foreign investments in gcc slumps by 146 in 2013
Last Updated : GMT 02:09:47
Arab Today, arab today
Arab Today, arab today

Foreign investments in GCC slumps by 14.6 in 2013

Arab Today, arab today

Arab Today, arab today Foreign investments in GCC slumps by 14.6 in 2013

Foreign investments in GCC
Kuwait - KUNA

The foreign direct investment (FDI) in the Gulf Cooperation Council (GCC) states dropped by 14.6 percent in 2014, said Tuesday a report by the National Bank of Kuwait citing UN data.
The NBK report stated that fell for the fifth consecutive year in 2013 to USD 24 billion against USD 28 billion in 2012, down 14.6 percent, according the United Nations Conference on Trade and Development (UNCTAD).
"This comes despite an improvement in world FDI, which increased by 9.1 percent from its level in 2012 to reach USD 1.5 trillion in 2013. As a result, the GCC's share of world FDI has fallen to 1.6 percent - having been as high as 4.2 percent in 2009," reads the report.
The NBK pointed out that part of the decline in FDI to the GCC can be explained by the completion of major projects as well as the social tensions and political uncertainty that have affected the broader Middle East.
"Nevertheless, the GCC, with its ample hydrocarbon resources has, to a large extent, been buffered by the regional unrest, and so the reduction in FDI is likely more a reflection of the tailing-off in investments following the completion of major hydrocarbon projects and the reduction of foreign exposure to certain sectors within GCC economies." The report noted that the UAE led the GCC in FDI for the first time in 2013, with USD 10.5 billion, pushing Saudi Arabia into second place.
"Along with Bahrain, the UAE is the only country to record four consecutive years of increasing FDI inflows, as investors return to the property, manufacturing and services sectors and as the country gears up for the Dubai World Expo in 2020," said the report.
Meanwhile, Saudi Arabia, which is historically the region's largest recipient of foreign investment, has experienced five consecutive years of declining FDI flows. FDI decreased by 24 percent from USD 12.2 billion in 2012 to USD 9.3 billion in 2013.
The report unveiled that the FDI flows to Kuwait are estimated to have decreased in 2013, to USD 2.3 billion.
"Nevertheless, Kuwait has, since 2009, experienced something of resurgence in FDI as a string of acquisitions by mainly GCC based-entities helped to boost investment in the country. The most high profile of these was Qatar Telecom's purchase of Wataniya in 2012 for USD 1.8 billion.
"The government, for its part, last year unveiled an update to its FDI law of 2001 in order to streamline the FDI approvals process and expand the list of eligible investments. A fully resourced and independent public authority (KDIPA) for the promotion of FDI has been set up to replace the previous FDI office and approvals committee. The unit will have full control over its own budget and hiring and be able to assess and approve FDI applications more quickly through the creation of a 'one stop shop.' It went on to say that Kuwaiti "Minister of Finance will continue to preside over the new structure. Foreign investors will continue to enjoy exemptions from income tax and other taxes for a period of ten years." The report added that the new regulation has also coincided with a move by the Central Bank of Kuwait to liberalize financial services in the country.
"Foreign banks will now be able to apply for a license to open multiple branches having been limited to just a single branch previously," reads the report.
The data also showed that Kuwait emerged once again as the GCC and the Arab world's largest overseas investor, with USD 8.4 billion in FDI outflows in 2013.
"The country almost tripled its investments on the year before. Through its sovereign wealth fund, the Kuwait Investment Authority (KIA), and the investments of private individuals, Kuwait has consistently topped the regional rankings in FDI outflows," reads the report.
"Qatar and Saudi Arabia were the second and third largest overseas investors, respectively, with USD 8 billion and USD 5 billion in FDI outflows. Qatar more than quadrupled its outflows." Furthermore, the report disclosed that the aggregate GCC outflows increased by 93 percent from the year before to reach USD 26.7 billion as the member states continued to direct their burgeoning foreign exchange reserves into overseas projects and acquisitions.
"GCC petrochemicals producers, for example, have increasingly featured as overseas investors, with US companies involved in the shale gas revolution in that country proving particularly attractive propositions, "Saudi Basic Industries Corporation (SABIC), Qatar Petroleum and Abu Dhabi's state-owned International Petroleum Investment Company have all been active in downstream processing or unconventional energy-related investments in North America," said the report.

arabstoday
arabstoday

GMT 01:56 2017 Wednesday ,22 November

AED51.4b approved for 2018 Federal Budget

GMT 23:41 2017 Tuesday ,21 November

DFM welcomes delegation from Indonesian Stock Exchange

GMT 23:05 2017 Tuesday ,21 November

We must preserve our national gains

GMT 15:25 2017 Tuesday ,21 November

Ratings boost for Saudi reform program

GMT 11:46 2017 Tuesday ,21 November

S&P affirms Saudi Arabia credit ratings

GMT 23:37 2017 Monday ,20 November

Midfield Terminal Building is 86% complete

GMT 22:55 2017 Monday ,20 November

GCC pavilion to showcase at Expo 2020 Dubai
Arab Today, arab today
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

foreign investments in gcc slumps by 146 in 2013 foreign investments in gcc slumps by 146 in 2013

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

foreign investments in gcc slumps by 146 in 2013 foreign investments in gcc slumps by 146 in 2013

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Visit Jamaica for more than just sun

GMT 09:45 2017 Tuesday ,21 November

Visit Jamaica for more than just sun
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today UN warns of conflict in Gaza

GMT 08:39 2017 Tuesday ,21 November

UN warns of conflict in Gaza
Arab Today, arab today Missouri problem mirrors woes

GMT 06:46 2017 Tuesday ,21 November

Missouri problem mirrors woes
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today VW says will invest over 34bn euros

GMT 07:19 2017 Tuesday ,21 November

VW says will invest over 34bn euros
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Fedra happy for “Between Two Worlds” success

GMT 09:23 2017 Saturday ,18 November

Fedra happy for “Between Two Worlds” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 00:54 2017 Monday ,20 November

Mideast in danger as London explores

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday