Feb 05 2012 |
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Mideast embarks on $180b power, water, energy projects
MUSCAT: New electricity, water, and energy projects valued at $180 billion are underway or in the planning stages in the Middle East, with Oman announcing major projects in the last seven months worth $2.9 billion.Spearheaded by the $1.6 billion Sur Independent Power Plant with construction slated to start in 2012, the Sultanate plans to build at least 13 projects in the next two years, at a time when power demand across all Gulf Cooperation Council (GCC) states is expected to grow 8 to10 per cent annually, said a press statement released by organisers of the Middle East Electricity.
Saudi Arabia holds the lion's share of investment value in the region, due to the $100 billion King Abdullah City of Atomic and Renewable Energy, which begins construction in 2013. The kingdom also has a further 15 projects worth nearly $9 billion currently underway, or due to begin in 2012.
Exhibition
Underlining huge opportunities for energy sector manufacturers and service providers within the region and worldwide, the scale of development in the Middle East is highlighted by figures collated by market research specialist Ventures Middle East ahead of Middle East Electricity, taking place between February 7 and 9 at the Dubai International Convention & Exhibition Centre.
Featuring more than 1,000 exhibitors, Middle East Electricity is the world's leading energy event that focuses on power, lighting, renewable, nuclear and water sectors.
The UAE will bone of the most active markets in the power, water and energy sectors over the next two years, with 20 new projects worth $34.2 billion in the pipeline, led by the $20 billion Nuclear Power Plant in Abu Dhabi, which began construction late in 2011.
Power demand in GCC
Bahrain has four projects currently ongoing worth $4.2 billion; Qatar has eight projects valued at $4.8 billion, while Kuwait has put aside $4 billion for 17 new power, water and energy projects which will begin construction in 2012.
"According to the World Energy Council, the GCC will require 100GW of additional power over the next ten years to meet growing demand. The power sector will require $50 billion worth of investments in new power generating capacity and US$20 billion in desalination," said Anita Mathews, exhibition director of Middle East Electricity.
"In response, new contractor awards in the power, water and renewable energy sectors are being announced every month in the Middle East, as seen in December last year, when six new contractor awards were announced in Kuwait, Qatar and Iraq, valued at $1.5 billion, while in January this year, five new contractor awards worth $130 million were announced in UAE, Kuwait, and Oman."
Jordan and Morocco
"This too is reflected in exhibitor space occupied at Middle East Electricity 2012, which has exceeded last year's occupied space by 15 per cent. We have also seen growth in exhibitor numbers and expect more than 15,000 unique visitors to attend the three-day event," Anita Mathewsnoted.
Elsewhere in the Middle East, Jordan has nine projects predominantly in the water sector worth $6.1 billion set to begin construction in 2012, while Morocco looks to make the most of its natural abundance of wind resources, earmarking $3.8 billion worth of renewable energy projects over the next two years. Meanwhile, Egypt and Iraq continue to forge ahead with power infrastructure plans as both countries commit $5.3 billion each to new projects over the next two years.
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