Saudi: Power construction projects reach $275bn
Timetric's Construction Intelligence Centre (CIC) report shows that the total value of Saudi Arabia’s power construction projects currently stands at 275.5bn
Saudi Arabia’s power construction projects are valued at $275.5bn, the largest value of the projects pipeline in the Middle East.
According to a new report from Timetric's Construction Intelligence Centre (CIC), the total value of the projects pipeline in the region has reached $876.6bn, with Saudi Arabia and South Africa accounting for the largest shares.
Saudi Arabia leads in the nuclear, gas and oil sectors, and is one of the three countries in the region, together with Iraq and Zimbabwe, investing in the oil sector, sister publication Arabian Business reported.
The nuclear sector has the highest value pipeline in the Middle East, at $367.5bn, while the gas power generation came in second place with a value of $149.4bn.
Saudi Arabia accounted for $211bn of the nuclear sector’s $367.5bn projects, according to CIC.
Solar power projects currently have a combined value of $126.5bn, ahead of hydroelectric with $46.1bn and wind with $20.1bn, the report showed.
Based on the projects tracked by the CIC, South Africa’s construction project pipelines is valued at $167.4bn, and has the highest investment in coal power generation.
Neil Martin, manager at Timetric's CIC, said: "Although the countries in the Middle East and Africa are beginning to invest in renewable fuel, with countries such as Nigeria leading in solar energy, Kenya with geothermal and Ethiopia with hydroelectric, nuclear power generation remains a significant part of the strategy for Saudi Arabia, South Africa, Iran and the UAE.
"Gas, oil and coal power continues to play a significant role in the power strategy for most of the countries studied as ongoing power demands from growing populations and increased industrialization drive investment in these sectors."