Foreign direct investment (FDI) net inflows fell 6% y-o-y in 2024 to SAR 80 bn, despite FDI inflows seeing 24% growth to SAR 119 bn during the year, according to data (pdf) from the General Authority for Statistics. The dip in net flows is attributed to a sharp rise in FDI outflows, which rose to SAR 39 bn, compared to SAR 10 bn in 2023.

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The manufacturing sector was the primary driver, leading inflows with SAR 35 bn, or 29% of the total. Wholesale and retail trade, and construction, were the next largest contributors, each attracting inflows of SAR 18 bn (15%).

Manufacturing also accounted for the highest outflows at SAR 16 bn, representing 43% of the total, followed by construction (15%) and transportation and storage activities (13%).

By country: The US topped the FDI net inflows list, contributing up to SAR 11 bn, followed by the UAE with SAR 9 bn, France with SAR 4 bn, and the Netherlands with SAR 2 bn.

Total FDI stock increased 9% y-o-y to SAR 977 bn by the end of the year. The UAE holds the largest share of this stock with SAR 161 bn, followed by Luxembourg (SAR 101 bn) and France (SAR 69 bn).

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