ACME Chemicals of India emerged as the largest foreign investor in the Arab region in 2022, pumping nearly $13 billion in chemical projects, according to official Arab data.
ACME’s investments in some Arab states, mainly Saudi Arabia, UAE and Qatar, accounted for nearly 6.5 percent of the total foreign direct investment (FDI) in the region of around $200.2 billion in 2022, the Kuwait-based Inter-Arab Investment Guarantee Corporation (IAIGC) said in its annual investment report released recently.
IAIGC, one of the Arab League’s key financial establishments, said total FDI in the Arab countries more than quadrupled in 2022 from its 2021 level of around $43.7 billion.
The report showed the number of projects also leaped to 1,617 from 930 and the number of investing companies to 1,418 from 773.
According to the report, Italian oil and gas company ENI was the second largest foreign investor in the region, pumping around $12.8 billion in 2022.
UAE-based Masdar Company came third, with its regional investments standing at $11.2 billion, the report said.
(Writing by Nadim Kawach; Editing by Anoop Menon)
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