Saudi Arabia new methodology doubles 2023 FDI

Dubai: Saudi Arabia has revised its foreign direct investment (FDI) figures this week, doubling the 2023 inflow estimate to $25.5 billion (Dh93 billion) based on a new government methodology.

The country aims to attract $100 billion (Dh367 billion) in annual FDI by 2030, but recent low figures have intensified pressure on the Public Investment Fund to support its $1.25 trillion (Dh4.5 trillion) economic development strategy.

The General Authority for Statistics reported a net FDI inflow of $12.3 billion (Dh45 billion) for 2023. The updated figure, detailed in a ministry of investment report, employs a methodology first introduced in November 2023, which raised the 2022 FDI figure from $8 billion (Dh29 billion) to $33 billion (Dh121 billion).

The Statistics Authority reported a gross inflow of $25.6 billion (Dh94 billion) for 2023, consistent with the ministry's figures, but noted that the net inflow, after factoring in outflows, was $22.9 billion (Dh84 billion), as reported by the Saudi Press Agency.