Net foreign direct investment (FDI) in the Kingdom grew by 5.6% y-o-y to SAR 9.5 bn in 1Q 2024, up from SAR 9 bn in the same quarter a year earlier, according to the Foreign Direct Investment Q1 2024 (pdf) report by state statistics agency Gastat.

Total FDI inflows are up a bit year-on-year, but down q-o-q: FDI inflows totaled SAR 17 bn in 1Q 2024, showing a slight increase of 0.6% from SAR 16.9 bn in 1Q 2023. However, inflows were down 10.5% q-o-q from SAR 19 bn in Q4 2023.

Outflows were down 5.1% y-o-y to SAR 7.5 bn in the first three months of the year, compared with SAR 8 bn in the corresponding period a year earlier. The number of investments in the Kingdom in 1Q 2024 fell 38.5% y-o-y to 64 agreements closed, according to earlier government data. The quarter saw two fewer agreements closed compared to 4Q 2023.

BACKGROUND- Saudi is aiming to reel in USD 100 bn of foreign direct investment per year as part of Vision 2030. So far, it’s missing the mark with an estimated USD 19 bn in 2023 and an average of USD 17 bn from 2017-2022, according to Bloomberg.

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