Saudi Arabia Saw 63% Growth in Number of New Foreign Projects in 2023

In 2023, Saudi Arabia experienced a notable surge in new foundational foreign investment projects, marking a substantial 63% increase on an annual basis, as reported by the United Nations Conference on Trade and Development.

While specific details regarding the number and value of these projects were not disclosed, the growth is noteworthy against the backdrop of a global foreign direct investment landscape that defied expectations, registering a 3% annual rise and reaching approximately USD 1.37 trillion by the end of the year.

Official figures reveal a 29% increase in foreign direct investments in Saudi Arabia during the third quarter of 2023, amounting to about SAR 8 billion (USD 2.13 billion), compared to the previous quarter.

Foreign direct investment in Saudi Arabia experienced a temporary setback during the second quarter of the previous year. According to the Saudi Ministry of Investment, there was a 24% quarterly decline to SAR 6.2 billion (USD 1.65 billion), marking the lowest levels in three years.

Despite this, the Kingdom had attracted foreign investments worth SAR 29.6 billion (USD 8 billion) in 2022, as reported by the Saudi Arabian Monetary Agency.