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China’s state-owned power companies will support the region’s energy transition focusing on transmission and distribution, with grid investment, construction and operation as its core business.
Arif Amiri, CEO of DIFC Authority and Liang Chengzhong, Chief Representative of State Grid Middle East Representative Office. — photos provided
State Grid Corporation of China (SGCC), the world’s largest utility company, has expanded its presence in the region by opening its first office in the Dubai International Financial Centre (DIFC).
China’s state-owned power companies will support the region’s energy transition focusing on transmission and distribution, with grid investment, construction and operation as its core business.
Arif Amiri, CEO of the DIFC Authority, said: “DIFC continues to attract companies from around the world that can contribute to our future economic growth, including China’s State Grid, which has now established operations at the center. Through the UAE’s Net Zero by 2050 strategic initiative, the country is investing heavily in renewable energy to protect the future of future generations. The State Grid Corporation of China, the world’s largest utility, is well positioned to support the country and the wider region in achieving these Ambitious.”
In addition to operating backbone energy networks in Brazil, Australia and Chile, State Grid has successfully invested in Oman as well as international utilities in Italy, Portugal, Greece and the Philippines.
The total overseas investment is 23.2 billion US dollars, and the overseas share capital is about 65 billion US dollars. In addition, the UAE and China have a long-standing relationship and share a strategic vision for cooperation in the fields of energy, technology, green economy and digital economy.
As a long-term industry investor, State Grid adheres to the concept of sustainable development and insists on long-term, localized and market-oriented operations. Power grid giants rely on local management teams to strengthen technical exchanges and cooperation, actively fulfill corporate social responsibilities, promote local employment, and spare no effort to create economic, social and environmental benefits for local communities.
In 2022, State Grid will be ranked third in the Fortune Global 500, behind only Walmart and Amazon. State Grid’s credit ratings are the same as China’s sovereign ratings (A+ by S&P, A1 by Moody’s and A+ by Fitch). It ranks first in both the Top 50 Utilities and Top 500 Most Valuable Brands in China.
“Establishing our business at DIFC is a very important milestone for us to expand our presence in the Middle East market, especially in GCC countries such as the UAE and Saudi Arabia, which are at a critical stage of energy transition,” said Chengzhong Liang, State Grid Chief representative of the company’s Middle East representative office.
“Renewables play an increasingly important role in the energy mix, and governments in the region have reaffirmed their commitment to decarbonization. New and advanced renewable technologies are welcome and widely used in innovative projects today. At State Grid, we believe we are uniquely positioned to facilitate the regional energy transition and capacity building, especially in transmission and distribution, and we are eager to work closely with local authorities and companies to achieve a more sustainable future.”
Zhou Guangyao, Secretary General of the UAE-China Business Council, added: “Congratulations to State Grid Corporation for its successful establishment in the UAE. As one of the largest energy companies in China and the world, State Grid has made remarkable achievements in investing in the Gulf region and internationally. We sincerely hope that the Together with other Chinese companies in the UAE, the grid company will make more contributions to strengthening China-UAE economic ties.” — business@khaleejtimes.com
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