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FINANCIAL NEWS
Middle East and North Africa, energy use to surge 114 percent till 2050
27 Oct 2013
(MENAFN) Energy consumption in the Middle East and North Africa will increase by 114 percent from 2010 to 2050, based on estimates assuming “priority is given to achieving individual access and affordability of energy via economic growth.” However, energy consumption in the region would be expected to increase by 81 percent if “emphasis is placed on international coordination and environmental sustainability”, Saudi Gazette reported.
While total global energy consumption is expected to increase between 27 and 61 percent by 2050.
The renewable energy sources such as solar, wind, and hydro power will enjoy the biggest growth over the next 40 years and will account for up to 30 percent of supplied energy. It is anticipated that solar production will reach 7,740 terawatt hours a year by 2050-one terawatt-hour can power a city of 200,000 people for one year.
The boom in solar is a boon for the Middle East, especially a country like Saudi Arabia which has vast, uninhabited areas that received sun literally all year-round. While fossil fuels will still represent the lion’s share of the region’s wealth, the region’s current investment in renewable are expected to pay off by 2050.
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BBK launches the Youth Advisory Council (YAC) to empower youth and advance innovation
08 Apr 2026
BBK awards over BD 1 Million to 273 winners in the February Al Hayrat Grand Prizes draw
01 Mar 2026
BBK activates partial remote working system for its workforce to ensure employee and customer safety and service continuity
24 Feb 2026
BBK discloses its financial results for the year ended 31st December 2025
05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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