Apicorp slashes five-year regional energy investment outlook more than 21% – The National

Apicorp slashes five-year regional energy investment outlook more than 21% – The National

The economies of the Middle East are likely to experience a W-shaped recovery, according to the multi-lateral lender. The GCC, which accounts for much of oil production and export in the Middle East and North Africa saw a 2.3 per_cent increase in committed investments, compared with 6 per_cent for the region as a whole.. The increase indicated a higher project execution in the Gulf economies, according to Apicorp.. The economies of the Middle East are likely to experience a W-shaped recovery, characterised by a rapid recovery, followed by a second period of recession, according to the bank's chief executive Ahmed Ali Attiga.. 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.. Gulf producers such as Saudi Arabia and the UAE are also prioritising development of their gas reservoirs to meet growing power demands as well as for export purposes in the future.. The regional power sector meanwhile registered a $114bn decline due to the commissioning of several projects in Egypt, the UAE and Saudi Arabia in 2019.. Saudi Arabia is set to account for $39bn spending in gas investment.. Iraq,