Saudi Arabia has released detailed foreign direct investment (FDI) statistics for 2023. The latest statistics indicate that FDI's actual performance has surpassed the targets set by the National Investment Strategy (NIS). In 2023, FDI inflow reached SAR 96 billion, exceeding the NIS target of SAR 83 billion by 16%. Additionally, FDI inflow constituted 2.4% of the Kingdom's GDP, achieving the NIS target. Notably, when excluding the exceptional Aramco pipeline deal in 2022, FDI inflow grew by 50% compared to 2022.
In other news, the Future Investment Initiative (FII) commences this week. FII is an annual global investment conference hosted by Saudi Arabia, aimed at bringing together business leaders, policymakers, and innovators to discuss emerging trends and investment opportunities. Among those expected to descend on the FII in Riyadh are top CEOs, including Goldman Sachs’ David Solomon, BlackRock’s Larry Fink, Citigroup’s Jane Fraser and the London Stock Exchange’s Julia Hoggett. It aims to promote Crown Prince and Prime Minister Mohammed bin Salman’s ambitious economic agenda and demonstrate the kingdom’s influence on the global economy.
Economy, Budgets and Finance
Arab News: Saudi Arabia’s economy is projected to grow by 4.9% in 2025 according to the World Bank. Read Here
Saudi Gazette: Saudi Arabia allows 100% foreign ownership in most business sectors. Read Here
Arab News: KSA forms business council with Portugal to boost economic ties. Read Here
Government & Royal Family
Saudi Gazette: Saudi Arabia reports $25.5 billion in FDI for 2023, surpassing National Investment Strategy targets. Read Here
Gulf Business: The Future Investment Initiative commences this week in Riyadh. Read Here
Arab News: Saudi-UAE trade soars 25% to $30bn amid strengthened economic ties. Read Here
Saudi Gazette: IMF trims its forecast for Saudi economic growth for 2024 and 2025. Read Here
Government & Royal Family
Arab News: Saudi Health Minister Launches Medical Software Licensing Scheme. Read Here
Defence & Security
Arab News: Saudi defense minister holds meetings with Italian industrial companies. Read Here
Commercial
The Economic Times: Saudi Arabia to break ground With world's largest building worth $50 Billion. Read Here
Gulf News: KSA opens seven mining exploration licenses in Mecca and Riyadh. Read Here
Arab News: How AI is transforming motorsports and the car industry in Saudi Arabia. Read Here
Social
Alarabiya News: Saudi Arabia opens NEOM’s luxury island Sindalah. Read Here
Arab News: More than 2,000 people take part in Riyadh walk for breast cancer awareness. Read Here
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