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Thu 7 Jan 2010 12:53 PM

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Qatar plans $1bn solar power project

Around 25 local and international investors have emerged as potential partners for the project - paper.

Qatar is planning to build a solar power plant, it was claimed in a report on Thursday.

The idea for a $1bn solar power plant was first suggested at an exhibition in Doha in May, according to a report in The Peninsula newspaper.

The report adds that around 25 local and international investors have emerged as potential partners for the project.

Shadi Abu Daher, regional manager of the World Trade Centre, told the newspaper that the cost of construction in Qatar has declined by around 40 percent since the onset of the global recession and the drop in prices for raw materials.

A report last month by consultants AT Kearney said the Middle East region has the opportunity to become a "boom centre" for solar energy within the next ten years and the industry may create up to 100,000 new jobs

The report also claimed that that investment in solar energy could create annual revenues of $90 billion for the region.

Last year, the World Bank announced plans to invest $5.5bn into solar energy projects in the region.

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