MENA region needs $250bn capital injection in power sector by 2017
- United Arab Emirates: Monday, October 29 - 2012 at 13:35
- PRESS RELEASE
The Middle East and North Africa region will need to pump $250bn into its power sector in the next five years to meet regional electricity demand growth, according to a new report published by the Arab Petroleum Investment Corporation.
The report was published ahead of Middle East Electricity 2013, the Middle East's largest energy event, focusing on the power, lighting, renewable and nuclear sectors, taking place from 17-19 February at the Dubai International Exhibition and Convention Centre.
The total amount of required capital investment includes power Generation, Transmission and Distribution (GTD), and accounts for more than 200 planned and announced energy-related projects in the MENA region valued between $100m and $20bn.
Countries in the Gulf Cooperation Council (GCC) hold the lion's share of investment growth, accounting for 42% ($105bn) of total required expenditure, while Iran alone will require $49bn (20% of total value) worth of investment for power GTD by 2017.
"A young, urbanising and fast growing population combined with the massive diversification and industrial expansion plans across the MENA region has led to a spurt in the demand for power," said Anita Mathews, Exhibition Director of Middle East Electricity.
"Some MENA countries have been struggling to keep up with the escalating demand amid political turmoil in parts of the region. By catching up with power demand being perceived as socially, economically and politically desirable, however, we see a concerted private and public sector effort to ramp up investment in power-related industries."
This will come as good news to more than 1,000 exhibitors at Middle East Electricity, as they showcase their latest wares in power, lighting, nuclear, and renewable energy at the dedicated three-day event.
Held under the patronage of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Middle East Electricity 2013 is now in its 38th edition, making it not only the largest power event in the region, but also the longest-running.
"Middle East Electricity is the ideal meeting place for exhibitors from all over the world to showcase their products and services to an audience of key decision makers from more than 120 countries," added Mathews.
"After a highly successful edition in 2012, where 15,120 unique visitors walked through the exhibition halls, we are looking forward to 2013, and have made some exciting developments in recent months as we keep aligned with industry trends."
One such development is Middle East Electricity's co-location with the inaugural edition of Solar Middle East, a three-day event dedicated to the regional solar industry.
With at least ten solar power facilities worth a combined $6.8bn currently under way in the UAE, Kuwait, Oman, Egypt, Jordan and Morocco, Solar Middle East is set to become the largest gathering of solar technology suppliers ever seen in the region.
Middle East Electricity 2013 returns with the popular Middle East Electricity Awards, the VIP 100 Club and an extended programme of technical seminars.
Taking place on the opening night of the event at a gala dinner, the Middle East Electricity Awards cover seven individual categories:
- Power Project of the Year
- Lighting Project of the Year
- Solar Project of the Year
- Best Innovation or Technology of the Year
- CSR Initiative of the Year
- Power & Water Utility of the Year
- HSE Project or Initiative of the Year
- CEO of the Year (Special Award)
Nomination deadlines for the awards have been extended until 20 December 2012.
Organised by Informa Exhibitions, Middle East Electricity 2013 is partnered with Power + Water Middle East in Abu Dhabi, Power Nigeria in Abuja and Africa Electricity in Johannesburg.
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