Running Head: Literature Review 1

Table of Contents

Introduction......................................................................................................................................2

Literature Review............................................................................................................................2

Determinants of Foreign Direct Investment (FDI)......................................................................7

Perspective on Oil and Gas Business Environment...................................................................10

Importance of FDI for Developing Countries............................................................................11

Risks Involved in Foreign Direct Investment (FDI)..................................................................14

Conclusions....................................................................................................................................16

References......................................................................................................................................17
Running Head: Literature Review 2

Managing Oil and Gas Projects in

Developing Countries
Introduction

The Biggest increments sought after for oil and gas are happening in the creating scene,

which is likewise where the vast majority of the worlds demonstrated oil and gas stores are

found. Global vitality organizations - investors, hardware suppliers, builders, and counseling

firms—are in this way moving their consideration from Europe and North America to creating

nations, which are liable to offer more business open doors in the oil and gas part later on. Albeit

numerous new undertakings are being detailed, most don't take off in view of the troubles of

securing adequate financing.

Undertaking backers are being compelled to plan more adaptable and imaginative

financing bundles including a scope of accomplices from both general society and private areas.

Still, the business and political dangers frequently demoralize potential accomplices. With an end

goal to encourage the stream of trusts, the World Bank as of late overhauled its system in the oil

and gas part, giving more noteworthy accentuation to helping governments and privately owned

businesses oversee and relieve undertaking danger.

Literature Review

The principal composition on FDI passed on the Profit extension hypothesis to an overall

estimation and fought that significantly valuable firms put abroad with a particular deciding

objective to diminishing the cost of supplying their things in the remote business. Firms that

contribute abroad must have a business power or an exceptional purpose of inclination

Running Head: Literature Review 3

remembering the final objective to deal with the additional cost of working at a partition,

political threat, peril of seizure, swelling risk, et cetera. An oligopolistic business structure in the

home market (surrenders in the organizations for things, parts of era, and cash related assets) will

ask a firm to travel to another country remembering the final objective to catch a monopolistic

advantage. (Sarkis Joseph Khoury)

Khoury (1980) demonstrated authoritatively that risk widening as an in number sparkle of

FDI, especially in the organization division. Exactly when country peril and political risk are

mixed in the correlation, MENA countries end up being seriously blocked as they experience the

evil impacts of nonappearance of vote based framework, couple of serious absolutisms, and are

really destabilized by threats of fear and by the ever uprooted peace in the Middle East amidst

Israel and the Palestinians.

After the Second World War in 1945, the improvement of direct venture dialed down on

account of nations endeavoring to recover from the setbacks made by the war. It is opportune to

note however that, outside venture law contains layers of general worldwide law, general

standards of overall fiscal law and unmistakable norms difficult to miss to its area. Additionally,

principles of outside speculation law joins the laws of the host state and the part that the private

law of the host state and general law plays is liable to the setting of the individual case. This is

one of the reasons widespread standard law has gone remarkable lengths to guarantee outside

premiums in host countries by acclimatizing diverse laws that ensure remote speculations.

(Obichere)

The oil and gas industry is isolated into two sections: the upstream division in which

examination and era of crude petroleum and typical gas happen, and the downstream part in
Running Head: Literature Review 4

which the crude petroleum and trademark gas are taken care of in refineries and petrochemical

plants. Oil and gas change exercises are depicted by broad capital ventures which fuses a

sensible determination of the threats and prizes of each speculation opportunity. It is vital for

making countries to give a financial specialist friendly environment towards acquirements of

different sparks to remote speculators, especially worldwide oil associations (IOCs), to

augmentation direct venture streams.

The establishment of an unfaltering and secure environment is a foremost way that host

governments can expect a basic part in diminishing risk and propelling open entryway through

the use of suitable managerial terms and conditions for examination and creation (E&P) work,

and sufficient money related sparks to draw in foreign direct investment. Foreign direct

investment (FDI) is a vital wellspring of capital for advancement in making countries. Besides,

consequently contributes out and out to bringing total segment effectiveness up in host countries

in achieving their general fiscal development.

The immersion of outside financing to making countries has made remote speculators

transform into a key moneylender and whole deal overseer of base activities, especially in the

water, transport, data exchanges and essentialness parts. Yet an expansive bit of the world's

shown oil and gas stores are arranged in those countries, not a lot of had sufficient budgetary

resources for their upstream speculation s, especially for development of oil and gas examination

and era.

