Middle Eastern and North African countries need to spend $260 billion over the next five years for electricity production to meet rising demand, a report said on Tuesday.
The region, which includes oil heavyweights Saudi Arabia, Iran and Iraq, must make the investments to add 117 gigawatts (GW) of power generation by 2022, Arab Petroleum Investment Corp. (APICORP) said.
The Dammam-based energy development bank said $152 billion is needed for electricity generation and the rest for transmission and distribution projects.
It estimated that power capacity in the Middle East and North Africa, currently standing at 321 GW, needs to expand by 6.4 percent on average annually by 2022 to meet growing demand. Read More