{"id":589834,"date":"2023-07-10T00:00:00","date_gmt":"2023-07-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/10\/the-sun-is-shining-on-middle-east-solar-energy-heres-why\/"},"modified":"2023-07-10T00:00:00","modified_gmt":"2023-07-10T00:00:00","slug":"the-sun-is-shining-on-middle-east-solar-energy-heres-why","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/10\/the-sun-is-shining-on-middle-east-solar-energy-heres-why\/","title":{"rendered":"The sun is shining on Middle East solar energy \u2014 here\u2019s why"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>The solar energy industry has developed rapidly across Middle Eastern markets in recent years, <\/span><span style=\"font-weight:400;\">boosted by falling photovoltaic (PV) technology costs and a desire by national governments to demonstrate leadership on climate action. This trend has increased since Egypt hosted the COP27 conference last year, and as the UAE takes the baton, hosting COP28 in Dubai in December this year.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">Renewable energy solutions, such as solar power, form a crucial part of the energy transition. Solar projects are springing up across the region, as solar PV has emerged as the cheapest source of electricity generation for new projects in GCC countries and beyond.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">The Middle East has some of the highest solar energy potential anywhere in the world. Egypt, for instance, hosts one of the top five biggest solar energy sites in the world, Benban near Aswan. This site covers 37 sq km and will contribute to the government\u2019s target of achieving 42% of energy from renewables by 2035. Benban comprises 34 solar power plants, each with a capacity of 50MW.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">In the UAE, which aims to reach net zero by 2050, current trends predict the production capacity of clean energy, including solar and nuclear, to reach 14 GW by 2030, up from about 100 MW in 2015 and 2.4 GW in 2020. The sizable 5 GW capacity Mohammed Bin Rashid Al Maktoum Solar Park has been growing in Dubai, and with investments totalling AED 50 bn (USD 13.6 bn), the solar park is expected to save over 6.5 mn tons of carbon emissions annually when completed. The emirate also aims to attract clean energy start-ups by creating the Dubai Green Zone via its USD 27 bn Green Energy Fund.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">Abu Dhabi meanwhile is in the process of adding 3.5 GW across two sites. One of which \u2014 the Al Dhafra Solar PV project \u2014 is at 2 GW the world\u2019s largest single solar site, and will provide clean energy to more than 110k households when it\u2019s connected to the grid this year. In Saudi Arabia, some 10 GW of renewable capacity is in the pipeline. The kingdom, which aims to be carbon neutral by 2060, plans to boost its renewable energy capacity to 58.7 GW by 2030, from a target of 9.5 GW by 2023. Solar energy is expected to account for 68.1% of the 2030 goal.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">Qatar, which plans to produce 20% of its energy from solar power by 2030, last year launched its 800 MWp Al Kharsaah Solar PV Independent Power Producer, the country\u2019s first large-scale solar project. Covering 10 sq km, the equivalent of roughly 1,400 football fields, the project features 2 mn modules mounted on trackers and a semi-automated cleaning system.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">And in Oman, the government inaugurated in 2022 its 500 MW Ibri Solar Power Plant, the country\u2019s largest clean energy production facility, which is expected to help reduce greenhouse gas emissions by 340k tons a year, according to MESIA.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">It\u2019s an exciting time to be involved with the solar energy industry, and it\u2019s clear that it will be leading the way on the green transition, offering investors a range of exciting new opportunities in the renewable energy market across the Middle East. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><i>David Ramos (<span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.linkedin.com\/in\/davidramosalvarez\/?originalSubdomain=ae\" style=\"\">LinkedIn<\/a><\/span>) is acting head of sustainability at HSBC Bank Middle East. HSBC\u2019s column appears in Enterprise every second Monday.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The solar energy industry has developed rapidly across Middle Eastern markets in recent years, boosted by falling photovoltaic (PV) technology costs and a desire by national governments to demonstrate leadership on climate action. This trend has increased since Egypt hosted the COP27 conference last year, and as the UAE takes the baton, hosting COP28 in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":589835,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7351],"tags":[2284,93,72,490,151],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-589834","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-a-message-from-hsbc","tag-a-message-from-hsbc","tag-energy","tag-enterpriseam","tag-hsbc","tag-renewables","wpautop","entry"],"acf":{"mongo_id":"842e96ba-b636-4915-a8b5-112005f4ea75","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/7\/343.jpg","photo_position":"above","homepage_title":"","full_issue_title":"The sun is shining on Middle East solar energy \u2014 here\u2019s why","related_issue":[589822],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/7\/.471dc1b4-66e0-4bc5-8e8f-a258e49abedc.