Saudi Arabia recorded the fewest number of first-quarter investment deals since 2021, signaling ongoing challenges in attracting funding from private companies and foreign investors.
According to data from the Ministry of Investment, the country finalized 64 transactions in the first three months of 2024, representing a 40% decrease from a year earlier. This count is slightly lower than that recorded in the fourth quarter.
Saudi Arabia has long recognized the imperative to predominantly self-finance Vision 2030.
However, as oil prices remain well below the threshold needed to balance its budget, the kingdom’s reliance on assistance from foreign sources and private capital has become increasingly acute.
Saudi Arabia boasts the largest economy in the Middle East, largely fueled by its vast reserves of oil. As a major exporter of petroleum, the kingdom has historically relied heavily on oil revenues to drive economic growth and development.
However, in recent years, Saudi Arabia has been actively diversifying its economy away from oil dependency through initiatives such as Vision 2030.