Saudi Arabia saw more positive economic news this week, as Foreign direct investment (FDI) inflows into the Kingdom rose 10.7% in the third quarter of 2022 over the same period a year earlier.
Figures from the investment ministry showed FDI inflows totaled 7.2 billion riyals ($1.9 billion) in the third quarter of 2022, up from 6.5 billion riyals ($1.73 billion) in the third quarter of 2021.
The data were made available in the Saudi Ministry of Investment’s latest monthly bulletin published on Monday and shared by Reuters.
The monthly report from MISA also found a significant increase in investment licenses granted in 2022. Saudi Arabia issued 4,358 investment licenses in 2022, up 53.9 percent compared to 2021.
“This increase reflects the growing position of Saudi Arabia as an attractive investment destination with competitive advantages including a stable and business-friendly investment environment,” MISA said in the report, via Arab News.
MISA said that the government’s total revenues increased to SR283.8 billion ($75.64 billion) in the fourth quarter of 2022, recording 5.4 percent growth over the same period in 2021.
MISA expects that figure to reach SR1.23 trillion in 2022 ($330 billion), growing at an annual 27.8%.
