Saudi Arabia’s foreign direct investment (FDI) inflows reached SR96 billion ($25.6 billion) in 2023, a 50% increase from the previous year, according to the Ministry of Investment. This figure surpasses the National Investment Strategy’s target by 16%.
Excluding the SR55 billion Aramco deal in 2022, the new data uses a methodology aligned with the IMF’s latest guidelines. The Kingdom aims to raise FDI inflows to 5.7% of GDP by 2030, with a target of attracting $100 billion annually.
Manufacturing led FDI inflows in 2023, contributing SR34.44 billion, or 36% of the total. Other key sectors included financial and insurance (SR14.86 billion), construction (SR13.38 billion), and wholesale and retail trade (SR12.57 billion).
Saudi Arabia’s proactive reforms under Vision 2030 have bolstered investor confidence, attracting global attention. Riyadh led with SR33 billion in inflows, followed by the Eastern Province with SR29 billion. Madinah also saw SR23 billion in FDI, driven by religious tourism and infrastructure developments like the expansion of Prince Mohammad Bin Abdulaziz International Airport.
The Kingdom’s commitment to localization, workforce development, and technology-driven growth aligns with its long-term economic goals, positioning it as a prime investment destination.