Most developing nations gift advancement rights to foreign organizations which have

sufficient capital, innovation and mastery, including capacities to oversee dangers towards their

enhanced portfolios. The historical drawback of upstream foreign direct investment amid the
Running Head: Literature Review 5

previous decades has been one of steady association between the improvement of the

characteristic assets of host nations with huge or possibly vast petroleum stores and the work of

worldwide oil organizations (IOCs) with their colossal innovation, capital, and administration

assets. Attributable to troubles in getting entrance to hazard capital and absence of mastery

required for asset investigation and improvement, most upstream oil and gas advancement

extends in developing nations were financed by the IOCs. (Abdel-ahman, 2002)

In 1995, the World Bank rethought its oil and gas loaning method in discussion with part

nations, delegates of the universal petroleum industry, and different wellsprings of money. The

Bank's new motivation, outlined in collaboration with other World Bank Group persons the

International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency

(MIGA)—incorporates specialized help, giving, and ensures as takes after, Helping nations to set

up lawful 4 Finance & Development/ June 1996 Chart 2 World Bank loaning for oil and gas

extends (1975–99).

The accentuation is moving from upstream businesses to framework and specialized help

Source: World Bank information. Helping governments in the natural cleanup of existing oil and

gas offices and in setting up models and establishments needed for checking the ecological

effects of oil and gas investment s. Encouraging global exchange investment s (basically gas

pipelines additionally condensed characteristic gas activities and oil pipelines). The level of

World Bank giving to the oil and gas segment has varied significantly in the course of recent

decades because of changes in economic situations and to moves in the Bank's own approach.

(Razavi, 1996)
Running Head: Literature Review 6

After the oil emergency of the 1970s, the Bank started to assume a noticeable part in the

oil and gas segment, helping part nations in adding to their indigenous vitality assets. By 1990,

the Bank was again dynamic in the hydrocarbon area; however this time the accentuation was on

advancing private segment inclusion and supporting the advancement of regular gas as a

substitute for coal and gas.

As per the 2014 World Investment Report distributed by UNCTAD, the nation is

presently just the third biggest FDI beneficiary in Western Asia, after Turkey and the United

Arab Emirates. Still, the Saudi government has put vigorously in national foundation to pull in

investment, FDI is seen as a standout amongst the best approaches to differentiate the economy

and give vocation to more youthful eras. The nation's controlled expansion and generally stable

trade rates, openness to foreign capital in upstream gas, and also broad privatization projects are

among the focal points pulling in the investors into the nation. (Santandertrade, 2015)

In conclusion, access to the world's biggest oil saves; low vitality expenses and an

exclusive expectation of living are conclusive elements for foreign investors. Once Saudi Arabia

turned into a person from WTO in 2005, the outside investment atmosphere in the Kingdom

considerably made strides. From an investor's perspective, the nation's solid focuses are financial

strength, the substantial neighborhood market with a high spending force (and a populace of

more than 27 million), sound frameworks and an all around controlled keeping money

framework. The legislature has made modern locales drawing in outside financial specialists in

Riyadh, Jeddah, Dammam, Qaseem, Al-Ahsa and Makkah.

The administration empowers organizations with nearby organizations, allowing more

guide and favorable circumstances to organizations whose capital is imparted to Saudis. The
Running Head: Literature Review 7

Department of Industry and Electricity and the Department of Finance ought to be reached for

more data on the different types of help allowed to outside investors. Foreign investment that

satisfies the necessities of the Foreign Capital Investment Code appreciates all benefits of

national capital and is qualified for the same treatment, insurance, and impetuses concurred to

national capital which incorporates exception from traditions obligations on apparatus, hardware.

Determinants of Foreign Direct Investment (FDI)

Foreign direct investment (FDI) alludes to the investment undertaking of a firm in an

abroad endeavor in which the outside investor has a long haul enthusiasm and in addition

significant control. Notwithstanding these financial and political variables, another variable is the

vicinity of regular assets, for example, mineral minerals, petroleum and common gas, coal, and

other crude materials, the accessibility of which may additionally go about as area particular

point of preference in drawing in FDI to host nations. Dunning (1998) likewise noticed that FDI

inflows to the oil and gas industry is of the asset looking for kind, which implies that one of the

key purposes behind the global oil organizations (IOCs) putting resources into such nation is a

result of its characteristic assets. (Pongsiri, 2005, p. 05)

Case in point, Azerbaijan, which is not even in the main 10 creating Asian FDI

beneficiaries, had the most astounding proportion of FDI to (GDP), mirroring the significance of

FDI in its hydrocarbons advancement. Another unmistakable trademark is that while extensive

capital investment is obliged, it takes quite a while to investigate and create oil and gas stores,

therefore obliging more opportunity for gathering advantages of such improvement. The

upstream oil and gas industry has been distinguished by numerous creating governments as a

need improvement division with impressive potential.

