Power projects worth $250 B upcoming in MENA region
UAE, Dubai: Governments in the MENA countries plan to implement $250 B worth of power projects including $93 B worth of committed projects.
Strong economic recovery and a drive towards net zero emission target by 2050 is fuelling the growth in investment in power projects in the Middle East and North Africa (MENA) to $250 B between 2021 to 2025, as regional and global power and utility providers gear up to secure more business at the MENA Power Projects Forum that will take place from 7–8 September 2022, at Conrad Abu Dhabi Etihad Towers Hotel, Abu Dhabi, UAE.
The combined committed and planned investments in the MENA power sector will exceed a total of $250 B including $93 B committed and $157 B planned, according to a report by Arab Petroleum Investments Corporation (Apicorp). It is the highest of all energy sectors.
Of these, nearly $60 B worth of power projects are being developed in Saudi Arabia, followed by Egypt where $37 B worth of power projects, country-wise data shows. In terms of project value, the UAE comes third with $26 B worth of power projects under planning and development.
“Investments in the 2021–25 period are expected to give increased allocations to the transmission and distribution sides of the value chain while maintaining investments in power generation to accommodate the growth in power demand. A major driver behind this trend is the need for more investments in grid reinforcements and enhanced flexibility with the rising share of renewables in the energy mix,” Apicorp said in the report.
“MENA Power Projects Forum is a great enabling platform that will bring local, regional, and international players in one place to explore more business opportunities in the region’s growing power and utility sectors. The players active in the power generation, transmission and distribution sector will be able to meet with government officials, contractors, sub-contractors, consultants, suppliers, technology providers will find enough business opportunities to explore and discuss them that will keep all the players busy in the next few years,” said Leila Masinaei, Festival Director and Managing Partner of Great Minds Event Management.
Source: GM Events