Saudi Arabia's Greenfield FDI Surges to $28.78 Billion

KSA, 28 March, 2024 : In 2023, Saudi Arabia witnessed a remarkable surge in greenfield foreign direct investment (FDI), totaling $28.78 billion, more than doubling from previous figures. According to a report by Emirates NBD, China emerged as the leading investor, contributing 58% of the total inflows.

This influx of investment marks a significant milestone, surpassing the previous peak of $17.57 billion in 2018. However, it still falls short of the record set in 2008, which stood at $34.26 billion.

Riyadh secured the largest portion of investment, amounting to $8.18 billion, followed by Ras Al Khair with $4.23 billion and Dammam with $772 million. The year also witnessed a record number of projects, totaling 359.

Chinese investments notably surged, constituting 58% of the greenfield inflows, soaring from $1.47 billion in the previous year to $16.75 billion in 2023.

Source : www.zawya.com