Business | Economy
Mideast injects $180b into new projects
UAE will be one of the most active markets
- WAM
- Published: 00:00 February 4, 2012
Dubai: New power, water and energy projects valued at $180 billion (Dh662.04 billion) are underway or in the planning stages in the Middle East, as the UAE forges ahead with 20 projects worth $34.2 billion.
Spearheaded by the $20 billion nuclear power plant in Abu Dhabi, which began construction late in 2011, the UAE will be one of the most active markets in the power, water and energy sectors over the next two years, at a time when power demand across all Gulf Cooperation Council (GCC) countries is expected to grow eight to ten per cent annually.
Saudi Arabia holds the lion's share of investment value in the region, due to the $100 billion King Abdullah City of Atomic and Renewable Energy, which begins construction in 2013. The kingdom also has a further 15 projects worth nearly $9 billion underway or due to begin in 2012.
Underlining huge opportunities for energy sector manufacturers and service providers within the region and worldwide, the scale of development in the Middle East is highlighted by figures collated by market research specialist Ventures Middle East ahead of Middle East Electricity, taking place from February 7 to 9 in Dubai.
Featuring more than 1,000 exhibitors, Middle East Electricity is the world's leading energy event that focuses on power, lighting, renewable, nuclear and water sectors.
Qatar recently announced plans to build at least eight power and water facilities worth $4.8 billion in the next three years.
Bahrain has four projects currently ongoing worth $4.2 billion; Kuwait has 17 projects valued at $4 billion, while Oman has put aside $2.9 billion for 13 new power, water and energy projects which will begin construction this year.
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