Rising oil and gas prices combined with increasing domestic power requirements are prompting governments across the GCC to increase investments in the power and water sector, as well as secure alternative sources of energy.
Installed generating capacity in the GCC is forecasted to reach 170,000MW by 2019, according to the latest data from MEED Insight. The cost of the new build requirement alone will be an estimated $ 66 billion, with at least the same amount needed to be invested in T&D infrastructure in the next six years.
Confronted with such a massive demand, governments across the GCC are now pouring money into power and water projects with investments reaching $ 25 billion last year.
In 2012, Saudi Arabia led the GCC with a total of 148 projects in the power and water sector, investing more than $ 8 billion; Kuwait followed with 68, valued at close to $ 3 billion. The UAE is next with 62 projects, worth a little more than $ 3 billion, while Oman has 49 projects worth $ 1.2 billion. Qatar boasts 35 projects worth $ 1.8 billion; and although Bahrain has only 15 projects, the total value of investment is estimated at $ 7.3 billion.
“As increased investments in the power and water sector create new opportunities for contractors and project developers, the more we need to ensure that the projects being developed adhere to the highest standards of excellence, especially because they play a role in the progress of the GCC as a whole. The awards program was established to recognize completed projects, and since its establishment has been a benchmark for project excellence,” said Becky Crayman, head of awards, MEED Events.
Completed projects between January 2011 and December 2012 are eligible to compete in the awards program. Submissions for the 2013 awards program are now being sought in the following categories:
Mashreq Oil & Gas Project of the Year, Industrial Project of the Year, Power and Water Desalination Project of the Year, Water Reuse Project of the Year, Leisure and Tourism Project of the Year, Transport Project of the Year, Social Project of the Year, Building Project of the Year, Sustainable Project of the Year and Small Project of the Year.
The deadline for submission of projects is Jan. 31, 2013. Winners will be announced in ceremonies to be held on May 14, 2013 at the Jumeirah Etihad Towers in Abu Dhabi.