Foreign direct investment flows recorded a growth of 46.5% during the second quarter of this year, compared to the same period of 2021, after excluding the Saudi Aramco deal amounting to 46.5 billion riyals ($12.4 billion).
Last year, Aramco forged a pipeline infrastructure deal worth 46.5 billion riyals ($12.4 billion) with an international consortium that acquired a 49% stake in the recently established crude oil supply company, under a 25-year sale and leaseback agreement.
According to a recent report issued by the Ministry of Investment, the investment licenses issued in the third quarter of this year amounted to around 928, representing an increase of 8.8% on an annual basis, with the exception of licenses issued under the campaign to combat commercial cover-up violations.
The report noted that foreign direct investment flows declined by 84.9% during the second quarter of 2022, on an annual basis, as a result of the increase in the volume of flows last year, because of the Saudi Aramco deal.
The report revealed a real GDP growth of 8.6% in the third quarter of 2022, on an annual basis, as a result of the remarkable rise in oil activities by 14.5%, and the increase in non-oil activities by 5.6%, while government activities recorded a jump of 2.4%.
According to the Ministry of Investment, the unemployment rate for Saudis decreased, in the second quarter of 2022, to 9.7%, compared to 10.1% during the previous quarter. The unemployment rate for male and female citizens decreased to 4.7% and 19.3%, respectively, during the same period.
The report disclosed that the real estate price index increased by 1.5%, during the third quarter of 2022, on an annual basis, driven by a rise in residential real estate prices by 2.5%.
The consumer price index rose by 3.1%, during last September, on an annual basis, due to an increase in food and beverage prices by 4.3%, and housing, water, electricity, gas and other fuels by 3.2%.
According to the report of the Saudi Ministry of Investment, the Purchasing Managers’ Index rose from 56.6 points last September to 57.2 points in October of this year, which indicates an improvement in the performance of the non-oil private sector due to strong demand and high business flows.
The ministry indicated that the average price of Brent crude rose by 21% during last September on an annual basis, bringing the average price of a barrel to $91.
