Arab nations to pour USD 50bn into renewables over 10 years - MEED

Sep 22, 2014 - Arab countries are expected to invest an estimated USD 50 billion (EUR 38.9bn) over the next ten years in the addition of renewable energy capacity, according to the The Middle East Economic Digest (MEED) Insight.

MEED said so in a press release on Sunday, adding that the Middle East countries are stepping up the adoption of renewables in a bid to meet a target for 56,000 MW of installed capacity by 2020. Solar, especially concentrated solar power (CSP) facilities and integrated solar combined-cycle (ISCC) plants, will account for the majority of the total.

In partnership with Dubai Electricity & Water Authority (DEWA), MEED will hold this week a forum in Dubai to showcase the ways through which UAE government units seek to deploy solar and other clean energy technologies so that the country will be able to meet its 2030 energy reduction targets. The event will be held between September 22 and September 24 under the patronage of the UAE Ministry of Energy.

MEED noted that the MEED Dubai Clean Energy Forum is held at a time when Dubai is preparing to initiate work on the 100-MW second phase of the Mohammed bin Rashid Al-Maktoum solar project.

(USD 1.0 = EUR 0.777)

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