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Middle East seen as market leader in renewable, clean energy

Middle East seen as market leader in renewable, clean energy
Middle East Energy Dubai will kick off on 17 May

Mubasher: The MENA region is projected to see 83 GW of renewable and clean energy capacity, mainly from solar and wind power, by 2035, according to a research from Informa Markets.

In addition, over AED 55 billion worth of solar power projects will likely become operational by 2026. This indicated that the Middle East is set to become a market leader in renewable and clean energy.

The research attributed the region’s forecast position in the clean energy sector to “well-designed auctions, favourable financing conditions, and declining technology costs, all contributing to bringing renewables into the mainstream.”

Renewable and clean energy will represent 34% of total power sector investments across the region in the coming five years, Exhibition Director at Middle East Energy Claudia Konieczna commented.

Meanwhile in the GCC, the UAE is a leader in energy transition due to a pipeline of developments, including the Abu Dhabi-located 1.5 GW PV3 project and the 2GW Al Dhafra solar power project, with the latter’s goal to power 160,000 homes.

As for Dubai, there are the fourth and fifth phases of the Mohammed bin Rashid Al Maktoum (MBR) solar facility which are still under development. The MBR project is expected to become the world’s largest single-site solar installation, with a planned total capacity of 5GW when fully operational by 2030.

Revenue generated from renewable and clean energy is expected to increase by 22% to AED 829 billion in 2021 from AED 675 billion in 2020, according to “COVID-19 Impact on Renewable Energy Market – Global Forecast to 2021” report.

Middle East Energy Dubai will kick off on 17 May with a three-day virtual conference, under the theme Renewable & Clean Energy. It will feature tech talks, industry briefings, case studies, product demonstrations, and panel discussions.