We examine the role of multinational alliances in indigenous capability building in Saudi Arabia’s petrochemical industry towards Vision 2030. Through a mixed-methods approach, drawing on systematic review techniques and comparative case analysis methodology, 30 peer-reviewed publications are analysed which cover the period of 2015-2025. The approach combines the qualitative content analysis with a quantifiable assessment for alliance outcomes in three aspects: knowledge transfer, technology localisation and skill development. The main findings suggest that strategic collaborations between multinationals and Saudi companies contribute significantly to the development of local capabilities through three key avenues: (i) (i) technology spillovers (β=0.67, p<0.001); (ii) formal training programmes (average impact score: 4.2/5.0); and (iii) joint venture governance models. Local content initiatives, such as the In-Kingdom Total Value Add (IKTVA) programme, also appear to have shown some tangible results in the form of an increase in the localisation rate from 35% in 2015 to a projected 63% by 2023. Nevertheless, there are continuing problems in the development of absorptive capacity and long-term sustainability of transferred capabilities. The study argues that successful capability development demands integrated processes of policy setting, institutional support and firm-level absorptive capacity.