June 14, 2022
Energy investments in the Middle East and North Africa are projected to grow 9 per cent in the next five years to more than $879 billion, as energy exporters boost spending amid higher oil revenue, according to a report by Arab Petroleum Investments Corporation (Apicorp). The investments, which include both planned and committed investments in the region between 2022 and 2026, are up $74bn when compared with last year’s estimates by the Saudi Arabia-based multilateral lender. Saudi Arabia, Opec’s largest crude producer and the Arab world’s largest economy, is expected to lead the region in energy investments, followed by Iraq, Egypt and the UAE, Apricorp said in its Mena Energy Investment Outlook 2022-2026 report on Tuesday.
Read the original article in The National News: Mena energy investments to hit $879bn in next five years