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Saudi FDI Balance Records 6.1% Growth in 1st Quarter of 2024

The Saudi capital, Riyadh (Asharq Al-Awsat)
The Saudi capital, Riyadh (Asharq Al-Awsat)
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Saudi FDI Balance Records 6.1% Growth in 1st Quarter of 2024

The Saudi capital, Riyadh (Asharq Al-Awsat)
The Saudi capital, Riyadh (Asharq Al-Awsat)

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.

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Gold Retreats as Dollar Firms; Fed Decision Looms

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
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Gold Retreats as Dollar Firms; Fed Decision Looms

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices dipped on Monday, pressured by a firmer US dollar, while investors focused on the Federal Reserve's first meeting of 2025 for more guidance on the interest rate path.

Spot gold dropped 0.7% to $2,751.71 per ounce by 0748 GMT, after trading just below record-high levels on Friday. US gold futures fell 0.8% to $2,756.30.

The dollar gained 0.2%, making gold expensive for other currency holders, Reuters said.

"The US dollar could be the main culprit for gold's weakness... However, the current movement suggests that the downside for the yellow metal is still limited, potentially aided by safe-haven flows," IG market strategist Yeap Jun Rong said.

The US and Colombia pulled back from the brink of a trade war after the White House said the South American nation had agreed to accept military aircraft carrying deported migrants.

Gold is considered a hedge against geopolitical turmoil and inflation. It also tends to thrive in a low interest rate environment as it yields no interest.

Fed policymakers are largely expected to keep rates steady at the end of their Jan. 28-29 meeting, marking the first pause in the rate-cutting cycle that began in September.

"Market focus will likely be on how the Fed reacts to comments from President Trump, who has called for continued interest rate cuts," Reliance Securities' senior analyst Jigar Trivedi said.

Data since the Fed's December meeting has kept intact the core view among Fed officials that inflation will continue to move steadily, if slowly, towards 2%, with a low unemployment rate and continued hiring and economic growth.

COMEX gold speculators raised net long position by 21,864 contracts to 234,358 in the week to Jan. 21, data showed on Friday.

Spot silver dropped 1.3% to $30.20 per ounce, palladium dipped 1.8% to $969.83 and platinum fell 0.9% to $940.40.