Saudi Arabia: Foreign investment continues to pour in to Gulf Kingdom
Saudi Arabia: Foreign investment continues to pour in to Gulf Kingdom
Saudi Arabia's Foreign Direct Investment rose to 10.7 percent in the third quarter of 2022.
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The World Bank put Saudis FDI at 2.3 percent [source: Getty]
Foreign direct investment (FDI) inflows into Saudi Arabia rose 10.7 percent in the third quarter of 2022 over the same period a year earlier, figures from the investment ministry showed.
FDI inflows totalled 7.2 billion riyals ($1.9 billion) in the third quarter of 2022, according to the investment ministry's latest monthly bulletin published on Monday, versus 6.5 billion riyals in the third quarter of 2021.
Saudi Arabia has embarked on a major economic and social transformation outlined in its Vision 2030: diversification away from oil and a renewed social contract.
The World Bank recorded Saudi Arabia's growth rate at 3.2% in 2021, a significant rise from the previous year given the impacts of Covid-19 on the global economy.
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