The Middle East will need $700 billion (AED 2.5 trillion) to fund energy projects across the region for the next ten years. That’s according to Saudi Arabia’s Minister of Petroleum and Mineral Resources, Ali Ibrahim Al Naimi, as reported by the national news agency WAM. Al Naimi has highlighted the role of the Arab region in oil production, as it houses more than half of the world’s proven oil reserves and nearly a third of the world’s natural gas reserves. He added that it also play a big role in consumption, as it uses up 10% of what the world consumes. Al Naimi also stressed the need to secure funding for energy projects to ensure the industry's continued growth.