Net inflows of foreign direct investment (FDI) to Saudi Arabia reached 13.1 billion riyals ($3.49 billion) in the fourth quarter of 2023, up 16% from 11.4 billion riyals ($3.04 billion) in the third quarter, government data showed on Thursday.
The kingdom hopes to attract $100 billion in FDI by 2030 to boost non-oil gross domestic product as part of a wider strategy by de facto ruler Crown Prince Mohammed bin Salman to diversify the economy away from its reliance on crude oil exports.
FDI has lagged far behind those targets, with the new data bringing total net inflows in 2023 to $11.4 billion.
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