Latest News

• 
  Dubai plans Al-Wasl Road overhaul

  Administrator

  4 June 2025

  Dubai’s Roads & Transport Authority (RTA) has announced plans to upgrade Al-Wasl Road.

  The Al-Wasl Road development project will span 15 kilometres, stretching from the intersection with Umm Suqeim Street in the south to the junction with 2nd December Street in the north.

  Key features of the project include the upgrade of six intersections and the construction of five tunnels, totalling 3,850 metres.

  The road will be widened from two to three lanes in each direction, with the project expected to reduce travel times by 50% and increase capacity from 8,000 to 12,000 vehicles per hour in both directions.

  The six intersections that will be upgraded are at Al-Thanya, Al-Manara, Umm Al-Sheif, Umm Amara, Al-Orouba and Al-Safa streets.

  The intersection with Al-Manara Street involves the construction of a unidirectional tunnel with a capacity of 4,500 vehicles an hour, branching into two routes leading to Jumeirah Street and Umm Suqeim Street.

  The Al-Wasl Road project announcement followed recently launched plans for the enhancement of Umm Suqeim Street. That project involves building six intersections and constructing four bridges and three tunnels.

  Dubai focuses on infrastructure

  ---

  MEED’s May 2025 report on the UAE includes:

  > COMMENT: UAE is poised to weather the storm
  > GOVERNMENT & ECONOMY: UAE looks to economic longevity
  > BANKING: UAE banks dig in for new era
  > UPSTREAM: Adnoc in cruise control with oil and gas targets
  > DOWNSTREAM: Abu Dhabi chemicals sector sees relentless growth
  > POWER: AI accelerates UAE power generation projects sector
  > CONSTRUCTION: Dubai construction continues to lead region
  > TRANSPORT: UAE accelerates its $60bn transport push
  > DATABANK: UAE growth prospects head north

  https://image.digitalinsightresearch.in/uploads/NewsArticle/14010655/main.jpg

  Colin Foreman
• 
  NMDC LTS completes majority acquisition of Emdad

  Administrator

  4 June 2025

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  Abu Dhabi government-owned industrial conglomerate NMDC Group has announced that its newly-created subsidiary NMDC LTS has completed the acquisition of a majority 70% stake in local oil and gas services firm Emdad.

  The transaction was financed through debt and equity, Abu Dhabi Securities Exchange-listed NMDC Group said in a statement on 4 June.

  NMDC Group first announced the expansion of its business portfolio through the creation of NMDC LTS, along with the transaction to acquire a 70% equity stake in Emdad, in December.

  The acquisition enables NMDC Group to provide services such as operations and maintenance and complement its existing offerings in engineering, procurement, construction and installation services.

  NMDC LTS will own and/or operate NMDC Group’s pool of marine support craft, technical capabilities, plant and equipment to enable the expansion of its services beyond the construction and industrial sectors.

  “This strategic acquisition enables NMDC Group to expand into the operational excellence segment of recurring revenues in the oil field services [sector], further diversifying its portfolio and strengthening its competitive advantage,” NMDC Group said in its statement.

  “In parallel, this acquisition will provide NMDC Group with a broader range of services and additional avenues for revenue growth, with Emdad’s offering spanning over an array of different services, including well intervention, waste management, shutdown/ turnaround, coil tubing, valves, among other services,” it added.

  A&O Shearman and PricewaterhouseCoopers (PwC) acted as the legal counsel and financial adviser, respectively, to NMDC Group on the transaction.

  On Emdad’s side, Clyde & Co. provided legal counsel, while KPMG Lower Gulf was the financial adviser.

  Emdad business

  Emdad reported revenues of more than $163m in 2024, and its equity stood at approximately $60m.

  Emdad’s clientele includes Adnoc, Borouge and Emirates Global Aluminum. The company delivers support across the oil and gas value chain – from well intervention and waste management to asset integrity management.

  Emdad’s operations are “further strengthened by its subsidiaries”, which provide specialised services in areas such as well construction, plant maintenance, catalyst handling and facility management.

