Dubai, UAE: State Grid Corporation of China (SGCC), the largest utility company in the world, has expanded its presence in the region by setting up an office in Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region.
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.
The SGCC has 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.
The total overseas investments amount to $23.2 billion and its overseas equity capital is approximately $65 billion.
Arif Amiri, CEO of DIFC Authority, said China’s State Grid is in a strong position to support the UAE Net Zero by 2050 Strategic Initiative.
“Establishing our presence in DIFC marks a very important milestone for us to expand our presence in the Middle East market, especially in the Gulf Cooperation Council countries, such as the UAE and Saudi Arabia, which are in key stages of the energy transition,” said Chengzhong Liang, Chief Representative of SGCC Middle East Representative Office.
In 2022, the SGCC was ranked the third largest company in terms of revenue on the Fortune Global 500, after Walmart and Amazon.