RIYADH: Energy investments in the Middle East and North Africa are projected to continue to prosper throughout 2022 due to elevated oil and gas prices, according to The Arab Petroleum Investment Corporation.

APICORP’s MENA Energy Investment Outlook 2021-2025 forecast $805 billion worth of investments; however new projections indicate that investments will rise over and above that figure.

“Power sector investments in MENA are also expected to continue to thrive, with an accelerating shift towards renewables,” the statement said, citing Ahmed Ali Attiga, CEO of APICORP, which is a multilateral development financial institution.

The region is projected to add an estimated 20 gigawatts of solar power over the next five years, Attiga disclosed.

In addition, strong pipelines of investments are seen directed to downstream projects especially in brownfield petrochemicals. This signals the region's push to back the sector.

In light of the energy transition, sustainable and comprehensive policies are crucial to achieve adequate balance between emission reduction, energy affordability, and energy security, the statement emphasized.

Moreover, as a result of the pandemic, macroeconomic policy uncertainty, and supply chain issues, volatility in commodity markets is anticipated to linger through 2022.

The energy market, on the other hand, will remain relatively stable due to higher oil production by OPEC+ and non-OPEC countries as well as increased gas production and LNG supply.

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