Arab countries received foreign investments of nearly $120 billion in renewable energy projects in 2022, according to an official report.
These investments in renewable energy accounted for nearly 60 percent of the total Foreign Direct Investment (FDI) received by the Arab region during 2022, a report by the Inter-Arab Investment Guarantee Corporation, a key Arab League institution, said.
In its annual report, the Corporation said the projects involved 38 foreign companies and provided over 30,000 jobs.
Oil and gas came second, with foreign investments totalling $35.6 billion in 2022, accounting for around 17.8 percent of the total FDI, the report showed.
It was followed by the mining and real estate sectors while IT projects came in the fifth place, with total capital of around $2.4 billion.
According to the report, foreign projects in the Arab region totalled 1,617 with a combined capital of nearly $200.2 billion.
The report showed the UAE emerged as the largest foreign investor in the region, pumping around $33.5 billion in 2022. It was followed by the US, which invested nearly $20.7 billion in 271 projects.
(Writing by Nadim Kawach; Editing by Anoop Menon)
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