Riyadh, February 01, 2024, The General Authority for Statistics (GASTAT) has unveiled its annual statistics on foreign direct investment (FDI) for the year 2022 and Q3 of 2023 in Saudi Arabia. Notably, this marks the first time GASTAT has calculated these figures using the methodology adopted in October of the previous year.
As per the released results, the total FDI in Saudi Arabia stood at SAR 762 billion at the end of 2022, compared to SAR 659 billion in 2021. FDI total inflows amounted to SAR 123 billion, reflecting a 20% increase compared to 2021. Meanwhile, FDI total outflows reached SAR 17 billion, marking a 12% increase from 2021. The net flows of FDI in Saudi Arabia reached SAR 105 billion, compared to SAR 87 billion in 2021.
GASTAT also provided statistics for FDI in Q3 of 2023, revealing that total FDI inflows amounted to SAR 17 billion, showing a 14.4% decrease compared to Q2 of the same year. Total FDI outflows reached SAR 5 billion, indicating a 22.5% decrease compared to Q2. The net flows of FDI in Saudi Arabia were over SAR 11 billion, representing a 10% decrease compared to Q2 of the same year.
GASTAT President Dr. Fahad bin Abdullah Aldossari emphasized that Saudi Arabia's announcement of FDI using the new methodology sets a global standard to enhance the quality and transparency of FDI statistics. The methodology, developed in collaboration with the IMF, the Central Bank, and the Ministry of Investment, aligns with international best practices and aims to provide reliable results for investors to make informed decisions. The adoption of this methodology has garnered support from international organizations such as the World Bank and UNCTAD.
The new methodology introduces 19 new indicators as part of the FDI Index, providing a comprehensive view of FDI balance and inflows by economic activity, investing countries, and regions of Saudi Arabia from 2007 to 2022. This initiative is expected to contribute to elevated governance levels and increased transparency in statistical data and information, making Saudi Arabia an even more attractive destination for foreign investment.
