UAE, KSA lead MENA's renewable energy market

Posted on 22nd May 2018

UAE, KSA lead MENA's renewable energy market
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According to *Constructionweekonline news report, the UAE and Saudi Arabia are leading the Middle East and North Africa’s (MENA) renewable energy market, where power requirements will grow by 6.4% each year until 2022. 

Arab Petroleum Investments Corporation (APICORP), a development bank focused on the energy sector, found that MENA’s major energy-importing companies are working to improve local energy legislation and infrastructure, while most exporting countries have so far “done little to incorporate renewables”. 

Reducing costs are expected to support MENA’s renewable energy plans, but some countries “are still struggling to make progress”, the bank said: “Large oil and gas reserves and cheap extraction costs mean that hydrocarbons continue to meet rising demand in countries like Kuwait and Algeria.”

Legislative factors such as “policy uncertainty, and the lack of an efficient and supportive regulatory framework, are also contributing to slow progress”. However, according to APICORP, the UAE, especially Dubai, “has done impressive work to stay on track” with its renewable energy targets.

Phases 3 and 4 of the Mohammed Bin Rashid Solar Park place the UAE “at the forefront of renewable energy development in the region”, with other emirates’ projects – such as the Shams CSP scheme in Abu Dhabi – also set to support energy diversification. 

“Similarly, Saudi Arabia has also kickstarted an ambitious renewable energy plan, with the newly formed Ministry of Energy, Industry, and Mineral Resources taking charge of the country’s promising renewable energy programme,” APICORP continued. 

*News source: http://www.constructionweekonl...

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