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5 commentshttps://www.euronews.com/2026/03/16/the-world-is-transitioning-away-from-fossil-fuels-gulf-oil-investors-turn-to-african-renewBy Angela Symons with AP
Published on 16/03/2026 - 14:02 GMT+1
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Gulf oil money is flowing into African renewables – and the Iran war is only accelerating the trend.
Investors made wealthy by the Middle East’s abundant oil and gas increasingly are turning to Africa’s clean energy sector. They are attracted by rising electricity demand, rapid urbanisation and the continent’s growing role in global supply chains tied to critical minerals and manufacturing.
A report released last month by the Clean Air Task Force found that more than $101.9 billion (€88.8bn) had flowed into Africa’s renewable energy sector from Gulf countries by the end of 2024, led by the United Arab Emirates, Saudi Arabia, Qatar, Kuwait and Bahrain.
Middle Eastern sovereign wealth funds and state-backed companies are unlikely to scale back these renewable energy investments, despite disruptions from the Iran war, analysts say, given the strong long-term economic and strategic reasons driving such funding.
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