The foreign direct investment (FDI) balance in Saudi Arabia recorded a growth of 6.1 percent by the end of the first quarter of 2024, compared to the same period last year, highlighting the confidence of foreign investors in the Kingdom’s investment environment.
According to a recent report issued by the Ministry of Investment, FDI flows achieved a growth of 0.6 percent during the first quarter of this year, compared to the same period in 2023.
The report revealed that 2,728 licenses were issued by the Ministry in the second quarter of 2024, on an annual basis, after excluding licenses related to the campaign to combat violators of the Commercial Concealment Law.
Total fixed capital formation achieved a growth of 7.9 percent during the first quarter of 2024, compared to the same period in 2023. This is attributed to the increase in both fixed capital formation of the government and non-government sectors by 17.8 percent and 7.2 percent respectively during the same period.
The report revealed positive growth in the rates of most economic activities in the first quarter of 2024, on an annual basis, as wholesale and retail trade activity, restaurants and hotels achieved the highest growth rate of 5.9 percent, followed by transportation, storage and communications at 5 percent.
Collective, social and personal services, as well as agriculture, forestry and fisheries also saw a growth of 4.5 percent and 4.4 percent, respectively.
The Ministry of Investment, in cooperation with the Thai Investment Board and the Embassy of Thailand in Saudi Arabia, recently organized the Saudi-Thai Investment Forum in Riyadh, in the presence of Minister of Investment Eng. Khaled Al-Falih and Thai Minister of Foreign Affairs Maris Sangiampongsa. A number of officials and CEOs of major companies and representatives of the private sector from both the countries participated in the event.
During the forum, the officials announced the opening of an office for the Thai Investment Council in Riyadh to confirm the strategic partnership, strengthen economic relations between the Kingdom and Thailand, and expand trade exchange.
The event also witnessed the signing of 11 agreements and memorandums of understanding in several fields, including agriculture, food, tourism, infrastructure, and energy.
