Examining foreign direct investment determinants of tourism industry in Oman and Egypt: The moderating role of investment environment

Nasser A. Alkathiri and Mohammad Soliman

International Journal of Finance & Economics, 2022, vol. 27, issue 4, 4722-4740

Abstract: Limited research has examined foreign direct investment (FDI) determinants within the tourism industry, particularly in the MENA region. Thus, based on the internationalization framework of Dunning (Multinational enterprises and the global economy, Addison‐Wesley, 1993), this article aims to empirically investigate and compare the FDI determinants of the tourism industry in Oman and Egypt not only through the investors perceptive but more importantly through other stakeholders perspective such as experts in economy and tourism sector due to their vital role in decision making. It also examines the moderating role of investment environment on the relationship between the determinants and attractiveness of FDI. Further, PLS‐SEM was employed for data analysis purposes. The results revealed that resource‐seeking and efficiency‐seeking have a significant role in both countries. However, though market‐seeking was positive and significant in Egypt, it was found insignificant in Oman. Interestingly, the investment environment has a significant moderating role in both countries. The current study contributes to the literature by providing an obvious understanding of tourism FDI determinants with a special emphasis on the essential view of the related experts. It also presents a clear sight to tourism authorities on the essential factors that attract FDI in tourism.

Date: 2022
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