Saudi Arabia’s net foreign direct investment (FDI) inflows rose by 5.6% to 9.5 billion riyals ($2.53 billion) in the first quarter of 2024. Overall inflows rose by 0.6% to 17 billion riyals during this period last year, while outflows dropped by 5.1% to roughly 7.5 billion riyals.
In line with Crown Prince Mohammed bin Salman’s plan to diversify the economy away from oil dependency, the kingdom hopes to bring in $100 billion in foreign direct investment (FDI) by 2030 to increase its non-oil GDP.
The secondary share sale of state oil company Saudi Aramco earlier this month, which raised the buyers’ interest from overseas to more than half, increased this quarter. Overall investment has shown a substantial incline, though below the ambitious 2030 target, peaking at $32.8 billion in 2022 and falling to $19.2 billion last year.
The statistics released by the government go further to highlight how significant foreign investment is in boosting economic growth and reducing the kingdom’s reliance on oil earnings.
Additionally, the strategy includes the incorporation of multiple industries, such as technology, entertainment, and tourism, to create a more resilient and sustainable economy.
