From Kuwait to Saudi Arabia, power plants are becoming the Gulf’s new symbols of growth as the region’s development focus shifts from soaring towers to infrastructure. The recent drought in project financing has left the Gulf’s shores littered with the shells of half-built property developments, some of which may never be completed. GCC governments are now pushing the region’s banks to direct lending to power and water projects instead, and have announced plans to award contracts for a flurry of developments in the sector.
Last week, Kuwait’s electricity and water ministry said it planned to launch bidding rounds for 3.3 billion Kuwaiti dinars (Dh41.08bn) of electricity generation and water desalination projects by the end of next year. In all, five power plants are planned to add 6,700 megawatts (Mw) of generating capacity.
The state-owned Dubai Electricity and Water Authority said it would invest Dh13bn (US$3.53bn) this year in new projects as part of a multi-year Dh75bn programme to increase Dubai’s electricity and water supplies.
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