The Saudi Ministry of Investment disclosed that foreign direct investment inflows increased by 10.7 percent in the third quarter of 2022 compared to the same period of the previous year. According to the ministry's latest data, foreign direct investment inflows totaled 7.2 billion riyals ($1.9 billion) in the third quarter of 2022, compared to 6.5 billion riyals in the third quarter of 2021.
In parallel, Minister of Finance and Chairman of the Financial Sector Development Program Committee, Mohammed Al-Jadaan, stressed that "Saudi Arabia seeks to progress at a higher pace in the process of implementing comprehensive structural reforms, including financial sector reforms, by implementing strategies, programs, and projects that drive sustainable economic growth and raise the quality of life, in accordance with the Kingdom's Vision 2030, in order to achieve high growth rates and provide greater employment opportunities, in addition to raising the level of basic and social services, enhancing the role of the private sector, and developing of local content and domestic industry, while at the same time strengthening the country's strong fiscal position".
Al-Jadaan stressed that "Saudi Arabia is in a good position with the challenges of the current situation, and the policies implemented by the government proactively, which contributed to reducing the impact of these challenges," noting that "the Saudi economy achieved tangible positive developments at the economic and financial levels during the past 2022, as it exceeded previous local and international expectations."
Source (Asharq Al-Awsat, Edited)
