Country has pumped US$55.5billion since 1980, nearly a third of Arab capital outflow
The UAE has pumped nearly US$55.5 billion into foreign markets over a period of 32 years to emerge as the largest capital exporter in the Arab world.
The funds accounted for nearly 31 per cent of the total Arab foreign direct investment (FDI) outflow of around US$175.8 billion during 1980-2011.
Figures by the UN Conference on Trade and Development (UNCTAD) showed Saudi Arabia was the second largest Arab capital exporter during that period, with its FDI outflow totalling around US$26.5 billion.
Kuwait emerged as the third largest Arab capital exporter, with around US$22.5 billion while Qatar, the world’s top LNG supplier, came fourth with nearly US$18.5 billion.
It was followed by Libya with around US$16.8, Bahrain with nearly US$7.8 billion, Lebanon with about US$7.55 billion and Egypt with US$6.07 billion, the figures showed.
FDI flow by Morocco stood at around US$2.09 billion. The report showed the UAE, the second largest Arab economy, was outstripped only by developed countries as it was ahead of most capital exporters in the developing nations.
The figures covered only FDI as they did not include capital channelled by the Abu Dhabi Investment Authority (ADIA), one of the world’s largest sovereign wealth funds (SWFs), with assets of between US$300-800 billion.
As for FDI inflow, the report showed Saudi Arabia was largest recipient of such investments, with around US$186.8 billion during that period.
The UAE came second with FDI inflow of about US$85.4 billion, followed by Egypt with US$72.6 billion, Morocco with US$46.3 billion, Tunisia with US$31.4 billion and Qatar with nearly US$30.4 billion, according to the figures.
FDI flow stood at around US$23.3 billion in Jordan, US$22 billion in Sudan, US$21.7 billion in Algeria, US$16.3 billion in Libya, US$15.9 billion in Bahrain and US$15 billion in Oman. – Emirates 24|7