Gulf News reported that a total of 44 power and water projects are under construction or will begin construction next year in the GCC valued at nearly AED 112 billion.
According to a recent study by the Ventures Middle East, the UAE leads the way with 11 projects valued at AED 35 billion including the AED 2.8 billion Hassyan 1 independent power plant where construction is expected to start early in 2012.
Mr Abdullah Saif Al Nuaimi DG of the Abu Dhabi Water and Electricity said that “The power sector in the GCC region has seen exponential growth, ranging from 10% to 15% annually in many of its members states with demand for electrical power to triple over the next 25 years. The water industry is expected to be worth AED 245 billion over the next 10 years.”
Another report by Arabian Reach showed that Middle Eastern and North African oil producing countries will invest USD 525 billion on energy projects from next year to 2016.
Saudi Arabia, the UAE, Iran and Algeria have increased spending on energy projects for the next five years as current high oil prices are allowing them to resume projects that were delayed because of the financial crisis. Saudi Arabia will top the list with long term committed investments of AED 493.5 billion followed by the UAE that is planning to invest AED 266 billion in that period.
Ventures study revealed that Saudi Arabia has 11 new projects under way or due to start in 2012 valued at AED 30.1 billion. It added that Kuwait has ten projects under way valued at AED 11.9 billion, seven of which will be built in 2012.
The study pointed out that Bahrain has three projects valued at AED 14.35 billion. Qatar has three projects valued at AED 11.55 billion and Oman six valued at AED 8.75 billion all of which will begin construction in 2012.
Ms Anita Mathews director and consultant of Power and Water Middle East Expo said that “The latest developments in the power and water sectors of the GCC countries underline the fact that the region is not only one of the fastest growing but also holds the most potential in terms of global electricity markets.”
(Sourced from Gulf News)
