The State Grid Corporation of China (SGCC), which is thought to be the world’s largest utility business in terms of revenue, has established a presence in Dubai.
According to a statement, the government-owned corporation intends to assist the area’s energy transformation by concentrating on power transmission and distribution.
“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.
After Walmart and Amazon, SGCC was listed as the third-largest corporation in the world by revenue on the Fortune Global 500 just this year.