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The emerging literature on foreign direct investment (FDI) now stipulates that FDI's positive impact on growth depends on absorptive capacities. Prime among these capacities is financial development. The paper provides support to this thesis in the context of the Arab countries whose financial system is predominantly bank-based. It finds that Arab FDI will have a favorable effect on growth if interacted with financial variables at a given threshold level of development. It also finds that indoi:10.1080/1475368032000158232 fatcat:nycsexr3wfgkdgh3h2zbpbrpxi