– Saudi Arabia’s net foreign direct investment (FDI) inflows rose by 5.6% to 9.5 billion riyals ($2.53 billion) in the first quarter of 2024, with overall inflows increasing by 0.6% compared to the same period last year.

– The kingdom aims to attract $100 billion in FDI by 2030 to boost its non-oil GDP, in line with Crown Prince Mohammed bin Salman’s strategy to diversify the economy away from oil dependency.

– Over half of the shares in Saudi Aramco’s $11.2 billion secondary share sale were bought by foreign investors, contributing to FDI growth, though overall levels still fall short of the 2030 target.

Saudi Arabia saw a 5.6% rise in net foreign direct investment (FDI) inflows, reaching 9.5 billion riyals ($2.53 billion) in the first quarter of 2024, according to government data released.

Compared to the same period last year, inflows increased by 0.6% to 17 billion riyals, while outflows decreased by 5.1% to around 7.5 billion riyals.

The kingdom is targeting $100 billion in FDI by 2030 to boost its non-oil gross domestic product, aligning with Crown Prince Mohammed bin Salman’s strategy to diversify the economy away from its dependence on crude oil exports.

Earlier this month, over half of the shares offered in Saudi Aramco’s $11.2 billion secondary share sale were purchased by foreign investors. While the oil giant has previously contributed to FDI growth, overall investment levels still fall short of the 2030 target, peaking at $32.8 billion in 2022 and reaching $19.2 billion last year.