How Much Are MENA Countries Investing in Solar Energy and Why?

How Much Are MENA Countries Investing in Solar Energy and Why?

Published July 6th, 2020 - 02:00 GMT









Besides being so rich in oil as a primary source for energy, the Middle East and North Africa have a great potential for renewable energy, especially solar one.

Thanks to sunny weather all year long, especially in the Arabian Peninsula and the Sahara desert, the MENA region has been one of the strongest candidates for building sustainable and green energy. A shift which will not only help boost the region's economic growth but will also end the region's dependence on the troubled oil industry.

As the cost of setting up solar systems continue to decline, being 82% cheaper than it was only 10 years ago, more and more countries are starting to realize the significance of low-carbon energy that will help the environment just as much as it will help reduce energy costs in the long-run.

According to the Middle East Solar Industry Association (MESIA), governments in the region will be investing at least $15 billion over the span of five years, setting up solar energy projects.

Last September, Saudi Arabia called on contractors to submit their applications so they help in developing two major solar energy farms worth $320 million.

In its efforts to diversify its economic activity, the UAE has pledged