Oil producers in the Middle East and North Africa plan to invest $740 billion on energy projects in the next five years, led by Saudi Arabia, according to Arab Petroleum Investments Corp.
High oil prices will allow them to resume projects that were delayed at the height of the financial crisis, the inter- governmental energy lender said.
Saudi Arabia tops the list with committed investments of $165 billion, mostly generated by Saudi Arabian Oil Co. and Saudi Basic Industries Corp. (SABIC), followed by the U.A.E. that plans to invest $107 billion in the period, the lender known as Apicorp said in an e-mailed report.
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