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With an abundance of hydrocarbon reserves, the Middle East traditionally generated most of its power from fossil fuels. In recent years, a more diverse portfolio of power plants emerged. Leading the Gulf Cooperating Council countries, both Saudi Arabia and the UAE have embarked on a remarkable journey diversifying its power pool to move away from fossil fuels. Under progressive leadership, a diverse mix of power sources ranging from nuclear, solar and other renewables are under construction.
Dubai, for example, has set an objective to generate at least fifty per cent of its power from renewables by 2050. The Red Sea Development in Saudi Arabia will be powered solely by renewable energy. A contract on a Public-Private-Partnership basis was awarded to a consortium lead by ACWA Power to generate 650,000 MWh of renewable energy to power the entire development.
There is currently more than $206 billion of active power projects in Saudi Arabia and the United Arab Emirates. During 2021 these countries will spend an estimated $4.8 billion on power projects.
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