Saudi Arabia’s net foreign direct investment increased by 5.6% in the first quarter
Net foreign direct investment (FDI) inflows to Saudi Arabia rose by 5.6 percent to 9.5 billion riyals ($2.53 billion) in the first quarter of 2024, according to government data released on Sunday.
Compared to the previous year, inflows increased by 0.6 percent to 17 billion riyals in the first three months, while outflows decreased by 5.1 percent to approximately 7.5 billion riyals.
Saudi Arabia aims to attract $100 billion in FDI by 2030 to enhance its non-oil gross domestic product as part of Crown Prince Mohammed bin Salman’s broader strategy to diversify the economy away from its dependence on crude oil exports.
Earlier this month, more than half of the shares offered in Saudi Aramco’s $11.2 billion secondary share sale were acquired by foreign investors.
The oil giant has previously contributed to increased FDI, but even with such deals, FDI remains far from the 2030 target, peaking at $32.8 billion in 2022 and reaching $19.2 billion last year.
