RIYADH: Foreign direct investment inflows into Saudi Arabia rose 24 percent in 2024 to SR119 billion ($31.7 billion), even as global FDI slowed, official data showed.
According to the General Authority for Statistics, manufacturing was the biggest recipient, drawing SR35.12 billion and accounting for 29 percent of total inflows.
Under Vision 2030, the Kingdom aims to attract $100 billion in FDI annually by the end of the decade as part of efforts to diversify away from crude revenues.
Commenting on the latest performance, Investment Minister Khalid Al-Falih said: “The results of foreign direct investment in the Kingdom for 2024 come against the backdrop of global economic challenges and a slowdown in the growth rates of global direct investment flows internationally, which reflects the Kingdom’s ability to face all economic challenges,” according to the Saudi Press Agency.
In an X post, the Ministry of Investment said inflows in 2024 surpassed the National Investment Strategy’s annual target of SR109 billion. It added that Saudi Arabia has exceeded its FDI goals for four consecutive years, with annual targets set to climb from SR140 billion in 2025 to SR388 billion by 2030.
Wholesale and retail trade, including motor vehicle repair, attracted SR18 billion, or 15 percent, followed by construction at SR17.51 billion, and financial and insurance activities at SR16.19 billion. Professional, scientific and technical activities accounted for SR9.81 billion.
The information and communication sector received SR6.34 billion, while mining and quarrying drew SR5.15 billion. Transportation and storage attracted SR5.06 billion, followed by administrative and support services at SR1.58 billion, and accommodation and food services at SR1.10 billion.
According to GASTAT, FDI outflows surged to SR39 billion in 2024 from SR10 billion a year earlier. Net inflows fell 6 percent to SR80 billion. The Kingdom’s FDI stock reached SR977 billion at year-end, up 9 percent from 2023.
By stock volume, the UAE led with SR161 billion in 2024, followed by Luxembourg with SR101 billion, and France with SR69 billion.
Saudi Arabia attracted SR18.38 billion in new inflows from the UAE, SR14.94 billion from Germany, and SR14.65 billion from the US. In terms of net inflows, the US ranked first with SR11 billion, followed by the UAE with SR9 billion.
