The MENA region’s total committed and planned energy investments will reach $900b over the next five years, according to a new report published by the Arab Petroleum Investments Corporation (APICORP), Arab News reported.
Saudi Gazette explained that 38% of investments will go to the oil sector, 28% to power generation, 26% to gas, and 8% to the chemical sector.
The multilateral development bank’s report, MENA Investment Outlook — Big plans in uncertain times, reveals that despite uncertainties in the region’s investment outlook, APICORP estimates a 19% increase in total energy investment activity in the given period, representing an increase of $145b from the year before.
APICORP states that $289b of investment has already been committed to projects under execution in the region, while an additional $611b worth of development is planned.
Leading the investment drive will be Saudi Arabia, along with the UAE and Kuwait, which will look to invest across the energy value chain. Iraq and Iran will play catch-up and are determined to push their ambitious oil and gas plans forward, wrote Al Bawaba.
In North Africa, Algeria has vowed to pump billions into its upstream sector. It was also reported that much is expected of Egypt as its recent gas finds promise to meet rapidly rising power demand.
Renewable-energy projects will be at the forefront of efforts to meet rising power demand in Morocco, Tunisia, and Jordan.