The transfer pricing guidelines require that the countries should adopt a three-tiered standardised approach to transfer pricing documentation
State Grid Corporation of China (SGCC), the largest utility company in the world, has expanded its presence in the region by setting up its first office in Dubai International Financial Centre (DIFC).
The Chinese state-owned electric utility corporation will support the region in advancing its energy transition with a focus on electricity transmission and distribution with investment, construction and operation of power grids as its core business.
Arif Amiri, CEO of DIFC Authority, said: “DIFC continues to attract companies from across the world who can contribute to our future economic growth, including China’s State Grid who have now established their presence in the Centre. Through the UAE Net Zero by 2050 Strategic Initiative, the country is investing heavily in renewable energy to safeguard the future for generations to come. China’s State Grid, the world’s largest utility company, is in a strong position to support the country and the wider region to realise these ambitions.”
SGCC has successfully invested in utilities in Oman as well as internationally in Italy, Portugal, Greece and the Philippines, in addition to operating backbone energy networks in Brazil, Australia and Chile.
The total overseas investments amount to $23.2 billion and its overseas equity capital is approximately $65 billion. Furthermore, the UAE and China have long-standing relations and share a strategic vision to cooperate in energy, technology, the green economy and the digital economy.
As a long-term industry investor, SGCC upholds the concept of sustainable development and adheres to long-term, localised and market-oriented operations. Relying on local management teams, the grid giant strengthens technical exchanges and cooperation, actively fulfils its corporate social responsibilities, promotes local employment and spares no effort to create economic, social and environmental benefit for local communities.
In 2022, SGCC was ranked the third largest company in terms of revenue on the Fortune Global 500, after Walmart and Amazon. SGCC has the same credit rating as China’s sovereign rating (Standard & Poor's A+, Moody's A1, and Fitch A+). It has also been ranked the first in both Utilities 50 and China's 500 Most Valuable Brands.
“Establishing our presence in DIFC marks a very important milestone for us to expand our presence in the Middle East market, especially in the GCC countries, such as the UAE and Saudi Arabia, which are in key stages of energy transition,” said Chengzhong Liang, Chief Representative of SGCC Middle East Representative Office.
“Renewables are increasingly playing a significant role in the energy mix, and governments in the region have reiterated their commitment to decarbonisation. New and advanced renewable technologies are welcomed and widely utilised in innovative projects today. We, at SGCC, believe that we are in a unique position to contribute to the regional energy transition and capacity building efforts, particularly in the field of electricity transmission and distribution, and we are keen to work closely with local authorities and companies for a more sustainable future.”
Guangyao Zhou, Secretary General of the Chinese Business Council in the UAE, added: “Congratulations to SGCC for its successful establishment in the UAE. As one of the biggest energy companies in China and around the world, SGCC has a strong record of investing in the Gulf region and internationally. We sincerely hope that SGCC, together with other Chinese companies in the UAE, will contribute more to the strengthening of economic ties between China and the UAE.” — email@example.com
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