Saudi Arabia has exceeded expectations in the realm of foreign direct investment (FDI) in 2022, propelled by the ambitious Vision 2030 initiative. The FDI inflow into the world’s largest oil exporter reached an impressive 123 billion Saudi riyals ($32.8 billion), nearly doubling the government’s target of SAR61 billion ($16.2 billion), according to Saad Al-Shahrani, Undersecretary of the Saudi Investment Ministry.
Al-Shahrani highlighted a new FDI calculation mechanism, endorsed by the International Monetary Fund, as a game-changer for transparency. This mechanism promises an unprecedented level of insight into investment inflows, providing a comprehensive view of FDI trends. In reporting these developments, the Saudi official said, “FDI exceeded our target by 102 percent in 2022.” He also mentioned that foreign direct investment (FDI) was still strong in 2023, reaching SAR17 billion ($4.5 billion) in the third quarter.
The cumulative FDI into the largest Arab economy is estimated to reach approximately SAR762 billion ($203 billion) by the end of 2022, showcasing Saudi Arabia’s growing prominence as an attractive investment destination.
