Net foreign direct investment (FDI) in Saudi Arabia totaled SAR 11.7 billion ($3.12 billion) in the second quarter of 2024, reflecting a 7.5% decline compared to SAR 12.6 billion during the same period last year.

This decrease comes as outbound foreign investment from Saudi Arabia surged to SAR 7.8 billion ($2.08 billion), representing a 14.1% increase from SAR 6.8 billion in the second quarter of 2023.

Meanwhile, inbound FDI flows into the kingdom held steady at SAR 19.4 billion, matching the levels seen in the same quarter last year.

As part of its broader efforts to streamline bureaucracy and attract foreign investors, Saudi Arabia recently introduced a “one-time registration” process under its updated investment regulations.

This reform significantly reduces the need for multiple licenses and approvals, cutting red tape to make it easier for investors to inject capital into the country.

These changes are part of Saudi Arabia’s ongoing push to meet its ambitious Vision 2030 goals, championed by Crown Prince Mohammed bin Salman, to diversify the kingdom’s economy away from oil dependency and position itself as a global investment hub.