2012 sees $32.7bn power and water projects in MENAby CW Staff on Jul 9, 2012
The Middle East energy sector is witnessing a surge of fresh investment in 2012, with 97 new power and water projects worth $32.7bn across 12 countries either having started construction since the beginning of this year or due to begin before the end of the year, Khaleej Times reports.
In the UAE, 10 power and water projects worth $1.5bn (AED 5.5bn) have been slated to begin construction in 2012, including the $740m (AED 2.7bn) Noor 1 solar power plant, and Phase 2 of the $580m (AED 2.1bn) Emal Power Plant.
Morocco has injected $4.4bn (MAD 39.3bn) 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 $4.2bn (KWD 1.2bn), highlighted by the $2.7bn (KWD 759m) Al Zour North Independent Water and Power Plant.
Saudi Arabia, meanwhile, has 15 fresh projects worth $8.8bn (SAR 33bn) kicking off in 2012, including the $2bn (SAR 7.5bn) Al Qurayyah Independent Power Plant and the $1.2 billion (SAR 4.5bn) 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 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.
“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 + Water Middle East exhibition director, Anita Mathews, said.
“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.”
Now in its fifth year, Power + Water Middle East 2012 brings together developers, manufacturers, buyers and service providers from a range of sectors in power and water to meet, discuss and invest in the current products and technologies in the related industries.
The exhibition has so far attracted more than 100 exhibitors from 25 countries wishing to network and offer solutions to regional power generation, water and nuclear energy industries.
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