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The Arab Oil Investment Company (APICORP) reported this week that countries in the Middle East and North Africa will need to invest $260 billion in power over the next five years to meet the region's growing demand for electricity
.
The Middle East and North Africa, which includes oil producers Saudi Arabia, Iran and Iraq, must add 117 GW of electricity by 2022 to meet local demand
.
APICORP said $152 billion will need to be invested in the region's power generation sector, with the rest going to transmission and distribution projects
.
Currently, the Middle East and North Africa region generates 321 GW of electricity, and by 2022, the region will need to grow at an average annual rate of 6.
4% to meet growing demand
.
APICORP estimates that the six countries that belong to the Gulf Cooperation Council (GCC) — Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates — need to spend $89 billion to add 43 GW of electricity
over the next five years.
Among them, the UAE and Saudi Arabia are expected to lead
with investment of $33 billion and $21 billion, respectively.
In addition, Iran needs to add 25 GW of power to its current capacity of 77 GW, with an estimated investment of $50 billion
.
Iraq is another oil-rich country that needs to invest $39 billion to add 12 gigawatts of electricity
by 2022.
Egypt, the region's most populous country, is estimated to need $46 billion in investment to add 22 GW of electricity to increase its capacity to 60 GW
by 2022.
APICORP also said it was gratifying that countries in the Middle East and North Africa are increasingly adopting clean energy sources such as solar and nuclear to generate electricity
.
The Arab Oil Investment Company (APICORP) reported this week that countries in the Middle East and North Africa will need to invest $260 billion in power over the next five years to meet the region's growing demand for electricity
.
The Middle East and North Africa, which includes oil producers Saudi Arabia, Iran and Iraq, must add 117 GW of electricity by 2022 to meet local demand
.
APICORP said $152 billion will need to be invested in the region's power generation sector, with the rest going to transmission and distribution projects
.
Currently, the Middle East and North Africa region generates 321 GW of electricity, and by 2022, the region will need to grow at an average annual rate of 6.
4% to meet growing demand
.
APICORP estimates that the six countries that belong to the Gulf Cooperation Council (GCC) — Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates — need to spend $89 billion to add 43 GW of electricity
over the next five years.
Among them, the UAE and Saudi Arabia are expected to lead
with investment of $33 billion and $21 billion, respectively.
In addition, Iran needs to add 25 GW of power to its current capacity of 77 GW, with an estimated investment of $50 billion
.
Iraq is another oil-rich country that needs to invest $39 billion to add 12 gigawatts of electricity
by 2022.
Egypt, the region's most populous country, is estimated to need $46 billion in investment to add 22 GW of electricity to increase its capacity to 60 GW
by 2022.
APICORP also said it was gratifying that countries in the Middle East and North Africa are increasingly adopting clean energy sources such as solar and nuclear to generate electricity
.
