Saudi Arabia recorded a 23.4% rise in foreign direct investment (FDI) during the second quarter of 2024, amounting to SR11.7 billion ($3.12 billion), up from SR9.5 billion in the first quarter, according to data from the General Authority for Statistics (GASTAT). This surge highlights the Kingdom’s ongoing efforts to attract international investors as part of Vision 2030, which aims to draw $100 billion in FDI by the end of the decade.
Despite the increase compared to the previous quarter, FDI inflows were 7.5% lower than the same period in 2023, when the total reached SR12.6 billion. Outflows, however, saw a 14.1% year-on-year rise to SR7.8 billion.
Saudi Arabia’s updated investment law, enacted in August, aims to boost FDI by simplifying processes and enhancing protections for investors, as noted in a Standard Chartered report. The Kingdom’s Assistant Minister of Investment, Ibrahim Al-Mubarak, emphasized the country’s desire to attract more investment from Asia and Europe, as it continues to diversify its economy.