Business | General
Abu Dhabi ready for major water and power projects
With traditional markets firmly in the grip of the current global economic recession, the major players in the power and water sectors are seeking new opportunities.
- Staff Report
- Published: 22:19 October 26, 2008
Dubai: With traditional markets firmly in the grip of the current global economic recession, the major players in the power and water sectors are seeking new opportunities.
And emerging markets do not come any bigger than Abu Dhabi, with cumulative investments over the next five years expected to exceed $271 billion (Dh1 trillion).
"The richest city in the world, Abu Dhabi has begun a major infrastructure development programme designed to handle an estimated population growth of over 230 per cent between now and 2030," said Sarah Woodbridge, Group Director of Exhibitions, at IIR Middle East.
"Significantly, the Director of Privatisation at Abu Dhabi Water and Electricity Authority (ADWEA) has stated that the industry is facing major challenges to meet growth needs due to the lack of contractors to build new power and water plants, adding that fuel is not the problem, the challenge is to source experienced engineering, procurement and construction providers."
Saudi investment
The Kingdom of Saudi Arabia alone is expected to invest some $318 billion in energy over the next few years as massive infrastructural development. All of the countries of the Gulf and Middle East are being highly pro-active in planning for the future, arguably creating a scale of business potential never seen before.
More from Business General
More from Business
Business Editor's choice
-
Saudi-Bahraini economic ties hit new high
Whilst press reports continue speculating on a possible new political structure defining ties between Saudi Arabia and Bahrain, facts on the ground confirm ever- stronger economic ties between the two neighbours
-
Cupid targets the Fed with early tweets
Declarations range from pure romance to cute overtures and racier fare
-
Do unemployment figures flatter to deceive?
Jobseekers and recruiters give out mixed signals ranging from optimism to downright despair even as official data show recovery
