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FINANCIAL NEWS
UAE to invest USD76b in energy projects by 2016: APICORP
01 Feb 2012
(MENAFN) The Arab Petroleum Investment Corporation (APICORP) said that by 2016, the UAE would be forecasted to invest USD76 billion in energy projects, reported Emirates 24/7.
The affiliate of the 10-nation Organization of Arab Petroleum Exporting Countries (OAPEC) added that despite the current political turmoil in the region, Middle East and North Africa (MENA) region’s total energy capital requirements during 2012-2016 would be estimated at USD525 billion, recording the highest point since the start of the recession caused by the 2008 global financial crisis.
The Dammam-based corporation also said that Saudi’s investments in the energy sector were the highest in the region, with USD141 billion, mostly generated by the state-owned Saudi Aramco and SABIC.
It is worth noting that a little more than two-thirds of the energy capital investment potential was located in the same 5 countries, namely Saudi, UAE, Iran, Qatar and Algeria.
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