  Key divisions include Emjel, specialising in coiled tubing and cementing; Emdad Services, focused on operational maintenance; and IGC, which handles civil and electrical facility management.

  ALSO READ: NMDC signs local manufacturing agreements

  https://image.digitalinsightresearch.in/uploads/NewsArticle/14010154/main2304.jpeg

  Indrajit Sen
• 
  Lukoil acquires OMV’s stake in Ghasha concession for $594m

  Administrator

  4 June 2025

  Register for MEED’s 14-day trial access 

  Russia’s Lukoil has signed an agreement with Austrian energy company OMV to acquire its 5% stake in the Ghasha offshore sour gas concession in Abu Dhabi waters. The value of the deal is $594m, minus a $100m transaction fee.

  Following the acquisition of OMV’s stake in the Ghasha concession, Lukoil’s interest in the offshore sour gas asset has doubled to 10%.

  Abu Dhabi National Oil Company (Adnoc Group) owns and operates the Ghasha concession, holding the majority 55% stake. Apart from Lukoil, the other stakeholders in the asset are Italian energy major Eni with a 25% stake, and Thailand’s PTTEP Holding, which holds a 10% interest.

  The Ghasha concession consists of the Hail and Ghasha fields, along with the Hair Dalma, Satah al-Razboot (Sarb), Bu Haseer, Nasr, Shuwaihat and Mubarraz fields.

  Adnoc expects total gas production from the concession to ramp up to more than 1.5 billion cubic feet a day (cf/d) before the end of the decade. This target will mainly be achieved through the Hail and Ghasha sour gas development project.

  ALSO READ: Adnoc and OMV agree $60bn Borouge-Borealis merger deal

  In October 2023, Adnoc and its partners awarded $16.94bn of engineering, procurement and construction (EPC) contracts for its Hail and Ghasha project – the biggest capital expenditure made by the Abu Dhabi energy company on a single project in its history.

  Adnoc awarded the onshore EPC package to Italian contractor Tecnimont, while the offshore EPC package was awarded to a consortium of Abu Dhabi’s NMDC Energy and Italian contractor Saipem.

  The $8.2bn contract relates to EPC work on offshore facilities, including facilities on artificial islands and subsea pipelines.

  The Hail and Ghasha development will also feature a plant that will capture and purify carbon dioxide (CO₂) emissions for sequestration (CCS), in line with Adnoc’s committed investment for a carbon capture capacity of almost 4 million tonnes a year (t/y). The CO₂ recovery plant will have a total capacity to capture and store 1.5 million t/y of emissions from the Hail and Ghasha scheme.

  Prior to reaching the final investment decision on the Hail and Ghasha project in 2023, the Ghasha concession partners, led by Adnoc, awarded two EPC contracts worth $1.46bn in November 2021 to execute offshore and onshore EPC works on the Dalma gas development project.

  ALSO READ: Adnoc marks steel cutting on Umm Shaif oil field project

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  Indrajit Sen
• 
  UAE central bank fines exchange house AED3.5m

  Administrator

  4 June 2025

  The Central Bank of the UAE has imposed a financial sanction of AED3.5m ($950,000) on an exchange house for failing to comply with anti-money laundering (AML) and counter-terrorism financing regulations.

  The fine follows a regulatory inspection that revealed weaknesses in the exchange house’s internal controls and procedures. The action was taken under Article 14 of Federal Decree Law No. (20) of 2018, which governs AML and combating illicit finance.

  This latest measure is part of a broader enforcement drive by the central bank. In May, the central bank fined an exchange house AED100m and imposed a total of AED18.1m in penalties on two foreign bank branches.

  The move reflects ongoing efforts by regulators to tighten oversight and maintain financial system integrity following the UAE’s removal from the Financial Action Task Force's (FATF’s) greylist in 2024.

  In a statement, the central bank reaffirmed its commitment to maintaining transparency and safeguarding the UAE’s financial system. It said it would continue to monitor and take action against institutions that fall short of compliance obligations.

