Foreign direct investment inflows into Saudi Arabia rose 24 per cent in 2024 to SR119 billion riyals ($31.7bn), even as global FDI slowed, official data showed, reports Arab News.
According to the General Authority for Statistics (GASTAT), manufacturing was the biggest recipient, drawing 35.12bn riyals and accounting for 29pc of total inflows.
Under Vision 2030, the kingdom aims to attract $100bn in FDI annually by the end of the decade as part of efforts to diversify away from crude revenues.
Commenting on the latest performance, Investment Minister Khalid Al-Falih said: “The results of foreign direct investment in the kingdom for 2024 come against the backdrop of global economic challenges and a slowdown in the growth rates of global direct investment flows internationally, which reflects the kingdom’s ability to face all economic challenges,” according to the Saudi Press Agency.
In an X post, the Ministry of Investment said inflows in 2024 surpassed the National Investment Strategy’s annual target of 109bn riyals. It added that Saudi Arabia has exceeded its FDI goals for four consecutive years, with annual targets set to climb from 140bn riyals in 2025 to 388bn riyals by 2030.
Wholesale and retail trade, including motor vehicle repair, attracted 18bn, riyals or 15pc, followed by construction at 17.51bn riyals and financial and insurance activities at 16.19bn riyals. Professional, scientific and technical activities accounted for 9.81bn riyals.
The information and communication sector received 6.34bn riyals, while mining and quarrying drew 5.15bn riyals. Transportation and storage attracted 5.06bn riyals, followed by administrative and support services at 1.58bn riyals, and accommodation and food services at 1.10bn riyals.
According to GASTAT, FDI outflows surged to 39bn riyals in 2024 from 10bn riyals a year earlier. Net inflows fell 6pc to 80bn riyals. The kingdom’s FDI stock reached 977bn riyals at year-end, up 9pc from 2023.
By stock volume, the UAE led with 161bn riyals in 2024, followed by Luxembourg with 101bn riyals and France with 69bn riyals.
Saudi Arabia attracted 18.38bn riyals in new inflows from the UAE, 14.94bn riyals from Germany and 14.65bn riyals from the US. In terms of net inflows, the US ranked first with 11bn riyals, followed by the UAE with 9bn riyals.
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