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Saudi Investment Boom: Licenses Soar 67.7% in Q4 2024

Saudi Arabia witnessed a remarkable growth in Q4 2024, as the Kingdom issued 4,615 investment licenses in Q4 2024, demonstrating remarkable growth and significantly increasing investor confidence. Furthermore, it reflects the Kingdom’s attractive investment climate.

Moreover, a recent report from the Ministry of Investment confirmed this surge, with a 59.9% year-on-year rise in license issuance during Q4.

Robust Foreign Direct Investment Growth

Saudi Arabia’s foreign direct investment (FDI) is also thriving as the Kingdom aims for $100 billion in annual FDI by 2030. However, it has already surpassed expectations, with Minister of Investment Khalid Al-Falih announcing this achievement in October. Specifically, the Kingdom exceeded its $26 billion target.  Consequently, Saudi Arabia is attracting significant global capital.

Net FDI inflows reached 16 billion riyals ($4.27 billion) in Q3 2024 which is a 37% increase from the previous quarter. Q2 2024 saw inflows of 11.7 billion riyals ($3.12 billion), according to data from the General Authority for Statistics (GASTAT), demonstrating investor confidence in the Saudi market.

Investment Reforms Enhance Business Environment

Saudi Arabia is streamlining its investment system. A modernized system will take effect in early 2025. The Ministry announced these changes in August 2024. These reforms aim to facilitate foreign investment. Moreover, they will create a more attractive business climate.

Additionally, the Kingdom has strengthened its global competitiveness, climbing one spot to rank 16th out of 67 countries in the 2024 Global Competitiveness Report by the International Institute for Management Development (IMD).

This progress is driven by improved business regulations and enhanced infrastructure, reinforcing the Kingdom’s position among the world’s leading economies. The latest ranking highlights Saudi Arabia’s ongoing efforts to enhance its economic environment and regulatory framework, aligning with Vision 2030 objectives.

Leading in Key Indicators

Saudi Arabia has achieved significant milestones across various sectors, reflecting its robust economic and social development. Notably, the Kingdom has secured the fourth position among G20 nations and top global position in several sub-indicators, including employment growth, social cohesion, labor market growth, population growth and cybersecurity.

The Kingdom’s commitment to cybersecurity is also noteworthy. Saudi Arabia has emerged as a key player in addressing global cyber threats, developing its technology infrastructure, and adopting a comprehensive National Cybersecurity Strategy. These efforts have positioned the country as a global leader in cybersecurity.

These accomplishments underscore Saudi Arabia’s dedication to economic diversification, technological advancement, and social cohesion, aligning with the objectives of Vision 2030.

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