Investment into Saudi Arabia by US and Chinese firms soared last year to the highest level on record as the world’s two biggest economies looked to cement trade and diplomatic ties with Riyadh. FDI inflows to Saudi hit $31.7 billion in 2024, up 24% from a year earlier, and are on track for another record this year, Minister of Investment Khalid Al Falih told Al Arabiya TV in an interview.
The US and China accounted for more than a fifth of all FDI into Saudi Arabia in 2024. Over the past few years Crown Prince Mohammed bin Salman has looked to diversify allies as the country’s relationship with the US came under strain.
That has since improved under US President Donald Trump, but the latest FDI figures show the success of the crown prince’s strategy of playing the two sides off against each to compete for influence at a time when he has needed to boost foreign inflows. Still, China has a long way to go to catch up with the scale of US investment in the Saudi economy.