Overseas investment in Lebanon rises

Source: Cityscape Intelligence

Lebanon has enjoyed a large increase in the amount of investment it attracts from overseas, according to recent figures.

Khaled Hussein, of the Economic and Social Commission for Western Asia (ESCWA), said there was a 32 per cent increase in foreign direct investment (FDI) in the Middle Eastern country in 2008.

He said that this equates to about $3.6 billion, the majority of which was invested in the Lebanese real estate sector, reports the Associated Press.

The largest single investor was Saudi Arabia, which contributed 63 per cent of the total.

Arab states dominated the FDI inflow into Lebanon, accounting for 90 per cent of the sum.

Lebanon was one of only five ESCWA states to have enjoyed an increase in FDI flows during 2008.

Saudi Arabia and the United Arab Emirates attracted the most FDI in the ESCWA region.

Earlier this month, the governor of Lebanon's central bank Riad Salameh, said the International Monetary Fund will revise the country's economic forecast upwards.