With the Aramco IPO on hold indefinitely, the world’s attention has now shifted to the oil giant’s seemingly forced acquisition of Sabic via heavy bond issuance. But is debt-loading in pursuit of creating an even larger hydrocarbon champion really conducive to advancing the kingdom’s economic diversification? Or is the Vision 2030 plan in need of a reboot?  

For many, the only surprising thing about Saudi Aramco’s announcement last week that its much-feted...