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Saudi Arabia received $10.4 billion in investment
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FDI projects in the kingdom fell by 49 percent to 73
Amid all the doom and gloom brought on by the outbreak of coronavirus that badly hit the economies around the world, Saudi Arabia received a big boost to its economy last year receiving $10.4 billion in foreign investments. The oil-rich country attracted 18 percent of all foreign investment into the Middle East and North Africa, the most of any country in the region.
The number of projects fell by 49 percent to 73 in 2020 for a value of $10.4 billion, as per the latest Financial Times’ FDI Intelligence report. 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 investments 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.
Key global FDI trends, as per the Financial Times’ FDI Intelligence report, included: Renewable energy replaced coal, oil & gas as the top sector by capital investment for the first time ever. The US retained its spot as the top destination country, attracting $61bn of FDI and China was the largest recipient of capital investment in Asia-Pacific, attracting $29.7bn, while Western Europe was the leading source region, accounting for 49% of FDI projects globally. The UK was the top destination country for FDI in Europe. The communications sector increased capital investment by 41%, adding $56bn