Running Head: Literature Review 8

This type of enactment, which is a successful and expedient system for kicking off the

upstream oil and gas division, has been received in numerous legislatures as a demonstrated

method for diminishing the apparent dangers of investment by the host nations. In light of the

need to give a financial specialist cordial environment, numerous creating governments have turn

out to be all the more eager to offer various money related and non-monetary motivating forces

to outside investors with a specific end goal to urge them to build FDI streams. These

incorporate monetary motivations, money related motivators and business inclinations.

Financial motivators incorporate expense decreases, quickened devaluation, investment

and reinvestment remittances, and exclusions from import and fare obligations. For the upstream

business, one motivator composed under the generation sharing enactment to empower

investigation and advancement of specific sorts of oil and gas is to permit financial specialists to

"cost" some of their investigation and improvement expenses (deduct them from their assessable

wage when they are brought about) as opposed to underwrite them. (Pongsiri N. , 2004)

For poorer countries with low levels of residential advancement, new innovation is

fundamentally foreign made. A portion of the innovation is typified in the imports of physical

products, for example, steel with enhanced qualities and new hardware that fuses changes in

velocity, quality-control components, and vitality productivity. Modes by which such

information is exchanged incorporate foreign direct investment (FDI) by multinational

organizations, innovation permitting assertions that give access to new items and forms, and the

livelihood of advisors from the industrialized countries. These vectors of innovation speak to an

endeavor to move toward universal best practice by acclimatizing innovations accessible abroad.
Running Head: Literature Review 9

Albeit on a fundamental level residential endeavors can create enhanced innovation, in

most poor countries there is constrained exertion in this circle. Nations require not utilize the

majority of the potential vectors of new innovation, yet they have to use in any event some.

Amid the 1950s, Japan depended intensely on innovation permitting while disheartening FDI. In

the 1960s and 1970s, Korea additionally to a great extent barred FDI yet utilized innovation

authorizing, specialists, and imported gear and intermediates as wellsprings of innovative

advances. (Pack, Spring, 2008)

All the more as of late, innovation exchanges through émigrés who either return home or

work together with previous partners has turn into a critical wellspring of innovation exchange,

however this is clearly reliant on a former "mind channel" of college alumni from the nation of

origin. To distinguish and apply such learning exchanges obliges a much instructed residential

work drive that is discriminating in the ID, adjustment, and retention of foreign innovation. All

the more as of late there has been significant examination of why new advancements are

reciprocal to gifted work. Amid the mechanical upheaval, it was gifted artisans who regularly

restricted the presentation of new innovations.

Presently it is their present day partners, PC researchers, electrical designers, or MBAs,

who advantage from the expertise serious nature of new advances. Neighborhood R&D

inexorably has disappointments, while picking up a dominance of innovations that have

demonstrated their adequacy in different nations has couple of deadlocks. Rather than the Asian

experience, most Middle Eastern countries have been unmanageable to association in global

innovation exchange through any of these instruments. Given no compelling reason to contend in

fare markets, firms could overlook those potential innovation exchanges that encouraged picks

up in efficiency that were so devotedly misused by the Asian countries.

Running Head: Literature Review 10

Perspective on Oil and Gas Business Environment

Worldwide rivalry for upstream oil and gas investment is driven by the offset of intrinsic

danger with the open door for accomplishing an equivalent prize. The way to comprehension the

upstream investment choice is the acknowledgment that the quest for and improvement of new

hydrocarbons includes numerous sorts of chances and dangers, extending from land, operational,

political, money related, legitimate, administrative, and the business. business opportunities and

dangers confronting potential outside financial specialists; hazard hunger and society of the

administration of IOCs; With this idea at the top of the priority list, examination of chances and

dangers can help strategy producers make progress in encouraging upstream investment s by

giving a comprehension of the needs of the upstream business and the drivers for upstream

choice making.

