Investments in power and water projects across the GCC reached $25 billion last year, according to Meed Insight, an information solutions service.

Saudi Arabia was the leader with a total of 148 projects worth more than $8 billion followed by Bahrain with $7.3 billion investment and Kuwait, with 68 projects valued at close $3 billion, in third place.

The UAE was fourth with 62 projects worth a more than $3 billion, followed by Oman with 49 projects worth $1.2 billion, and finally Qatar with 35 projects worth $1.8 billion, the report said.

Installed generating capacity in the GCC is forecast to reach 170,000 MW by 2019, amidst a rush to develop new power and water projects and explore renewable energy sources to meet an increasing demand for power and a rise in oil and gas prices.

The cost of GCC’s new-build requirement is estimated at $66 billion by 2019, the report added.