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FINANCIAL NEWS
ME witnessing a surge in power investments this year: Study
08 Jul 2012
(MENAFN) A new study conducted by Ventures Middle East found that energy projects in the Middle East are increasing this year, with 97 new power and water projects, Saudi Gazette reported.
According to the study, Saudi Arabia is set to execute 15 new projects worth USD8.8 billion this year, including the USD2 billion Al Qurayyah Independent Power Plant, and the USD1.2 billion Shuaiba 2 Power Plant.
The study also found that the UAE as well has 10 power and water projects worth USD1.5 billion scheduled to begin construction in 2012, including the USD740 million Noor 1 solar power plant, and Phase 2 of the USD580 million Emal Power Plant.
Kuwait also approved 19 power and water projects worth USD4.2 billion, led by the USD2.7 billion Al Zour North Independent Water and Power Plant
According to the World Energy Council, the Gulf region alone will require 100GW of additional power by 2020 to meet increased demand, growing at 7.7 percent annually.
Middle East governments will have to accelerate power projects to meet an expected 31 percent growth in the region’s population by 2025, reaching 500 million.
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