Upstream investment, particularly seaward, can be amazingly lavish and high hazard

contingent upon the subterranean measurements, for example, profundity of water, the

geographical structure of the store, and the extent of the potential stores. Most IOCs have

contributed unlimited human and monetary assets to assemble a capacity to comprehend and deal

with these measurements. The requirement for IOCs to seek after ranges of geographical

potential is by need adjusted with the organization's qualities and capacity to oversee different

subterranean dangers at each stage. Keeping in mind the end goal to settle on investment choices,

organizations place opportunities inside key and monetary systems in which the dangers and

prizes of every can be assessed, measured, and analyzed.

On the off chance that an IOC deals with the dangers and executes its operations in a

mindful and compelling way, the organization can make esteem for its financial specialists.

Encouraging interest in upstream oil and gas advancement requires the making of the conditions
Running Head: Literature Review 11

for achievement and winning answers for IOCs, host nations, and purchasers. It is unrealistic to

change the topography of the nation, yet legislatures of host nations can change the over the

ground measurements to render their regular gift more alluring to IOCs. Producing arrangements

which permit IOCs the flexibility to work and oversee investment s and which cultivate the

decrease of task process duration from disclosure to first creation would amplify the potential for

ahead of schedule incomes. (Smith, 2002)

The part of governments is along these lines to plan and precisely keep up appealing

terms and conditions for investors taking into account the impetuses gave and the dangers to be

taken. This includes some innovative and creative ways to deal with the sorts of agreement

offered, the particular monetary terms, and inventive methods for showing the topographical

potential through adaptable ways to deal with arranging investigation land and adaptable ways to

deal with generation opportunities. Some of these measures improve the engaging quality of a

host nation to foreign investment without detracting anything from the nation itself.

Importance of FDI for Developing Countries

Developing nations have long been informed that outside investment will change their

economies, bringing abundantly required capital, producing employments and prompting

monetary development. These nations are unequivocally urged to organize pulling in outside

investment over whatever other measure which may advance industrialization and build up their

residential private segment. This is a position broadly supported by the British government with

the secretary of state for worldwide advancement saying as of late that 'the absolute most

essential thing a creating nation can do to profit by the exchange and investment opportunities

hurled by globalization, is to get their investment atmosphere right. (McGuigan)

Running Head: Literature Review 12

While the positive advantages of outside investment are generally advanced, there is

additionally a developing acknowledgment both that advantages are not programmed and that

foreign investment can likewise carry with it costs. Lessons from East Asia clearly exhibit that

for nations to genuinely profit by outside direct investment (FDI), it must be overseen

deliberately, with unequivocal endeavors made to make connections between foreign

organizations and the neighborhood economy. Be that as it may, such lessons are once in a while

connected by and by and developing nations are still urged to receive a liberal investment

system.

Since basic alteration the nation has embraced an extremely liberal way to deal with

investment, receiving the primary standards laid out above in their endeavor to pull in foreign

investment to the nation. Bolivia has privatized five of its fundamental state-claimed investment

s as a component of its procedure to draw in foreign investment. Amongst these the most vital is

the oil and gas industry which is presently the most element division of the Bolivian economy

and gets by a long shot the most outside investment (40 for each penny somewhere around 1990

and 2000).10 The measure of common gas stores is currently confirmed at 48.7 trillion cubic

feet11 and Bolivia is second just to Venezuela in the locale in its hydrocarbon assets.

Most Middle Eastern governments have as of late chosen to energize the part of the

private segment through fiery projects of privatization and the usage of microeconomic strategies

that minimize value mutilations in merchandise and component markets, to a great extent by

opening the economy to worldwide exchange and empowering aggressiveness. Egypt, Jordan

and Oman are a couple Middle Eastern economies that have chosen to profit by outside direct

interest in their battle to accomplish supported monetary development. Egypt is the biggest
Running Head: Literature Review 13

(more than 65 million populace), most industrialized however with slightest per capita salary

(not exactly US$1300). (Metwally, 2004)

The number of inhabitants in Jordan is pretty nearly 6.5 million and it’s for each capita

pay is marginally higher than that of Egypt. Every one of the three example nations have

presented various measures which go for pulling in outside capital at an extensive scale. The

measures presented by Egypt, for occurrence, incorporate the abolishment of fare assessments,

outside trade controls and bureaucratic methods in the method for investment. One of the

primary objectives of the Egyptian government is to address the deficiency in the nation's offset

of exchange. Egypt is one of only a handful few developing nations that experience the ill effects

of a steady deficiency in its exchange parity.

