The signing of the Shams 1 solar power project financing in the UAE last month has opened the way for a burgeoning in renewable energy in the Gulf, said Standard & Poors Ratings Services in a new report.
The Dubai Electricity and Water Authority (DEWA) signed five new contracts worth US$272mn for power and water projects that will support Dubai utilitys infrastructure and also boost the efficiency of grids and networks to meet the growth and demand for its services.
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Oman Electricity Transmission Company (OETC) is working hard on expanding the countrys power transmission infrastructure and upgrading the national power grid to try and meet growing local energy demand.
Mubadala GE Capital has acquired a 16 per cent stake in an Omani power generation company, United Power.
The Iraqi Ministry of Electricity announced that the country is currently importing 550 MW from neighbouring countries.
