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Saudi Arabia's Net Foreign Direct Investment Rises 5.6% in First Quarter

A view shows buildings and the Kingdom Centre Tower in Riyadh, Saudi Arabia, January 1, 2017. REUTERS/Faisal Al Nasser/File photo Purchase Licensing Rights
A view shows buildings and the Kingdom Centre Tower in Riyadh, Saudi Arabia, January 1, 2017. REUTERS/Faisal Al Nasser/File photo Purchase Licensing Rights
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Saudi Arabia's Net Foreign Direct Investment Rises 5.6% in First Quarter

A view shows buildings and the Kingdom Centre Tower in Riyadh, Saudi Arabia, January 1, 2017. REUTERS/Faisal Al Nasser/File photo Purchase Licensing Rights
A view shows buildings and the Kingdom Centre Tower in Riyadh, Saudi Arabia, January 1, 2017. REUTERS/Faisal Al Nasser/File photo Purchase Licensing Rights

Net foreign direct investment (FDI) inflows to Saudi Arabia rose 5.6% to 9.5 billion riyals ($2.53 billion) in the first quarter of 2024, government data showed on Sunday.

Inflows were up 0.6% to 17 billion riyals in the first three months compared with a year earlier, while outflows fell by 5.1% to about 7.5 billion riyals.

The kingdom hopes to attract $100 billion in FDI by 2030 to boost non-oil gross domestic product, Reuters reported.

Earlier this month, over half of the shares offered under Saudi Aramco's $11.2 billion secondary share sale were sold to foreign investors.

The oil giant has also helped lift FDI previously, but even with those deals FDI remained far from the 2030 goal, peaking at $32.8 billion in 2022 and reaching $19.2 billion last year.

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Saudi Airports to Expand Global Reach at Routes World 2024 in Bahrain

Saudi airports will participate under the theme "Saudi Arabia the Global Hub" at Routes World 2024 in Bahrain. (SPA)
Saudi airports will participate under the theme "Saudi Arabia the Global Hub" at Routes World 2024 in Bahrain. (SPA)
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Saudi Airports to Expand Global Reach at Routes World 2024 in Bahrain

Saudi airports will participate under the theme "Saudi Arabia the Global Hub" at Routes World 2024 in Bahrain. (SPA)
Saudi airports will participate under the theme "Saudi Arabia the Global Hub" at Routes World 2024 in Bahrain. (SPA)

Saudi airports will participate under the theme "Saudi Arabia the Global Hub" at Routes World 2024, which will take place in Bahrain from October 6-8, 2024, the Saudi Press Agency reported on Friday.
The event, considered the aviation industry's premier global gathering, will bring together key players from airlines, airports, and industry stakeholders worldwide to shape the future of air services and promote global economic growth.
The Saudi participation includes some of the kingdom's most important aviation assets: MATARAT Holding, the King Salman International Airport, the Saudi Air Connectivity Program, the Red Sea International Airport, the Riyadh Airports Company, the Jeddah Airports Company, the Dammam Airports Company, and the Airports Cluster 2 Company.
Saudi Arabia's participation aims to transform its aviation sector into a global leader, positioning its airports to handle 330 million passengers and transport 4.5 million tons of cargo by 2030. This ambitious goal, aligned with the objectives of the National Aviation Strategy, is a testament to the industry's potential.
The effort also focuses on creating seamless travel experiences, enhancing customer satisfaction, ensuring safety and promoting environmental sustainability in the aviation industry.
The 29th edition of Routes World will feature panel discussions, workshops, and intensive meetings focused on advancing the regional and global air transport industry.
The sessions will also explore airlines' financial and operational performance, prospects for future growth, and critical issues such as privatization, mergers, sustainability initiatives, and environmental conservation.