The GCC can emerge as a global economic powerhouse with the combined GDP of its six countries doubling to $13 trillion, up from a projected $6 trillion by 2050, if the region embraces a green growth strategy, according to a research report.
The combined GDP of the GCC countries has already touched the $2 trillion mark and investment in green and sustainable projects could transform the region into a global powerhouse, according to Gulf Investment Report 2023, published by Century International Holdings.
The UAE has invested more than $40 billion in clean energy over the last 15 years, and has plans to invest an additional $163.5 billion in clean and renewable energy sources over the next three decades on the road to net zero, the report noted.
Total FDI flow into the GCC region declined 17.91 per cent to $37.12 billion in 2022, down from $45.22 billion recorded in 2021, despite the UAE recording a 10 per cent increase in FDI from $20.66 billion in 2021 to $22.73 billion in 2022,…
