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Saudi Arabia Adopts New Methodology to Calculate FDI Data

The Saudi capital Riyadh (AFP)
The Saudi capital Riyadh (AFP)
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Saudi Arabia Adopts New Methodology to Calculate FDI Data

The Saudi capital Riyadh (AFP)
The Saudi capital Riyadh (AFP)

Saudi Arabia, in consultation with the International Monetary Fund (IMF), worked on a new methodology for calculating foreign direct investment statistics, through cooperation between the Ministry of Investment, the General Authority for Statistics (GASTAT), and the Central Bank (SAMA).

The Kingdom said that this methodology aims to improve the quality and transparency of its foreign direct investment data, in accordance with international best practices.

The United Nations Trade and Development Organization (UNCTAD), which issues the World Investment Report, has confirmed that the new methodology follows international standards, in line with the Balance of Payments Manual issued by the IMF.

Minister of Investment Khalid Al Falih said the new methodology was part of the continuing reforms and upgrades to data accuracy and transparency taking place in Saudi Arabia, within the programs of Vision 2030 and the National Investment Strategy (NIS).

"Saudi Arabia offers investors access to the fast-growing Saudi market, the largest in the region, and provides an excellent platform to access regional growth opportunities across the Middle East and beyond,” he stated.

The minister continued: “By improving the transparency and quality of the Kingdom’s FDI statistics, investors will be able to make much more confident and informed decisions, while the Kingdom itself will be able to adapt its policies to attract even more investments.”

According to Al-Falih, Saudi Arabia’s performance in capital formation and attracting FDI has steadily improved, emphasizing the Kingdom’s position as a top investment destination.

For his part, GASTAT President Dr. Fahad Abdullah Aldossari confirmed that the FDI methodology was approved after technical assistance from the IMF, according to the best international practices. The methodology aligns with the IMF’s Balance of Payments Manual, he remarked.

“FDI statistics will help decision-makers in designing policies, in order to create an attractive investment ecosystem and highlight the investment opportunities in the Kingdom," Aldossari said.

“Through this methodology, GASTAT seeks to diversify data sources, increase reliability on sources, and provide more detailed statistics, such as the FDI stock and inflows based on economic activity and countries investing in the Kingdom. Moreover, GASTAT provides FDI data using quarterly surveys,” he added.

Aldossari also noted that this move falls within GASTAT’s efforts to provide accurate and comprehensive statistical data with high quality and transparency.

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Egypt’s Tourism Minister: We’ve Agreed on Future Initiatives with Saudi Arabia

A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
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Egypt’s Tourism Minister: We’ve Agreed on Future Initiatives with Saudi Arabia

A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)

Egyptian Tourism Minister Sherif Fathy told Asharq Al-Awsat that he and Saudi Tourism Minister Ahmed Al-Khateeb have agreed to collaborate on several tourism initiatives.

These include joint marketing efforts, shared tourism programs, environmental protection measures, and promoting specific types of tourism in the Red Sea.

Fathy recently visited Riyadh, where he met with Al-Khateeb and engaged with Saudi business leaders. They discussed ways to promote tourism between their countries and increase visitor exchanges.

During his visit to the United Nations World Tourism Organization (UNWTO) regional office in Riyadh, Fathy stated that the office’s presence in Saudi Arabia enhances the organization’s work in the region and improves communication with other countries.

He confirmed that they plan to develop and implement the agreed initiatives in the near future.

Fathy highlighted that the Middle East is a key player in global tourism and deserves a dedicated office to support all countries in the region. This effort aims to boost collaboration and promote the Middle East as a top destination for travelers.

Tourism, National Economy: A Path to Sustainable Growth

Samer Al-Kharashi, Director of the UNWTO regional office for the Middle East, stated that the office supports 13 countries in the region, with Egypt being a key member.

He highlighted that the recent visit by Egypt’s Minister of Tourism and Antiquities, who serves as Vice President of the regional committee, creates opportunities for collaboration.

This partnership aims to boost tourism’s role in the national economy, create jobs, and promote sustainable practices that protect the environment.

Speaking to Asharq Al-Awsat, Al-Kharashi emphasized the potential for cooperation with Egypt, which has a rich tourism history and many ancient sites. He noted that the regional office has the expertise to assist member countries.

Al-Kharashi expressed optimism about the discussions, which covered various opportunities for joint projects that would benefit both Egypt and the wider region.

Strengthening Bilateral Relations

Fathy’s visit to the UNWTO regional office aims to enhance bilateral relations, as Cairo actively seeks to develop its tourism sector through international collaboration.

During their meeting, Fathy and Al-Kharashi addressed key issues facing Egypt’s tourism sector, including challenges and growth opportunities. They explored future cooperation, particularly in tourism training, improving services, and increasing investments.

Egypt ranks first in Africa, fifth in the Middle East, and 63rd globally on the Travel and Tourism Development Index.

The UNWTO regional office in Riyadh is the first of its kind outside the organization’s headquarters, dedicated to supporting member states in the Middle East.

The office focuses on promoting tourism education, improving infrastructure, and fostering sustainable tourism while preserving the region’s cultural and environmental heritage.