1、EQUITYRESEARCH|November 28,2023|7:36AM GSTGoldman Sachs does and seeks to do business with companies covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this rep

2、ort as only a single factor in making their investment decision.For Reg AC certification and other important disclosures,see the Disclosure Appendix,or go to employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.Faisal AlAzmeh,CFA+971 4 376-3476 Goldma

3、n Sachs InternationalDalal Darwich+971 4 376-3411 Goldman Sachs InternationalWaleed Jimma+971 4 376-3409 Goldman Sachs InternationalMichele Della Vigna,CFA+39 02 8022-2242 Goldman Sachs Bank Europe SE-Milan branchGCC Capex Wave Series The rise in low-carbon capex Emerging as a global hub for clean e

4、nergy The 2023 United Nations Climate Change Conference(COP28)will take place in Dubai from November 30 to December 12,2023.With net zero carbon targets in place for most GCC countries,ambitious plans are being implemented by key players in the market to facilitate decarbonization,including companie

5、s in the energy,industrials and infrastructure sectors.As part of GSs Carbonomics framework,we see the region as well positioned to capitalize on its advantages such as low-cost positioning in energy,proximity to key import markets,and a constructive regulatory backdrop,which should enable the build

6、-up of a global hub not just for fossil fuels,but also for renewables/carbon sequestration/clean fuels&technologies.Four key areas to support the transition We see sizable investments in four key strategic areas:phase-out of liquids in power generation through higher natural gas and renewables capac