Saudi Arabia: Foreign investment rose to over 10% in 2022

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Saudi Arabia: Foreign investment continues to pour in to Gulf Kingdom

Saudi Arabia's Foreign Direct Investment rose to 10.7 percent in the third quarter of 2022.

Economy

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�� Staff & Agencies

07 February, 2023

The World Bank put Saudis FDI at 2.3 percent [source: Getty]

Foreign direct investment (FDI) inflows into Saudi Arabia rose 10.7 percent in the third quarter of 2022 over the same period a year earlier, figures from the investment ministry showed.

FDI inflows totalled 7.2 billion riyals ($1.9 billion) in the third quarter of 2022, according to the investment ministry's latest monthly bulletin published on Monday, versus 6.5 billion riyals in the third quarter of 2021.

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Saudi Arabia has embarked on a major economic and social transformation outlined in its Vision 2030: diversification away from oil and a renewed social contract.��

The World Bank recorded Saudi Arabia's growth rate at 3.2% in 2021, a significant rise from the previous year given the impacts of Covid-19 on the global economy.��