Net foreign direct investment (FDI) inflows into Saudi Arabia decreased 7.5% YoY in the second quarter of 2024 to SAR 11.7 billion (USD 3.12 billion), according to data by the General Authority for Statistics (GASTAT).
What
GASTAT noted that inbound foreign investment inflows amounted to approximately SAR 19.4 billion (USD 5.1 billion) from April to June.
This is the same level recorded in Q2 2023.
Meanwhile, outbound foreign investments by the Kingdom reached about SAR 7.8 billion in Q2, marking a 14.1% YoY increase.
So what
The kingdom is looking to bring in USD 100 billion in foreign investments by 2030 as it looks to position itself as a regional investment hub.
This is in line with Vision 2030’s comprehensive investment strategy, which aims to boost growth in non-oil sectors and support the private sector.
Some context
Last year, Saudi Arabia adopted a “new methodology” for calculating and publishing foreign direct investment data.
The Kingdom plans to implement a “one-time registration” process in a bid to cut bureaucratic red tape and eliminate the need for multiple licenses and prior approvals for investments in the domestic market.
Now what
Unemployment in Saudi Arabia dropped to 7.1% in Q2 2024, nearing the Vision 2030 target of 7%.
GASTAT notes that the drop marks the lowest level of unemployment the kingdom has seen historically.
The unemployment rate among Saudis decreased 0.5% QoQ in the second quarter and saw a 1.4% YoY decline compared to the same period last year.
