Foreign acquisitions in past year
included insurance and real estate
Foreign Direct Investment (FDI) inflows reached $3.7 billion in 2012, up by nine percent from 2011, according to UNCTAD’s World Investment Report 2013. However, this figure is still lower than in 2010 and 2009, when FDI inflows stood at $4.3 and $4.8 billion respectively. The country was the fourth largest FDI recipient among 13 economies in West Asia, just behind Turkey, Saudi Arabia, and the UAE. FDI to the region decreased overall by four percent to $47 billion.
“Lebanon registered positive FDI growth, enhanced by foreign acquisitions in the insurance industry and in services related to real estate,” the report said. During 2012, Bank Audi sold most of its stake in its insurance arm, LIA Insurance, to a Moroccan financial company, Saham Finances. The Syrian-owned Dogmoch Group also bought a majority stake in the MidTown Hotel from its Lebanese owners.
Cumulative FDI stock stood at $52.8 billion at end-2012. Net FDI, which includes inflows and outflows, stood at $3.2 billion, compared to net FDI of $2.7 billion in 2011.
Date Posted: Jun 27, 2013