The ambitious renewable energy targets, increased market liberalization and the enormous solar potential, the solar photovoltaic (PV) sector in the Middle East is set to boom over the next five years. Saudi Arabia plans to increase its installed PV capacity by adding 9.5GW by 2023. Achieving this goal will result from policymakers reshaping the legal framework governing foreign investments and renewable energy. This, coupled with continued market liberalization, is how Saudi Arabia will unlock its full solar potential. Saudi Arabia’s National Renewable Energy Programme (NREP) will be the mechanism for delivering the country’s Vision 2030, which forecasts energy consumption to increase threefold between 2016 and 2030.
Jordan’s plans to decrease its dependency on fossil fuel imports with an ambitious renewable energy target with electricity generation from renewables set to reach 31% by 2030. Egypt is repositioning itself as a regional energy leader with strong clean energy investment ambitions and is viewed as an example for neighboring countries across the Middle East and Africa. Achieving the country’s clean energy transition and meeting renewable energy targets will be tied to implementing conditions that attract further investment and improve business environments. Oman has also resumed its ambitious development plan for renewables after successfully securing financing for its first utility-scale solar plant, which will be essential for the success of the country’s energy transition.