The renewable energy sector in the Middle East looks promising. Despite the decline in the oil and gas industry in the past few years, governments in the oil-rich region have taken a bold step by increasing their investment in alternative energy sources.
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| Image source: Alarabiya.net |
Countries in the region have established their respective green energy projects, which are seen to expand in the next years. An example of this massive project is the Mohammed bin Rashid Al Maktoum Solar Park in the United Arab Emirates that will expand up to 3,000 megawatts. In a decade, this project will be responsible for 15% of the country’s demand for electricity.
On the other hand, the Kingdom of Saudi Arabia will soon start the first phase of its renewable energy program that will need USD 30-50 billion. By 2025, the country aims to generate 10 gigawatts from solar and wind sources. And by 2030, the kingdom plans to generate 30% of its power from alternative energy sources. Neighboring countries such as Qatar, Kuwait, Oman, and Bahrain are also taking the necessary steps to enter the field of renewable energy.
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| Image source: Constructionweekonline.com |
As the global economy shifts its focus from traditional energy sources to renewable and sustainable alternatives, new projects seen to bring profit to participating countries in the decades to come have arisen. The Middle East has already entered the industry and once all the region’s initial efforts bear fruit, it will be set to reap the advantages as a bloc.
Todo Modo CEO Luis Manuel Ramirez is an expert in establishing the vision and strategies necessary to grow global, billion-dollar portfolios. Visit this page for updates on the energy sector.
