The Middle East energy sector is witnessing a surge of fresh investment in 2012 with 97 new power and water projects worth USD 32.7 billion in 12 countries having started construction since the beginning of this year or due to begin before the end of the year.
In the UAE, 10 power and water projects worth USD 1.5 billion have been slated to begin construction in 2012 including the USD 740 million Noor 1 solar power plant, and Phase 2 of the USD 580 million Emal Power Plant.
Morocco has injected USD 4.4 billion into seven projects this year, and has placed a strong emphasis on renewable energy with the Ouarzazate Solar Power in Olant and four wind farms in Taza, Laayoune, Tetouan and Tangier all set to go ahead.
Kuwait has given the green light for 19 power and water projects worth USD 4.2 billion highlighted by the USD 2.7 billion Al Zour North Independent Water and Power Plant. Saudi Arabia, meanwhile, has 15 fresh projects worth USD 8.8 billion kicking off in 2012 including the USD 2 billion Al Qurayyah Independent Power Plant and the USD 1.2 billion Shuaiba 2 Power Plant.
The figures have been released by market research specialists Ventures Middle East ahead of Power + Water Middle East, taking place from October 8th to 10th 2012 at the Abu Dhabi National Exhibition Centre.
Other Middle East countries surging ahead with new power and water projects in 2012 include Egypt, Oman, Qatar, Jordan, Iraq, Yemen, Syria and Bahrain. Held in partnership with the Abu Dhabi Water and Electricity Authority with the Abu Dhabi Chamber of Commerce and Industry as a strategic partner, Power + Water Middle East is the region’s premier event for showcasing power and water related products and services.
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% annually. The population in the Middle East is expected to grow by 31% by 2025, reaching 500 million forcing regional governments to not only ramp up efforts to invest in more power capacity but also putting significant strain on already scarce natural water resources.
The Middle East is one of the most water scarce regions in the world, resulting in significant investment in water infrastructure and non traditional water technologies such as desalination and wastewater re use of which the region has become a world leader.
Ms Anita Mathews exhibition director of Power + Water Middle East said that “Growing demand and rapid industrial developments has enabled Middle East countries to continue their run as the most dynamic power and water sectors in the world. Power consumption in the Mena region has been growing significantly and is poised to grow at a faster pace in the years to come. Power + Water Middle East 2012 will provide the meeting place for regional and international suppliers of products and services that will drive investment in the future.”
Source - Khaleej Times.com
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