Riyadh – Sharikat Mubasher: Saudi Arabia’s net foreign direct investment (FDI) grew by 37% quarter-on-quarter, reaching SAR 16 billion ($4.27 billion) by the end of September.

According to a report issued by the General Authority of Statistics, this increase was driven by a sharp 74.36% decline in FDI outflows, which fell to SAR 2 billion, while FDI inflows dropped by 7.22% to SAR 18 billion.

The rise in FDI is attributed to regulatory reforms under Vision 2030, aimed at attracting foreign investment and diversifying the economy.

These changes include updating laws on investment, labor, and company regulations, which align with international standards and reduce barriers for foreign businesses. The Kingdom’s commitment to these reforms is evident in its ambitious goal of attracting $100 billion in annual FDI by 2030.

In line with this, Saudi Arabia’s Cabinet approved measures to enhance FDI and global economic engagement, including agreements with Qatar and the US. Additionally, FDI inflows for 2023 reached SAR 96 billion, a 50% increase from the previous year. The Kingdom also made strides in tourism, regional cooperation, and sustainability goals.

These efforts position Saudi Arabia as a competitive, open economy, prepared for greater international investment and collaboration.