GCC attracts FDI at over double global average rate, minister Al Falih reveals

GCC attracts FDI at over double global average rate, minister Al Falih reveals

Saudi Gazette reportDAVOS — Saudi Arabia's Minister of Investment Khalid Al Falih underscored the Gulf Cooperation Council's (GCC) impressive performance in attracting Foreign Direct Investment (FDI).The GCC is drawing FDI at more than double the average global rate, a trend Al Falih anticipates will continue to rise, particularly in Saudi Arabia.During a session titled ‘Gulf Economies: All In’ at the World Economic Forum 2024, Al Falih emphasized that FDI is a multifaceted boon, bringing not just capital but also valuable know-how, market access, and opportunities for global integration.He expressed confidence that the GCC's growth will predominantly stem from the non-oil economy, highlighting the complementarity of economic strategies and integration across Gulf countries.Addressing the digital transition in the region, Al Falih noted that factors like connectivity and speed are key in attracting investors to Saudi Arabia.He emphasized the crucial role of digitalization in the Gulf's economic strategies.Moreover, Al Falih stressed the importance of deeper integration between GCC countries, considering it essential for economic resilience and enhanced trade.
GCC attracts FDI at over double global average rate, minister Al Falih reveals