Factors such as population growth, an expanding economy and climatic changes are increasing power demand in the GCC countries. According to APICORP, the GCC represents 43%, or 157 gigawatts (GW) of the current MENA power-generating capacity. Huned Contractor reports
GCC countries, i.e. Saudia Arabia, Bahrain, Oman, Qatar, Kuwait and the United Arab Emirates, have realised that they can no longer be dependent on oil resources alone for economic prosperity over the long term and hence have moved towards economic diversification. Hence, GCC countries are shifting towards renewable resources for energy generation to preserve their oil wealth. Currently, renewables form the fastest growing energy source for electricity generation. In fact, GCC countries are investing heavily in renewable energy to achieve significant targets by 2030-2040. According to Masdar Institute experts, GCC countries are expected to procure power from renewable sources by 2050 to address climate change.