New Middle East projects valued at $32.7bn
Report names 97 new power and water schemes underway in 2012
A report by Ventures Middle East has valued new investment in the Middle East’s power and water sector at US $32.7 billion, with 97 projects set to begin construction in 2012. Strong demand for electricity and rapidly rising water consumption has spurred on investment in the region, with the UAE alone initiating projects valued at $1.5bn this year.
Amongst the projects underway, or planned to begin this year, are the $740 million Noor 1 solar project in Abu Dhabi, a 100MW PV solar project involving Masdar, Total and Abengoa. The project is part of Abu-Dhabi’s ten year plan to generate 1,500MW of power from renewable energy sources, with the Shams 1 concentrated solar plant already under construction in the Emirate. Elsewhere, the UAE also has the $580 million Emal power plant project, whilst over in Kuwait 19 projects totaling $4.2 billion are underway, including the Al Zour IWPP.
Saudi unsurprisingly tops the individual country spend, led by the $2 billion spend on the Al Qurayyah IPP and the $1.2 billion Shuaiba 2 power plant. The country is planning to spend $8.8 billion in total as it aims to boost power production, as well as improving the efficiency and reliability of the water distribution network. The Kingdom has recently announced a swathe of multi-million contracts for projects to improve water and sanitation in areas including the Qassim region.
Morocco’s spending is also highlighted, with $4.4 billion of investment being put into seven projects in 2012. The country is investing in four wind farm projects around the country, whilst a final announcement on tender is still awaited for the massive Quarzazate solar plant, planned in Olant. The project is aiming to produce 2GW of power when constructed.