RIYADH: Arab nations have attracted $406 billion in investments from 356 foreign and regional companies in the oil and gas sector over the past 22 years, according to recent data from the Arab Investment and Export Credit Guarantee Corp., also known as Dhaman.
During this period, which spans from January 2003 to May 2024, the region has seen the execution of 610 projects.
The US has emerged as the leading investor, with 85 projects representing approximately 14 percent of the total. In terms of investment costs, Russia has taken the lead, contributing $61.5 billion, which constitutes about 15.2 percent of the total investment.
The Middle East remains the largest holder of proven oil reserves globally. As of 2023, it accounts for approximately 55.5 percent of the world’s known oil reserves, according to the global statistics platform Statista. However, the region’s share has declined from nearly 63 percent in 1960 to less than 56 percent by 2020.
Future projections indicate a continued decline in proven oil reserves in the Arab region. By 2024, reserves are expected to drop to 704 billion barrels, or about 41.3 percent of the global total. This figure is anticipated to decrease further by 7 percent to 654.5 billion barrels by 2030. Additionally, proven natural gas reserves in the region are forecasted to reach approximately 58 trillion cubic meters, accounting for 26.8 percent of the global total. This figure is expected to decline by 7.5 percent to 53.53 trillion cubic meters by 2030.
Despite these anticipated reductions, the production of crude oil, compressed gas, and other liquids in Arab countries is projected to increase. Production is expected to rise by 6.4 percent to 28.7 million barrels per day in 2024, with an anticipated increase to around 33 million barrels per day by 2030.
Dhaman, headquartered in Kuwait, provides guarantee services against commercial and non-commercial risks in Arab countries and is owned by the governments of Arab states along with four Arab financial institutions.
