Middle East invests $32.7 bn in 97 power, water projects
The Middle East energy sector is witnessing a surge of fresh investment in 2012, with 97 new power and water projects worth $32.7 billion in 12 countries having started construction since the beginning of this year or due to begin before the year’s end. In the UAE, 10 power and water projects worth $1.5 billion have been slated to begin construction in 2012 including the $740 million Noor 1 solar power plant and Phase 2 of the $580 million Emal power plant. Morocco has injected $4.4 billion into seven projects this year and 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 $4.2 billion, highlighted by the $2.7 billion Al Zour North Independent Water and Power Plant. Saudi Arabia has 15 fresh projects worth $8.8 billion kicking off in 2012, including the $2 billion Al Qurayyah independent power plant and the $1.2 billion Shuaiba 2 power plant. The figures have been released by Ventures Middle East before the Power+Water Middle East which will be held from 8 to 10 October.
Anita Mathews, Exhibition Director for Power + Water Middle East said, “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 consumption in the MENA region has been growing significantly and is poised to grow at a faster pace in the years to come.”