Saudi Arabia raised eyebrows with the Vision 2030 plan to wean its economy off oil. It has continued to raise eyebrows, with the first phase of the reform program being restructured and many goals appearing elusive. Key stumbling blocks need addressing if the vision is to ever become reality.

The Saudi Vision 2030 – aimed at spearheading a diversification of the economy away from oil – was unveiled to much fanfare in April 2016. But the kingdom’s progress on boosting its...