Energy sector to see huge growth - Emirates24|7

Energy sector to see huge growth


Gulf states will invest $120 billion (Dh440bn) in the power generation industry over the next 10 years, said an expert.

“The GCC will see a new phase of growth that will continue for the next 10 years,” said Neil Walker, a sector specialist from the United Kingdom. “This growth will make it necessary for the Gulf to launch new projects in the energy industry and pump in new investment in conjunction with the private sector.

“The GCC will not face any difficulty in finding the money needed for such projects as they expand the private sector’s role in funding the process.

“With the GCC requiring significant growth in the power and water sectors, an estimated eight per cent of all Arab investment will go into the power sector over the next few years – providing excellent business opportunities across the region.”

Walker said demand for water in the Gulf was increasing by eight per cent a year due to huge population growth and construction, agricultural, industrial and tourism sectors witnessing a boom. (Wam)