MENA nations to set up power market

Saudi Arabia

CAIRO, April 7, 2017 – Fourteen MENA countries on Thursday agreed to work towards setting up an Arab Common Market for Electricity, the Saudi Press Agency reported on Friday.

Signed on the sidelines of the 12th session for the Arab Ministerial Council for Electricity at the Cairo headquarters of the Arab League, the MoU will 14 countries commit politically to realising the common market.

With the MENA population expected to reach 692 million by 2050, analysts say hundreds billions of dollars will be needed for an accompanying increase in power generation capacity.

In Saudi Arabia, the power construction contractor awards volume will come out 50% higher this year at 12.35 billion. In the electricity-hungry GCC region, that figure will hit USD 25.5 billion, an increase of 14% over 2016.

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