• Strong push for energy transition: the race towards clean energy is key support for renewables over the long term. 

Trends to watch in the industry 

1. Green regulation: as countries are racing towards energy transition, new policies and climate targets can act both as anopportunity for renewables & power and as a risk for traditional oil & gas players. 
2. Policy support to renewables: a number of green policies are being implemented across countries

• GCC countries have all engaged within their economies significant diversification efforts.
• Clean energy generation goals across GCC: 20% by 2035 for Bahrain, 30% by 2023 for Oman, 20% by 2023 for Qatar and as high as 50% by 2050 for Saudi Arabia.
• The oil & gas sector is expected to grow by +1.4% in 2024 in Bahrain and by +1.6% in Qatar, while oil output is expect to increase by +3.6% y/y in 2024 in Kuwait and +5.8% in the UAE.