Human capital plays a critical role in the transformation of human societies. The new knowledge-based economy is driven by ideas that involve creative thinking and problem-solving. Human capital contributes to the new economy through technological innovation and knowledge creation, which stimulate productivity growth and sustain development. In 2016, Saudi Arabia launched Vision 2030 to diversify the economy and build capacity for creative and innovation human capital resources. The aim of the Saudi Vision is to build a resilient and diversified economy driven by creative and innovative ideas that strengthen competitiveness and participation in the 21st-century economy. The objective of this paper is to shed light on the contribution of human capital resources to economic development in Saudi Arabia. Recent government initiatives, driven by Vision 2030, highlight the need for investment in human capital as a prerequisite for increase in productivity and participation in the knowledge economy. Achieving these objectives will require restructuring the educational system and reinvent curricula to meet labor market demand for skills and enhance students’ knowledge capabilities. In the new economy, driven by Fourth Industrial Revolution technologies, managerial and technical skills are essentials for absorbing knowledge, diffusing innovation, and promoting integration in the twenty-first century economy.