(MENAFN) The Middle East and North Africa region (MENA) will record a massive wave of investments in the power and water fields, Saudi Gazette reported.
Delegates at the recently held MENA Power conference in Abu Dhabi, Abu Dhabi Water & Electricity Authority (ADWEA) were told that the power generation, transmission and distribution market across the region is expected to hit USD283 billion by 2018.
However, 75GW of renewable energy projects worth USD200 billion are already in the pipeline, making the region a global power player in the sector. The surge in investment is attributed its growing energy consumption in the Middle East, the highest in the world next to Asian countries. In the GCC, power generating capacity will need to rise by an estimated 64,000MW to 176,500MW by 2020, which at 2012 unit costs will require investment of USD40-45 billion.
As for the water sector, it could mark a similar growth. According to MEED, more than USD683 million will be invested on water projects in the UAE and Lebanon this year, while in the next year more than USD12.5 billion on water projects across MENA.
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