30 March، 2023

News from Emirates

Solar Investment Competition in Saudi Arabia to be ‘Fierce’, Reveals Energy Expert at Middle East Energy 2022

Renewable energy targets, increased market liberalisation, and the enormous solar potential expected to drive boom in Middle East solar photovoltaic (PV) sector over the next five years

Dubai, United Arab Emirates

  • Antonie Poussard, Managing Partner at renewable energy specialists Finergreen, outlined the findings of a report exploring the solar PV potential in the region at Middle East Energy in Dubai

Data from leading renewable energy company, Finergreen, has revealed the solar photovoltaic (PV) investment opportunities and potential in Saudi Arabia, Oman, Jordan, and Egypt, as part of a report produced by SolarPower Europe. The discussion took place at Middle East Energy as part of the Intersolar Conference, which continues today, Tuesday 8 March and tomorrow at the Dubai World Trade Centre.

Antonie Poussard, Manager Partner, Finergreen, revealed that with the ambitious renewable energy targets, increased market liberalisation, and the enormous solar potential, the solar PV sector in the Middle East is set to boom over the next five years.

Speaking at the Intersolar Conference this morning, Poussard said, “Saudi Arabia plans to increase its installed PV capacity by adding 9.5GW by 2023. Achieving this goal will result from policymakers reshaping the legal framework governing foreign investments and renewable energy. This, coupled with continued market liberalisation, is how Saudi Arabia will unlock its full solar potential.”

According to the report, Saudi Arabia’s National Renewable Energy Programme (NREP) will be the mechanism for delivering the country’s Vision 2030, which forecasts energy consumption to increase threefold between 2016 and 2030.

Thanks to the Ministry of Energy’s aim to increase the share of natural gas and renewable energy sources by approximately 50% by 2030, there are ample opportunities for private sector investment and public sector partnerships which have already attracted the attention of the likes of Acwa Power, EDF, Masdar and JinkoSolar,” added Poussard.

The report also highlighted Jordan’s plans to decrease its dependency on fossil fuel imports with an ambitious renewable energy target with electricity generation from renewables set to reach 31% by 2030. The data also revealed a remarkable breakthrough between 2015-2020 by raising renewable energy’s share in the electricity mix from 1% to 14%. However, it was also outlined that bold measures would be required to meet targets and a need for the public and private sector to work in tandem.

Data also revealed Egypt is repositioning itself as a regional energy leader with strong clean energy investment ambitions and is viewed as an example for neighbouring countries across the Middle East and Africa. However, the report highlighted that achieving the country’s clean energy transition and meeting renewable energy targets will be tied to implementing conditions that attract further investment and improve business environments.

Oman has also resumed its ambitious development plan for renewables after successfully securing financing for its first utility-scale solar plant, which will be essential for the success of the country’s energy transition.

As part of today’s conference programme at Middle East Energy, the Global Energy and Utilities Forum will focus on finance, with the opening panel discussion addressing Funding the Energy Transition. According to the International Renewable Energy Agency (IRENA), energy transition technologies will require investments of around USD131 trillion by 2050. Discussing this and other critical topics related to funding were Tim Palmer, Head of Renewables & Transition, UK Export Finance; Gurmeet Kaur, Partner, Pinsent Masons LLP; and Rajit Nanda, Advisor to the CEO, ACWA Power.

Speaking about the uptake in export finance, Palmer said, “Since setting up renewables and transition just over a year ago, we have seen remarkable take-up of our offering, so much so that we are already looking to expand our team – underscoring the demand within the market. Exporters and contractors are coming to us across the whole range of renewable sectors, both in mature technologies and very much from an emerging perspective.”

Middle East Energy concludes tomorrow, Wednesday 9 March, with registration still open at the following link www.middleeast-energy.com.

As part of Informa’s commitment to providing the highest hygiene and safety levels, the event will again take place under the protocols introduced via the company’s Informa AllSecure health and safety mandate. The event will be at 100% capacity as per the recent rule changes by the UAE Government.


You may have missed

2 min read

Ramadan is a time for togetherness and reflection, and Homes r Us believes every home has a story to tell. In celebration of the Holy Month, the brand has put together a variety of ideas to help customers reflect on their style. In that spirit, the home décor and furniture brand launched its Ramadan 2023 collection. In this year’s collection, you’ll find ideas for hosting iftars and celebrations with friends and family for unforgettable memories. In the UAE, each home appears distinct, as a diverse array of traditions, customs, gatherings, and enriching stories breathe life into them. Every part of Ramadan reflects the identity of the people who live in these homes, from the food to the clothes to the gifts to even the furniture. There’s a solution for every home in the brand’s latest collection. With its minimalist design, soft hues, and textures, the “White Canvas” theme exudes serenity and tranquillity. The “Forest Forage” theme features carefully chosen accessories and furniture inspired by the earth and forest elements to bring nature into the home. Those with modern home designs can add a touch of contemporary elegance with the “Industrial Sleek” theme, blending contrasting textures and hues for a modern loft appeal. Homes r Us is also adding opulent lanterns and dinnerware to its dining collection, suitable for hosting lavish iftars. The brand is a one-stop shop for all Ramadan needs, enabling the idyllic setting for family stories. Homes r Us understands that different cultures celebrate Ramadan differently. That’s why the collection caters to all tastes and styles. With new stores opening in Fujairah and Jumeirah at 777 Mall, Homes r Us will soon expand its reach. There will also be a refreshed, more expansive store in the Arabian Centre. The newly opened stores will have an expanded portfolio of products while keeping the tastes of local customers in mind. To make shopping even more convenient, Homes r Us is offering free delivery and assembly on a minimum purchase of AED 1000 to its customers. The new Ramadan collection can be browsed in-store or online at https://www.homesrus.ae/en/catalogues.