Saudi Arabia draws $144B in foreign investments, says Alkhorayef

Saudi Arabia attracted $144 billion in foreign investments as part of Vision 2030, aiming to drive further growth by expanding industrial exports to reach $150 billion by 2030, said Minister of Industry and Mineral Resources Bandar Alkhorayef.

In a press release picked up by Argaam, Alkhorayef emphasized that these figures reflect the Kingdom's commitment to building a globally competitive industrial sector that benefits both the national economy and international trade.

He highlighted the ambitious goal of tripling the industrial sector's contribution to GDP, aiming for $241 billion by 2030.

Alkhorayef stressed that this transformation is driven by significant investments in both physical and digital infrastructure, enabling Saudi Arabia to emerge as a global leader in trade, an industrial powerhouse, and a major logistics hub in the region.

By aligning its policies with international standards and addressing global challenges, the Kingdom positions itself as a key player in shaping the future of industrial development, the top official noted.

This announcement was made during a promotional event in New York for the upcoming Multilateral Industrial Policy Forum (MIPF 2024), which will be held in Riyadh on Oct.23-24, 2024.

According to data from Argaam, foreign investment within the Saudi economy rose to SAR 2.55 trillion by the end of Q1 2024, reflecting a 6% increase compared to the end of 2023.