Saudi Economy Heads Towards New Stage to Face Global Changes

King Salman delivers his speech on Wednesday. (SPA)
King Salman delivers his speech on Wednesday. (SPA)
TT

Saudi Economy Heads Towards New Stage to Face Global Changes

King Salman delivers his speech on Wednesday. (SPA)
King Salman delivers his speech on Wednesday. (SPA)

Following Custodian of the Two Holy Mosques King Salman bin Abdulaziz’s announcement of the start of the second phase of the Kingdom’s Vision 2030, experts told Asharq Al-Awsat that the coming period would witness great development leaps in all sectors.

According to the experts, the Saudi economy has proven its strength during the coronavirus pandemic, which has cast a shadow over all developed countries.

They noted in this regard that the Kingdom continued to provide initiatives to ease the burdens on the national economy and the private sector in particular.

On Wednesday, King Salman inaugurated the works of the second year of the eighth session of the Saudi Shura Council, pointing to the start of the second phase of the Saudi Vision 2030, which seeks to create a solid and diversified economy that faces global changes.

King Salman stressed that the national investment strategy launched by Crown Prince Mohammed bin Salman on Oct. 11 was one of the important tributaries to achieve the objectives of the Kingdom’s Vision. He added that investments exceeding 12 trillion riyals (USD 3.2 trillion) would be pumped into the local economy until 2030.

In this regard, Minister of Municipal and Rural Affairs and Housing Majid Al-Hogail stated that King Salman's speech before the Shura Council reflected his keenness on the well-being and interests of the Kingdom’s citizens and residents.

Chairman of the General Authority of Civil Aviation Abdulaziz Al-Duailej stated that King Salman’s speech underlined the “determination to achieve the interests of the citizens and residents, and to bolster security, stability, prosperity in the Kingdom.”

In remarks to Asharq Al-Awsat, economic expert Abdul Rahman Al-Jubeiry said King Salman's remarks “embodied Saudi Arabia’s pivotal role at the regional and international levels in all political, economic and development fields...”

Head of the Saudi Center for Governance, Nasser Al-Sahli told Asharq Al-Awsat that the Custodian of the Two Holy Mosques announced the completion of the first phase of Vision 2030 and the launch of the next stage to create a diversified and solid national economy that is abreast with global changes.

The Saudi private sector is witnessing a qualitative leap in terms of regulations and legislation that contribute to the growth of investments and attract foreign capital, Al-Sahli said, adding that this would have a positive impact on the gross domestic product and the achievement of the goals of Vision 2030.



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
TT

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.