RIYADH: According to recently disclosed government figures, net foreign direct investment into Saudi Arabia increased by 26% from the previous three months to SR22.1 billion ($5.89 billion) in the fourth quarter of 2024. This amount above the SR15.5 billion recorded in the first three months of 2024, the SR19 billion recorded in the second quarter, and the SR17.5 billion recorded in the third quarter, making it the highest level of the year, according to the General Authority for Statistics.
In an effort to diversify its economy and lessen its reliance on crude oil, Saudi Arabia is hoping to draw $100 billion in foreign direct investment annually by the end of this decade. According to GASTAT, inflows totalled SR23.8 billion for the last three months of 2024, which represents a 17 percent increase over the third quarter. In comparison to the preceding three months, the value of FDI outflows decreased by 39% to SR1.8 billion during the fourth quarter.
In the fourth quarter, the overall net value of foreign direct investment (FDI) was SR25.5 billion, a 13 percent decrease from the same time in 2023. The value of inflows decreased by 11% in the last three months of 2024 compared to the last quarter of 2023. According to GASTAT, the value of outflows increased by 20% over the same time period in 2023.
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