DUBAI: A new report from Arab Petroleum Investments Corporation (Apicorp), owned by Organisation of Arab Petroleum Exporting Countries (Opec) says that the total committed and planned energy investments in the MENA region could reach $900 billion over the next five years.
The report reveals that planned MENA investments in the energy sector are estimated to increase at a faster pace while the power sector accounts for the largest share of investments at $194 billion.
The report also shows the oil and gas sector will represent $90 billion and $149 billion respectively, with the remaining investments in petrochemicals. Also, projects under study represent by far the largest portion of planned investments, at about $62 billion, according to the study.
The upcoming Water, Energy, Technology Exhibition – Wetex 2016 – which is organised under the directives of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, the Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, and under the patronage of Sheikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai, UAE Minister of Finance and President of Dewa, at the Dubai International Convention and Exhibition Centre, from October 4 to 6, 2016, will be an added source of leverage of energy investment in the MENA region.
Wetex 2016 will display the latest technologies in oil and gas, clean coal, renewable and clean energy, smart networks as well as energy efficiency solutions at a time when it is imperative to set up advanced infrastructure to produce, transmit and distribute renewable energy.
“The developing economies are in need of creating an advanced infrastructure and developing sustainable ways to produce renewable energy,” said Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority, Founder and Chairman of Wetex. “We need to ensure innovative government policies, continuous supply of new technologies backed with an appealing investment climate. Being held annually, Wetex helps in promoting investment in the energy sector. That is why it is held under the theme ‘At the forefront of sustainability’ reflecting the leadership of the UAE and Dubai in this regard.”
“Wetex forges strategic partnerships between exhibitors and trade visitors attending the show from all over the world. It showcases energy solutions for electric cars, as well as technologies related to distribution, storage and demand management. Adding the first Dubai Solar Show, to coincide with the show, will attract a larger number of solar energy specialists at a time when the renewable sector is becoming the most prominent sector for investments in the region,” he added.
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