The Arab Petroleum Investments Corporation (APICORP) has predicted that almost $950 billion will be invested into MENA energy projects over the next five years, according to CPI Financial.

The positive forecasts were published in APICORP’s annual MENA Energy Investments outlook and come despite the unstable geopolitical situation in the region.

The report states that roughly $354 billion has already been committed to ongoing projects and further investments totaling $574 billion are planned.

The World Bank has forecasted 3.2% GDP in the MENA region during 2018, increasing to 3.4% in 2019, raising expectations that regional investment levels will increase.

Saudi Arabia and the UAE make up 38% of planned investments at $149 billion and $72 billion respectively, as both Gulf states looks to upgrade their upstream oil and gas infrastructure. Egypt also plans to invest more than $30 billion into its energy infrastructure while Kuwait will put 50% of its $59 billion investment budget into the country’s oil sector.

The report also warned that low oil prices, geopolitical instability and rising capital costs will pose a threat to regional investment over the coming year.