Net foreign direct investment (FDI) inflows to Saudi Arabia rose 5.6% to 9.5 billion riyals ($2.53 billion) in the first quarter of 2024, government data showed on Sunday.
The kingdom hopes to attract $100 billion in FDI by 2030 © Mena Today
Net foreign direct investment (FDI) inflows to Saudi Arabia rose 5.6% to 9.5 billion riyals ($2.53 billion) in the first quarter of 2024, government data showed on Sunday.
Inflows were up 0.6% to 17 billion riyals in the first three months compared with a year earlier, while outflows fell by 5.1% to about 7.5 billion riyals.
The kingdom hopes to attract $100 billion in FDI by 2030 to boost non-oil gross domestic product as part of a wider strategy by de facto ruler Crown Prince Mohammed bin Salman to diversify the economy away from its reliance on crude oil exports.
Earlier this month, over half of the shares offered under Saudi Aramco's $11.2 billion secondary share sale were sold to foreign investors.
The oil giant has also helped lift FDI previously, but even with those deals FDI remained far from the 2030 goal, peaking at $32.8 billion in 2022 and reaching $19.2 billion last year.
($1 = 3.7516 riyals)
Reporting by Federico Maccioni
Yemen's Houthi leader Abdul Malik al-Houthi said on Thursday that all Saudi oil and other vital facilities would be targets for the group's missiles and drones if Riyadh escalated its involvement in the conflict.
The US State Department announced Wednesday it had approved a potential $1.96 billion arms sale to Saudi Arabia, as hostilities intensify across the Middle East.
Yemen's Houthi movement fired missiles at Saudi Arabia after accusing the kingdom of bombing an airport under their control on Monday, breaking a four-year truce in the conflict between the kingdom and the Iran-aligned group.
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