GCC project awards forecast at $32bn for 2013
Power and water spending tracks sky-high electricity demand
A new report by Ventures Middle East, released ahead of Dubai’s Middle East Electricity event scheduled for 17 – 19th February 2013, has forecast GCC utilities contract awards to reach US $32.4 billion in 2013. Power and water spending is said to be “back on track” as annual electricity demand growth across the GCC averages between 10 and 15%.
“The GCC region will require an additional 60 Gigawatts of power capacity by 2015, and the coming years are likely to witness a substantial improvement in the development of regional utility infrastructure,” said Anita Mathews, Middle East Electricity exhibition director.
The report, unsurprisingly, found that the bulk of power and water spending will be in Saudi Arabia where $17 billion worth of new contracts will be signed. Kuwait and the UAE are forecast to agreed deals worth $4.2 billion over the same period.
Qatar is predicted to sign $3.2 billion of new deals, Oman $2.7 billion and Bahrain closes out the figures with $1.1 billion in new power and water spending.