Saudi Arabia is set to lead a trillion-dollar regional investment splurge

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 group says planned investments account for the majority of the spending at $613 billion while committed investments cover the remainder.The power sector accounts for the largest share of total investments at $348 billion. Of that, there are $90 billion worth of projects currently under execution.

The report said the case for switching from oil to gas and renewables remains strong in countries with sizeable gas reserves, such as Saudi Arabia and Iraq, or where the share of liquids in power generation remains significant.

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