Saudi Arabia was top MENA destination for foreign investment last year

Saudi Arabia attracted $10.4bln of FDI in 2020

  
Kingdom Centre, Riyadh, Saudi Arabia. Image used for illustrative purpose.

Kingdom Centre, Riyadh, Saudi Arabia. Image used for illustrative purpose.

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RIYADH: Saudi Arabia attracted 18 percent of all foreign investment into the Middle East and North Africa last year, the most of any country in the region.

The number of projects fell by 49 percent in 2020 to 73 for a value of $10.4 billion, Al Arabiya reported, citing data from Financial Times’ FDI Intelligence.

New foreign projects established in the MENA region fell to 1,031 in 2020, compared with 1,795 in 2019 as the coronavirus outbreak forced the closure of much of the global economy.

The UAE topped regional countries in the number of new foreign projects with 327 projects and ranked second in terms of the value of investments, attracting $9 billion.

Egypt witnessed the largest decline in new foreign direct investment in the region as investments slumped to $1.3 billion from $12.2 billion in 2019. The number of new foreign projects in Egypt dropped by 70 percent last year, while the jobs generated from them decreased by 76 percent.

The UAE topped MENA countries in making foreign investments as it pumped $5.9 billion into 148 projects. Saudi Arabia ranked second, plowing $3 billion into 42 projects.

Copyright: Arab News © 2021 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

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