Saudi Arabia’s FDI results show promising growth: Cabinet

The Saudi Cabinet described the Kingdom’s foreign direct investment (FDI) results for 2024 as promising, which exceeded the targets of the national strategy for the fourth consecutive year.

FDI inflows rose by 24.2%, while gross fixed capital formation hit a record high, the state-run SPA reported.

The Cabinet reviewed several economic indicators during its session held today, Sept. 9, in Riyadh, chaired by Crown Prince Mohammed bin Salman.

The data showed that gross domestic product (GDP) grew by 3.9% in Q2 2025, driven by the continued positive contribution of non-oil activities, which accounted for 56% of the economy.

The Cabinet also highlighted the outcomes of the fifth meeting of the Economic and Social Committee of the Saudi Arabia-UK Strategic Partnership Council, along with the closing conference of the Great Futures Summit, which announced 38 agreements valued at over SAR 20 billion.

The event also marked the launch of a new bilateral partnership aimed at developing priority sectors and leveraging opportunities under Saudi Vision 2030.

Furthermore, the Cabinet approved a memorandum of cooperation between the Ministry of Industry and Mineral Resources (MIM) and the US Department of Energy in the field of mining and mineral resources.

It also approved the organizational structure and regulatory framework of the Ministry of Transport and Logistics Services (MOT), along with the regulations governing the National Transport Safety Center (NTSC).

According to data available with Argaam, FDI inflows reached SAR 119 billion in 2024, a 24% increase from SAR 96 billion in 2023.

The General Authority for Statistics (GASTAT) reported on Sept. 8 that Saudi Arabia’s real GDP grew by 3.9% YoY in Q2 2025. Non-oil sector expanded by 3.9%, government sector by 1.6%, private sector by 4.6%, and oil sector by 3.8%.