- Despite an annual decline in the value of global greenfield project announcements, the level remains high by historical standards, supported by several large-scale projects related to the manufacturing of semiconductors and AI technology.
- The value of new greenfield projects in the UAE fell 33% y/y in 2024 to USD 14.5bn, representing a normalisation after a particularly strong 2023. Dubai remained the largest recipient of greenfield FDI in the UAE, accounting for around 58% of the total value of announced projects, followed by Sharjah with almost 12% in 2024.
- Industries that saw the largest value of announced greenfield projects in the UAE in 2024 include real estate, software & IT, renewables, coal, oil and gas, business services, and automotive OEMs.
- Although the value of Saudi greenfield project announcements declined 28% y/y in 2024 to almost USD 22bn, it remains strong, being the third highest annual value on record.
- The US, China, the UK and the UAE were the top source countries for Saudi greenfield projects in 2024. The value of projects stemming from the US saw a sharp rise in 2024, driven by a USD 5.3bn investment by Amazon Web Services in data and innovation centres.
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Jeanne Walters
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