And the UAE led the way by attracting more than $12 billion - up 40 per cent on the previous years.
The figures were revealed at yesterday's Broader MENA Investment Summit at Dubai International Financial Centre by Dr Abdel-Rahman Taha, general manager of the Islamic Corporation for the Insurance of Investment and Export Credit, a member of the Islamic Development Bank Group.
ICIEC is co-organising the summit with the World Bank Group's Multilateral Investment Guarantee Agency (MIGA), in association with Dubai International Financial Centre.
Dr Taha attributed the high inflows of investment to the commitment by Broader MENA countries to greater economic liberalisation and integration, especially providing investors with the right business environment.
However, he warned that while considerable economic progress has been made, a significant number of challenges remain, most notably the need to create new jobs.
"A key challenge we face today is that unlike previous oil-booms, where governments catered for employment, these jobs must now come from the private sector," he said.
"I hope this summit will lay the foundation for greater cooperation and synergy, not only between the different sectors of investors and financiers present, but also between private, public and international institutions.
"I hope that we can outline practical steps that will help make the Broader MENA region a more attractive destination for investors and thereby promote greater levels of employment and improvement in people's lives."
About 250 delegates comprising top-level business executives and financiers from the Middle East, North Africa, Turkey, and Pakistan are attending the two-day summit that is managed by the Al Iktissad Wal Aamal Group.
Speakers include Ms Yukiko Omura, executive vice-president of the MIGA/World Bank Group; Dr Abdel-Rahman Taha, general manager of the Islamic Corporation for the Insurance of Investment and Export Credit; Etisalat chairman HE Mohammad Hasan Omran, HE Sheikh Mohammad Ali Reza, chairman of the Xenel Group, and Hussain al Qemzi, DIFX member.
Today's (Wed. Feb.21) closing sessions of the summit will comprise parallel workshops on risk mitigation, as well as matchmaking sessions between investment promotion agencies and investors/ and lenders.
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Broader MENA leads the world in investment growth
- United Arab Emirates: Wednesday, February 21 - 2007 at 07:18
- PRESS RELEASE
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The Broader Middle East North Africa region recorded the world's fastest growth in foreign direct investment during 2005, according to the latest World Investment Report.
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About the Islamic Development Bank Group (ICIEC)
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is a member of the Islamic Development Bank Group (IDB), a AAA rated multilateral development institution based in Jeddah, Saudi Arabia.
ICIEC was established in 1994 with the objective to increase the scope of trade transactions from, and to facilitate foreign direct investment into its 36 Member Countries in the Middle East, North Africa, Asia and sub-Saharan Africa. ICIEC fulfils these objectives by providing Islamic Sharia'ah compatible credit and country risk insurance and re-insurance instruments. These products cover a variety of risks including non-payment of export receivables, expropriation, civil wars/disturbances, and breaches of contract.
ICIEC also manages the Investment Promotion Technical Assistance Program of the IDB - a grant assistance program aimed at improving the investment climate of the IDB member countries.
For more details, please visit www.iciec.com
About MIGA
The World Bank Group's MIGA provides guarantees (insurance) against political risks for cross-border investments into developing countries and emerging markets. With 169 member countries and over $16 billion in insurance issued, MIGA is the largest multilateral agency of this type.
MIGA's guarantees protect investors against the political risks of expropriation; inconvertibility/transfer; war/civil disturbance/terrorism; and breach of contract. Equity investors and lenders benefit from improved risk/return profiles for projects, and MIGA guarantees are often required before banks will lend to projects in certain markets. MIGA has a special focus on supporting investors and lenders from Broader MENA who are venturing into frontier markets, and has assisted companies from Saudi Arabia, Egypt, Turkey, Lebanon, and Tunisia for projects in the Middle East, Asia, and Africa.
See www.miga.org for more details.
For media information, please contact:
Nazzrine Candelaria / Marin Masnic
Milestones Marketing Communications
Tel: +971-(0)4- 3914867
Fax: +971-(0)4-3678097
Mobile: (050) 8572680 Nazzrine / (050) 7749482
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is a member of the Islamic Development Bank Group (IDB), a AAA rated multilateral development institution based in Jeddah, Saudi Arabia.
ICIEC was established in 1994 with the objective to increase the scope of trade transactions from, and to facilitate foreign direct investment into its 36 Member Countries in the Middle East, North Africa, Asia and sub-Saharan Africa. ICIEC fulfils these objectives by providing Islamic Sharia'ah compatible credit and country risk insurance and re-insurance instruments. These products cover a variety of risks including non-payment of export receivables, expropriation, civil wars/disturbances, and breaches of contract.
ICIEC also manages the Investment Promotion Technical Assistance Program of the IDB - a grant assistance program aimed at improving the investment climate of the IDB member countries.
For more details, please visit www.iciec.com
About MIGA
The World Bank Group's MIGA provides guarantees (insurance) against political risks for cross-border investments into developing countries and emerging markets. With 169 member countries and over $16 billion in insurance issued, MIGA is the largest multilateral agency of this type.
MIGA's guarantees protect investors against the political risks of expropriation; inconvertibility/transfer; war/civil disturbance/terrorism; and breach of contract. Equity investors and lenders benefit from improved risk/return profiles for projects, and MIGA guarantees are often required before banks will lend to projects in certain markets. MIGA has a special focus on supporting investors and lenders from Broader MENA who are venturing into frontier markets, and has assisted companies from Saudi Arabia, Egypt, Turkey, Lebanon, and Tunisia for projects in the Middle East, Asia, and Africa.
See www.miga.org for more details.
For media information, please contact:
Nazzrine Candelaria / Marin Masnic
Milestones Marketing Communications
Tel: +971-(0)4- 3914867
Fax: +971-(0)4-3678097
Mobile: (050) 8572680 Nazzrine / (050) 7749482
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