Riyadh – Mubasher: Foreign direct investment (FDI) inflows in Saudi Arabia netted SAR 3.54 billion ($945.07 million) in the second quarter (Q2) of 2020, hurt by the repercussions of the coronavirus pandemic on the global economy.

This represents a decline of 15.7% when compared to SAR 4.21 billion ($1.12 billion) in Q2-19, according to data collected by Mubasher based on official figures.

Quarter on quarter (QoQ), FDI inflows slid by 41.6% when compared to their level in Q1 of the year at SAR 6.07 billion ($1.62 billion).

Previously, the Saudi Arabian Monetary Authority (SAMA) predicted the COVID-19 crisis and the resulted global contraction to negatively impact the Gulf nation’s economy, yet, affirmed that the solid measures undertaken by government bodies can help gauge such consequences.

In the first half (H1), FDI inflows hiked by 8.45% yearly to stand at SAR 9.62 billion ($2.56 billion), compared with SAR 8.87 billion ($2.36 billion) in H1-19.