/Saudi Arabia’s Economic Overhaul Is Backfiring

Saudi Arabia’s Economic Overhaul Is Backfiring

RIYADH, Saudi Arabia—A sweeping effort to diversify the Saudi kingdom’s oil-dependent economy is creating new problems, as Saudis and their businesses begin to feel the pain of an uncertain transition.

In the past two years, Crown Prince Mohammed bin Salman has raised gasoline and electricity prices, introduced Saudi Arabia to new taxes and pushed foreign workers to leave the country to make way for Saudis.

As…