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17-01-23
Report: Saudi Arabia to overcome UAE in attaining FDI this year
(MENAFN) Saudi Arabia is estimated to exceed the UAE in attaining foreign direct investment this year, for the initial time in over a decade (2012), as both countries carry on to be main beneficiaries of the inflow of investment, a new industry report indicated.
Based on the Lumina Cross-Border insights report, FDI into Saudi Arabia as well as the UAE reached record peaks with USD40 billion last year, indicating a surge of 58 percent during the prior year.
“Key MENA projects driving FDI and UK-to-Middle East investment in 2023 will include infrastructure and engineering, tourism and hospitality, and clean/renewable energy, most notably, the megaprojects in Saudi Arabia,” according to the report.
For example, Saudi Arabia’s top seven infrastructure ventures are going to be valued at USD690 billion to establish. These plans are NEOM, ROSHN, Diriyah Gate, Jeddah Central, Red Sea venture, AlUla, in addition to Qiddiya.
It continued: “Regional presence for aspiring global firms to take advantage of such growth is now seen as a must rather than a nice-to-have.”
MENAFN17012023000045014228ID1105437232
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