Saudi Arabia Sees 24% Jump in Foreign Direct Investment Inflows to $31.7B
Despite global FDI slowdown, manufacturing remains top recipient under Vision 2030.
Riyadh: Foreign direct investment (FDI) inflows into Saudi Arabia rose by 24 percent year-on-year to SR119 billion ($31.72 billion) in 2024, even as the global FDI witnessed a slowdown, according to official data released by the General Authority for Statistics (GASTAT).
The manufacturing sector emerged as the largest recipient of foreign investments, attracting SR35.12 billion and accounting for 29 percent of total inflows.
This development comes as part of Saudi Arabia's broader strategy under Vision 2030 to diversify its economy away from reliance on oil revenues by attracting $100 billion in FDI annually by the end of the decade.
Investment Minister Khalid Al-Falih commended the performance, stating that the increase in foreign direct investment in the Kingdom occurred against the backdrop of global economic challenges and a slowdown in international FDI growth rates.
This, he noted, highlights Saudi Arabia's resilience and ability to face various economic obstacles.
According to an X post by the Ministry of Investment, inflows in 2024 surpassed the National Investment Strategy’s annual target of SR109 billion.
The Ministry further highlighted that Saudi Arabia has consistently exceeded its FDI goals over the past four years, with targets projected to rise from SR140 billion in 2025 to SR388 billion by 2030.
Wholesale and retail trade, including motor vehicle repair, attracted investments totaling SR18 billion (15 percent), followed by the construction sector at SR17.51 billion and financial and insurance activities at SR16.19 billion.
Professional, scientific, and technical activities accounted for SR9.81 billion of the total inflows.
The information and communication sector received SR6.34 billion, while mining and quarrying drew investments worth SR5.15 billion.
Transportation and storage sectors attracted SR5.06 billion, followed by administrative and support services at SR1.58 billion and accommodation and food services at SR1.10 billion.
GASTAT reported a significant increase in FDI outflows to SR39 billion in 2024 compared to SR10 billion in the previous year, resulting in net inflows falling by 6 percent to SR80 billion.
The Kingdom's FDI stock stood at SR977 billion by the end of 2024, representing a 9 percent increase from 2023.
In terms of stock volume, the UAE topped the list with SR161 billion, followed by Luxembourg with SR101 billion and France with SR69 billion.
Saudi Arabia attracted new inflows amounting to SR18.38 billion from the UAE, SR14.94 billion from Germany, and SR14.65 billion from the United States.
The United States ranked first in terms of net inflows, contributing SR11 billion, followed by the UAE with SR9 billion.
The manufacturing sector emerged as the largest recipient of foreign investments, attracting SR35.12 billion and accounting for 29 percent of total inflows.
This development comes as part of Saudi Arabia's broader strategy under Vision 2030 to diversify its economy away from reliance on oil revenues by attracting $100 billion in FDI annually by the end of the decade.
Investment Minister Khalid Al-Falih commended the performance, stating that the increase in foreign direct investment in the Kingdom occurred against the backdrop of global economic challenges and a slowdown in international FDI growth rates.
This, he noted, highlights Saudi Arabia's resilience and ability to face various economic obstacles.
According to an X post by the Ministry of Investment, inflows in 2024 surpassed the National Investment Strategy’s annual target of SR109 billion.
The Ministry further highlighted that Saudi Arabia has consistently exceeded its FDI goals over the past four years, with targets projected to rise from SR140 billion in 2025 to SR388 billion by 2030.
Wholesale and retail trade, including motor vehicle repair, attracted investments totaling SR18 billion (15 percent), followed by the construction sector at SR17.51 billion and financial and insurance activities at SR16.19 billion.
Professional, scientific, and technical activities accounted for SR9.81 billion of the total inflows.
The information and communication sector received SR6.34 billion, while mining and quarrying drew investments worth SR5.15 billion.
Transportation and storage sectors attracted SR5.06 billion, followed by administrative and support services at SR1.58 billion and accommodation and food services at SR1.10 billion.
GASTAT reported a significant increase in FDI outflows to SR39 billion in 2024 compared to SR10 billion in the previous year, resulting in net inflows falling by 6 percent to SR80 billion.
The Kingdom's FDI stock stood at SR977 billion by the end of 2024, representing a 9 percent increase from 2023.
In terms of stock volume, the UAE topped the list with SR161 billion, followed by Luxembourg with SR101 billion and France with SR69 billion.
Saudi Arabia attracted new inflows amounting to SR18.38 billion from the UAE, SR14.94 billion from Germany, and SR14.65 billion from the United States.
The United States ranked first in terms of net inflows, contributing SR11 billion, followed by the UAE with SR9 billion.
