In order to cope up with the increasing demand for power, the Gulf countries will need to spend over USD 120bn in the next ten years to set up new power generation projects in the region, predicted the weekly report of the ‘Crescent Petroleum’ based in Sharjah.
The report said that over 118 various projects for power generation are currently under development at a total cost of USD 150bn in the Gulf Cooperation Council (GCC) countries.
The report also underlined the keenness of the GCC governments to continue the development of their economies on the long run, thus increasing the spending on various developmental projects.
The first phase of the proposed GCC power grid is set to be completed in the first quarter of 2009.