RIYADH, July 2 -- For every $7.1 billion Saudi Arabia attracted in foreign capital during the first quarter of 2026, the Kingdom sent $940 million back out the other side. That second figure, SR3.52 billion in outflows up 50% year on year, is the one the government's statistics authority buried in its quarterly release Monday, and the one that explains why the headline looks more impressive than the net result.

The General Authority for Statistics reported gross foreign direct investment inflows rose 2.4% year on year to SR26.6 billion in Q1, a modest gain in an absolute number that Saudi officials have worked hard to move. Net FDI, after stripping outflows, fell 2.4% to SR23.08 billion. Saudi Arabia is pulling in foreign capital, but it...