Riyadh – Mubasher: The Foreign Direct Investment (FDI) in Saudi Arabia soared 126% year-on-year in 2018, recording $3.209 billion, according to a report released by the United Nations Conference on Trade and Development (UNCTAD).

The kingdom’s efforts for economic diversification prioritise FDI, as evidenced by the launch of a group of new non-hydrocarbon projects, the report added.

Total Saudi FDI in other countries surged to $21.219 billion in 2018, compared to $7.28 billion a year earlier.

The GCC country’s FDI abroad quadrupled in the last eight years, registering $105.656 billion last year.

UNCTAD’s report revealed that total FDI in the GCC went up to $17.38 billion in 2018 versus $16.55 billion in 2017.