Latest News

• 
  Dewa completes $2.7bn refinancing of Noor Energy 1

  Administrator

  28 September 2026

  Dubai Electricity & Water Authority (Dewa) has completed a $2.7bn refinancing of the 950MW Noor Energy 1 project, the fourth phase of Dubai’s Mohammed Bin Rashid Al-Maktoum Solar Park.

  Noor Energy 1 reached commercial operation in 2024. The project company was established to design, build and operate the plant. It is owned by Dewa (51%), Acwa (25%) and China’s Silk Road Fund (24%).

  The project combines 700MW of concentrated solar power (CSP) with 250MW of photovoltaic (PV) capacity. The CSP component comprises a 600MW parabolic trough facility and a 100MW solar tower.

  It has up to 15 hours of thermal energy storage, allowing it to supply dispatchable electricity beyond daylight hours. Dewa describes Noor Energy 1 as the world’s largest single-site CSP project.

  According to Dewa, the transaction strengthens the project’s financial structure and is expected to generate savings over the operational life of the plant. Saeed Mohammed Al-Tayer, managing director and CEO of Dewa, added that the refinancing demonstrates confidence from international, regional and local financial institutions.

  Abu Dhabi National Future Company (Masdar) is expected to commission the 1,800MW sixth phase of the MBR Solar Park by the end of this year.

  The $1.5bn facility is being implemented by Shuaa Energy 4, a special purpose vehicle jointly owned by Masdar (40%) and Dewa (60%).

  In August, MEED exclusively reported that Masdar is also likely to be awarded the contract to develop the seventh phase of the MBR Solar Park after submitting the lowest bid for the project.

  Phase seven will add 2,000MW from PV solar panels and include a 1,400MW battery energy storage system with a six-hour capacity, providing a total storage capacity of 8,400 megawatt-hours. 

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  READ THE SEPTEMBER 2026 MEED BUSINESS REVIEW – click here to view PDF

  Nuclear power ambitions gather pace; Kuwait keeps dealmaking alive despite war; Region invests in raising gas processing capacity.

  Distributed to senior decision-makers in the region and around the world, the September 2026 edition of MEED Business Review includes:

  > AGENDA: Gulf nuclear revival takes shape > MARKET FOCUS: Kuwait keeps dealmaking alive under fire > INDUSTRY REPORT: Gas processing takes centre stage in Mena region > INTERVIEW: Emsteel persists with business productivity and efficiency > TUNNELS: The Gulf’s next construction boom is happening underground

  To see previous issues of MEED Business Review, please click here

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  Mark Dowdall
• 
  BP to drill new well in Egypt as part of $700m campaign

  Administrator

  28 September 2026

  London-headquartered BP has moved the Valaris DS-12 drilling rig to a new position ahead of drilling the planned Ghorab-1 exploration well, according to a statement from Egypt’s Ministry of Petroleum & Mineral Resources.

  The Ghorab-1 exploration well will be drilled in the offshore West Nile Delta (WND) concession and is part of a $700m drilling campaign that started in April this year.

  The rig was moved to the new position after drilling the Fayoum-4 well.

  The Ministry of Petroleum said the well had commenced production and was connected to the national natural gas grid, delivering approximately 80 million cubic feet a day of gas.

  Egypt’s Minister of Petroleum and Mineral Resources Karim Badawi held a meeting with officials from BP last week to discuss progress on the drilling campaign.

  They discussed BP’s strategic direction and priorities, as well as its future business plans, according to the statement from the Ministry of Petroleum.

  Increased interest

  Amid the US and Israel’s ongoing conflict with Iran and the ongoing war between Russia and Ukraine, oil assets in North Africa have become increasingly appealing to international oil companies.

  Disruptions to oil and gas exports through the Strait of Hormuz have severely disrupted a range of countries, including Qatar, the UAE, Saudi Arabia, Iraq and Kuwait.

  London-headquartered Shell has also been pushing ahead with strategic projects in Egypt over recent months.

  In August, BG Delta, a Shell subsidiary, reached the final investment decision for phase 12a of the West Delta Deep Marine (WDDM) development project.

  The project will be implemented in partnership with Malaysia’s Petronas and state-owned Egyptian General Petroleum Corporation (EGPC).

  Shell, Petronas and EGPC formed a joint venture called Burullus Gas Company to operate the WDDM concession.

  Phase 12a includes drilling and completing three deepwater gas wells, with production expected to begin in 2028.

  The wells will be tied into existing subsea infrastructure, helping accelerate development, improve capital efficiency and limit the need for additional facilities.

  In April, Egypt’s Petroleum Marine Services (PMS) was awarded a contract for offshore works for phase 12 of the WDDM field development project.

  The contract awarded to PMS uses the engineering, procurement, installation and construction contract model.

  Under the scope of the contract, PMS will install the required electrical, hydraulic and mechanical connections in deep waters to tie three new gas wells into production as part of phase 12.

  The scope also includes the installation of three final triple tie-in spool bases to complete the connection between the wells.

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  Wil Crisp
• 
  Oil company talks shape Libya licensing round

  Administrator

  28 September 2026

  

   

  Conversations with London-headquartered international oil companies (IOCs) are playing a key role in shaping plans for Libya’s next licensing round.

