Oman plans new power and water projects worth $2.9bn
MUSCAT -- New power, water and energy projects valued at $180 billion are under way or at 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, the country plans to build at least 13 projects in the next two years, at a time when power demand across all GCC countries is expected to grow 8 to 10 per cent annually.
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 under way, or due to begin in 2012.
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, which opens today at the Dubai International Convention & Exhibition Centre.
Featuring more than 1,000 exhibitors, the three-day exhibition is the world's leading energy event that focuses on power, lighting, renewable, nuclear and water sectors.
The UAE will be one 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.
Bahrain has four projects currently ongoing worth $4.2 billion; Qatar has nine 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.
Anita Mathews, Middle East Electricity Exhibition Director said in the buildup to the event: "According to the World Energy Council, the GCC will require 100 GW of additional power over the next 10 years to meet growing demand. The power sector will require $50 billion worth of investments in new power generating capacity and $20 billion in desalination.
"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.
"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."
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.
Organised by Informa Exhibitions, a new feature for the 37th edition of the event is the Middle East Electricity Awards, established to recognise outstanding achievements of individuals, departments, teams or organisations that have contributed to the growth and development of the energy industry in the Middle East.
© Oman Daily Observer 2012
