Business | Investment
GCC to channel $100 billion investments towards power generation projects
The GCC is expected to invest close to $100 billion to increase its power generation capacity within the next 10 years, as studies reveal that the six countries that comprise the GCC member states need at least 100,000 megawatts to support the power requirements of their rapidly growing economies.
- Staff Report
- Published: 16:06 August 25, 2008
Dubai: The GCC is expected to invest close to $100 billion to increase its power generation capacity within the next 10 years, as studies reveal that the six countries that comprise the GCC member states need at least 100,000 megawatts to support the power requirements of their rapidly growing economies.
With aims to leverage the booming power market, Tripp Lite, manufacturer of power protection and connectivity equipment, has announced plans to expand its current portfolio of power protection and continuity products, whilst intensifying its product development initiatives as part of its efforts to address the growing demands of regional markets.
The GCC region has emerged as among the top 10 biggest electricity consumers in the world, prompting governments across the region to undertake massive efforts to enhance power generation capacity and reduce production costs.
This includes a GCC-wide power grid project to be commissioned by 2010, which will link the six GCC states through an integrated electricity network, and a collaboration between Kuwait, Bahrain and Oman, who are expected to spend a combined $6 billion to head off anticipated power demands.
Recognising the tremendous potential in leveraging this market, Tripp Lite is aiming to offer more robust power protection and continuity equipment to support government initiatives.
More from Investment
More from Business
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
