Industry News

UAE is Planning to Invest Around USD163 Billion on Energy by 2050

The rise in industrialization will lead to greater demand of power in UAE and growth of allied industries in energy sector, thereby boosting the demand for LNG in the country.

UAE: The United Arab Emirates has announced its energy strategy 2050 in which it has planned to invest USD163 Billion on energy. According to Vice President and Prime Minister of the UAE and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, the strategy aims to increase the contribution of clean energy sources in the total energy mix of UAE. The new strategy takes into consideration the environmental concerns, growth of the country as well as supply- demand scenario prevailing in energy sector of the country.

TechSci Research finds out that the rise in demand of power in UAE and other Middle East countries will surge the demand for LNG for power generation. Growing focus on expansion of gas pipeline infrastructure, along with increasing utilization of natural gas for re-injection into oilfields to enhance oil production, declining LNG prices and implementation of favorable government policies is expected to boost demand for LNG in the UAE.

According to released report of TechSci Research UAE LNG Market Demand & Supply Analysis, By Region, By Application, By LNG Terminal, Competition Forecast and Opportunities, 2011-2025”, UAE LNG market is projected to grow at a CAGR of 7.6% during 2016-2021. UAE is the third largest importer of LNG in Middle East & Africa region in 2015. The country mainly imports LNG from Qatar, Australia, Trinidad & Tobago and Indonesia. Various upcoming LNG terminal projects, surging demand for natural gas and cost-effectiveness of LNG in comparison with other alternative fuels are major factors anticipated to positively influence the LNG market scenario in UAE, over next ten years.

Relevant News