The ministry of investment attributed this growth to the diversity and abundance of initiatives launched in the kingdom, making it an attractive destination for investments in various sectors.

This, in turn, strengthened the private sector, boosted its growth, and increased its contribution to the GDP, creating new jobs.

The ministry report published by Minister of Investment Eng.

Khalid Al-Falih on X social media platform stated that foreign investment contributed 2.4% to the GDP in 2023, meeting the year's target.

The gross fixed capital formation reached an all-time high of SR1.1 trillion, surpassing the National Investment Strategy target for 2023 with a 9% annual growth rate.

The fixed capital formation from the GDP was 28%, falling short of the 30% target by the National Investment Strategy by 2030.

Over 8,500 foreign investment licenses were issued in 2023, marking a 100% increase from the 4,300 licenses issued in 2022.

Saudi Arabia has seen significant growth in business investments since the launch of Vision 2030 in 2016.

Over 200 international companies have established regional headquarters in Riyadh, and by the end of 2023, over 26,000 investment licenses had been issued.

In the industrial sector, there were 50 advanced investment opportunities worth SR96 billion, with 37% of total investments coming from foreign and joint investments, amounting to over SR542 billion by May 2023.

The country also established four new special economic zones in Riyadh, Jazan, Ras Al-Khair, and King Abdullah Economic City.

Saudi Arabia's incubator environment, which includes investment systems and competitive advantages, has attracted over SR30 billion in global investments.

This has improved Saudi Arabia's standing as a destination for high-quality investments, created jobs, and localized technology and industries.

Eight agreements have been signed with government agencies to facilitate business and empower these areas.