At a recent Council of Economic and Development Affairs (CEDA) meeting, the Saudi Arabian Ministry of Economy and Planning reported a notable increase in net foreign direct investments (FDI). FDI inflows to Saudi Arabia increased by 16 percent to SAR13.1 billion ($3.49 billion) in the fourth quarter of 2023 from SAR11.4 billion in the third quarter. This increase results from continuous efforts to accelerate growth and diversification programs while supporting the country’s economy in the face of international economic uncertainty.
Saudi Arabia hopes to wean itself off of its reliance on oil exports by bringing in $100 billion in foreign direct investment by 2030.
The council met to discuss several reports on national and worldwide economic developments. Saudi Arabia demonstrated fortitude and advancement in the face of global economic trends, with efforts to diversify and expand the economy taking centre stage.The meeting’s main takeaways included the Purchasing Managers’ Index (PMI) for Saudi Arabia’s March 2024 performance, which was positive. The PMI showed rising output and fresh orders, indicating expansion and assurance in the home economy. Therefore, according to the PMI report, Saudi Arabia’s non-oil private sector saw a strong uptick by the end of the first quarter of 2024, with business activity rising at the fastest rate for six months.
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