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  Sarah Rizvi
• 
  King Salman airport sets June deadline for fourth runway

  Administrator

  4 June 2025

  

   

  King Salman International Airport Development Company (KSIADC) has allowed firms until 17 June to bid for a design-and-build contract to develop the fourth runway at King Salman International airport (KSIA) in Riyadh.

  The tender was floated on 17 April. The previous bid submission deadline was 15 May.

  It is understood that the third and fourth runways will add to the two existing runways at Riyadh’s King Khalid International airport, which will eventually become part of KSIA.

  KSIADC, which is backed by Saudi Arabia’s Public Investment Fund, prequalified firms in September for the main engineering, procurement and construction packages; early and enabling works; specialist systems and integration; specialist systems, materials and equipment; engineering and design; professional services; health, safety, security, environment and wellbeing services; modular installation and prefabrication; local content; and environmental, social and governance and other services.

  The entire scheme is divided into eight assets. These are:

  • Iconic Terminal
  • Terminal 6
  • Private aviation terminal 
  • Central runway and temporary apron
  • Hangars
  • Landside transport
  • Cargo buildings
  • Real estate

  In August last year, KSIADC confirmed it had signed up several architectural and design firms for the various elements of the project.

  UK-based Foster+Partners will design the airport’s masterplan, including the terminals, six runways and a multi-asset real estate area.

  US-based engineering firm Jacobs will provide specialist consultancy services for the masterplan and the design of the new runways.

  UK-based engineering firm Mace was appointed as the project’s delivery partner, and local firm Nera was awarded the airspace design consultancy contract.

  Project scale

  The project covers an area of about 57 square kilometres (sq km), allowing for six parallel runways, and will include the existing terminals at King Khalid International airport. It will also include 12 sq km of airport support facilities, residential and recreational facilities, retail outlets and other logistics real estate.

  If the project is completed on time in 2030, it will become the world’s largest operating airport in terms of passenger capacity, according to UK analytics firm GlobalData.

  The airport aims to accommodate up to 120 million passengers by 2030 and 185 million by 2050. The goal for cargo is to process 3.5 million tonnes a year by 2050.

  Saudi Arabia plans to invest $100bn in its aviation sector. Riyadh’s Saudi Aviation Strategy, announced by the General Authority of Civil Aviation (Gaca), aims to triple Saudi Arabia’s annual passenger traffic to 330 million travellers by 2030.

  It also aims to increase air cargo traffic to 4.5 million tonnes and raise the country’s total air connections to more than 250 destinations. 

  ---

  MEED’s latest report on Saudi Arabia includes:

  > GOVERNMENT: Riyadh takes the diplomatic initiative
  > ECONOMY: Saudi Arabia’s non-oil economy forges onward
  > BANKING: Saudi banks work to keep pace with credit expansion
  > UPSTREAM: Saudi oil and gas spending to surpass 2024 level
  > DOWNSTREAM: Aramco’s recalibrated chemical goals reflect realism
  > POWER: Saudi power sector enters busiest year
  > WATER: Saudi water contracts set another annual record
  > CONSTRUCTION: Reprioritisation underpins Saudi construction
  > TRANSPORT: Riyadh pushes ahead with infrastructure development
  > DATABANK: Saudi Arabia’s growth trend heads up

  https://image.digitalinsightresearch.in/uploads/NewsArticle/14009249/main.jpg

  Yasir Iqbal
• 
  Diriyah sets July deadline for museum construction bids

  Administrator

  4 June 2025

  Saudi gigaproject developer Diriyah Company has set a deadline of 6 July for firms to submit their commercial proposals for a contract to build the new iconic museum in the DG2 area of the Diriyah project in Riyadh.

  MEED understands that the tender was issued in April.

  The technical submission deadline for the package is 12 June.

  Diriyah completed the prequalification process for the project in February this year.

  Diriyah Company is expected to award more multibillion-dollar contracts this year. In April, MEED exclusively reported that the client had awarded an estimated SR4bn ($1.1bn) contract for a utilities relocation package for the King Saud University (KSU) project located in the second phase of the Diriyah Gate development (DG2).

