Riyadh-UNS: Saudi Arabia’s Minister of Investment, Engineer Khalid Al-Falih, announced that the Kingdom continues to witness a steady and substantial increase in Foreign Direct Investment (FDI), surpassing the ambitious targets set under Vision 2030.
Addressing to the Future Investment Initiative (FII) conference in Riyadh, Al-Falih revealed that FDI inflows to the Kingdom have quadrupled over recent years, underscoring the resilience and dynamism of the Saudi economy and the growing confidence of international investors.
Al-Falih emphasized that the Saudi economy is no longer solely dependent on oil, noting that 40% of government spending and budget revenues now originate from non-oil sources, while 90% of foreign investments are directed toward non-oil sectors.
He highlighted the Kingdom’s remarkable achievements across industrial development, technology, tourism, innovation, and scientific research, stating that these advancements reflect Saudi Arabia’s strong economic fundamentals and strategic reforms.
Despite facing major global challenges such as the COVID-19 pandemic, oil price fluctuations, and regional tensions, the Minister noted that Saudi Arabia has managed to sustain stability and continued growth — a testament to its robust and diversified economic framework.
Al-Falih further noted that the non-oil economy has grown by 5%, driven by transformative initiatives in artificial intelligence, digital transformation, and other emerging industries. He added that new and attractive investment opportunities have emerged over the past two years, paving the way for further progress toward achieving Vision 2030’s economic diversification goals.
