According to a new report by Timetric’s Construction Intelligence Centre (CIC), ‘Project Insight: Power Generation Construction Projects in Middle East and Africa’, the major economies in the Middle East and Africa plan to invest US$717 billion in power generation projects over the next few years.
Of the 21 countries studied in the report, Saudi Arabia is set to invest the most in increasing its power generation capacity, at an estimated US$150 billion. South Africa and Nigeria follow at US$118 billion and US$95 billion, respectively. Of the total US$717 billion project value forecast, nuclear energy accounts for US$183 billion, gas accounts for US$142 billion and solar accounts for US$122 billion. Around 75% of the projects (US$542 billion) in the countries analysed are in the pre-construction stage.
Examples of major energy projects in the region include a US$30 billion solar power plant currently in the planning stage in Nigeria, the US$30 billion Barakah Nuclear Power Plant in UAE, and the US$100 billion King Abdullah City for Atomic and Renewable Energy in Saudi Arabia, which is planned for 2016.
“The developing countries in Africa are showing high growth in their economies but need to create and maintain reliable power generation infrastructure for their populations and industrialising economies. Solar, hydroelectric and wind schemes figure largely in many African countries’ power generation strategies. The Middle East economies are seeking renewable sources of power whether biomass or solar; however, Saudi Arabia is still the leading user of oil for power generation and like its UAE neighbour is investing in mega nuclear projects,” says Neil Martin, Manager at Timetric CIC.
Adapted from press release by Louise Fordham
Read the article online at: https://www.worldcement.com/africa-middle-east/11032015/timetric-cic-report-power-generation-projects-in-africa-middle-east-495/