Saudi FDI Struggles Cast Shadow Over Crown Prince’s Plans

Inflows amounted to $9.7 billion in first six months of 2024
Saudi Arabia is targeting $29 billion in FDI inflows this year

Construction work at a commercial site in Riyadh.
Photographer: Jeremy Suyker/Bloomberg

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Christine Burke and Fahad Abuljadayel

September 30, 2024 at 7:22 AM UTC

This article is for subscribers only.

Saudi Arabia’s inflows of foreign direct investment stagnated in the first half of the year, showing that the kingdom is still struggling to draw in cash to support its vast economic transformation plan.

Inflows amounted to $9.7 billion in the first six months of 2024, according to data released Monday by the Saudi General Authority for Statistics. That’s just a touch higher than the prior year, when Saudi Arabia had its worst first-half haul since 2020. Still, FDI picked up 14.5% in the second quarter from the first, to $5.2 billion.