Saudi Arabia is quietly becoming a magnet for foreign investors, and the United States is leading the charge. In the first half of 2025, the Kingdom attracted 61 American-led greenfield projects worth $2.7 billion, making the U.S. its largest source of foreign direct investment (FDI). That figure accounts for nearly one-third of all projects and capital inflows, according to a report from Emirates NBD.
Who’s Investing — and Why It Matters
Egypt ranked second in terms of capital value, channeling $1.81 billion through 11 projects, largely in real estate. China and France followed, with investments of $858.3 million and $771.7 million, respectively. Meanwhile, the UAE expanded its regional presence with 25 ventures worth $205.3 million.
Overall, Saudi Arabia recorded 203 greenfield projects, up 30% year-on-year, with total inflows rising modestly to $9.34 billion. The sharp rise in the number of projects — even though capital inflows grew only slightly — highlights a diversification in investment sources and sectors, rather than a reliance on a few mega deals.
Where the Money Is Going
The Kingdom’s capital, Riyadh, cemented its position as the top investment hub, pulling in 100 projects worth $2.3 billion. Dammam followed with $1.28 billion across 21 projects, while Jeddah attracted 13 projects worth $1.22 billion.
On the sectoral front, business services led in project count (55 projects, 27% of the total), reflecting Saudi Arabia’s ambition to expand its knowledge economy and services sector. But in terms of sheer capital, communications came out on top with $1.92 billion from just 11 projects. That figure was heavily boosted by Equinix’s landmark $1 billion data center investment, announced during the LEAP 2025 tech conference.
Meanwhile, real estate emerged as the second-largest investment sector, attracting $1.79 billion from only nine projects, underscoring ongoing demand for property and infrastructure linked to Vision 2030’s urban development goals.
The Bigger Picture: Vision 2030 in Action
Saudi Arabia’s FDI momentum is closely tied to its Vision 2030 plan, which seeks to reduce dependence on oil by building new industries ranging from digital infrastructure and financial services to logistics and real estate. The surge in U.S. investment also reflects Washington’s strategic interest in maintaining strong economic ties with the Kingdom, even as China and regional players like the UAE compete for influence.
While total inflows rose only slightly, the sharp increase in project count signals confidence from global businesses in Saudi Arabia’s regulatory reforms, infrastructure projects, and pro-investment policies. In other words, more companies are planting their flag in the Kingdom, betting on its transformation into a regional economic hub.