These economies want to utilize foreign capital, and they went hand in hand with skill in

extending the part of the fare segment to improve their global intensity and enhance the

execution of their equalization of installment. The recorded relationship and the geological area

between the EU nations and the Middle Eastern (ME) nations had an impact on their financial

relationship by and large and their exchange circumstance specifically. The EU nations are

thought to be the principle exchanging accomplices of the ME nations. Affirmation of these

verifiable, land and financial ties was appeared similarly as 1977 when Jordan, Syria, Lebanon

and Egypt marked respective exchange conventions with the EU.

The advancement of EU FDI (Foreign Direct Investment) amid the 1990s demonstrates

an expanding significance of the Mediterranean area for EU investors. Over the same period

complete EU resources held in different nations developed by and large by 22 percent for each
Running Head: Literature Review 14

year, the significant increment in EU FDI in the MPC started in 1998 and - pushed by sizeable

interests in Turkey and Egypt - came to record levels in 2000. (Son)

FDI adds to the UN Millennium Development Goals (MDGs) by expanding occupation

opportunities and consequently diminishing neediness. FDI likewise gives a wellspring of

income to host nations for open spending on human capital, especially in the range of essential

social insurance and training. FDI has had a positive effect on the advancement of Asia-Pacific

nations as of late. For instance, as indicated by the World Bank Development Indicators, Asia-

Pacific nations have recorded the best lessening in destitution since 1981, surpassing the MDG

focus of decreasing neediness considerably by 2015.

Overall, the area has likewise accomplished the MDGs of general essential instruction,

with a finishing rate of 98%, and in addition sex uniformity as far as access to essential and

auxiliary training. East Asia and the Pacific GDP has developed at a normal rate of around 8%

for each year for as far back as two decades, the most elevated among creating districts in 2004.

Both hypothetical and exact studies outline that FDI inflow adds to expanding improvement

abilities in host nations. These inflows give essential capital, innovation, preparing and aptitudes

that create generous duty income to host nations. One of the center segments of FDI inflow and

its effect on exceedingly learning based commercial enterprises; for example, ICT is its capacity

for R&D improvement at the national level.

Risks Involved in Foreign Direct Investment (FDI)

The thought is typically for the investor to sink noteworthy assets in the host state with

the trust of recovering its capital nearby benefits in future. Before any move is made from the

financial specialist, the short and long haul dangers of the investment are examined to assess if
Running Head: Literature Review 15

the investment danger merits taking. Where the investment or assets to be contributed are of

noteworthy extents, the investment s is not regularly made under the general laws of the host

nation. In its place, the financial specialist and the host nation arrange an investment assertion

which is normally known as an investment settlement or understanding.

This arrangement is typically altered to fit the premiums of both investor and host nation

particularly with regards to the laws that would coordinate the bargain. Amid transactions, the

investor looks for legitimate and also different insurances that it esteems important to the kind of

investment it tries to begin in the host nation. Foreign Direct Investment (FDI) is seen as an

imperative wellspring of investment especially in creating nations. The populace from which we

can focus the business estimate and additionally the development prospect of the economy is the

most vital determinant of FDI. (Nasser Bouyahiaoui, October, 2014)

It is normally expected that, a nation with a major business sector, can become rapidly

from a financial perspective and it is further accepted that the nation would have the capacity to

draw in more investors and accordingly add to monetary development. In light of OECD and

IMF definition for FDI and in light of Dunning order for the area particular variables, the

UNCTAD (2006) ordered the components influencing FDI into the accompanying determinants:

business looking for, effectiveness looking for, asset looking for, and made resources looking for

determinants. Business sector looking for determinants are identified with the method of

infiltration of nearby market in host nations.

Determinants, for example, business sector size, development potential and structure of

the business sector help organizations grow in universal markets. For the estimation of the

business size, we generally utilize GDP and populace, while GDP per capita and populace
Running Head: Literature Review 16

development are utilized as measures for business pattern and potential. Work profitability,

expense of the generation variables, assembling worth included, exchange openness and expense

lessening are potential measures for effectiveness looking for determinants.

Conclusions

From the above discussion of the whole of the literature of the impact of Foreign Direct

Investment (FDI) is that the foreign direct invest is the key factor which is engaging in the

elimination of the poverty from Middle East especially the developing countries of the Middle

East. Since last some decades the FDI is going to increase in Middle East and these countries are

building of their nations and trying to over the problem of poverty. Most developing nations gift

advancement rights to foreign organizations which have sufficient capital, innovation and

mastery, including capacities to oversee dangers towards their enhanced portfolios.

