Over the last decade, a shift has occurred in the GCC, followed by a massive investment in sustainable energy. Currently, there are more than $240 billion of active energy projects. Saudi Arabia leads the GCC with $160 billion in active energy projects.
The Saudi National Renewable Energy Program, managed by the Renewable Energy Project Development Office, is valued at $60 billion and is the largest of its kind in the region. The Saudi Nuclear Atomic Energy Project is another mega project with a $60 billion budget. The project is still in its early stages, with construction only planned to start in 2025.
The Barakah Nuclear Power Plant is nearing completion in the UAE, with the fourth reactor in the final testing and commissioning phase. The $13 billion Mohammed bin Rashid Al Maktoum Solar Park is the largest single-site solar park in the world. Developed in several stages over the last decade, it spans nearly 80 square kilometres. Once completed, it will generate more than 5 Gigawatts utilising CSV and PV technology.
The GCC has more than $130 billion of energy projects under construction. The top 5 energy projects under construction are:
- Saudi National Renewable Energy Program
- Barakah Nuclear Power Plant
- Mohammed bin Rashid Al Maktoum Solar Park
- Hassyan IPP
- Riyadh Power Plant 13
It is worth noting that several renewable energy projects are under construction as part of the NEOM development that includes both solar and wind. Follow us for more information on these projects.
There are more than $110 billion of energy projects in the pre-execution phase, with many awards expected this year. The top 5 pre-construction energy projects are:
- Saudi Nuclear Atomic Energy Project
- Ma’aden Solar I
- Zour North IWPP
- Facility E IWPP
- Nuwaiseeb Phase 1 Power and Desalination Plant
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