Saudi Arabia’s Ministry of Economy and Planning reported a significant uptick in net foreign direct investments (FDI) during a recent meeting of the Council of Economic and Development Affairs (CEDA). During the fourth quarter of 2023, Saudi Arabia saw a 16 percent surge in FDI inflows to SAR13.1 billion ($3.49 billion), up from SAR11.4 billion in Q3. This surge reflects ongoing efforts to bolster the nation’s economy amidst global economic uncertainties while accelerating growth and diversification initiatives.
Saudi Arabia aims to attract $100 billion in FDI by 2030 to support its non-oil economy and shift away from dependency on oil exports.
The council convened to review a range of reports on economic developments, both domestically and internationally. Despite challenges posed by global economic trends, Saudi Arabia showcased resilience and progress, with increasing economic growth and diversification efforts taking center stage.
Key points from the meeting included the positive performance of Saudi Arabia’s Purchasing Managers’ Index (PMI) for March 2024. The PMI indicated increased production and new orders, signaling growth and confidence in the domestic economy. Hence, the PMI report revealed that Saudi Arabia’s non-oil private sector recorded robust improvement by the end of 2024’s first quarter with business activity expanding sharply to the greatest extent for six months.
Read: OECD upgrades global economic growth forecasts to 3.1 percent in 2024
In addition to economic discussions, the council evaluated the implementation of its decisions and recommendations. Reflecting on achievements and the status of government entity transactions, the council reaffirmed its commitment to ongoing governance and development strategies.
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