The State Grid Corporation of China (SGCC), one of the largest utility companies in the world, has expanded its presence in the region by setting up office in Dubai International Financial Centre (DIFC), a leading global financial centre.
This is the first office the Chinese state-owned electric utility corporation has set up in the UAE.
The newly established entity will support the region in advancing its energy transition with a focus on electricity transmission and distribution with investment, construction and operation of power grids as its core business, said a statement from SGCC.
The Chinese group said it has successfully invested in utilities in Oman as well as internationally in Italy, Portugal, Greece and the Philippines, in addition to operating backbone energy networks in Brazil, Australia and Chile.
Its total overseas investments amount to $23.2 billion and its overseas equity capital is approximately $65 billion.
Furthermore, the UAE and China have long-standing relations and share a strategic vision to cooperate in energy, technology, the green economy and the digital economy, it stated.
DIFC Authority CEO Arif Amiri said: "The DIFC continues to attract companies from across the world who can contribute to our future economic growth, including China’s State Grid who have now established their presence in the centre."
"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. China’s State Grid, the world’s largest utility company, is in a strong position to support the country and the wider region to realize these ambitions," he added.
Chengzhong Liang, Chief Representative of SGCC Middle East Representative Office, said: "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 the energy transition."
"Renewables are increasingly playing a significant role in the energy mix, and governments in the region have reiterated their commitment to decarbonization. New and advanced renewable technologies are welcomed and widely utilized in innovative projects today," he added.
