The UAE has attracted more than $73 billion in foreign direct investment (FDI) since it was created nearly four decades ago to emerge as the second top capital recipient in the region, according to UN statistics.
Saudi Arabia, the world’s oil basin, remained the largest Arab destination of FDI, attracting nearly $147.1 billion, showed the figures by the United Nations Conference on Trade and Development (UNCTAD).
Cumulative FDI flow into the UAE totaled around $73.4 billion, nearly 26 per cent of the combined foreign capital received by the six-nation Gulf Cooperation Council (GCC), which controls over 45 per cent of the world’s oil.
Taken together, FDI by the UAE and Saudi Arabia accounted for around 80 per cent of the total FDI of nearly $278 billion received by the 29-year-old GCC.
Qatar, the world’s top LNG exporter, emerged as the third largest FDI target within the GCC, receiving nearly $28.1 billion. It was followed by Bahrain, with cumulative FDI of about $14.9 billion, according to UNCTAD.
FDI flow into Oman stood at around $13.2 billion while Kuwait emerged as one of the least attractive investment destination in the region, with only $986 million.
Emirates Business
