Apicorp slashes five-year regional energy investment outlook by 18% – The National

Apicorp slashes five-year regional energy investment outlook by 18% – The National

The economies of the Middle East are likely to experience a W-shaped recovery, according to the multilateral lender. Planned and committed energy investment in the Middle East is expected to fall 18 per cent over the next five years, the Arab Petroleum Investments Corporation said.. The multilateral lender slashed its five-year outlook to $792 billion from $965bn.. A recovery in energy investments could take up to "two to three years" she said.. The GCC, which accounts for much of the oil production and exports in the Middle East and North Africa, registered a 2.3 per_cent increase in committed investment, compared with 6 per_cent for the region as a whole.. Investment in gas will pick up over the five year period as Opec producers in the Middle East cut back on oil production to comply with the group's output curbs.. The region's power sector registered a $114bn decline due to the commissioning of several projects in Egypt, the UAE and Saudi Arabia in 2019.. "The trends that we are seeing in our region as far as the gas value chain are very different.. Saudi Arabia is set to account for $39bn in gas investment.. In North Africa, Egypt could attract as