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U.S. Overtakes Saudi Arabia In Recoverable Oil Reserves

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Middle East to Spend 180 Billion Dollars on New Energy Projects

A new report by the market researchers Venture Middle East has announced that the Middle East is due to spend a combined $180 billion on new water and power projects during the next few years. During this period the demand for power is expected to increase by 10 percent. Anita Mathews, director of the Middle East Electricity Exhibition, which took place in Dubai for focussed consideration of the power, nuclear, renewable and water sectors, has said that, “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 $50bn worth of investments in new power generating capacity and $20bn in desalination.”

Saudia Arabia leads the pack with a mammoth $100 billion to be invested in the Abdullah City of Atomic and Renewable Energy, due to start construction in 2013, and $9 billion in a further 15 projects.

The UAE has plans for 20 projects worth $34.2 billion, and all spearheaded by the $20 billion nuclear power plant in Abu Dhabi.

Qatar has announced plans to construct at least eight power and water facilities, including the Qatar Facility D power plant, over the next three years at a total value of $4.8 billion.

Bahrain is currently working on four projects worth $4.2 billion, Kuwait is spending $4 billion on power and water projects, and Oman will begin developing 13 projects this year at a value of $2.9 billion.

Elsewhere, Jordan is set to spend $6.1 billion, and Morocco looks to make the most of its naturally windy climate by investing $3.8 billion into renewable energy projects. Egypt and Iraq both continue to develop their country’s power infrastructure with $5.3 billion.

By. Joao Peixe of Oilprice.com



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