On 6 June 2016, the “National Transformation Program 2020” was approved by the Saudi Cabinet. This caps a frenetic few months of activity in the Kingdom that began with the approval of “Saudi Vision 2030” at the end of April, saw Ministerial changes and questions as to the role that Saudi Aramco and the Public Investment Fund (“PIF”) would play in the country’s plans to reduce its dependency on oil and diversify its economy by encouraging greater private sector participation, reducing public spending and promoting newly-established industries that would create new opportunities for the people of the Kingdom. Below we take an initial look at the National Transformation Program 2020 and the opportunities that may result in the Kingdom.