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Saudi Arabia’s greenfield foreign direct investment (FDI) inflows more than doubled to $28.78 billion in 2023.
The inflows surpassed the most recent peak of $17.57 billion of 2018 but are still below the 2008 record of $34.26 billion, Dubai-based lender Emirates NBD said in a report on Wednesday.
The largest share went to the capital Riyadh in 2023 at $8.18 billion, followed by Ras Al Khair with $4.23 billion and Dammam with $772 million.
The number of projects reached a new record, increasing year-on-year to 359 and Chinese investments accounted for 58% of greenfield inflows, reaching $16.75 billion from $1.47 billion the previous year.
(Reporting by Imogen Lillywhite; editing by Brinda Darasha)
