The Middle East, spearheaded by the oil-rich Persian Gulf monarchies, could spend up to $50 billion on developing solar power over the next seven years, says the Middle East Solar Industry Association.

The MESIA group based in Dubai, financial center of the United Arab Emirates, estimates the region will install 12,000-15,000 megawatts of solar power by 2020, with another 22,000-25,000 gigawatts from other renewable energy sources such as wind and hydro-power.

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