UAE may cut energy investments by $8bn in 5 years

The UAE is expected to slash investment in its hydrocarbon and other energy projects by nearly $8 billion (Dh29bn) in the next five years because of lower costs and the global financial turmoil, an official report said yesterday.

Other oil producers in the Middle East and North Africa (Mena) region are also expected to trim capital requirements in the energy sector during 2010-14 but the UAE will be the least affected, showed the report by the Dammam-based Arab Petroleum Investment Corporation (Apicorp).

The report, sent to Emirates Business, showed the total Mena energy investments during that period would plunge by around 30 per cent, or nearly $271bn, from $550bn to $385bn.