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Uzbekistan`s energy sector attracts large-scale investments from Gulf countries
The Arab countries of the Gulf are investing billions of dollars in Uzbekistan, reports a Dunyo correspondent fromlinkto the Bahraini daily Albilad Press.
Investments from the Gulf Cooperation Council (GCC) countries are aimed at redrawing a new map of Central Asia, as Uzbekistan has become one of the most attractive destinations for Gulf capital, especially in the energy sector. This is driven by major economic reforms, rapid growth in electricity demand and government ambitions to become a regional clean energy hub.
GCC investors are betting billions of dollars to modernize Uzbekistan`s energy sector after long Gulf investment focused on real estate and international financial markets, according to a report published by Arabian Gulf Business Insights. Saudi Arabia`s ACWA Power is leading the way in this investment landscape as Uzbekistan has become the company`s largest foreign market with investments estimated at approximately $15 billion. These include giant projects in wind energy, solar energy and green hydrogen, reflecting the Gulf countries` growing confidence in the potential of the Uzbek economy.
The report also states that Uzbekistan aims to become a clean energy exporter by 2030 through the Caspian Sea Green Energy Corridor project, taking advantage of more than 300 days of sunshine per year, which gives solar energy projects a high competitive advantage.
Experts cited in the report believe Gulf sovereign wealth funds and major energy companies have the long-term funding and expertise to lead this transformation. This makes Uzbekistan one of the most important areas for GCC investment in the energy sector in the coming years - not only in electricity generation, but also in building an integrated energy system that supports economic growth and sustainable development.
