In the new edited volume The Economy of Saudi Arabia in the 21st Century: Prospects and Realities, authors cover Saudi Arabia’s efforts to overhaul its economy and the numerous prospects and challenges it faces in doing so. Since 2016, Saudi Arabia has embarked on an unparalleled economic transformation project with an aim of diversifying away from oil. New sources of growth, such as tourism, industry, and entertainment, have been identified. Reforms, including lowering energy subsidies and instituting a value-added tax and indirect taxes on labor and businesses, have already produced notable results. As one of the world’s leading oil producers, the outcomes of Saudi Arabia’s unprecedented ambitious wave of reforms will provide valuable lessons not only for the kingdom itself but also for other oil-dependent and resource-based economies.