Saudi Arabia’s FDI grows to SAR 96B in 2023, exceeds target by 16%

Foreign direct investment (FDI) inflows to Saudi Arabia reached SAR 96 billion in 2023, according to data by the Saudi Ministry of Investment.

FDI inflows declined by 19% year-on-year (YoY) compared to 2022, when they totaled SAR 119 billion, including a SAR 55 billion Aramco deal. Without the Aramco deal, the increase would have been around 50%.

In 2023, Saudi Arabia ranked 11th globally in net FDI inflows and 16th in FDI stock among G20 nations. The Kingdom also placed second in the growth rate of net FDI inflows and fourth in FDI stock growth, excluding the Aramco deal.

Saudi Arabia, in consultation with the International Monetary Fund, adopted a new methodology for calculating foreign direct investment statistics in October of last year.

This was achieved through cooperation between the Ministry of Investment, the General Authority for Statistics (GASTAT), and the Saudi Central Bank, adhering to the standards of the International Monetary Fund’s Balance of Payments Manual.