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FINANCIAL NEWS
UAE, Saudi Arabia to construct USD1.5 b solar-power plants
31 Jul 2013
(MENAFN) UAE and Saudi Arabia are planning to construct solar-power plants with an estimated worth of USD1.5 billion, Times of Oman reported.
The plants are expected to have the capacity to supply nearly 200,000 houses with 1,000 megawatts.
Countries in the region are becoming increasingly interested in green energy sources as oil importing countries see that renewable energy is cheaper and oil producers seek to expand in renewable energy to save oil for exports.
Amol Shitole, a credit analyst with SJS Markets Ltd. based in India, “If you see a rising population and rising energy demand, that really helps the risk profile.”
According to the International Renewable Energy Agency, projects in renewable energy in the Mena region went up by 40 percent from last year reaching USD2.9 billion. It is expected to hit USD13 billion in few years as renewable energy projects in solar, wind and geothermal are underway.
More News
02 Jul 2025
BBK launches the largest-ever Al Hayrat Prizes, offering BD 5 million to over 2,000 winners
12 May 2025
Alsharifi: “Proud of our strategic partnership with the Royal Humanitarian Foundation”
04 May 2025
BBK offers exclusive Mortgage Loans for luxury villas and apartments on Reef Island
30 Apr 2025
BBK discloses its financial results for the first quarter ended 31st March 2025
25 Mar 2025
BBK’s General Assembly Approves 35% Cash Dividend Distribution to Shareholders
12 Mar 2025
Mr. Yaser Alsharifi completes Harvard Business School Presidents’ Program in Leadership
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