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Mena energy investments to exceed $805bn over next five years

Business Tuesday 04/May/2021 17:25 PM
By: Times News Service
Mena energy investments to exceed $805bn over next five years
Photo: Supplied

Muscat: The overall planned and committed investments in the Middle East and North Africa (Mena) region will exceed $805 billion over the next five years (2021–2025) – a $13 billion increase from the $792 billion estimates in last year’s five-year outlook.

The Arab Petroleum Investments Corporation (Apicorp), a multilateral development financial institution, estimates in its Mena Energy Investment Outlook 2021-2025 report attributes this modest rise to four factors.

These are strong confidence in the rebound of global gross domestic product (GDP), rising energy demand, the comeback of Libyan projects – which alone accounts for around $10 billion in planned projects – and the accelerated pace of renewables in the region.

The report further states that per current estimates, Mena will add 3GW of installed solar power capacity in 2021 alone – double that of 2020 – and 20GW over the next five years.