RIYADH: According to new figures, Saudi Arabia received SR96 billion ($25.6 billion) in foreign direct investment in 2023, a 50% yearly increase from the year before.
According to a Ministry of Investment report, these numbers are determined using a new technique that is in compliance with the sixth version of the Balance of Payments Manual published by the International Monetary Fund. This edition provides updated instructions for gathering data on cross-border transactions.
The 2022 Aramco deal, in which a group managed by BlackRock Real Assets and Hassana Investment Co. purchased a 49 percent ownership in a recently established gas pipeline company, is not included in the calculations. The deal was for SR55 billion.
According to the study, the total value of foreign investments in the Kingdom, or FDI stock, increased by 13.4% annually to SR897 billion. At SR86 billion, net inflows increased by 91.1 percent.
The manufacturing sector accounted for SR34.44 billion, or 36% of all FDI inflows in 2023. The insurance and financial sectors followed with SR14.86 billion, followed by construction with SR13.38 billion and wholesale and retail commerce with SR12.57 billion.
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