What's Hot

    Gitex Africa – Tech giants, startups, and SMEs converge in Morocco

    June 2, 2023

    Ecobank launches single market trade hub for African businesses

    June 2, 2023

    FAB unveils first supply chain finance program in KSA, collaborating with Alfanar

    June 1, 2023
    Gulf Africa ReviewGulf Africa Review
    • Industry
    • Infrastructure
      1. Airport
      2. Hospitality
      3. Ports
      4. Power
      5. Rail
      6. Roads
      7. Transport
      Featured

      Osun seeks to capitalise on infrastructure momentum

      Infrastructure May 21, 2018
      Recent

      Dangote refinery set to be commissioned in two weeks

      May 8, 2023

      An Nisa Taxi a Kenyan women-only taxi service to expand to Saudi Arabia

      May 4, 2023

      AD Ports Group invests Dhs955m to bolster its fleet

      May 1, 2023
    • Business & Trade
      1. Agri-Business
      2. Entrepreneurship
      3. FDI
      4. Legislative
      5. MEA
      6. Telecoms
      7. Properties
      Featured

      Analysts predict bullish future for Nigeria’s REITs market

      Business Business & Trade January 21, 2018
      Recent

      Ecobank launches single market trade hub for African businesses

      June 2, 2023

      IATF – Cairo Selected as the venue for the 3rd Intra-African Trade Fair

      May 31, 2023

      AeTrade Group promotes job creation and digital inclusion to boost Intra-African trade

      May 30, 2023
    • Finance
      1. Banking
      2. Islamic finance
      Featured

      Riyadh Valley Company invests in STV’s Total Growth Platform

      Business Finance April 4, 2023
      Recent

      Riyadh Valley Company invests in STV’s Total Growth Platform

      April 4, 2023

      South Africa’s Fin acquires Thuthukani

      March 24, 2023

      Fintech dominates African startup funding

      February 15, 2023
    • Innovation
    Gulf Africa ReviewGulf Africa Review
    Power

    MENA energy investments to reach USD 879 billion by 2026

    June 15, 20223 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    MENA energy
    Energy sector spending across the MENA region will focus on renewables, oil and gas, petrochemicals and power.
    Share
    Facebook Twitter LinkedIn Pinterest Email

    MENA energy investments are set to hit USD 879 billion by 2026, according to a report by Apicorp. Saudi Arabia, Iraq, Egypt and the UAE will lead the way.

    According to a report by the Arab Investment Corporation, Apicorp, an energy-focused financial institution, energy investments over the next five years are set to grow by 9% to each USD 879 billion as exporters boost spending on the back of higher oil revenues.

    Widespread investment in MENA energy sectors

    Committed projects, those in the execution phase, account for USD 352 billion, with planned projects representing USD 527 billion of the total. Saudi Arabia will lead the region in terms of investments, followed by Iraq, Egypt and the UAE, according to the report. The investments will span a number of sectors, including power, petrochemicals and oil and gas.

    Gulf states are expected to generate up to USD 1.4 trillion in additional revenue thanks to rising oil prices, according to the International Monetary Fund. Oil prices rose by 67% across 2021 and are still up 60% on last year due to concerns over the ongoing Russia-Ukraine conflict.

    The rise of green energy

    States across the region are expected to add 5.6 gigawatts of installed capacity from renewables in 2022, up from the 3 gigawatts that came online in 2021, according to the report. By 2026, this figure is expected to rise to 33 gigawatts. Morocco are Jordan are leading the way in terms of green power, with the former aiming to generate 52% of its needs by 2025.

    The UAE aims to become carbon neutral by 2050, with clean and renewable energy investments worth USD 163.5 billion planned over the next three decades. Projects include the building of the world’s largest solar plant at Al Dhafra and the creation of the Mohammed bin Rashid Solar Park, which is expected to generate 5,000 megawatts of power.

    Gas to grow, oil-fired power to fall

    By 2024, natural gas is expected to grow to a share of approximately 70-75% of power generation across the MENA region, whereas oil-fired power generation will fall from approximately 24% of the regional total to 20%, according to the report.

    Blue and green hydrogen investments

    According to Apicorp, blue and green hydrogen production will account for the majority of emerging hydrogen markets over the period in the MENA region. The UAE is currently focused on improving its hydrogen production in order to position itself as an exporter and is seeking to capture 25% of the global market. The issuance of green and sustainable bonds in the MENA region in 2021 increased by over 300% to reach USD 18.64, according to the report.

    MASDAR and AMEA Power recently signed deals to produce green hydrogen in Egypt, Morocco and the DRC.

    energy Gas Green Hydrogen oil power renewable energy
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleMENA startups raise USD 176 million in May
    Next Article Sierra Leone’s Investment and Export Promotion Agency meet with Qatar Chamber to discuss economic cooperation

    Related Posts

    Business Energy

    Tanzania’s USD 42 billion LNG project attracts African interest

    May 16, 2023
    Business Energy Infrastructure Power

    Dangote refinery set to be commissioned in two weeks

    May 8, 2023
    Business Startups Transport

    An Nisa Taxi a Kenyan women-only taxi service to expand to Saudi Arabia

    May 4, 2023
    View 5 Comments

    5 Comments

    1. Pingback: ACWA Power signs agreement for 1.1 GW wind project in Egypt

    2. Pingback: SA Investment Conference receives 80 pledges worth USD 19.7 billion

    3. Pingback: Rockefeller Foundation to support climate resilient infrastructure in Africa

    4. Pingback: Ryse Energy Raises USD 15 million

    5. Pingback: Green Energy Cluster calls for tenders for 15,000 MW solar project

    Leave A Reply Cancel Reply

    LATEST STORIES

    Gitex Africa – Tech giants, startups, and SMEs converge in Morocco

    June 2, 2023

    Ecobank launches single market trade hub for African businesses

    June 2, 2023

    FAB unveils first supply chain finance program in KSA, collaborating with Alfanar

    June 1, 2023

    IATF – Cairo Selected as the venue for the 3rd Intra-African Trade Fair

    May 31, 2023

    AeTrade Group promotes job creation and digital inclusion to boost Intra-African trade

    May 30, 2023
    • Business
      • Agri-Business
      • Entrepreneurship
      • FDI
      • Legislative
      • MEA
      • Properties
      • Telecoms
    • Infrastructure
      • Airport
      • Hospitality
      • Ports
      • Power
      • Rail
      • Roads
      • Transport
    • Finance
      • Banking
      • Islamic finance
    • Commodities
      • Agri commodities
      • Metals & minerals
      • Precious metals
    • Culture & Society
      • Education
      • Energy
    GAR logo
    © GulfAfricaReview.com 2014-2022, All Rights Reserved.

    Gulf Africa Review is a trade news and future networking platform for businesses leaders and trade organisations, established to first inform and secondly assist in facilitating the ongoing business and trade relations between the Gulf Cooperation Council countries and Sub-Saharan Africa. We aim to provide an apolitical voice for this channel of economic activity in a way that benefits both geographies by improving the availability of information about market events, developments and opportunities, while publicising the successes achieved by this ever-broadening regional relationship.

      Subscribe to our newsletter

      Type above and press Enter to search. Press Esc to cancel.