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State Grid Corporation of China (SGCC), the world’s largest utility, said it has expanded its presence in the Middle East by setting up an office in the Dubai International Financial Centre (DIFC).
This is the first office of a Chinese state-owned power company in the UAE, the statement said. The newly established entity will support the region’s energy transition with a focus on transmission and distribution, with grid investment, construction and operation as its core business.
“Establishing our presence at DIFC marks a very important milestone in expanding our presence in the Middle East market, especially in GCC countries such as the UAE and Saudi Arabia, which are at a critical stage in their energy transition,” states the country Liang Chengzhong, chief representative of the Power Grid Middle East Representative Office, said.
“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. We at National Grid believe we are in a unique position to contribute to the regional energy transition and capacity building, especially in transmission and distribution, and we are eager to work closely with local authorities and companies for a more sustainable future .”
The company explained that the establishment of the office at DIFC is due to the long-term partnership and shared strategic vision of the two companies in energy, technology, green economy and digital economy.
Ali AmiriThe Chief Executive Officer 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 now has operations at the centre. 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. State Grid of China, the world’s largest utility company, is well placed to support the country and the wider region in achieving these ambitions.
The statement highlighted that in addition to operating backbone energy networks in Brazil, Australia and Chile, State Grid has also successfully invested in Oman as well as international utilities in Italy, Portugal, Greece and the Philippines. It added that the company’s overseas investments totaled US$23.2 billion and its overseas equity capital was about US$65 billion.
Zhou Guangyao, Secretary General of the UAE-China Business Council, added: “Congratulations to State Grid Corporation on its successful establishment in the UAE. As one of the largest energy companies in China and globally, State Grid Corporation has a proven track record” investing in the Gulf region and internationally. We sincerely hope that State Grid Corporation of China, together with other Chinese enterprises in the UAE, will make more contributions to strengthening China-UAE economic ties. “
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).
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