Today's Edition
DUBAI (ALETIHAD)
The Middle East is dominating global energy markets while spearheading the adoption of clean energy technologies, with the UAE and Saudi Arabia taking the lead, according to the Energy Industries Council's (EIC) latest Survive & Thrive report.
It noted that 90% of energy companies operating in the region reported growth in 2024, with average revenues jumping at 68%, the highest across all regions surveyed.
At a time when much of the world is grappling with policy uncertainty, inflation, and talent shortages, the Middle East appears to be charting its own, far more confident course, according to the energy supply chain association and provider of global project data and market insights. The region's standout performance is not a one-off. Companies are forecasting another strong year in 2025, the report said.
Firms in the Americas reported 20% growth on average, followed by the UK and Ireland at 16%, Continental Europe at 13%, and Asia Pacific lagging behind at 8%.
"The Middle East isn't picking winners, it's investing in all energy technologies," said Stuart Broadley, CEO of the EIC, the world's leading trade association for companies providing products and services to the energy industry.
"That pragmatism is why it's now the global magnet for talent and capital. This is indeed the right approach to follow for energy security, industry growth, and supporting the energy transition."
Instead of viewing the energy transition as a zero-sum game, governments in the region have taken a balanced and inclusive approach. Hydrocarbons remain vital, with more than 90% of EIC member companies in the region still focusing on oil and gas. But the growth of investment into renewables, hydrogen, and digital infrastructure reveals a willingness to embrace what's next, without abandoning what works now, the report said.
In a world where the average growth rate hovered between 8% and 20% in most regions, Middle Eastern firms more than tripled that figure. The UAE and Saudi Arabia, in particular, have made aggressive moves not just in oil and gas, but in AI-driven logistics, smart infrastructure, and clean technology, the report said.
"Encouraging tech adoption in logistics - like GPS tracking, automation, and AI - would increase efficiency, transparency, and global competitiveness," said one executive interviewed for the Survive & Thrive report, echoing a broader sentiment that the region is now outpacing even the US and Europe in practical tech adoption.
Broadley agrees: "The UAE and Saudi Arabia aren't just winning on oil and gas. They're out-innovating Europe and the US in tech adoption."
