Investment Initiative (FII) and Real Estate Future Forum (RFF) serve as platforms for international collaboration, attracting policymakers and investors to discuss sustainable development and technological innovation 3.

Economic Growth and Industrial Development

Vision 2030 has propelled Saudi Arabia into a new era of industrialization and technological advancement. The Kingdom awarded 1,300 industrial licenses in 2024, attracting $13.3 billion in investments and creating over 44,000 jobs, with a focus on sectors like mining, advanced manufacturing, and renewables 6. The Industrial Development Fund injected $3.19 billion into the economy, supporting projects worth $16 billion and boosting non-oil exports by 15% 10. Mega-projects like NEOM and the Red Sea Initiative symbolize Saudi Arabia’s shift toward a knowledge-based economy, while partnerships in AI and logistics (such as the National Industrial Development and Logistics Program) reinforce its ambition to become a global industrial hub 36.

A Regional Powerhouse and Global Economic Actor

Saudi Arabia’s influence extends beyond its borders through strategic investments via the Public Investment Fund (PIF), which has become a major player in global markets, funding ventures in tech, infrastructure, and green energy 3. The Kingdom’s mining sector, now valued at $2.5 trillion, positions it as a future leader in resource extraction and processing 10. Moreover, its tourism sector is booming, with visa waivers and direct flights to Russia set to begin in late 2025, further integrating the Kingdom into global networks 9.

A New Era of Saudi Young Leadership

Under Mohammed bin Salman’s leadership, Saudi Arabia has transitioned from an oil-dependent monarchy to a dynamic, multifaceted global power. By leveraging economic diversification, diplomatic agility, and technological innovation, the Kingdom is redefining its role as a major player, investor, and industrial pioneer. As Vision 2030 progresses, Saudi Arabia’s influence will likely expand further, cementing its place as a central actor in shaping the 21st-century world order.