Foreign investment flow into the Arab region surged by nearly 70 percent in the first four months of 2023 after an improvement in their credit rating, according to an official report.

The number of foreign projects soared by 28 percent in the first four months while their value swelled to nearly $74 billion compared with the same period of 2022, the Kuwait-based Inter-Arab Investment Guarantee Corporation (IAIGC) said in its report.

IAIGC Director Abdullah Subeih said in the report that expects this growth to continue through 2023, adding that Arab countries should work on further improving the investment climate, considering the growing global competition to attract foreign capital.

The report, published over the weekend, showed there was also growth in inter-Arab investment projects during that period. It did not mention their value but said they peaked at nearly $45.6 billion in 2022, a whopping increase of around 623 percent over 2021.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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