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.
