GCC earmarks $217bn to keep the power on

POWER ON: GCC countries have earmarked $217 billion on projects in a bid to meet future demand. (Getty Images)

GCC countries have earmarked $217 billion on projects in a bid to ensure the power stays on.

A majority of the new projects are in Saudi Arabia, where power-starved mega projects are expected to go on stream from this year up to 2012, according to data from research specialist ProLeads.

The kingdom is shelling out $111 billion on new power generation and transmission projects to stem the growing demand for electricity, Emirates Business reported on Sunday.

The UAE comes second in the list with 58 projects valued at $55 billion followed by Qatar, the world's LNG capital with 12 projects valued at $21 billion.

Kuwait's planned and ongoing projects stands at $14 billion while Oman and Bahrain's power projects are put at $10 billion and $5 billion respectively.

In Saudi Arabia, the combination of Saudi Arabia's rapidly expanding population and industrial base representing 60 per cent of demand, paired with artificially low power tariffs, has increased the demand on electric utilities.

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