The General Manager of the Arab Investment & Export Credit Guarantee Corporation Fahad Rashed Al-Ibrahim said yesterday that foreign direct investments in the Gulf Cooperation Council (GCC) amounted to more than $416 billion for the year 2014.
During the 15th annual Gulf Industrialists Conference in Kuwait, Al-Ibrahim commented that the GCC is an important source of foreign investment flows, which were valued at nearly $29.4 billion in 2014.
Al-Ibrahim explained that there are nearly 1,000 foreign companies operating in the manufacturing sector in the GCC countries through more than 1,500 projects at an investment cost of nearly $120 billion and providing around 200,000 jobs.
The Arab Investment & Export Credit Guarantee Corporation was founded in 1974 to secure international investments for Gulf states.