The GCC has emerged as fertile ground for greenfield projects and funding in the region. In 2024, the number of announced greenfield projects in the GCC rose slightly by 1%, reaching 1,830 from 1,813 in 2023. Growth was mainly driven by Saudi Arabia and the UAE, according to Emirates NBD Research.

Saudi Arabia remained the largest destination for greenfield foreign direct investment (FDI) in the GCC, securing 54% of the total project value, followed by the UAE at 36%. However, the average project value across the region fell by 26% year-on-year in 2024.

FDI sources for the GCC included the US (25%), China (17%), the UK (9%), and India (9%). The UAE also contributed significantly to greenfield FDI in other GCC countries, accounting for 5% of announced projects in 2024.

Key sectors for greenfield projects included communications (18%), renewables (14%), metals (8%), electronic components (8%), and coal, oil, and gas (8%). In Saudi Arabia, the value of greenfield project announcements declined by 28% to nearly $22 billion but remained strong, marking the third-highest annual value on record. The kingdom’s Vision 2030 aims to attract $100 billion in FDI annually by 2030, with greenfield projects being pivotal in reaching this target.

In the UAE, new greenfield project value dropped 33% to $14.5 billion, following a strong 2023. Dubai received the majority of FDI in the UAE, at 58%, while Sharjah accounted for 12%. Abu Dhabi’s share fell significantly compared to previous years, with notable reductions in renewables, automotive, and ICT investments.

Globally, greenfield FDI saw declines in both value and volume, with the US and UK seeing significant increases. However, developing economies saw a 24% decrease in greenfield project values, highlighting regional disparities.