Dubai: Gulf Cooperation Council (GCC) countries are set to spend around USD 54 billion in the near future to increase the capacity of their electricity networks by 32,000 megawatts, a new report has said.
The report issued by the Kuwait Financial Centre (Markaz) indicates that the GCC states -- namely Oman, Qatar, Saudi Arabia, Kuwait, the UAE and Bahrain -- have taken some giant steps toward developing their electrical power networks, noting that increases in the Gulf countries' populations and consumption levels played an integral part in creating the demand for these increases.
On the subject of the GCC-wide power grid project, the report said that the first two phases of the project were successful, adding that the last phase involves linking Oman to the network.
The GCC countries are also considering alternative energy sources such as solar power, natural gas, and nuclear energy to replace oil, said the report.
It also said the GCC countries have welcomed private sector investment in power projects in cooperation with the public sector.