The combined committed and planned investments in the power sector across Middle East and North Africa is set to exceed $250 billion – including $93 billion committed and $157 billion planned, according to a report by Arab Petroleum Investments Corporation (Apicorp).
Of these, nearly $60 billion worth of power projects are being developed in Saudi Arabia, followed by Egypt with $37 billion projects, stated the report citing country-wise data.
In terms of project value, the UAE comes third with $26 billion projects, stated the Apicorp report, released ahead of a key energy event – Mena Power Projects Forum 2022.
The event, to be held from September 7 to 8 in Abu Dhabi, will see regional and global power and utility providers focus on the development of clean, green and renewable energy that is gaining momentum and secure more business from the region.
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 will be taking part.
Leading global industry experts will be there to discuss 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, retro-fitting power plants with new technology, and business opportunities for the suppliers.
These include Dr Bruce Stedall, Director of Asset Management, Abu Dhabi Transmission and Dispatch Company, Dr Mahmoud Al-Hader, Head of Asset Information Section, Al Ain Distribution Company, Mayure Daby, Head Net Zero Energy, Middle East, at Atkins and Faiza Al Harthi, Energy Sector Head, Oman Vision 2040 Implementation Follow-up Unit, Oman, will participate at the panel discussions.
More than 30 industry exhibitors will display their latest technology, products and services to secure public contracts in the power and utilities sectors.
With the theme, fostering innovation and diversification to achieve energy transition and self-sufficiency in the region, the two-day forum will also focus on the development of clean, green and renewable energy that is gaining momentum, said the organizers.
According to Apicorp, the investments in the 2021-25 period are expected to give increased allocations to the transmission and distribution sides of the value chain while maintaining investments in [power] generation to accommodate the growth in power demand.
A major driver behind this trend is the need for more investments in grid reinforcements and enhanced flexibility with the rising share of renewables in the energy mix, it stated.
As power demand recovers in the medium to long term, additional capacities will be needed to cater for the growing demand and shifting demand patterns, while at the same time ensuring power system resilience, reliability and flexibility, and opening new opportunities for increased cross-border power trade, the report added.