GCC COUNTRIES TO INVEST IN ENERGY PROJECTS

The countries of the Gulf Cooperation Countries (GCC) are set to invest $160 to $200 billion on 14 to 20 energy projects to meet their growing energy demands. In a statement, Dr Abdullah Al-Amiri, chairman of the Emirates Energy Award, said that the GCC countries have overcome the fears associated with energy funds or oil prices. The theory that either of these two situations would have a negative effect on the GCC countries has proved to be incorrect, as several current findings seem to indicate the contrary. The US mortgage market woes did not spread to the GCC markets, while the fuel prices are still soaring on the global markets. According to available statistics, solar energy accounts for only one per cent of the world’s energy resources today, while the rise of energy prices to record highs, coupled with the lack of signs of stability, seems certain to increase investment in this sector by approximately 50 per cent within two years.