The Middle East holds some of the lowest-cost oil and gas resources in the world, and in 2024 provided around 30% of global oil production and 17% of global natural gas production. Saudi Arabia’s upstream oil and gas investment is the highest in the region, and is set to reach about USD 40 billion in 2025, nearly 15% higher than in 2015. Overall, the Middle East is set to invest about USD 130 billion in oil and gas supply in 2025, around 15% of the global total. Middle Eastern and Asian national oil companies now account for about 40% of upstream investment, up from 25% in 2015.

Upstream oil and gas investment in the Middle East varies from 100% in-country investment by national oil companies in Saudi Arabia and Kuwait to less than 35% in Iraq, signalling different levels of available funding and foreign involvement in resource extraction. In Qatar, domestic investment has ramped up sevenfold since 2015 with the accelerated development of the huge North Field, while foreign investment has quadrupled in the same period. In the United Arab Emirates and Oman, about 40% of upstream investment is consistently drawn from foreign sources. In Iraq, about 70% of upstream investment comes from foreign sources and is increasing with the country set to award 30 new oil and gas projects in the latest two licensing rounds.

In the power sector, natural gas provides two-thirds of the region’s power, and the Middle East, together with the United States, accounted for nearly half of all new natural gas-fired financial investment decisions in 2024. The region also has growing contributions from renewables and nuclear, which have doubled their share since 2015 to reach almost 15% in 2024. Overall clean energy investment for generation is expected to be around USD 10 billion in 2025. The region is also responsible for the majority of global fossil fuel subsidies, which dwarf its total power investment.

Mineral development is gaining momentum in the region with higher domestic exploration of lithium, copper and rare earth elements. However, Middle Eastern countries are also focusing on leveraging their energy advantages to secure international offtake agreements and develop processing capabilities for critical minerals. In line with these objectives, announced investments in foreign mining projects by Middle Eastern companies total more than USD 20 billion, with Saudi Arabia and the United Arab Emirates leading this drive.