Foreign director investment (FDI) flow into Gulf oil producers plunged by nearly 35 per cent in 2011 for the third successive year mainly because of the cancellation of large projects in the UAE and Saudi Arabia, the largest Arab economies.
FDI into the six-nation Gulf Cooperation Council (GCC), which controls over 40 per cent of the world’s proven oil deposits, totalled around $25.9 billion last year, far below the peak flow of $60.3 billion in 2008.
“Inflows are, consequently, at their lowest level since 2004,” National Bank of Kuwait said, citing a report by the UN Conference on Trade and Development (UNCTAD).
No comments:
Post a Comment