RIYADH: Saudi megaprojects will fuel a foreign direct investments surge across the Middle East and North Africa in 2024, according to capital adviser firm Lumina. A report from the London-based company highlighted the variety of significant undertakings throughout the MENA region that are expected to draw considerable investments from the UK. Among these, Saudi Arabia’s NEOM stands out as a flagship initiative under the Vision 2030 plan, envisioned as a high-tech mega-city with an estimated investment of $500 billion. Other developments contributing to this investment drive include the UAE’s Palm Jebel Ali and Tower at Creek Harbour. “As a cornerstone in regional governments’ plans, FDI will continue to flow across energy transition initiatives. Special economic zones and regulatory reform in Saudi Arabia will balance risk-return profiles. Green hydrogen projects in Saudi Arabia, UAE, and Oman will be implemented as a result of focused national strategies,” the report stated. Infrastructure developments in the region, such as the King Salman International Airport in Saudi Arabia and the Dubai Metro Blue Line, are also set to offer significant economic benefits and improved connectivity. The emphasis on renewable energy is highlighted by projects such as the Mohammed bin Rashid Al Maktoum Solar Park in Dubai, poised to become the world’s largest solar reservation, and Saudi Arabia’s Shuaibah 2 Solar Facility, which will supply power to hundreds of thousands of homes. Collectively, these undertakings underscore a promising investment landscape for the MENA region in the coming year. The report flagged up how 2022 was a record-breaking year for FDI in the Middle East, which also saw the Kingdom surpassing the UAE’s figures for the first time, the report added. It further highlighted that Saudi Arabia saw a 71 percent increase in FDI in 2022, marking its rising status as a regional investment hub. Furthermore, the Kingdom’s economy has seen promising growth in recent years, with the latest data showing an increase in non-oil activity. Saudi Arabia’s non-oil activities experienced a growth of 4.6 percent in 2023, reflecting the Kingdom’s ongoing efforts to diversify its economy away from crude, according to a report by the General Authority for Statistics. Additionally, FDI inflows to Saudi Arabia hit SR17 billion ($4.53 billion) in the third quarter of 2023, according to GASTAT.