(MENAFN) Middle East and North African states are expected to invest USD755 billion in energy projects over the next five years despite the plunge in world oil prices, Oman Observer reported.
The Arab Petroleum Investments Corporation (APICORP) said its projection for the 2015-19 period was only slightly down on the USD760 billion that it forecast for 2014-18.
Oil is expected to account for 31 percent of the investment spend and gas for 27 percent. The other USD316 billion is projected to be invested in power generation to meet soaring demand for electricity.
The region's top investor Saudi Arabia is expected to buck the trend with a reduction in capital spending after the completion of a series of mega-projects. The UAE comes second with investment of USD116 billion.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.