Saudi Arabia remained the region’s largest destination for investment, with $24.3bn of net inflows during 2007, more than double the amount it attracted in 2005, according to an annual survey of FDI flows by the UN Conference on Trade and Development (UNCTAD).

The kingdom’s investment inflows in 2007 were 33 per cent higher than in 2006. The UAE attracted the second-highest level of investment at $13.3bn, although this figure was just 3 per cent higher than in 2006.

Egypt was the third-largest destination with investment inflows of $11.6bn, making its inflows more than four times larger than the next most attractive North African destination, Morocco.

Kuwait had a lower level of investment than any other country with just $123m, which was less than Iraq, Iran, Mauritania, Syria or Yemen.