Adopting a green growth strategy has the potential to more than quadruple the Gulf nations' GDP to $13 trillion by 2050. According to a research given at the 2023 World Investment Forum in Abu Dhabi by Century International Holdings Ltd, the total GDP of the Gulf Cooperation Council countries has already surpassed the $2 trillion level.
Should these nations adopt a green growth strategy, the report suggests that this figure could more than double from a projected $6 trillion. This economic potential of the Gulf countries has yet to be fully reflected in the global foreign direct investment rankings, as published annually in the World Investment Reports by the UN Conference on Trade and Development, as per arab news.
According to the UNCTAD estimate, total FDI inflows into the GCC area would fall 17.91% to $37.12 billion in 2022. Nonetheless, the region's overall investment grew rapidly, with FDI inflows more than tripling in six years, rising from $15.52 billion in 2017 to $37.12 billion in 2022.
FDI into Saudi Arabia fell by 59% to $7.9 billion, despite strong cross-border merger and acquisition activity. Among the most noteworthy deals was an investment group comprising China, Hong Kong, Saudi Arabia, and the United States' $16 billion purchase of a 49 percent share in Aramco Gas Pipelines Co.
With 53 projects, Saudi Arabia's Tadawul-listed ACWA Power has been the Kingdom's leading investor in renewable energy projects among developing nations. Abdul Latif Jameel of Jeddah was close behind.