Reuters reported that the United Arab Emirates sees private sector investment opportunities in alternative energy projects reaching USD 100 billion by 2020.
The economy ministry said that investment opportunities in the market for alternative and sustainable energy projects that can be invested by the private sector in the UAE will be around USD 100 billion until 2020.
Industry executives said that international firms are gearing up to tap opportunities in the Middle East and North Africa solar power sector but the lack of a regulatory framework will hinder growth.
Abu Dhabi green Energy Company Masdar said that in January its 60 and 40 hydrogen power venture with BP would be delayed without giving reasons other than it was awaiting government approvals.
The production of bio fuels and alternative energy from multiple sources will be accounted for 50% of the available opportunities at the state level. Water recycling would make up 20% of investment opportunities while urban development projects 30%.
The UAE is the world's third largest oil exporter, now pumping 2.5 million barrels per day and its petrol consumption is estimated to be around 5 million liters per day.
The UAE has seen a petrol shortage in recent months, with petrol stations of fuel retailer Emarat drying up in April after a payment problem with suppliers prompting customers in the country to fill up at rival sites. The UAE enjoys one of the world's highest per capita incomes at nearly USD 49,000.
