- A huge welcome to the largest utility business in the world. State Grid Corporation of China (SGCC) has increased its footprint in the UAE with its first office in Dubai International Financial Center (DIFC) to support the region's energy transition.
- With an emphasis on electricity transmission and distribution, power grid investment, building, and operation as its core business, it will assist the region in advancing its energy transition.
- The company's overall foreign investments come to $23.2b, and its foreign equity capital is almost $65b. In addition, China and the UAE have a history of mutually beneficial cooperation and a strategic vision to work together in the fields of energy, technology, the green economy, and the digital economy.
Why it matters
This is hardly the company’s first venture into the Middle Eastern market since the corporation already has profitable utility investments in Oman. It also operates the major energy networks in countries like Brazil, Australia, and Chile and has a presence in Italy, Portugal, Greece, and the Philippines.
