FINANCIAL NEWS

Dubai to permit private investments in power projects

24 Jun 2010

(MENAFN) The Dubai Supreme Council of Energy said that the emirate’s government will allow private sector to invest in power projects in the future but participation will not exceed 40 percent, Reuters reported.

Vice Chairman of the Dubai Supreme Council, Saeed Mohammad Al Tayer, said that the government is considering coal and nuclear technologies to diversify its energy resources for future demand.

The newly created Supreme Council of Energy hired consulting firm McKinsey & Co to develop an energy strategy to explore alternative energy resources in a bid to meet future demand as power demand in Dubai increases due to strong economic growth.

Al Tayer said that power demand in Dubai has reached the peak in June. It is 5.6 percent higher than the previous level and expected to grow further.

He added that the coal-fired and nuclear energy options are followed by the most advanced industrial countries, the US, China, Korea, which we hope to adopt as well.

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