According to a deputy minister from the Investment Ministry, Saudi Arabia has implemented more than 600 economic reforms since the release of the Vision 2030 blueprint in an effort to attract SAR 12.4 trillion ($3.3 trillion) in total investment and SAR 1.8 trillion in foreign direct investment inflows between 2021 and 2030 as part of the National Investment Strategy.
Talking to Arab News, Saad Al-Shahrani said that the Kingdom saw an 18% increase in FDI in 2020 despite a 35% reduction in FDI globally as a result of the pandemic. FDI flow in 2021 increased by 257% compared to 2020 largely driven by a SAR 46.5 billion infrastructure deal closed by Aramco with a global investor consortium in Q2 2021. If the massive agreement by Aramco is taken out, the Kingdom brought in SAR 5.3 billion in Q2 of last year.
The Kingdom saw an 18% increase in FDI in 2020 despite a 35% reduction in FDI globally
Al-Shahrani noted that the NIS, which was introduced in 2021, is a blueprint for transforming the Kingdom into a hub for business and talent on a worldwide scale. He said: “The Kingdom has achieved remarkable progress in many economic and investment indicators, ranking third in Ease of Protecting Minority Investors Index out of 132 countries, for the year 2021.”
The deputy minister further noted that the Kingdom achieved the top spot among 22 countries in the May 2022 Ipsos’ Global Consumer Confidence Index. Al-Shahrani cited the IMF’s World Economic Outlook 2022 in asserting that the Kingdom is currently the Group of 20 country with the fastest growth rate, at 7.6%.
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