Over half of Egypt's foreign direct investment (FDI) was derived from the oil industry last year, new figures reveal.

In fact, 57 per cent of the country's FDI was attracted by the sector, according to the United Nations' (UN) Economic and Social Commission for Western Asia.

The study surveyed the FDI of the Arab world, which the results indicated fell by 6.3 per cent in 2008.

However, Saudi Arabia, the United Arab Emirates and Egypt brought in the most revenue from overseas, representing 76 per cent of the FDI flow into the region.

In Saudi's case, the figure stood at $22.5 billion for the year, due, in part, to the development of petrochemicals, which accounted for 16 per cent of the FDI, with the real estate and mining sectors achieving 21 per cent and ten per cent respectively.

The report concluded that the petrochemicals industry was one of the drivers of foreign investment, along with financial services and property.

The Economic and Social Commission for Western Asia is part of five regional organisations created by the UN to promote cooperation and integration between countries in regions across the globe.

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