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MENA investments in energy projects to hit $870bln over next 5 years: APICORP | |
| Staff Writer |
It is estimated that energy investments in the Middle East and North Africa (MENA) region will rise by 9 percent i.e around $870 billion over the next five years, like energy security and transition to a cleaner energy mix becomes more than just an aim, according to Saudi-based Arab Petroleum Investments Corporation (APICORP). The total value of committed investments is $74 billion higher than the previous estimate of $805 billion. This will be led by Saudi Arabia, only to be subsequently followed by Iraq, Egypt, and the UAE, the multilateral development bank said.
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As far as the total committed investments, the GCC will account for 45 percent, which is 50 percent higher than the average of 30 percent for the MENA region.
“The region continues to progress in its unique energy transition path… MENA countries shoulder the largest share of global investments in oil and gas going forward to ensure global energy security and avoid an impending super cycle that may severely hamper the world economy,” noted Ramy Al-Ashmawy, Senior Energy Specialist at APICORP.
Countries across borders and boundaries are aiming for better energy security. At the same time, these countries also have diversification and transition toward renewables as part of their agenda.
As for meeting renewable targets, Morocco and Jordan at 40 percent and 20 percent are leading the pack while countries like the UAE, Saudi Arabia, Egypt, and Oman still have relatively low renewable energy generation. These numbers are expected to rise significantly, given that there are several projects underway.