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RIYADH: ��������’s foreign direct investment has quadrupled, surpassing its Vision 2030 targets as the Kingdom’s economy continues to diversify away from oil, Investment Minister Khalid Al-Falih said. 

Speaking at the ninth edition of the Future Investment Initiative in Riyadh, Al-Falih said the surge in investment reflects the success of Vision 2030, describing the Kingdom’s transformation plan as “a reality, not a dream,” according to the Saudi Press Agency. 

This comes as foreign direct investment in the Kingdom grew by 24 percent to $31.7 billion in 2024, establishing it as a major global destination, supported by its megaprojects and preparations to host Expo 2030 and the 2034 FIFA World Cup. 

“He pointed out that the non-oil economy has risen to (5 percent), indicating that the past two years have witnessed more new and promising investment opportunities in the Kingdom, including artificial intelligence and acceleration of digital transformation, pointing out that major national projects are continuing their work and some are preparing to open their doors,” the SPA report stated. 

The minister outlined a fundamental shift in the nation’s economic structure, revealing that 40 percent of the state’s budget and expenditures are now financed by non-oil revenues. He further emphasized that a staggering 90 percent of all FDI flowing into the Kingdom is directed toward non-oil sectors.  

Al-Falih emphasized that the Kingdom’s economy “is no longer oil-based,” highlighting rapid progress in advanced manufacturing, technology, tourism, entrepreneurship, deep tech, and venture capital.  

He also highlighted the Kingdom’s ability to navigate a series of global obstacles, including the COVID-19 pandemic, oil price fluctuations, and regional tensions. He credited this resilience to the nation’s substantial financial reserves and overall stability, which he described as a key strength.

The minister also noted that major giga-projects are continuing their work, with some preparing to open their doors. Al-Falih reaffirmed ��������’s strong belief in powerful partnerships between the government and the private sector, as well as with foreign investors. 

According to Argaam, the minister stated that with many large-scale projects, like the Red Sea Project, now at an advanced stage, the Kingdom should scale back government and Public Investment Fund spending and allow the private sector to lead future investment. 

“These assets should now be transferred to the market to observe how they perform under private sector management,” Argaam reported Al-Falih as saying.  

Al-Falih emphasized that the Kingdom is committed to reducing barriers to doing business, signaling a continued open-door policy for international capital. 

Echoing this sentiment, other participants agreed that such collaborations are essential for achieving goals in a shorter timeframe. They stressed that sectors related to energy remain particularly promising and ripe with innovation capable of building a better future for humanity. 

JEDDAH: A new $6 billion investment mapping intiative was unveiled at the UAE–Africa Tourism Investment Summit 2025, signaling a push to strengthen tourism, infrastructure, and connectivity links across the continent. 

Announced during a high-level ministerial roundtable in Dubai, it is expected to generate around 70,000 jobs across multiple African countries, according to UAE Minister of Economy and Tourism Abdulla bin Touq Al-Marri, the Emirates News Agency, also known as WAM, reported. 

The plan positions tourism as a central pillar for sustainable development and economic diversification, underscoring the UAE’s growing role as a key investor and strategic partner in Africa. 

Al-Marri said that the UAE and Africa stand at a pivotal moment in developing a resilient and sustainable tourism sector. 

He added: “This milestone is marked by the launch of a new investment mapping featuring diverse tourism projects in the fields of aviation, logistics services, infrastructure, and the digital sector, with an estimated total value of approximately $6 billion and the potential to generate 70,000 job opportunities in various countries of the African continent.” 

Between 2019 and 2023, UAE investments in Africa exceeded $110 billion, ranking the Gulf nation as the fourth-largest investor globally on the continent, after the US, China, and the EU. 

Over $70 billion of that capital has gone into green and renewable energy projects, highlighting the UAE’s focus on sustainable growth. 

Al-Marri noted that tourism ranks among the top five Emirati investment sectors in Africa, alongside energy, infrastructure, logistics, and real estate. 

The new round of projects announced at the summit marks an expansion of this strategy, building on the UAE’s ambitions to align investment with climate goals and sustainable tourism development. 

The summit, which began in Dubai on Oct. 27 under the theme “Building Bridges for Sustainable Growth,” is organized by The Bench as part of the Future Hospitality Summit 2025. 

The summit coincided with remarks from Secretary-General Elect of the UN World Tourism Organization for the 2026–2029 term, Shaikha Nasser Al-Nowais, who revealed that the global tourism and travel sector contributed $10.9 trillion to the world’s gross domestic product in 2024, accounting for 10 percent of the global economy. 

Speaking to WAM on the sidelines of the summit, she said this contribution is expected to rise to $11.7 trillion in 2025, marking a 6.7 percent increase over 2024 and a 13 percent growth compared with 2019 levels. 
 
Al-Nowais noted that while the sector’s recovery continues to outpace global growth, it faces mounting challenges from climate change, rapid technological shifts, and geopolitical tensions — areas that require innovation and cross-regional collaboration to address. 
 
Nigeria’s Minister of Art, Culture, Tourism, and the Creative Economy, Hannatu Musa Musawa, stated that tourism cooperation between the UAE and Nigeria offers a promising avenue for mutual benefits. 

She highlighted some strategic projects for collaboration with the UAE and Emirati investors. 

On the domestic front, Al-Marri said tourism investments in the UAE reached 28.8 billion dirhams ($7.78 billion) in 2023, rose to 32.2 billion dirhams in 2024, and are expected to reach 35.2 billion dirhams in 2025, “reflecting the country’s ongoing efforts to provide exceptional investment opportunities,” WAM added.