This paper examines the role of business intelligence in creating a more knowledge-based economy in Saudi Arabia. It identifies major enablers that could be utilised to close the existing gaps between business and competitive intelligence. We assess the fundamentals of Saudi Arabia's economy to make recommendations for that economy for the long term. Our recommendations are based on our experiences with Saudi culture as well as the current state of the economy. Saudi Arabia has embarked on an ambitious plan to reduce or end its dependency on crude oil as a revenue generator. We have identified seven major issues that may enable movement toward a more knowledge-based and innovative economy. These issues, if addressed, may help decision-makers transform Saudi Arabia's markets to a more knowledge-driven economy that is less dependent on oil.