Tony Gaskins once said, “Invest in yourself to the point that it makes someone else want to invest in you,” and Saudi Arabia is taking this advice to heart. For years, the oil-dependent economy used its sovereign wealth fund — a state-owned investment pool funded by revenues from natural resources or other financial assets — to stabilize its economy, investing billions in the US, Europe, and Asia. However, under its Vision 2030 plan, Saudi Arabia is channeling more of its wealth into domestic projects, hoping to attract outside investors as well. The strategy is paying off — with the Public Investment Fund’s (PIF) assets growing 29% to $765.2B last year.

• In 2023, the PIF’s investments in local infrastructure and real estate development surged 15% year-over-year, surpassing the 14% increase in its foreign assets.
• As part of this new strategy, Saudi Arabia has set an ambitious goal of attracting $100B in annual foreign direct investment by 2030, up from the current average of $12B per year since 2017.

Desert mirage or oasis of opportunity? While Saudi Arabia’s PIF has been an active player in Western company investments — including UberUBER

, Elon Musk’s X, and Lucid MotorsLCID

— its latest moves are about reducing dependence on Western economies. This shift aligns with a trend seen in BRICS+ countries like Brazil and India, which are focusing more on their own economic development rather than ties with the West. Alongside its domestic efforts, new laws supporting local businesses are helping to legitimize the country among investors by reducing favoritism in business practices. However, it remains to be seen if foreign investors buy Saudi Arabia’s new investor-friendly branding — and its potential returns.