RIYADH: Saudi Arabia experienced a 23.4 percent increase in foreign direct investment in the second quarter of this year compared to the previous three months, according to official data. The latest figures from the General Authority for Statistics revealed that net FDI flow reached SR11.7 billion ($3.12 billion) in the second quarter of 2024, up from SR9.5 billion in the first three months of the year. Attracting foreign investment is a key objective of Vision 2030, and Saudi Arabia aims to attract $100 billion in FDI by the end of the decade. This growth underscores the Kingdom’s continued appeal to international investors and reflects ongoing efforts to enhance its investment environment and foster economic development. GASTAT noted that the net inflow of FDI in the second quarter declined by 7.5 percent compared to the same period in 2023, when inflows amounted to SR12.6 billion. However, the volume of inflows grew by 14.5 percent to SR19.4 billion compared to the previous quarter. The report indicated that outflows amounted to SR7.8 billion, marking a year-on-year increase of 14.1 percent and a quarter-on-quarter rise of 3.4 percent. In August, a Standard Chartered report highlighted that Saudi Arabia’s updated investment law and recent reforms could help the country achieve its goal of attracting $24 billion in FDI this year. The Kingdom approved an updated investment law last month to enhance FDI flows, with the Ministry of Investment stating that the law would boost transparency and simplify the investment process. The law also promises enhanced protections for investors, including adherence to the rule of law, fair treatment, and property rights, alongside robust safeguards for intellectual property and seamless fund transfers. Standard Chartered emphasized that Saudi Arabia’s future economic growth will be driven by increased FDI inflows, along with investments in public capital expenditure and the private sector. In August, Saudi Arabia’s Assistant Minister of Investment, Ibrahim Al-Mubarak, expressed the Kingdom’s eagerness to attract more FDI from Asia and Europe as its economic diversification efforts progress steadily. In July, a report released by the Saudi government revealed that the Kingdom’s FDI stock reached SR817.7 billion in the first quarter of 2024, representing a rise of 6.1 percent rise compared to the same period last year.