MENA region to invest $57b in power generation by 2013

British energy expert Neil Walker has said that the power and water infrastructure projects in the GCC countries have witnessed a boom, as these countries have demonstrated sufficient level of stability that developers are now willing to risk capital. MENA region will invest $57 billion over the next six years to install new generation capacity.

He pointed out that in order to keep pace with this high demand, massive investment is required to build and upgrade power plants. He expected that the total investment needed in the sector for the region will be around $200 billion over the next 15 years.
Over the next six years, Middle East and North Africa is predicted to spend $57 billion on the installation of new capacity alone, he said. He pointed out that there is an increase in demand for energy in the UAE and in the future it will need to diversify means of power generation to include the renewable resources.

He affirmed that there are a number of pioneering research projects for renewable energy, mentioning the decisions in early December by the high committee of the Gulf Co-operation Council ordering a study into the creation of a joint programme of nuclear technology for peaceful purposes. He stated that nuclear power is one of the issues being discussed by various governments including Iran, adding that developing the nuclear fuel for peaceful purposes is very essential as it is clean adding that the nuclear option is not the inevitable solution.

Khaleej Times