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  • 15-07-19

    Mena to invest USD209B in power sector over next 5 years

    (MENAFN) Middle East and North African economies have to invest USD 209 billion Dh767bn) in the power sector over the next five years to make suitable situation for increasing electricity demand as they continue spending on renewable energy ventures.

    General investment in the Mena energy sector could hit USD1 trillion in the period from 2019 to 2023, with the power sector accounting for the biggest share of the spending at 36 per cent, The Arab Petroleum Investments Corporation (Apicorp) emphasized in its newest Mena Power Investment Outlook report.

    The power sector will continue to develop throughout Mena, mainly driven by the need to meet demand increase and the push by local governments to develop the non-oil sector as they continue to follow their economic variation agenda, the energy-concentrated multilateral development financial institution affirmed in the report issued on Sunday.

    Mena will need the addition of 88 gig watts by the end of 2023 to be suitable for the increasing demand.

    MENAFN1507201900450000ID1098759171

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