RIYADH: Saudi Arabia saw a 5.6 percent increase in net flow of foreign direct investment in the first quarter of 2024 compared to the previous year, the official data showed. According to the latest figures from the General Authority for Statistics, the net flow of FDI reached SR9.5 billion ($2.53 billion) in the first three months of this year, up from SR9 billion recorded during the same period last year. This growth underscores Saudi Arabia’s continuing appeal to international investors. These figures reflect the Kingdom’s ongoing efforts to enhance its investment environment and support economic growth, in line with the objectives of Vision 2030. FDI inflows during the first quarter amounted to around SR17 billion, marking a growth of 0.6 percent from the SR16.9 billion recorded in the first quarter of 2023. This moderate increase highlights the sustained confidence of foreign investors in the Saudi market. Conversely, FDI outflows during the first three months of this year totaled about SR7.5 billion, representing a decrease of 5.1 percent compared to SR8 billion in the first quarter of 2023. This decline in outflows indicates a stronger retention of foreign capital within the Kingdom. In accordance with the goals set out in the National Investment Strategy and Vision 2030 targets, Saudi Arabia has enacted substantial legal, economic, and social reforms aimed at stimulating inflows of foreign direct investment. Launched in 2021, NIS looks to develop comprehensive investment plans across various sectors, such as manufacturing, renewable energy, and transport as well as logistics, tourism, digital infrastructure, and healthcare. Furthermore, it aims to increase annual FDI flows to over $103 billion and boost annual domestic investment to more than $453 billion by 2030. According to the World Investment Report released earlier this month by the UN Conference on Trade and Development, Saudi Arabia attracted $65.1 billion in FDI in the three years post-pandemic until 2023, placing it among West Asia’s top recipients. The Kingdom’s FDI outflows totaled $73.1 billion over the same period, with $16 billion recorded last year alone. This ranks Saudi Arabia among the top 20 global economies for FDI outflows, placing 16th. The UN report also noted a 55 percent annual increase in the value of international project finance deals in the Kingdom in 2023, reaching $22 billion. Last year, the nation witnessed 19 deals, marking a 90 percent growth compared to the previous year. Additionally, Saudi Arabia saw 389 announced greenfield projects in 2023, totaling $29 billion, reflecting a 108 percent annual increase in value.