Power, water projects worth $32bn in GCC pipeline

A total of 44 power and water projects are being built or set to start in 2012 in the GCC valued at nearly $32bn, latest research has revealed. According to a study by Ventures Middle East, the UAE leads the way with 11 projects valued at $10bn, including the $800m Hassyan 1 Independent Power Plant, where construction is slated to begin next year. Saudi Arabia also has 11 new projects underway or due to start in 2012, valued at $8.6bn, the research said. In Kuwait, ten projects are underway valued at $3.4bn, seven of which will begin construction in 2012, it added. Bahrain has three projects valued at $4.1bn, including the independent water and power plant in Al Dur, which has been ongoing since 2008. Ventures said Qatar has three projects valued at $3.3bn, while Oman has six projects valued at $2.5bn, all of which will begin construction in 2012. "The power sector in the GCC region has seen exponential growth ranging from 10 to 15 per cent annually in many of its member states, with demand for electrical power to triple over the next 25 years," said Abdulla Saif Al-Nuaimi, director general of Abu Dhabi Water and Electricity Authority. "Similarly, the water industry is expected to be worth $70bn over the next ten years," he added. "The latest developments in the power and water sectors of the GCC countries underline the fact that the region is not only one of the fastest growing but also holds the most potential of global electricity markets," said Anita Mathews, exhibition director for Power + Water Middle East which opens on Sunday.