The energy sector in the Middle East and North Africa will amass almost $1 trillion in investment over the next five years, as countries build out energy capabilities and pivot to renewables, according to new research.
The Arab Petroleum Investments Corporation (Apicorp), a multilateral development bank with around $7 billion in total assets, provides an annual estimate for both planned and committed investments for 2019 to 2023.
“We are seeing growth in the total amount of investments going into the energy sector,” Apicorp CEO Ahmed Attiga told CNBC’s “Capital Connection” on Wednesday.
The group says planned investments account for the majority of the spending at $613 billion while committed investments cover the remainder.
