According to a new report published by the Arab Petroleum Investments Corporation (APICORP), total committed and planned energy investments in the MENA region, including Iran, will reach USD 900B over the next five years. The multilateral development bank’s report, MENA Investment Outlook reveals that despite uncertainties in the region’s investment outlook, APICORP estimates a 19% increase in total MENA energy investment activity over the next five years, representing an increase of USD 145B from the year before, to USD 900B.
Along with the UAE and Kuwait, leading the investment drive will be Saudi Arabia, 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, but will face many above-ground challenges.
Dr. Raed Al-Rayes, Deputy Chief Executive & General Manager of APICORP, said: “Global investments in oil and gas fell by 20% in 2015 compared with 2014, one of the biggest drops in history. However, against this trend, we expect the MENA region to continue investing heavily as major energy-exporting countries expand the size of their energy sectors and strengthen their positions within global markets.”