Gulf Cooperation Council (GCC) countries attracted approximately US$523.4 billion in foreign direct investment (FDI) in 2023, excluding intra-GCC flows, according to new data released by the Gulf Statistics Centre.
The figures underline growing international confidence in the Gulf’s business and investment environment.
The report showed that the GCC accounted for around 5 per cent of total global FDI flows in 2023. Intra-GCC investment also increased from US$88.2 billion in 2015 to $130.3 billion in 2023, representing about 20 per cent of the total foreign investment balance across the region.
Despite a fall in average oil prices from US$82.5 per barrel in 2023 to US$80.5 in 2024, the GCC’s external merchandise trade recorded growth of 1.1 per cent. Non-oil exports achieved notable expansion, reflecting progress in economic diversification, while re-exports continued to grow, supported by the region’s advanced logistics and transport infrastructure.
Public revenues across GCC countries reached US$670.2 billion in 2024, up 2 per cent year-on-year, while public expenditure stood at US$659.3 billion. The report attributed this to governments’ ongoing efforts to improve fiscal control and direct spending toward development, infrastructure, and social protection.
Non-oil revenues made up a growing share of public income due to the expansion of value-added tax (VAT) and selective taxes, combined with stronger digital systems for public financial management.
The report also noted positive performance across Gulf stock markets, with total market capitalisation increasing to about US$4.2 trillion in 2024. This growth came despite global monetary tightening in the United States and was supported by rising corporate profits, lower inflation, and continued institutional investment across key sectors.