The impact of value realization management on mega project effectiveness in supporting saudi vision 2030

Mega projects have become central instruments of national economic transformation, particularly in rapidly developing economies pursuing state-led development agendas. In Saudi Arabia, the launch of Vision 2030 in 2016 catalyzed an unprecedented portfolio of giga-scale investments including NEOM, the Red Sea Global Project, Qiddiya, and Diriyah Gate collectively representing the most ambitious national development Program in the Kingdom's modern history. Despite their strategic significance, these projects continue to be evaluated primarily through traditional Iron Triangle metrics of time, cost, and scope, while the fundamental question of whether they realize their intended long-term strategic value remains systematically underexplored in academic literature. Value Realization Management (VRM), an evolution of Benefits Realization Management (BRM), offers a governance-embedded approach to ensuring projects deliver the strategic outcomes for which they are funded. It extends evaluation beyond project handover, embedding benefit identification, measurement, and accountability across the full project lifecycle. This study adopts a theoretical research approach a comprehensive critical literature review drawing on peer-reviewed journals, project management standards, academic books, and official Vision 2030 publications. No primary data are collected. The review addresses six themes: the evolution of project success frameworks; the conceptual foundations of VRM; mega project characteristics and effectiveness; the strategic role of Saudi mega projects under Vision 2030; the theoretical relationship between VRM and mega project effectiveness; and identified research gaps. Theoretically, the study synthesizes fragmented literature into an integrated conceptual framework linking VRM principles to mega project effectiveness within the Saudi context. Practically, it provides evidence-informed guidance for policymakers and project governance professionals seeking to embed value accountability in Saudi mega project governance. The paper concludes with a call for empirical research to validate the proposed theoretical propositions.