Foreign direct investment (FDI) flow into Saudi Arabia shot up to nearly double the government’s target in 2022 as a result of an investment drive within the Gulf Kingdom’s landmark Vision 2030, a Saudi official has said.

FDI flow into the world’s largest oil exporter soared to nearly 123 billion Saudi riyals ($32.8 billion) in 2022, nearly 102 percent more than the targeted SAR61 billion ($16.2 billion), Saudi Investment Ministry undersecretary Saad Al-Shahrani said.

“We now have a new mechanism to calculate FDI, which was approved by the International Monetary Fund…this mechanism will provide an unprecedented level of transparency and detail about investment inflow,” Shahrani was quoted on Thursday as saying by the Saudi daily Aleqtisadia.

“As for FDI, it exceeded our target by 102 percent in 2022,” he said, adding that FDI flow remained high in 2023, standing at SAR17 billion ($4.5 billion) in the third quarter.

His figures also showed total FDI into the largest Arab economy is estimated at around SAR762 billion ($203 billion) by the end of 2022.

(Writing by Nadim Kawach; Editing by Anoop Menon)


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