Saudi Arabia hopes to attract $100 billion in foreign direct investment by 2030 (Reuters)
Government data showed - today, Thursday - that net foreign direct investment flows to Saudi Arabia amounted to 13.1 billion riyals ($3.5 billion) in the fourth quarter of 2023, an increase of 16% from the third quarter, when flows recorded 11.4 billion riyals.
The Kingdom hopes to attract $100 billion in foreign direct investment by 2030 to boost non-oil gross domestic product as part of a broader strategy by Crown Prince Mohammed bin Salman to diversify the economy away from heavy reliance on crude oil exports.
Foreign direct investment is still far from those goals. With the latest data, net flows last year totaled $11.4 billion.
In another Saudi matter, government data published - today, Thursday - showed that the unemployment rate among Saudis fell to 7.7% in the fourth quarter of last year, down from 8.6% in the previous quarter and from 8% in the same quarter of the previous year.
The General Authority for Statistics stated that the overall unemployment rate - which includes expatriate workers - declined to 4.4% in the fourth quarter, down from 5.1% in the third quarter and from 4.8% in the same quarter of 2022.
Foreigners constitute just over 40% of the total population, according to the latest population census, and the majority of them need a work contract to reside in the Kingdom.
The unemployment rate among Saudis remained relatively stable throughout 2023, hovering around 8% with slight changes. More than 60% of Saudis are under the age of thirty.
Source: Reuters