The Arab Petroleum Investments Corporation (APICORP) has predicted that investments in natural gas projects are set to see a rise in the Middle East and North Africa (MENA) region despite a dampening of fuel, according to Bloomberg.

According to the multinational development financial institution, gas projects planned or under development in the region will require around $211 billion worth of investments between 2020 and 2024. This is up from APICORP’s previous estimate of $185 billion between 2019 and 2023.

Not surprisingly, the world’s largest gas exporter, Qatar, is expected to account for the largest proportion of this with $22 billion of planned investment.

This is a general trend throughout the region with countries starting to transition towards less carbon-intensive ways to produce electricity. Subsequently, there is a wave of new gas projects while cutting oil-related investments.

State-run companies and entities account for as much as 92% of investments in the region’s gas projects.