Monday, October 22, 2007

West Asia foreign direct investment hits $60 billion

from Gulf Daily News

Foreign direct investment (FDI) inflows to the 14 economies of West Asia surged by 44% last year to an unprecedented $, an annual survey of investment trends reveals. Saudi Arabia was the second largest FDI target, receiving $18 billion, an increase of 51%. World Investment Report 2007 published by the United Nations Conference on Trade and development (UNCTAD) attributes the increase to the region's strong economic growth and improved business climate and to high oil prices, which have been attracting increasing amounts of FDI to oil and gas and related industries. In light of the region's high GDP growth and ongoing economic reforms, the upward trend in inward FDI to West Asia is likely to continue, the report said.

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