Foreign investment in the Gulf region despite Corona

  • by Eqaruk
  • 10 months ago
  • Economy
  • 0

The countries of the Gulf Cooperation Council occupy the most geographical areas in the world that attract Arab and foreign investors, due to the great economic growth, development and urban progress that the region is witnessing, and this is due to the fact that the governments of these countries seek to diversify the source of income to stop relying on oil as a main source.

Saudi Arabia

Despite the impact of the Corona Virus (Covid-19) crisis on all countries of the world, specifically the Gulf countries, the Kingdom of Saudi Arabia was able to reach the highest level of foreign investment during 2020, where the volume of growth exceeded 4% compared to the past four years, according to the United Nations Conference Organization For Trade and Development (UNCTAD), the number of investments in Saudi Arabia reached $4.7 billion in 2020.

UAE

As for the United Arab Emirates, investment declined by a large percentage after the pandemic, and in 2020, foreign investment in the Emirate of Dubai reached $3.3 billion, but there are expectations indicating that the UAE will rank first among the Gulf countries fastest recovering from the repercussions of Corona, due to its adoption of the necessary laws. Managing the crisis with minimal losses. But do not forget that the UAE, before the outbreak of the Corona virus in 2019, recorded the highest level of foreign investment since 2007, reaching 14 billion dollars.

Kuwait

Foreign investment in the State of Kuwait reached $14.1 billion in 2020, the figure was not much different from 2019, which amounted to $14.7 billion at the time, and Kuwait seeks to maintain foreign investment in it. It granted investors who apply for investment licenses temporary tax exemptions in 2020 and cut all fees for services provided by the Direct Investment Promotion Authority in half.

Qatar

The State of Qatar witnessed a great leap in 2019, as foreign investment amounted to 294.4%, or $1.04 billion, and in 2020, the Qatari government approved some laws that allow the right of ownership to non-Qataris and facilitate the business registration process to attract foreign investors in the country, as the CEO of the Center emphasized Qatar Finance Mr. Yousef Al-Jaida said that Qatar aims to attract $25 billion in FDI inflows by 2022.

Bahrain

Bahrain announced that it attracted foreign direct investments which worth 885 million dollars during the year 2020, and as a result of the impact of the economy as a result of the outbreak of the Corona virus, the Bahraini government approved a package worth 11.4 billion dollars to support the economy and face the repercussions of the pandemic.

Oman

The Omani National Center for Statistics and Information confirmed that the volume of foreign investments in the Sultanate of Oman increased by 5.9%, reaching 40.6 billion dollars, noting that Britain acquired 50% of those investments.

It is expected that by 2030, the countries of the Gulf Cooperation Council will make a unique leap due to the plans they are implementing to attract investments, such as the amendments made by the UAE and Qatar to the laws of residence and nationality, and with the security and political stability, the region is expected to become one of the most attractive regions in the world due to its attractions.

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