Finance Department, College of Business, King Abdulaziz University, Rabigh, Saudi Arabia.
Marketing Department, College of Business, King Abdulaziz University, Rabigh, Saudi Arabia.
PLoS One. 2024 Feb 15;19(2):e0298129. doi: 10.1371/journal.pone.0298129. eCollection 2024.
In general, foreign direct investments (FDIs) play a crucial role in driving a country's economic development, promoting diversification, and enhancing competitiveness. The Gulf Cooperation Council (GCC) countries, which heavily rely on the oil and gas sectors, are particularly vulnerable to fluctuations in commodity prices. However, these countries have recognized the imperative of economic diversification and have increasingly turned to inward FDIs to achieve it. By attracting capital, advanced technology, and expertise from foreign investors, FDIs enable the GCC countries to expand their economic base beyond the oil and gas sectors. This diversification not only creates employment opportunities but also fosters resilient economic growth, ultimately leading to an improvement in the living standards of the local population. This study investigates the macroeconomic and environmental factors that potentially attract foreign direct investment (FDI) inflows into the Gulf Cooperation Council (GCC) countries in the long run. Additionally, the study explores the causal relationship between these factors and FDI inflows. The panel autoregressive distributed lag (ARDL) approach to co-integration is the primary analytical technique used, utilizing long time-series data from six GCC countries, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE) during the period 1990-2019. The empirical results indicate that, in the long run, almost all independent variables significantly influence FDI in GCC countries. Variables such as GDP growth (GDPG), inflation (INFL), carbon dioxide emissions (CO2), and urbanization (URB) are found to be highly significant (p≤0.01) in their impact on FDI. Moreover, unemployment (UNEMP) also positively and significantly influences FDI in these countries in the long run. Based on the key findings, strategies aimed at reducing persistently high unemployment rates, maintaining population growth, viewing FDI as a driver for GDP growth, and continuing with infrastructure development and urbanization are expected to attract more FDI inflows into GCC countries in the long run. Additionally, fostering both long-term economic incentives and creating a conducive business infrastructure for investors are vital for attracting inward FDI into any nation, including those in the GCC. This research would benefit various stakeholders, including governments, local businesses, investors, academia, and the local society, by providing valuable knowledge and informing decision-making processes related to economic development, diversification, and investment promotion.
一般来说，外国直接投资（FDI）在推动国家经济发展、促进多元化和增强竞争力方面发挥着至关重要的作用。海湾合作委员会（GCC）国家严重依赖石油和天然气部门，因此特别容易受到商品价格波动的影响。然而，这些国家已经认识到经济多元化的必要性，并越来越多地将外国直接投资作为实现这一目标的手段。通过吸引外国投资者的资本、先进技术和专业知识，FDI 使 GCC 国家能够将其经济基础扩展到石油和天然气部门之外。这种多元化不仅创造了就业机会，还促进了有弹性的经济增长，最终提高了当地居民的生活水平。本研究调查了长期内吸引外国直接投资（FDI）流入海湾合作委员会（GCC）国家的宏观经济和环境因素。此外，本研究还探讨了这些因素与 FDI 流入之间的因果关系。面板自回归分布滞后（ARDL）协整方法是主要的分析技术，使用来自六个 GCC 国家（包括巴林、科威特、阿曼、卡塔尔、沙特阿拉伯和阿拉伯联合酋长国）的 1990 年至 2019 年的长期时间序列数据。实证结果表明，从长期来看，几乎所有的自变量都对 GCC 国家的 FDI 产生了显著影响。研究发现，在长期内，GDP 增长率（GDPG）、通货膨胀率（INFL）、二氧化碳排放量（CO2）和城市化率（URB）等变量对 FDI 的影响非常显著（p≤0.01）。此外，长期来看，失业率（UNEMP）也对这些国家的 FDI 产生了积极而显著的影响。基于主要发现，旨在降低持续高失业率、保持人口增长、将 FDI 视为 GDP 增长的驱动力以及继续进行基础设施建设和城市化的战略预计将在长期内吸引更多的 FDI 流入 GCC 国家。此外，为吸引外国直接投资流入任何国家，包括海湾合作委员会国家，长期经济激励措施和为投资者创造有利的商业基础设施都是至关重要的。本研究将使包括政府、当地企业、投资者、学术界和当地社会在内的各种利益相关者受益，为与经济发展、多元化和投资促进相关的决策过程提供宝贵的知识。
