Factories cannot operate without power. Hospitals cannot refrigerate vaccines. Schools cannot run computers. The development aspirations of emerging market governments collide daily with the same constraint: unreliable electricity supply that caps economic potential regardless of other policy choices.
Six hundred million Africans lack access to reliable electricity, according to International Energy Agency data. The continent holds 60 percent of the world’s best solar resources yet attracts less than 3 percent of global clean energy investment. Energy investment in Africa has fallen by one-third since 2015, with debt servicing costs now equivalent to over 85 percent of total energy spending in some countries. This gap between resource potential and actual power generation defines the development challenge Sheikh Ahmed Dalmook Al Maktoum addresses through Inmā Emirates Holdings.
Energy as Development Prerequisite
UNCTAD research establishes a direct relationship between energy access and economic outcomes: reliable power drives industrialization, boosts productivity, and proves crucial for achieving nearly all Sustainable Development Goals. Per capita electricity consumption in sub-Saharan Africa, excluding South Africa, averages 180 kWh annually. The United States averages 13,000 kWh. Europe averages 6,500 kWh.
This disparity manifests across every sector. Manufacturing requires consistent power for production lines. Agriculture needs electricity for irrigation pumps and cold storage. Healthcare depends on refrigeration for medicines and power for diagnostic equipment. Education increasingly requires digital connectivity. Commerce cannot function when blackouts shut down payment systems and inventory management.
The binding constraint is not demand but supply. African electricity demand is projected to triple by 2040 as populations grow and urbanization accelerates. Current infrastructure cannot meet existing needs, let alone anticipated growth.
How Sheikh Ahmed Dalmook Al Maktoum Structures Energy Investments
Inmā’s energy portfolio spans multiple countries and generation technologies. A 250-megawatt power plant in Ghana addresses baseload capacity constraints limiting industrial development. A 36.6-megawatt facility in Equatorial Guinea supports energy reliability in a market where existing infrastructure cannot meet demand. Pakistan’s 1,200-megawatt solar and wind project advances clean energy transition while reducing import dependence on fossil fuels.
Each project targets a specific constraint within its national context. Ghana needs baseload generation to power manufacturing growth. Equatorial Guinea needs a reliable supply to support oil and gas operations that drive government revenue. Pakistan needs renewable capacity to reduce foreign exchange outflows from fuel imports while meeting climate commitments.
The Ghana Power Project
Ghana’s electricity access rate increased 500 percent between 1991 and 2000, yet per capita consumption actually fell over the same period, suggesting power remained unaffordable for many households even when technically available. The country has since faced recurring power crises that forced industrial rationing and constrained economic growth.
The 250-megawatt plant addresses generation capacity rather than grid extension. Industrial users require reliable baseload power that intermittent renewable sources alone cannot provide. Gas-fired generation offers dispatchable capacity that complements solar and wind while providing the reliability manufacturers need for continuous operations.
Sheikh Ahmed Dalmook Al Maktoum structured the investment around long-term power purchase agreements that provide investors with revenue predictability while giving Ghana access to generation capacity without upfront capital expenditure. The model mirrors approaches that have been successfully used across Southeast Asia and Latin America, where private generation has supplemented state utility capacity.
Pakistan’s Clean Energy Transition
Pakistan imported $27 billion in fossil fuels during fiscal year 2022, consuming foreign exchange reserves needed for other development priorities. The country’s energy mix remains heavily dependent on imported oil and gas, creating both fiscal pressure and exposure to global price volatility.
The 1,200-megawatt solar and wind project addresses both constraints simultaneously. Renewable generation reduces fuel import requirements while adding capacity to a grid that experiences frequent load shedding. Chinese solar exports to Pakistan have surged as ultra-low costs make imported panels, often paired with batteries, economically compelling even without subsidies.
Inmā’s involvement brings Gulf capital and operational expertise to a market where project execution has historically challenged international investors. Currency risk, regulatory uncertainty, and grid integration complexity require investors with regional experience and government relationships that purely financial sponsors often lack.
Why Private Capital Matters for Energy Access
Public and development finance for African energy projects has fallen approximately one-third over the past decade, reaching $20 billion in 2024. Chinese development finance institution spending dropped by more than 85 percent over this period. Multilateral institutions face capital constraints while bilateral aid budgets contract.
Private capital fills this gap when projects offer appropriate risk-adjusted returns. Blended finance structures that combine concessional capital with commercial investment can make otherwise unbankable projects viable:
- First-loss positions: Development institutions absorb initial losses, improving returns for commercial investors.
- Partial credit guarantees: Guarantees from DFIs reduce perceived risk, lowering the cost of capital.
- Local currency facilities: Multilateral support for local currency financing reduces exchange rate exposure.
The Private Infrastructure Development Group reports that between 1994 and 2023, the average default rate in emerging-market infrastructure portfolios was 3.6 percent, roughly comparable to that of B-rated corporate credits in developed markets. Perceived risk exceeds actual risk, creating opportunities for investors willing to conduct detailed due diligence.
Energy Security Beyond Generation
Inmā’s Fujairah crude oil facility addresses energy security from the supply side. The facility secures low-sulfur fuel oil supply for regional markets, reducing vulnerability to supply disruptions while creating storage capacity that stabilizes pricing.
Energy security encompasses both generation and fuel supply. Countries dependent on imported fuels face exposure to global price shocks, shipping disruptions, and supplier country policy changes. Storage infrastructure provides buffers against short-term disruptions while diversified supply relationships reduce long-term dependency.
Gulf investors bring particular advantages in fuel supply infrastructure, given the region’s role in global energy markets. Relationships with national oil companies, trading operations, and shipping networks create integrated capabilities that pure financial investors cannot replicate.
Implications for Emerging Market Industrialization
Sub-Saharan Africa must industrialize, and industrialization requires expanded energy consumption and a reliable supply. The IEA estimates that around 4 million additional energy-related jobs are needed across the continent by 2030, largely to reach universal energy access.
Current investment levels fall far short of requirements. The World Economic Forum identifies Africa’s electricity sector as needing growth exceeding 150 percent by 2050 to meet demand, while advanced economies need only 50 percent expansion. Annual grid investment needs to increase from current levels around $410 billion globally to approximately $600 billion by 2030.
Sheikh Ahmed Dalmook Al Maktoum‘s energy investments address specific gaps in Ghana, Pakistan, and Equatorial Guinea. Whether this project-by-project approach can scale to meet continental needs depends on replicating financing structures and operational partnerships across dozens of markets with distinct regulatory environments, grid configurations, and political contexts. Energy remains the prerequisite for everything else that emerging market governments hope to achieve. Capital that solves this constraint unlocks development potential that no other investment category can access.
