The UAE pumped nearly 18.5 billion Saudi riyals ($4.9 billion) into projects in Saudi Arabia in 2023 to become the largest investor in the Gulf Kingdom, according to official data.

The UAE assets, covering industry, real estate and other sectors, accounted for nearly 19% of the total foreign direct investment (FDI) flow of nearly SAR 96 billion ($25.6 billion) into Saudi Arabia, showed the figures by the Investment Ministry.

France came second with FDI of around SAR11 billion riyals ($2.9 billion), followed by the UK, Netherlands and Egypt, the report showed.

Light industries had the lion’s share of the 2023 investments, receiving about SAR 34.4 billion ($9.2 billion), nearly 36 percent of the total. It was followed by financial services, construction and trade.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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