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DOHA: The installed power generating capacity in the GCC is forecast to reach 170,000MW by 2019, according to the latest data from Meed Insight. The cost of the new build-requirement alone will be an estimated $66bn, with at least the same amount needed to be invested in transmission and distribution (T&D) infrastructure in the next six years.
Rising oil and gas prices combined with increasing domestic power requirements are prompting governments across the GCC, including Qatar, to increase investments in power and water sector, as well as secure alternative sources of energy. Qatar alone boasts to have 35 projects (worth $1.8bn) in power and water sector, a press statement said yesterday.
Confronted with such a massive demand, governments across the GCC are now pouring money into power and water projects with investments reaching $25bn last year.
In 2012, Saudi Arabia led the GCC with a total of 148 projects in the power and water sector, investing more than $8bn; Kuwait followed with 68, valued at close $3bn. The United Arab Emirates is next with 62 projects, worth a little more than $3bn, while Oman has 49 projects worth $1.2bn. Although Bahrain has only 15 projects, the total value of investment is estimated at $7.3bn.
“As increased investments in the power and water sector create new opportunities for contractors and project developers, the more we need to ensure that the projects being developed adhere to the highest standards of excellence, especially because they play a role in the progress of the GCC as a whole. The awards programme was established to recognise completed projects, and since its establishment has been a benchmark for project excellence,” said Becky Crayman, Head of Awards, MEED Events.
Now in its third year, the MEED Quality Awards for Projects, in association with Ernst & Young, has become the industry benchmark for projects excellence. It is judged by an independent judging panel consisting of respected key representatives from the projects industry who will determine the winners at the national and regional level of the competition.
Completed projects between January 2011 and December 2012 are eligible to compete in the awards programme. Submissions for the 2013 awards programme are now being sought in the following categories: Mashreq Oil & Gas Project of the Year, Industrial Project of the Year, Power and Water Desalination Project of the Year, Water Reuse Project of the Year, Leisure and Tourism Project of the Year, Transport Project of the Year, Social Project of the Year, Building Project of the Year, Sustainable Project of the Year and Small Project of the Year.
The deadline for submission is January 31. Winners will be announced in ceremonies to be held on May 14 at the Jumeirah Etihad Towers in Abu Dhabi.