Chinese companies have emerged as a crucial force driving energy transition in the League of Arab States member countries and regions, a recent EY report said.
Between 2018 and 2023, the total investment and construction contract value reached $52.6 billion, spanning both traditional and new energy sectors.
Oil and gas constitute approximately 74 percent of China's energy-related investments in LAS nations, totaling $41 billion. Key investment destinations include Iraq, Saudi Arabia, Qatar and the United Arab Emirates.
Total value of oil and gas infrastructure projects that Chinese enterprises participated in amounted to $31 billion.
Noteworthy investments are also being made in the new energy sector. Chinese investments in LAS solar and wind energy surpassed $13 billion from 2018 to 2023, representing 24 percent of the total investment.
Of particular interest is China's proactive expansion into the upstream segments of the renewable energy value chain, encompassing solar photovoltaic components and wind power equipment.
Furthermore, China has emerged as the largest source of automotive imports for LAS countries, exhibiting a compound annual growth rate of 23 over the past five years, said the EY report.
