Sunceco continues with engagement in the Middle East. The GCC countries (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and UAE) smart grid market is projected to grow to USD1.68 billion by 2026 due to the deployment of smart grid infrastructure by GCC governments. Energy storage systems are also becoming attractive in the GCC as it forms a crucial component in the development of smarter grids. The GCC countries’ grid inter-connectivity is expected to generate USD33 billion in investments, economic and energy savings over the next 25 years. In a broader perspective, the MENA (Middle East and North Africa) solar power market is valued at $20 billion, with $5 billion worth of projects in operation, therefore, worth of exploring new opportunities.
Although the 7th country in the world in the oil reserves and 17th in the reserves of natural gas, United Arab Emirates have big plans in the field of renewable energy sources. Dubai, the fastest growing emirate among seven emirates, shows a strong interest in sustainable development. DEWA (Dubai Electricity and Water Authority) in its preparations to host the World Expo in Dubai 2020 has launched a variety of initiatives, allocating over $700 million to boost electricity, water and renewable energy projects according to the highest international standards. To emphasize its commitment to sustainability, DEWA focuses its efforts on setting up an energy infrastructure that meets the emirate’s developments targets set by Dubai Plan 2021 to make Dubai a smart, integrated and connected city. It also assigned a large part of the budget to clean energy related projects in support of the Dubai Clean Energy Strategy 2050 to provide 25% of electricity needs from solar PV by 2030 increasing to 75% by 2050. Most prominent of these projects is the Mohammed bin Rashid Al Maktoum solar park and the Shams Dubai project to encourage building owners to install PV panels to generate electricity from solar energy and connect it to DEWA’s grid.
As an exhibitor in the international trade fair Middle East Energy 2020 to be held in the Dubai World Trade Centre from 3-5 March, 2020 Sunceco is promoting its projects with an emphasis on monocrystalline PV modules and solar LED lighting. The participation at the fair is part of the project “Internationalization of Business – A Window to the World”. The project is co-financed by the European Union from the European Regional Development Fund, under the Competitiveness and Cohesion Operational Program.