The MENA Power Industry Outlook 2019, a report prepared by Ventures Onsite, says that the GCC region is expected to require power infrastructure investment totalling $109 billion over the next five years.
Egypt signed a deal on 1 November 2018 with ACWA Power of Saudi Arabia to build a power plant in southern Egypt involving an investment of $2.3 billion, according to a statement from Mohamed Shaker, the Egyptian electricity minister.
GE and Siemens have signed agreements for large power generation deals in Iraq.
The Financial Times has reported that GE has won a major contract to supply power to Iraq, beating Siemens, following intervention by the US Government.
Saudi Arabia’s Public Investment Fund (PIF) has described a report from the Wall Street Journal that claimed the Kingdom has stopped a plan to build the world’s biggest solar power generation project as “inaccurate”.
It has been reported that Saudi Arabia has shelved a $200 billion plan with SoftBank Group of Japan to build what would have been the world’s biggest solar power generation project.
Siemens and GE are competing for a contract worth an estimated $15 billion to develop power stations in Iraq.
Siemens has announced that it has been selected by the Egyptian Electricity Holding Company (EEHC) to provide comprehensive O&M services for the Beni Suef, New Capital, and Burullus power plants for the next eight years.
Reza Ardakanian, Energy Minister of Iran, has said that the country has restarted negotiations with Russia to build a new 3000 MW nuclear power plant.
Egypt has inaugurated several power generation projects, including three combined cycle power plants built by Siemens.