Saudi’s freshly released National Transformation Program contains ambitious and wide-ranging objectives to reform the kingdom’s economy. But time is already running out if the kingdom is to come close to hitting its 2020 targets.

Saudi Arabia this week unveiled its National Transformation Program 2020 (NTP), the ambitious blueprint to achieve its Vision 2030 unveiled in April that has the private sector at its heart. This is intended to wean the Saudi economy off its addiction...