Saudi Arabia's net FDI nears $3.5 billion in Q4 of 2023

Riyadh: Net inflows of foreign direct investment (FDI) to Saudi Arabia reached 13.1 billion riyals ($3.49 billion) in the fourth quarter of 2023, up 16% from 11.4 billion riyals ($3.04 billion) in the third quarter, government data showed on Thursday.

The Kingdom hopes to attract $100 billion in FDI by 2030 to boost non-oil gross domestic product as part of a wider strategy by Crown Prince Mohammed bin Salman to diversify the economy away from its reliance on crude oil exports.

New FDI data brings total net inflows in 2023 to $11.4 billion.