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Net foreign direct investment (FDI) in the Kingdom totaled SAR 16 bn in 3Q 2024, dipping 24% y-o-y, according to the General Authority for Statistics’ (Gastat) latest FDI report (pdf). Total FDI inflows for the quarter also slipped 21% y-o-y to SAR 18 bn, but are up from the SAR 11.7 bn recorded in 2Q 2024.
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Falling short: Third quarter figures put FDI inflow through the first nine months of the year at USD 14.5 bn, placing it below comparable figures for last year and only halfway towards meeting the government’s USD 29 bn 2024 target, Bloomberg notes. To meet its yearly target, “Saudi Arabia would need one of its biggest quarterly hauls ever for foreign investment” in 4Q 2024, the business information service said.
Outflows continue to trend upwards: FDI outflows rose 27% y-o-y at SAR 2 bn, building on the 14.1% rebound seen in 2Q.
REMEMBER- The Kingdom is targeting USD 100 bn in FDI per year as part of Vision 2030 and managed to bring in an estimated USD 19 bn in 2023 after averaging USD 17 bn per year between 2017-2022. Investment Minister Khalid Al Falih expressed cautious optimism on Saudi’s FDI goals earlier this year, noting that “all leading indicators are pointing upwards, all lights flashing green.”
