The purpose of this chapter is to provide insights into the knowledge-based economy in Saudi Arabia. In particular, this chapter analyzes the relevant government policies and initiatives in the education sector and the research activities of higher education institutions and innovations over the last two decades. In order to build institutional capacity and achieve the goals of Saudi Arabia’s Vision 2030, the National Transformation Program 2020 was launched across 24 government agencies. Importantly, the discussion of this chapter highlights Vision 2030 in completing this knowledge-based economy journey.