Saudi Arabia attracts $144b in foreign investments

Dubai: Saudi Arabia secures $144 billion (Dh528 billion) in foreign investments as part of its Vision 2030 initiative, according to minister of industry and mineral resources Bandar Al Khorayef, according to a report by Saudi financial news portal Argaam.com.

Saudi Arabia plans to further enhance this growth by increasing industrial exports to $150 billion (Dh550 billion) by 2030.

Saudi Vision 2030 is a government launched programme in 2016, with the main aim of diversifying the economy away from oil.

These figures underscore Saudi Arabia’s commitment to developing a competitive industrial sector that benefits both its national economy and international trade. Alkhorayef emphasised the ambitious goal of tripling the industrial sector’s contribution to gross domestic product (GDP), targeting $241 billion (Dh885 billion) by 2030.

This transformation is fuelled by investments in both physical and digital infrastructure.By aligning its policies with international standards and addressing global challenges, the country aims to be a key player in the future of industrial development.

according to a report by Saudi financial news portal Argaam.com.

This announcement was made during a promotional event in New York for the upcoming Multilateral Industrial Policy Forum (MIPF 2024), scheduled to take place in Riyadh on October 23-24.Data from Argaam.com indicates that foreign investment in the Saudi economy reached $679 billion (Dh2,4 trillion) by the end of the first quarter of 2024, marking a 6 per cent increase from the end of 2023.