UAE Emerges as Africa’s Dominant Energy Investor with $110 Billion Commitment
The United Arab Emirates has established itself as Africa’s largest foreign investor, with Emirati companies deploying approximately $110 billion across the continent between 2019 and 2023. This massive investment surge spans oil, gas, renewables, and infrastructure sectors, positioning the UAE as a crucial partner in Africa’s energy development.
State-owned Abu Dhabi National Oil Company has significantly expanded its African footprint, recently acquiring a 10% stake in Mozambique’s offshore Rovuma Basin Area 4 concession through its international arm XRG. The acquisition includes interests in the operational Coral South FLNG facility and planned Coral North FLNG project, targeting combined production capacity of 25 million tonnes per annum.
In Egypt, ADNOC has partnered with bp to launch Aricus Energy, a natural gas platform focused on unlocking upstream potential. Meanwhile, UAE-based companies continue expanding across Africa’s trade and logistics sectors, with DP World operating six ports across the continent and Abu Dhabi Ports extending operations to Guinea, Egypt, and Angola.
The renewable energy sector has seen particularly strong UAE investment, with Masdar pledging $2 billion toward African renewable initiatives by 2030. AMEA Power is advancing wind, solar, green hydrogen, and battery storage projects across multiple countries, with a clean energy portfolio now exceeding 2.6 GW across markets including Ethiopia, South Africa, and Morocco.
Source: oilandgasmiddleeast.com