The historical drawback of upstream foreign direct investment amid the previous decades

has been one of steady association between the improvement of the characteristic assets of host

nations with huge or possibly vast petroleum stores and the work of worldwide oil organizations

(IOCs) with their colossal innovation, capital, and administration assets. It is also noted that there

are many threats for the oil and gas nations but it is also noted that there are many advantages for

the oil and gas companies in case of investing in the developing countries of Middle East but for

this purpose the developing countries should have to provide some additional facilities to these

companies then they can get huge benefit from Foreign Direct Investment (FDI).
Running Head: Literature Review 17

References

Abdel-ahman, A.-M. M. (2002). The Determinants of foreign direct investment in the Kingdom
of Saudi Arabia. Working paper No. 200238. The Economic Research Forum for the
Arab Countries, Iran and Turkey (ERF) , 01-09.

McGuigan, C. (n.d.). The benefits of FDI: is foreign investment in Bolivia’s oil and gas
delivering? Retrieved June 22, 2015, from http://www.boliviainfoforum.org.uk/:
http://www.boliviainfoforum.org.uk/documents/774917411_774914599_Bolivia%20oil
%20and%20gas%20investment%20report%20final.pdf

Metwally, M. (2004). Impact of EU- FDI on Economic Growth in Middle Eastern Countries.
European Research Studies, Volume 7, Issue (1-2) , 121-132.

Nasser Bouyahiaoui, S. H. (October, 2014). The Impact of Country Risk On Foreign Direct
Investments In The MENA Region. International Journal (ECTIJ) Vol. 1, No.1 , 01-12.

Obichere, U. (n.d.). Foreign Direct Investment and the Nigerian Oil and Gas Industry: A
Blessing or a Curse? Retrieved June 22, 2015, from http://www.academia.edu/:
http://www.academia.edu/2767227/Foreign_Direct_Investment_and_the_Nigerian_Oil_a
nd_Gas_Industry_A_Blessing_or_a_Curse

Pack, H. (Spring, 2008). Asian Successes vs. Middle Eastern Failures: The Role of Technology
Transfer in Economic Development: Technology transfer. Issues in Science and
Technology, Volume XXIV Issue 3 .

Pongsiri, N. (2005, March). Foreign Direct Investment and Regulation: A Case Study of
Thailand’s Upstream Oil and Gas Industry . Retrieved June 22, 2015, from
http://ageconsearch.umn.edu/:
http://ageconsearch.umn.edu/bitstream/30602/1/cr050100.pdf

Pongsiri, N. (2004). Partnerships in Oil and Gas Production-Sharing Contracts. International

Journal of Public Sector Management, 17 (5), forthcoming. .

Razavi, H. (1996). Financing Oil and Gas Projects in Developing Countries. Retrieved June 22,
2015, from http://www.imf.org/:
http://www.imf.org/external/pubs/ft/fandd/1996/06/pdf/razavi.pdf

Santandertrade. (2015, June). Saudi Arabia: Foreign Investment . Retrieved June 22, 2015, from
https://en.santandertrade.com: https://en.santandertrade.com/establish-overseas/saudi-
arabia/foreign-investment?
&actualiser_id_banque=oui&id_banque=0&memoriser_choix=memoriser
Running Head: Literature Review 18

Sarkis Joseph Khoury, a. E. (n.d.). Explaining the dearth of FDI in the Middle East. Retrieved
June 24, 2015, from http://www.luc.edu/:
http://www.luc.edu/orgs/meea/volume12/PDFS/2Nathalie_Explaining%20the%20dearth
%20of%20FDI%20in%20the%20Middle%20East.pdf

Smith, G. (2002). Facilitating Investments in the Upstream Oil and Gas Sector. Paper presented
to the 8th International Energy Forum, September 21-23, 2002, Osaka, Japan.
Cambridge Energy Research Associates.

Son, K. N. (n.d.). The impact of Foreign Direct Investment and Trade Openness on ICT
expansion a Comparitive Analysis of Asia and Middle Eastern Countires: Impact of FDI
Inflow and ICT Expansion in Developing Countries. Retrieved June 24, 2015, from
http://www.academia.edu/:
http://www.academia.edu/8723335/THE_IMPACT_OF_FOREIGN_DIRECT_INVEST
MENT_AND_TRADE_OPENNESS_ON_ICT_EXPANSION_A_COMPARATIVE_A
NALYSIS_OF_ASIA_PACIFIC_AND_MIDDLE_EASTERN_COUNTRIES