FDI Inflow Into Saudi Arabia Exceeds National Investment Strategy By 16% In 2023

Saudi Arabia on Wednesday released the detailed foreign direct investment (FDI) statistics for 2023. The latest statistics indicate that the actual performance of FDI has exceeded the targets of the National Investment Strategy (NIS). Notably, the FDI inflow amounted to $25.5 billion in 2023, exceeding the NIS target of $22 billion by 16%. Also, Saudi Arabia's FDI stock increased by 13% in 2023 compared to the previous year. 

Compared to other G20 countries, Saudi Arabia ranked 11th in terms of FDI net inflow and was placed 16th in terms of cumulative FDI stock in 2023. Furthermore, Saudi Arabia ranked 2nd in terms of FDI net inflow growth rate and 4th in terms of FDI stock growth rate in 2023, reported Saudi Press Agency. In terms of FDI stock, inflow, and net inflow, manufacturing was the number one ranked activity. 

Since the announcement of Vision 2030 in 2016, key FDI indicators have improved significantly, with the data showing the National Investment Strategy exceeding its targets in 2021, 2022, and 2023. Saudi Arabia's Minister of Investment Eng. Khalid A. Al-Falih said that the data demonstrate the success of Vision 2030 in diversifying and growing the economy. "These detailed numbers show that Vision 2030 and the National Investment Strategy are succeeding in attracting FDI across the country from numerous source countries and into a wide range of sectors,” the minister added.