Strong economic recovery and a drive towards a net-zero emission target by 2050 is fueling the growth in investment in power projects in the Middle East and North Africa (MENA) to $250 billion between 2021 to 2025, as regional and global power and utility providers gear up to secure more business at the MENA Power Projects Forum.
According to a report by Arab Petroleum Investments Corporation (Apicorp), the combined committed and planned investments in the MENA power sector will exceed a total of $250 billion including $93 billion committed and $157 billion planned. It is the highest of all energy sectors.
Of these, nearly $60 billion worth of power projects are being developed in Saudi Arabia, followed by $37 billion worth of power projects in Egypt, country-wise data shows. In terms of project value, the UAE comes third with $26 billion worth of power projects under planning and development.
The Forum will take place from September 7-8th, 2022, at Conrad Abu Dhabi Etihad Towers Hotel, Abu Dhabi, UAE with more than 300 delegates including senior government officials, project owners, project management professionals, project developers, contractors, sub-contractors, technology providers, utility suppliers, industry experts and key stakeholders.
Delegates will listen from more than 30 experts discussing a set of wide-ranging subjects including GCC interconnection, increasing efficiency of power generating units, green hydrogen, wind power, solar power, nuclear power projects, re-powering existing units, retrofitting power plants with new technology, and business opportunities for the suppliers.
The unprecedented cost declines and lofty national renewable energy targets, which range from 13 percent to 52 percent of installed capacity by 2030, are the two key accelerators currently fueling renewables penetration in the MENA region. The MENA region added an estimated 1.5 GW of solar power in 2020, with a further 3 GW during 2021 and almost 20 GW expected to be added over the next five years.