UAE – Mubasher: State Grid Corporation of China (SGCC), a Chinese state-owned electric utility corporation, opened its first office in Dubai International Financial Centre (DIFC) to be its first unit in the UAE.
The new office is expected to support the region in boosting its energy transition, according to a press release.
SGCC has already invested in its utility business regionally in Oman and internationally in Italy, Portugal, Greece, and the Philippines. In addition, the Chinese firm operated backbone energy networks in Brazil, Australia, and Chile.
Meanwhile, the company’s total overseas investments are currently valued at $23.20 billion, while its overseas equity capital nears $65 billion.
Arif Amiri, Authority, CEO of DIFC, said: “Through the UAE Net Zero by 2050 Strategic Initiative, the country is investing heavily in renewable energy to safeguard the future for generations to come.”
He elaborated: “China’s State Grid, the world’s largest utility company, is in a strong position to support the country and the wider region to realise these ambitions.”
Chengzhong Liang, Chief Representative of SGCC Middle East representative office, stated:“Establishing our presence in DIFC marks a very important milestone for us to expand our presence in the Middle East market, especially in the GCC countries, such as the UAE and Saudi Arabia, which are in key stages of energy transition.”
