Saudi Arabia's Vision 2030 is the most ambitious economic transformation program in the world today, yet it is widely misunderstood in the West. This column introduces a new analytical framework to explain how digital technologies are upgrading the operating system of Saudi capitalism, shifting the economy from rent distribution to value creation through deeper, more competitive markets. Beyond the headline giga-projects, Vision 2030 is fundamentally a competition policy reform program that works to strengthen property rights, digitize economic infrastructure, and...