The Middle East is increasingly emerging as one of the most desirable locations for foreign investors looking to deploy capital, according to a survey that ranks countries most likely to attract money over the next three years.
Efforts toward economic diversification and reforms to business policies have helped the United Arab Emirates and Saudi Arabia post the biggest jumps in Kearney’s 2024 Foreign Direct Investment Confidence Index. The countries climbed ten spots from 2023, to eighth for the UAE and 14th for Saudi Arabia.
Among emerging markets, the two largest Gulf economies ranked second and third, respectively, behind China. Oman also made the emerging market list for the first time, helped by the launch of the Future Fund that will mostly focus on drawing in foreign direct investment.
Attracting FDI is a key priority for Saudi Arabia, which has a target of $100 billion in inflows annually by 2030 — roughly three times bigger than it has ever achieved. Between 2017-2022 annual FDI averaged just over $17 billion.
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