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The Middle East and North Africa region is expected to invest $1 trillion in energy in the next five

  • Source:the Internet
  • Release on:2019-04-26
GulfNews reported on April 23 that the latest statement from the Arab Petroleum Investments Corporation (Apicorp), a multilateral financial institution headquartered in Saudi Dammam, shows that the next five yearsmiddle EastThe North African regional programme and the promised power sector contributed $1 trillion (about 3.67 trillion dirhams).

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The statement shows that Saudi Arabia's medium-term plan and promised capital contribution is the largest, and the UAE and Kuwait have also drawn ambitious plans. Looking ahead, Iraq will focus on rebuilding its power infrastructure; Egypt will put upstream gas and electricity funding top priority in order to satisfy growing demand. It is worth noting that most countries in the Middle East and North Africa region will largely transform into natural gas, industrial downstream and petrochemical industries, and together they will invest in renewable energy.

According to Apicorp's statement, following the rising demand for electricity, the Middle East and North Africa regional power project now accounts for 36% of the total regional investment, and 34% of the power project's contribution is for renewable power generation projects. In the next five years, the natural gas sector investment in this region is expected to reach US$186 billion, accounting for nearly half of the total promised investment; the petrochemical sector will continue to increase, and the estimated capital contribution will reach US$123 billion, of which the US$33 billion project has In the process of fulfillment.

However, Dr. Ahmad Ali Attiga, chief executive officer of Apicorp, said in the notice that although the countries in the Middle East and North Africa region will continue to increase their investment in the dynamic range, they will face some challenges and constraints in the medium term. They believe that the private sector will play an important role in regional power financing planning financing.

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