By IANS
Abu Dhabi : The United Arab Emirates (UAE) has recorded the highest investment growth in the Middle East, according to the United Nations.
A report released by the United Nations Conference on Trade and Development (Unctad) says that between 2001 and 2006, the UAE and its partners in the six-nation Gulf Cooperation Council (GCC) attracted more than $81 billion in foreign direct investment, WAM news agency reported Wednesday.
Saudi Arabia was the biggest recipient of FDI during the period while the UAE had the highest growth in investment in the Middle East.
The report said that investments in UAE increased by nearly 16 times to $37.09 billion in 2006 from around $2.24 billion in 2001.
The investment growth rate in UAE averaged a staggering 258 percent annually between 2001 and 2006.
Investments have sharply picked up in the UAE over the past five years due to reduced restrictions on foreign capital and high economic growth caused by a surge in oil prices and stronger private sector activity.
Unctad’s report showed the UAE was the third largest recipient of FDI in the Arab region after Saudi Arabia at $51.82 billion and Egypt at $38.92 billion.