  The contract was awarded to the joint venture of Beijing-headquartered China Railway Construction Corporation and China Railway Construction Group Central Plain Construction Company.

  Also in April, MEED reported that the company had awarded an estimated SR5bn ($1.3bn) construction deal to build the Royal Diriyah Opera House.

  The contract was awarded to a joint venture of local firm El-Seif Engineering & Contracting, Beijing-headquartered China State Construction Engineering Corporation and Qatari firm Midmac Contracting.

  Tendering activity is also progressing on several other major schemes at Diriyah, including the King Khalid Road project, which passes through the development. The client received bids from firms in the second week of April for the main construction works on this project.

  The client is also expected to finalise the contract award shortly for the Arena Block assets in the Boulevard Southwest section in the DG2 area.

  Diriyah gigaproject

  The Diriyah masterplan envisages the city as a cultural and lifestyle tourism destination. Located northwest of Riyadh’s city centre, it will cover 14 square kilometres and combine 300 years of history, culture and heritage with hospitality facilities.

  The company awarded several significant contracts last year, including three contracts worth over SR21bn ($5.5bn). These included an estimated $2bn contract awarded to a joint venture of El-Seif Engineering & Contracting and China State to build the North Cultural District.

  In late July, Diriyah also awarded a $2.1bn package to a joint venture of local contractor Albawani and Qatar’s Urbacon to construct assets in the Wadi Safar district of the gigaproject.

  In December, MEED reported that Diriyah Company had awarded an estimated SR5.8bn ($1.5bn) contract to local firm Nesma & Partners for its Jabal Al-Qurain Avenue cultural district, located in the northern district of the Diriyah Gate project.

  Once complete, Diriyah will have the capacity to accommodate 100,000 residents and visitors.

  ---

  MEED’s April 2025 report on Saudi Arabia includes:

  > GOVERNMENT: Riyadh takes the diplomatic initiative
  > ECONOMY: Saudi Arabia’s non-oil economy forges onward
  > BANKING: Saudi banks work to keep pace with credit expansion
  > UPSTREAM: Saudi oil and gas spending to surpass 2024 level
  > DOWNSTREAM: Aramco’s recalibrated chemical goals reflect realism
  > POWER: Saudi power sector enters busiest year
  > WATER: Saudi water contracts set another annual record
  > CONSTRUCTION: Reprioritisation underpins Saudi construction
  > TRANSPORT: Riyadh pushes ahead with infrastructure development
  > DATABANK: Saudi Arabia’s growth trend heads up

  https://image.digitalinsightresearch.in/uploads/NewsArticle/14009191/main.jpg

  Yasir Iqbal
• 
  Firms submit King Salman International airport runway bids

  Administrator

  4 June 2025

  

   

  Register for MEED’s 14-day trial access 

  King Salman International Airport Development Company (KSIADC) has received bids for a design-and-build contract to develop the third runway at King Salman International airport (KSIA) in Riyadh.

  It is understood that the third and fourth runways will add to the two existing runways at Riyadh’s King Khalid International airport, which will eventually become part of KSIA.

  In February, MEED exclusively reported that firms had submitted prequalification forms on 18 January for a contract to develop the third runway and taxiways at KSIA.

  KSIADC, which is backed by Saudi sovereign wealth vehicle the Public Investment Fund, received interest from firms in December last year for the package.

  KSIADC previously prequalified firms for the main engineering, procurement and construction packages and early and enabling works, as well as other elements of the construction work. These included specialist systems and integration; materials and equipment; engineering and design; professional services; health, safety, security, environment and wellbeing services; modular installation and prefabrication; local content; and environmental, social and governance (ESG) and other services.

  The entire scheme is divided into eight assets:

  • Iconic Terminal
  • Terminal 6
  • Private aviation terminal 
  • Central runway and temporary apron
  • Hangars
  • Landside transport
  • Cargo buildings
  • Real estate

  In August last year, KSIADC appointed several architectural and design firms for the various elements of the project.

