The market, which is expected to post over Dh100 billion in sales through more than 30,000 transactions in first quarter, will sustain steady increase in transactions and prices throughout the year
Dr. Raed Al-Rayes, Deputy Chief Executive & General Manager of APICORP, said global investments in oil and gas fell by 20 per cent in 2015 compared with 2014, one of the biggest drops in history. "However, against this trend, we expect the MENA region to continue investing heavily as major energy-exporting countries expand the size of their energy sectors and strengthen their positions within global markets."
Despite the increasing investment plans within the MENA region, APICORP's report also highlights several challenges and constraints that will prove pivotal over the medium term.
Samira Ahmad Omar, director-general of the Kuwait Institute for Scientific Research, has said the GCC states plan to pump up to $100 billion (Dh367.3 billion) into renewable energy projects over the coming two decades.
According to Frost & Sullivan, Saudi Arabia will invest more $100 billion to install 54GW of renewable energy by 2040.Energy demand in the Kingdom is expected to grow by 45% from 69GW in 2014 to 100GW by 2040, a figure that is nearly as much as all of the rest of the GCC combined. By 2020, Saudi projects alone will account for 70 per cent of the total value of the GCC's renewable energy projects. issacjohn@khaleejtimes.com
The market, which is expected to post over Dh100 billion in sales through more than 30,000 transactions in first quarter, will sustain steady increase in transactions and prices throughout the year
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