Saudi Arabia has witnessed a significant surge in foreign direct investment (FDI) net inflows, hitting 13.1 billion Saudi riyals ($3.49 billion) in the fourth quarter of 2023, the Saudi General Authority of Statistics reported on Thursday. This marks a robust 16% growth from the third quarter's 11 billion Saudi riyals.
The report also highlighted a rise in FDI outflows to about 6 billion Saudi riyals, up 17.6% from the previous quarter, indicating an active global investment strategy by Saudi entities. Moreover, the total FDI inflows saw a 16.6% increase, reaching around 19 billion Saudi riyals in the last quarter of 2023, compared to 16 billion Saudi riyals in the third quarter.
This financial uptick aligns with Saudi Arabia's broader economic goals, underlining the success of its initiatives to attract more international capital as part of its Vision 2030 plan to diversify the economy away from oil dependency. These figures reflect the kingdom's ongoing efforts to create a more investor-friendly environment, drawing global businesses and entrepreneurs to its burgeoning market.