The State Grid Corporation of China (SGCC), considered to be the largest utility company in the world in terms of revenue, has opened an office in Dubai.
The government-owned company plans to support the region’s energy transition with a focus on electricity transmission and distribution, it said in a statement.
“Establishing our presence in DIFC marks a very important milestone for us to expand our presence in the Middle East market, especially in the GCC countries, such as the UAE and Saudi Arabia, which are in key stages of energy transition,” SGCC’s Middle East representative Chengzhong Liang said.
It is not the first Middle East investment of the Chinese firm – as it previously deployed capital in utilities in Oman.
Liang said the company is in a “unique position” to contribute to the region’s energy transition and capacity building efforts, and that they are “keen to work closely with local authorities and companies.”
SGCC is bullish when it comes to foreign investments, which total $23.2 billion at the time of writing. Its overseas equity capital is approximately $65 billion.
It has invested in countries including Brazil, Portugal, Australia, Greece, and the Philippines.
Just this year, SGCC was ranked as the third largest company in the world in terms of revenue on the Fortune Global 500 – after Walmart and Amazon.
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