  KSIADC confirmed that it had signed up UK-based Foster + Partners to design the airport’s masterplan, including the terminals, six runways and a multi-asset real estate area.

  US-based engineering firm Jacobs will provide specialist consultancy services for the masterplan and the design of the new runways.

  The client also confirmed the appointment of UK-based engineering firm Mace for the delivery partner role on the project.

  The airspace design consultancy contract was awarded to local firm Nera.

  Project scale

  The project covers an area of about 57 square kilometres (sq km), allowing for six parallel runways. It will include the existing terminals at King Khalid International airport, as well as 12 sq km of airport support facilities, residential and recreational facilities, retail outlets and other logistics real estate.

  If the project is completed on time in 2030, it will become the world’s largest operating airport in terms of passenger capacity, according to UK analytics firm GlobalData.

  The airport aims to accommodate up to 120 million passengers by 2030 and 185 million by 2050. The goal for cargo is to process 3.5 million tonnes a year by 2050.

  Saudi Arabia plans to invest $100bn in its aviation sector. Riyadh’s Saudi Aviation Strategy, announced by the General Authority of Civil Aviation, aims to triple Saudi Arabia’s annual passenger traffic to 330 million travellers by 2030.

  It also aims to increase air cargo traffic to 4.5 million tonnes and raise the country’s total air connections to more than 250 destinations. 

  ---

  MEED’s April 2025 report on Saudi Arabia includes:

  > GOVERNMENT: Riyadh takes the diplomatic initiative
  > ECONOMY: Saudi Arabia’s non-oil economy forges onward
  > BANKING: Saudi banks work to keep pace with credit expansion
  > UPSTREAM: Saudi oil and gas spending to surpass 2024 level
  > DOWNSTREAM: Aramco’s recalibrated chemical goals reflect realism
  > POWER: Saudi power sector enters busiest year
  > WATER: Saudi water contracts set another annual record
  > CONSTRUCTION: Reprioritisation underpins Saudi construction
  > TRANSPORT: Riyadh pushes ahead with infrastructure development
  > DATABANK: Saudi Arabia’s growth trend heads up

  https://image.digitalinsightresearch.in/uploads/NewsArticle/14009145/main.jpg

  Yasir Iqbal
• 
  Kuwait extends Jurrasic oil project tender deadline

  Administrator

  4 June 2025

  State-owned upstream operator Kuwait Oil Company (KOC) has extended the bid deadline for its planned project to develop Jurassic Light Oil (JLO) export facilities and upgrade the existing export network.

  The main contract bid submission date for the project, which is understood to have a budget of KD175m ($569m), has been changed to 24 June 2025.

  The project was originally tendered in November last year with a bid deadline of 1 December 2024.

  Other recent deadlines have included 27 May, 27 April and 6 April.

  In an announcement in April this year, the list of prequalified bidders was made up of 15 companies:

  • CTCI (Taiwan)
  • Daewoo (South Korea)
  • Fluor (US)
  • Hyundai Engineering & Construction (South Korea)
  • Hyundai Engineering Company (South Korea)
  • Hyundai Heavy Industries (South Korea)
  • JGC Corporation (Japan)
  • Larsen & Toubro (India)
  • NMDC Energy (UAE)
  • Petrofac (UK)
  • Saipem (Italy)
  • Samsung Engineering Company (South Korea)
  • Sinopec Engineering Corporation (China)
  • Sinopec Luoyang Engineering Company (China)
  • Tecnicas Reunidas (Spain)

  In September 2024, KOC made a second announcement about the project, stating that just 13 companies were prequalified.

  Both Hyundai Heavy Industries and NMDC Energy had been removed from the list.

  At the time, KOC said that companies not included on the list could file a complaint against their non-inclusion before the official invitation to bid on the project.

  It is unclear whether more prequalified companies have been added or removed from the list since September.

  https://image.digitalinsightresearch.in/uploads/NewsArticle/14005880/main.jpg

  Wil Crisp