Net foreign direct investment in Saudi Arabia rose 5.6% in the first quarter, according to Reuters

DUBAI (Reuters) – Foreign direct investment (FDI) inflows into Saudi Arabia rose 5.6% to 9.5 billion riyals ($2.53 billion) in the first quarter of 2024, government data showed. on Sunday.

Revenues were up 0.6% to 17 billion in the first three months compared to last year, while outflows were down 5.1% to around 7.5 billion riyals.

The kingdom hopes to attract $100 billion in FDI by 2030 to boost its non-oil gross domestic product as part of a broader strategy by prime minister Crown Prince Mohammed bin Salman to diversify the economy away from reliance on imports.

Earlier this month, more than half of the shares were issued under Saudi Aramco (TADAWUL:)’s $11.2 billion share secondary sale was sold to foreign investors.

The oil giant has also helped boost FDI in the past, but even with those deals FDI remained far from the 2030 goal, reaching $32.8 billion in 2022 and reaching $19.2 billion last year.

($1 = 3.7516 riels)