Mena needs $250bn for power projects
Dubai, October 31, 2012
The Mena region will need to pump $250 billion into its power sector in the next five years to meet regional electricity demand growth, according to a new report.
The power capacity in the region will increase by 7.8 per cent annually, translating to a capacity increment of 124 gigawatts ovwer the next five years, said the report published by the Arab Petroleum Investment Corporation.
The report entitled "Mena Energy Investment Outlook: Capturing the Full Scope and Scale of the Power Sector," comes ahead of Middle East Electricity 2013, a major energy expo focusing on the power, lighting, renewable and nuclear sectors, which runs from February 17-19 at the Dubai International Exhibition and Convention Centre.
The total amount of required capital investment includes power generation, transmission and distribution (GTD), and accounts for more than 200 planned and announced energy-related projects in the Mena region valued between $100 million and $20 billion, the report stated.
The GCC countries hold the lion’s share of investment growth, accounting for 42 per cent ($105 billion) of total required expenditure, while Iran alone will require $49 billion (20 per cent of total value) worth of investment for power GTD by 2017.
“A young, urbanising and fast growing population combined with the massive diversification and industrial expansion plans across the Mena region has led to a spurt in the demand for power,” said Anita Mathews, the exhibition director of Middle East Electricity.
“Some Mena countries have been struggling to keep up with the escalating demand amid political turmoil in parts of the region. By catching up with power demand being perceived as socially, economically and politically desirable, however, we see a concerted private and public sector effort to ramp up investment in power-related industries,” Mathews remarked.
"This will come as good news to more than 1,000 exhibitors at Middle East Electricity, as they showcase their latest wares in power, lighting, nuclear, and renewable energy at the dedicated three-day event," she noted.
"After a highly successful edition in 2012, where 15,120 unique visitors walked through the exhibition halls, we are looking forward to 2013, and have made some exciting developments in recent months as we keep aligned with industry trends," said
One such development is Middle East Electricity’s co-location with the inaugural edition of Solar Middle East, a three-day event dedicated to the regional solar industry.
With at least ten solar power facilities worth a combined $6.8 billion currently under way in the UAE, Kuwait, Oman, Egypt, Jordan and Morocco, Solar Middle East is set to become the largest gathering of solar technology suppliers ever seen in the region.
The expo returns next year with the popular Middle East Electricity Awards, the VIP 100 Club and an extended programme of technical seminars, said Mathews.-TradeArabia News Service
More Energy, Oil & Gas Stories
- Saudi Nov output steady, pumps 9.745m bpd
- Libya lost $7bn to oil strikes, says minister
- Iran to start gas exports to Iraq by July 2014
- Taqa invites banks ahead of bond issue
- Dewa ups 2014 budget by $1.8bn from 2013
- Egypt govt pens energy debt payoff deal
- Qatar ready to invest in Turkey power project
- Asia gasoline margins set to plunge in 2014
- Egypt signs oil exploration deals with foreign firms
- Eaton appoints new Mideast GM