Foreign direct investment (FDI) inflows to Saudi Arabia climbed to SAR 19 billion ($5.07 billion) in the fourth quarter of 2023, rising 17% from SAR 16 billion in the third quarter of 2023, according to the latest data released by the General Authority for Statistics (GASTAT).

The FDI outflow rose to SAR 6 billion, an increase of 18% quarter-on-quarter.

The data showed that the net flow of FDI reached SAR 13 billion in Q4 2023 compared to SAR 11 billion in Q3 2023.

Meanwhile, a report by Dubai-based Emirates NBD showed that Saudi Arabia’s greenfield FDI inflows more than doubled to $28.78 billion in 2023.

The lender said that the inflows surpassed the most recent peak of $17.57 billion in 2018 but are still below the 2008 record of $34.26 billion.

(Editing by Seban Scaria seban.scaria@lseg.com)