This study analyzes Saudi Arabia’s foreign policy through the theoretical framework of strategic hedging. By examining hedging strategies adopted by middle powers during periods of systemic transformation, the research provides a novel perspective on Riyadh’s evolving external alignments. Specifically, it investigates the dynamics shaping Saudi Arabia’s strategic engagements with both its long-standing partner, United States of America (the US), and emerging global powers such as China and Russia. The analysis highlights how Riyadh has pursued a strategy of diversification to mitigate the risks associated with potential retrenchment by its traditional security guarantor, the US, while simultaneously positioning itself with key actors of the emerging multipolar order. Accordingly, the study addresses the central question: “In what ways has the transition to a multipolar international order, combined with domestic economic imperatives, driven Saudi Arabia to adopt a hedging strategy and reposition itself as a middle power?” It argues that the gradual erosion of American unipolar dominance, together with Riyadh’s domestic push for economic diversification under the Vision 2030 agenda, has compelled Saudi Arabia to hedge by cultivating stronger partnerships with China and Russia. This strategy, consistent with the broader hedging literature that conceptualizes hedging as a blend of engagement and soft-balancing aimed at reducing dependency while avoiding overt confrontation, enables Saudi Arabia to maximize its strategic autonomy, safeguard regime security, and enhance its regional influence in a shifting global order.