Saudi Arabia FDI inflows jump 24 per cent to $32bn in 2024

The results, released by the Ministry of Investment, underscore the effectiveness of Vision 2030 programs and the National Investment Strategy, launched in 2021 by Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister.

For the fourth year in a row, the strategy’s performance indicators surpassed expectations, covering Gross Fixed Capital Formation (GFCF), FDI, and the relocation of global companies’ regional headquarters to the Kingdom.

• Gross Fixed Capital Formation exceeded SR1.3tn ($347bn) in 2024, surpassing its target by 38 per cent, with private-sector investment accounting for 76 per cent of the total
• Annual FDI inflows have risen more than fourfold since 2017, climbing from SR28.1bn ($7.5bn) to today’s levels
• Cumulative FDI stock nearly doubled to SR977.3bn ($260.5bn) in 2024, compared to SR501.8bn ($133.8bn) in 2017
• More than 50,000 foreign investment licences have been issued across diverse sectors
• The number of multinational firms relocating their regional headquarters to the Kingdom reached 660 by 2024

Saudi investments

Khalid Al Falih, Minister of Investment, said: “The results of foreign direct investment in 2024 come amid global economic challenges and a slowdown in international flows.

“This success demonstrates the Kingdom’s ability to navigate economic and investment challenges through an ambitious vision aimed at diversifying the economy, fostering an attractive investment environment, and creating high-quality opportunities.”

Al Falih added that for the first time, non-oil FDI flows represented around 90 per cent of total inflows in 2024, with non-oil FDI in non-oil GDP reaching 4.2 per cent in Saudi Arabia.

He added: “Thanks to the Kingdom’s economic strength and ambitious vision, foreign investment is expected to continue flowing into the Saudi market, driven by unique opportunities and the Kingdom’s strategic location as a gateway to the broader Middle East”.

The Ministry confirmed that the results were compiled using methodology aligned with the IMF’s Balance of Payments Manual and International Investment Position Manual, ensuring consistency with leading global practices.