Saudi Arabia’s net FDI up 26%: GASTAT

Saudi Arabia is aiming to attract $100 billion in FDI a year by 2030. Getty
Short Url
Updated 01 May 2025
Follow

Saudi Arabia’s net FDI up 26%: GASTAT

RIYADH: Net foreign direct investment into Saudi Arabia reached SR22.1 billion ($5.89 billion) in the fourth quarter of 2024, representing a rise of 26 percent compared to the previous three months, newly released official data showed. 

According to the General Authority for Statistics, this figure was the highest level across the year, surpassing the SR15.5 billion seen in the first three months of 2024, the SR19 billion recorded in the second quarter, and the SR17.5 billion witnessed in the third.

Saudi Arabia is aiming to attract $100 billion in FDI a year by the end of this decade as it seeks to make significant strides in diversifying its economy and reducing its decades-long dependence on crude revenues.

When it came to inflows, GASTAT revealed SR23.8 billion was recieved in the final three months of 2024, marking a 17 percent rise from the third quarter. 

The value of FDI outflows stood at SR1.8 billion during the fourth quarter, marking a decrease of 39 percent compared to the previous three months. 

Comparison with 2023

The total net value of FDI in the fourth quarter was down 13 percent compared to the same period of 2023, where the figure stood at SR25.5 billion.

Compared to the final quarter of 2023, the value of inflows declined by 11 percent in the last three months of 2024. 

GASTAT added that the value of outflows registered a growth rate of 20 percent compared to the same period of 2023. 

Saudi Arabia’s FDI ambitions gain momentum

The latest figures come after Saudi Arabia rose to 13th place in Kearney’s 2025 Foreign Direct Investment Confidence Index, published in April. 

This is up one spot from last year and also means the Kingdom retained its position as the third-most attractive emerging market, signaling continued global confidence in its transformation strategy.

Kearney said that the advancement of Saudi Arabia in the ranking reflects the nation’s bold, reform-driven approach to building an internationally competitive, future-ready economy. 

In October, the Kingdom also approved an updated investment law to enhance FDI flows, with the Ministry of Investment stating that it would boost transparency and simplify the investment process.

The rule also promises enhanced protections for investors, including adherence to the rule of law, fair treatment, and property rights, alongside robust safeguards for intellectual property and seamless fund transfers. 


New Murabba seeks contractors for Mukaab Towers fit-outs: MEED

Updated 5 sec ago
Follow

New Murabba seeks contractors for Mukaab Towers fit-outs: MEED

RIYADH: Saudi Arabia’s New Murabba Development Co., a wholly owned subsidiary of the Public Investment Fund, has issued a request for information to gauge the market for modular and offsite fit-out solutions for its flagship Mukaab development, MEED reported on Wednesday.

The RFI was released on Jan. 26, with submissions due by Feb. 11. NMDC has also scheduled a market engagement meeting during the first week of February to discuss potential solutions with prospective contractors.

Sources close to the project told MEED that NMDC is “seeking experienced suppliers and contractors to advise on the feasibility, constraints, and execution strategy for using non-load-bearing modular systems for the four corner towers framing the Mukaab structure.” The feedback gathered from these discussions will be incorporated into later design and procurement decisions.

The four towers — two residential (North and South) and two mixed-use (East and West) — are integral to the Mukaab’s architectural layout. Each tower is expected to rise approximately 375 meters and span over 80 stories. Key modular elements under consideration include bathroom pods, kitchen pods, dressing room modules, panelized steel partition systems, and other offsite-manufactured fit-out solutions.

Early works on the Mukaab were completed last year, with NMDC preparing to award the estimated $1 billion contract for the main raft works. This was highlighted in a presentation by NMDC’s chief project delivery officer on Sept. 9, 2025, during the Future Projects Forum in Riyadh.

Earlier this month, US-based Parsons Corp. was awarded a contract by NMDC to provide design and construction technical support. Parsons will act as the lead design consultant for infrastructure, delivering services covering public buildings, infrastructure, landscaping, and the public realm at New Murabba. The firm will also support the development of the project’s downtown experience, which spans 14 million sq. meters of residential, workplace, and entertainment space.

The Parsons contract follows NMDC’s October 2025 agreements with three other US-based engineering firms for design work across the development. New York-headquartered Kohn Pedersen Fox was appointed to lead early design for the first residential community, while Aecom and Jacobs were selected as lead design consultants for the Mukaab district.

In August 2025, NMDC signed a memorandum of understanding with Falcons Creative Group, another US-based firm, to develop the creative vision and immersive experiences for the Mukaab project. Meanwhile, Beijing-based China Harbour Engineering Co. completed the excavation works for the Mukaab, and UAE-headquartered HSSG Foundation Contracting executed the foundation works.