Middle Eastern and North African countries need to spend $260 billion over the next five years for electricity production to meet rising demand.
At Clyde & Co we are seeing this in all forms of power plant construction, including fossil and nuclear but increasingly renewables such as solar, wind and hydro; and are helping clients find and secure these opportunities. Interesting times!
The region, which includes oil heavyweights Saudi Arabia, Iran and Iraq, must make the investments to add 117 gigawatts (GW) of power generation by 2022, Arab Petroleum Investment Corp (APICORP) said. The Dammam-based energy development bank said $152 billion is needed for electricity generation and the rest for transmission and distribution projects. It estimated that power capacity in the Middle East and North Africa, currently standing at 321GW, needs to expand by 6.4 per cent on average annually by 2022 to meet growing demand. The six nations belonging to the Gulf Cooperation Council (GCC) — Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates — need to spend $89 billion to add 43GW over the next five years, according to APICORP estimates.