More than $100 billion in Saudi renewable energy projects will help meet its skyrocketing energy demand and diversify its energy sector, industry experts said ahead of the upcoming World Future Energy Summit in Abu Dhabi, UAE.

The Kingdom’s energy demand is expected to grow by 45 per cent from 69 gigawatts in 2014 to 100 gigawatts in 2040, an amount that is nearly as much as all of the rest of the GCC combined, according to a recent report by Frost & Sullivan.

Saudi Arabia plans to spend $109 billion to install 54 gigawatts of renewable energy by 2040, added Frost & Sullivan. By 2020, Saudi projects alone will account for 70 per cent of the total value of the GCC’s renewable energy projects.

“With the Middle East’s renewable energy sector rapidly advancing, Saudi Arabia holds the region’s biggest potential for both solar and wind power,” said Roberto De Diego Arozamena, CEO, Abdul Latif Jameel Energy and Environmental Services, which will be one of the key sponsors of the World Future Energy Summit (WFES) 2016.

“Renewable energy can help Saudi Arabia meet its growing energy demand, and also help diversify its economy, shift government energy subsidies, and provide jobs for the Saudi workforce,” added Arozamena.

Solar power in particular is seeing the strongest take-up, with the Kingdom planning to install 41 gigawatts of solar power by 2040, according to an Arthur D Little report.

To support solar, Arthur D Little calls for easy financing of solar projects, strategic partnerships, deploying before manufacturing, and proactive energy policy reforms.

“The market has significant innovation support thanks to its world-class universities. Generally, for a successful renewable sector, governments need to implement holistic plans that boost both the innovation and manufacturing capacity to deliver practical, affordable, and competitive energy solutions,” said Arozamena.

Abdul Latif Jameel Energy and Environmental Services covers power infrastructure development, sustainable power generation, alternative resources, and energy efficiency.

Through its portfolio company Fotowatio Renewable Ventures (FRV), a leading global developer of large-scale solar power plants the company holds a 4.3 GWdc pipeline of projects in emerging solar markets including the Middle East, Australia, Africa, and Latin America.

The World Future Energy Summit 2016, including Solar Expo and Sustainable Transport Zone, will be held at the Abu Dhabi National Exhibition Centre January 18 to 21.  Co-located events featured are the International Water Summit and EcoWASTE.

The WFES 2015 exhibition and conference saw 650 companies from 40 countries, and more than 32,000 attendees from 170 countries participate. – Reuters