RIYADH : Saudi Arabia has significantly revised its foreign direct investment (FDI) figures for 2024, revealing inflows of 119 billion riyals ($31.7 billion) — nearly 37% higher than previously reported. The revision brings last year’s tally in line with 2022 levels and just shy of the record $32.5 billion achieved in 2021, according to official data.

The government has not disclosed the reason behind the sharp upward revision. However, the new figures show Riyadh comfortably surpassed its 2024 investment target, reinforcing signs that the kingdom is making headway in attracting overseas partners to back Crown Prince Mohammed bin Salman’s Vision 2030 diversification drive.

The revision comes at a crucial time, as Saudi Arabia faces weaker oil export revenues and declining crude prices while sustaining high levels of state spending. The kingdom has set an ambitious goal of securing around $100 billion in FDI annually by the end of the decade — more than triple its current best performance.