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Foreign direct investment (FDI) net inflows declined to SAR 85.5 bn in 2023, down from SAR 100.2 bn in the previous year, according to an Investment Ministry bulletin (pdf). The Kingdom is looking to attract SAR 388 bn of FDI inflows by 2030 (5.7% of GDP), according to a separate ministry report (pdf).
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Investments worth SAR 32.1 bn went into the manufacturing sector in 2023, followed by the financial and ins. sector (SAR 14.7 bn), and the construction sector (SAR 10.9 bn). The financial and ins. sector attracted the most investments in 2022.
Riyadh attracted the largest share of the Kingdom’s net FDI, locking in SAR 28 bn last year, followed by the Eastern Region (SAR 24.6 bn), and Al Madinah (SAR 22.5 bn). The Eastern Region attracted the highest net FDI in the previous year.
Emirati investors contributed the lion’s share to the Kingdom’s net FDI last year, with investments valued at SAR 16 bn. This was followed by French investors at SAR 10.9 bn, and the English investors at SAR 6.4 bn. UAE investors have been the biggest contributor to Saudi Arabia’s net FDI on record since the ministry began releasing annual FDI figures in 2016.
