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The GCC's power sector could attain investments worth a combined US$250bn in the next five years fuelled by the growth in the UAE's power sector, according to a new report
Global Business Reports, a provider of industry-specific studies, said the increasing population and industrial development has driven demand for electricity in UAE. Abu Dhabi and Dubai, which have some of the world’s highest levels of electricity use per capita, are currently implementing ambitious projects to meet a staggering growth in demand for power the company's Power UAE report stated.
Experts calculated that electricity demand in the region would grow eight to 12 per cent annually for the next decade, thanks to population growth and industrial development.
The report noted that the next 10 years would see the introduction of Abu Dhabi’s nuclear programme and the shift towards renewable technologies, namely solar power.
The nuclear programme is the first project of its kind in the GCC, which already kicked off with the construction of nuclear reactors in Barakah, west of Abu Dhabi. A number of consortiums, including GE-Hitachi, EDF-Areva and Korea Electric Power Company have submitted their bids for the project.
In a statement, Abu Dhabi Water and Electricity Authority (Adwea) director general Abdulla Saif Al Nuaimi said that the economic diversification and demographics have been driving the development of the power and water sectors in Abu Dhabi and the GCC. This underscores the fact that the region is not only one of the fastest growing, but also holds the most potential in global electricity markets, he added.