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The sun is shining on Middle East solar energy \u2014 here\u2019s why - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/10\/the-sun-is-shining-on-middle-east-solar-energy-heres-why\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The sun is shining on Middle East solar energy \u2014 here\u2019s why\" \/>\n<meta property=\"og:description\" content=\"The solar energy industry has developed rapidly across Middle Eastern markets in recent years, boosted by falling photovoltaic (PV) technology costs and a desire by national governments to demonstrate leadership on climate action. This trend has increased since Egypt hosted the COP27 conference last year, and as the UAE takes the baton, hosting COP28 in [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/10\/the-sun-is-shining-on-middle-east-solar-energy-heres-why\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-10T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/7\/343.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/10\/the-sun-is-shining-on-middle-east-solar-energy-heres-why\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/10\/the-sun-is-shining-on-middle-east-solar-energy-heres-why\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"The sun is shining on Middle East solar energy \u2014 here\u2019s why\",\"datePublished\":\"2023-07-10T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/10\/the-sun-is-shining-on-middle-east-solar-energy-heres-why\/\"},\"wordCount\":533,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/10\/the-sun-is-shining-on-middle-east-solar-energy-heres-why\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/7\/343.jpg?fit=%2C&ssl=1\",\"keywords\":[\"A MESSAGE FROM HSBC\",\"energy\",\"EnterpriseAM\",\"HSBC\",\"renewables\"],\"articleSection\":[\"A MESSAGE FROM HSBC\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/10\/the-sun-is-shining-on-middle-east-solar-energy-heres-why\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/10\/the-sun-is-shining-on-middle-east-solar-energy-heres-why\/\",\"name\":\"The sun is shining on Middle East solar energy \u2014 here\u2019s why - 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The example the Middle East sets will be a guiding light for others,\u2026","rel":"","context":"In &quot;A MESSAGE FROM HSBC&quot;","block_context":{"text":"A MESSAGE FROM HSBC","link":"https:\/\/enterpriseam.com\/egypt\/category\/a-message-from-hsbc\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571653,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/19\/benha-university-researchers-discover-new-cooling-technique-for-pv-solar-panels\/","url_meta":{"origin":589834,"position":3},"title":"Benha University researchers discover new cooling technique for PV solar panels","author":"enterpriseam admin","date":"19 May 2020","format":false,"excerpt":"Scientists at Benha University have discovered a new cooling technique for PV solar panels that allows solar energy to be extracted more efficiently, Afrik21 reports.","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":591439,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/05\/elsewedy-electric-to-build-solar-pv-plant-in-south-sudan\/","url_meta":{"origin":589834,"position":4},"title":"Elsewedy Electric to build solar PV plant in South Sudan","author":"enterpriseam admin","date":"5 December 2019","format":false,"excerpt":"Elsewedy Electric has signed a contract with South Sudan\u2019s Energy Ministry to build a USD 45 mn solar PV plant in the capital city Juba, the company said in a statement (pdf). The plant will generate 20 MW-peak and store 35 MW of energy per hour in batteries. The facility\u2026","rel":"","context":"In &quot;Diplomacy + Foreign Trade&quot;","block_context":{"text":"Diplomacy + Foreign Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/diplomacy-foreign-trade\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":574633,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/16\/ib-vogt-sells-benban-solar-plant\/","url_meta":{"origin":589834,"position":5},"title":"Ib Vogt sells Benban solar plant","author":"enterpriseam admin","date":"16 September 2020","format":false,"excerpt":"M&A WATCH- Ib Vogt sells one of its Benban plants to Masdar, looks to offload three more: Germany solar company Ib Vogt has sold its entire share in its 64.1 MWp PV plant in the Benban solar park to Abu Dhabi-based renewable energy company Masdar, it said in a statement.\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/589834","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=589834"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/589834\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/589822"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/589835"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=589834"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=589834"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=589834"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=589834"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=589834"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}