State Grid Corporation of China sets up first office in DIFC

State Grid Corporation of China sets up first office in DIFC

China’s leading state-owned electric utility corporation, State Grid Corporation of China (SGCC) has expanded its presence in the region by setting up their first office in Dubai International Financial Centre (DIFC). The newly established entity will support the region in advancing its energy transition with a focus on electricity transmission and distribution with investment, construction and operation of power grids as its core business. SGCC has successfully invested in utilities in Oman as well as internationally in Italy, Portugal, Greece and the Philippines, in addition to operating backbone energy networks in Brazil, Australia and Chile. The total overseas investments amount to $23.2bn and its overseas equity capital is approximately $65bn. Furthermore, the UAE and China have long-standing relations and share a strategic vision to cooperate in energy, technology, the green economy and the digital economy. Arif Amiri, CEO of DIFC Authority said: “DIFC continues to attract companies from across the world who can contribute to our future economic growth, including China’s State Grid who have now established their presence in the Centre. Through the UAE Net Zero by 2050 Strategic Initiative, the country is investing heavily in renewable energy to safeguard the future for generations to come. China’s State Grid,