The UAE could pump a whopping $76 billion into projects to develop its hydrocarbon sector over the next five years to become the second largest Arab energy investor after Saudi Arabia by overtaking Iran.
Official estimates showed energy capital investments in the Middle East and North Africa (Mena) could total around $525 billion during 2012-2016 but such projects face funding problems, rising costs and other challenges.
“In the contexts of a global economic downturn and regional political turmoil, our review of Mena energy investment for the five-year period 2012-2016 points to a broken momentum, yet mixed outlook. On the one hand, driven by the oil downstream and the power sector the anticipated investment of $525bn is higher than the actual capital requirements found in the last review,” said the Dammam-based Arab Petroleum Investment Corporation (Apicorp), an affiliate of the 10-nation Organisation of Arab Petroleum Exporting Countries (Oapec).
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