Power sector eyes massive business opportunities in the Middle East
The Middle East region continues to offer massive business potential for regional and international companies involved in the power generation, lighting and new and renewable energy industries.
In addition to the obvious opportunities that the reconstruction of post-war Iraq represents, Middle East electricity demand continues to grow. The annual average of nine percent is triple the global figure, according to industry analysts who estimate the Gulf Cooperation Council (GCC) will have to invest $100 billion over the next decade to meet its energy needs.
The World Energy Council says the GCC will require 100,000 Megawatts of additional power over the next 10 years. The United Arab Emirates (UAE) alone will have to install an additional 8,000 MWs, while Saudi Arabia will have to add 2,000 MW every year to meet double digit growth in demand. Elsewhere in the GCC, annual capacity expansion is forecast to range between seven and 10 percent.
"Rapid population increase and massive infrastructure development is fuelling the increasing demand for electricity throughout the Middle East." said Sarah Woodbridge, Exhibitions director (Power Division), IIR Exhibitions, organizer of Middle East Electricity, the region's power generation and electricity industry event.
"There is huge demand for the latest technological innovations in energy related equipment across all of the industry sectors, from power generation to lighting and new and renewable energy.”
“The International Monetary Fund (IMF)'s prediction of continued strong economic growth means that the regional power sector will remain very buoyant—this is in stark contrast to other parts of the world where demand is stagnant or growing slowly."
Visitor research undertaken at Middle East Electricity 2003 showed that 46 percent came specifically to meet companies involved in the power generation industry—48 percent to meet lighting companies and 24 percent to meet new and renewable energy companies.
As a result of these research findings, the 2004 exhibition will feature three dedicated industry arenas that specifically focus on power generation, industrial and commercial lighting and new and renewable energy.
"With nine months still to go, Middle East Electricity 2004 is already virtually sold out. Over 80 percent of participants at this year's event rebooked and we are receiving strong international interest from companies who have shifted their strategic focus to the Middle East," said Woodbridge. — (menareport.com)
© 2003 Mena Report (www.menareport.com)