While Saudi Arabia holds the largest potential for solar power in the region, the two emirates of the UAE – Dubai and Abu Dhabi – have also announced significant investments in solar farms with large scale projects, a top official said.

“On our part, we encourage our clients’ aspiration to migrate to solar with our technology that facilitates the production of even the solar panel locally,” added Mohamed Alammawi, vice president of Sales, Mena, Manz AG, a German-based manufacturer of high-tech equipment.

“We are seeking investors in its CIGS (Copper Indium Gallium Diselenide) thin-film solar technology that generates electrical power by converting solar radiation into direct current electricity.”

With Saudi Arabia’s domestic usage of fossil fuels skyrocketing, and in turn driving down the revenue from international sale of oil and gas, the nation stands out as the largest potential market for solar energy in the region, with an ambitious target of 54GW of renewable energy installed in the country by 2032. Earlier this year, Manz AG announced plans to extend its business footprint into Saudi Arabia.

Manz AG has reported $109.3 million in revenues for the third quarter of 2014, 16 percent higher than in the corresponding quarter of the previous year.

In the second quarter of 2014, the firm recorded the highest quarterly revenue in the company's history and has successfully sustained this positive trend with the third quarter results.

"We have further anchored our outstanding reputation as a reliable industry-partner for the development of innovative production systems for growing markets. This is reflected in the revenue trend in our strategic business areas since the start of the year,” said Dieter Manz, founder and CEO of Manz AG.

“The largest share of revenue during the first nine months of 2014 was allocated to the display segment at $225.3 million. But the company noted dynamic developments in all three of its target sectors of display, solar and battery that have the potential to serve its revenue beyond the current business year,” Man continued.

"Interest in our solutions from the display sector remains high. Meanwhile, the solar industry is on an upswing - albeit at the same low level. The persistently high growth in the retail market will lead to more investments in production systems and in turn increasing revenue.

“With the takeover in the battery segment in the second quarter of 2014 and the first large orders of production systems for the manufacturing of lithium-ion batteries for consumer electronics, we have created the requirements in order to raise this segment to a new, higher revenue level. In view of all this, I am convinced of Manz AG's long-term company success," added Manz.

Manz AG’s total revenue from the first three quarters of 2014 amounted to $314.1 million, compared to a total revenue of $266.7 million in the same period in the previous year. – TradeArabia News Service