The MENA region has the opportunity to become a "boom centre" for solar energy within the next 10 years, creating up to 100,000 new jobs, according to consultants AT Kearney.
The global management consulting firm said in a report that it believes that investment in solar energy can create annual revenues of $90 billion for the region.
According to the firm, Concentrated Solar Power (CSP) will become cost effective within the next 12 months as oil and gas prices continue increasing to rise.
Christan von Tschirschky, principal, AT Kearney, said that the Middle East may be able to benefit from the expected global boom through developing its own solar power energy industry. This could be used to satisfy the region’s own demand and part of the growing global demand for renewable energy.
The World Bank earlier this week announced plans to invest $5.5 billion into solar energy projects in the MENA region and von Tschirschy believes that the Middle East is in a unique position to develop high quality, globally competitive solar suppliers at lower costs than the US and Europe.
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