Investment in the renewable energy sector in the Middle East and North Africa (MENA) region is expected to reach $35 billion by the end of this year, according to report released during the ongoing Middle East Energy exhibition in Dubai.
The Middle East Energy exhibition is a three-day event where heavyweights from the industry will demonstrate breakthrough technologies that are disrupting the entire energy ecosystem. The event is being held at the World Trade Centre in Dubai.
Reportedly, the event has attracted more than 1100 exhibitors from 130 different countries across the globe. The focus on the event is expected to be on digitalisation and renewable energy.
Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority, who inaugurated the event told the media, “Currently, there are seven gigawatts of renewable energy projects in the region and this is very encouraging for the transformation of the energy mix in GCC countries. If you look at prices, we are currently at $0.14 per kilowatt for renewable energy and heading towards US$0.01. This means the region is not only at the forefront in adopting renewable sources such as solar power, it means fossil fuel power generation is now being outcompeted by renewables.”
He added, “If you’re going to invest in the regional energy sector, it has to be in renewables. They are much more efficient, cleaner for the environment and can be achieved at much less cost.”
The energy and utility sector in the region is undergoing an unprecedented transformation, with a shift towards renewable energy and digital innovation. Many renewable energy projects were flagged off in the region in 2019 including the world’s largest single-site photovoltaic (PV) solar plant, the 1.17GW Sweihan independent power project (IPP) in Abu Dhabi.