  Representatives from Shell and BP travelled to Libya earlier this month as part of a Libyan British Business Council (LBBC) delegation.

  During the trip, the oil companies’ representatives met with officials from Libya’s National Oil Corporation (NOC).

  Peter Millett, chair of the LBBC and a former British ambassador to Libya, told MEED: “NOC is considering its next licensing round and an important part of that process is talking to IOCs like BP and Shell about what kind of terms would make blocks appealing to them.

  “They are asking these oil companies what they can do differently in order to get more investment.”

  Libya’s NOC chairman is Masoud Suleman, who was formally appointed in October last year after serving as acting chairman since January 2025.

  Shortly after he became acting chairman, the NOC announced the results of its most recent licensing round, which was launched in March 2025 and was the country’s first in 17 years.

  A total of five blocks out of 22 available were ultimately awarded in the 2025 licensing round.

  One of the blocks, known as Block S4, was awarded to US-based Chevron, and the production-sharing agreement (PSA) for the block was signed in August.

  Investment drive

  Millett said Libya is seeking large investments from oil companies in order to boost national production.

  “The way that Masoud Suleman is running NOC is impressive and technocratic,” he said. “One of his focuses is making his organisation into a partner that IOCs want to work with.”

  “NOC has the ambition to produce more oil and export more oil, but they need investment in order to do this.

  “They received some money from the central bank for a budget, but it is just a fraction of what they need.

  “There’s a huge requirement to invest in infrastructure, such as processing facilities and pipelines, so they’re looking to outside companies to bring them investment and technology.”

  Amid the US and Israel’s ongoing conflict with Iran and the ongoing war between Russia and Ukraine, oil assets in North Africa have become increasingly appealing to IOCs.

  Disruptions to oil and gas exports through the Strait of Hormuz have severely affected a range of countries, including Qatar, the UAE, Saudi Arabia, Iraq and Kuwait.

  Millett believes Libya’s proximity to consumer markets could help it secure investment to develop its oil and gas sector.

  “Oil companies appear to be becoming increasingly willing to provide this investment in the current climate, because it is relatively easy to transport Libyan crude to customers,” he said.

  “The only strait that you might need to go through is the Strait of Gibraltar, and this is easy compared to the problems that countries like Iraq and Kuwait are having shipping their crude through the Strait of Hormuz at the moment.”

  Security challenges

  While Libya’s location offers significant benefits in terms of ease of exports, operating in the country comes with security challenges.

  Over recent weeks, both the Mellitah oil and gas complex and the Zawiya refinery in the west of the country have been disrupted by the actions of armed groups.

  On top of this, a key pipeline was shut down by militants, temporarily cutting national production by 130,000 barrels a day.

  While Libya has significant potential to expand its oil and gas sector, IOCs will likely watch for signs of deteriorating security before committing to large investment projects.

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  Wil Crisp
• 
  Ohana begins Abu Dhabi project construction

  Administrator

  25 September 2026

  Dubai-based real estate firm Ohana Development has started the main construction works on the $4bn Manchester City Football Club-branded gated waterfront community on Yas Canal in Abu Dhabi.

  The construction works are being carried out by Ohana-owned Nova International General Contracting.

  The development will span an area of about 1.67 million square metres. It will include 2,000 residential units, ranging from four- and five-bedroom villas to mansions, penthouses and apartments, across six clusters.

  The project is slated for completion in 2029 and will be delivered in two phases.

  It will be located on Yas Canal, next to Ferrari World Abu Dhabi and SeaWorld Abu Dhabi.

  The development is Manchester City’s first branded residential project worldwide.

  A key feature of the project is a Manchester City Academy, which will offer training and recovery facilities aligned with the club’s player development model.

  More than 55% of the masterplan is allocated to landscaped gardens and green spaces.

  Last year, Ohana Development launched the AED4.7bn ($1.3bn) Jacob & Co Beachfront Living by Ohana residential project in the Al-Jurf area of Abu Dhabi.

  The developer said in a statement that the project comprises 457 residential units, including apartments, villas, penthouses and mansions.

  The project is expected to be completed by 2028 and is being developed in partnership with US-based jewellery firm Jacob & Co.

  Ohana Development’s portfolio in Abu Dhabi also includes Ohana by the Sea in Al-Jurf and Elie Saab Waterfront by Ohana on Reem Island.

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  Yasir Iqbal
• 
  Breaking silos on Saudi megaprojects

  Administrator

  25 September 2026

  In conversation with Abdullah Ahmed AlKharan, CEO of Teef Najd

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  From a contractor’s perspective, what does integrated delivery actually look like? And how does this approach transform the way different stakeholders operate within a project?

  At Teef Najd, integrated delivery is realised through the seamless synergy of our core industrial, contracting and mining sectors, alongside our specialised supporting divisions. This ecosystem establishes a comprehensive foundation of capabilities and expertise tailored to meet diverse project demands, driven by a consolidated supply chain.

  Rather than functioning in isolated silos, this approach bridges traditional gaps between suppliers and contractors, shifting the dynamic from transactional relationships to strategic partnerships. By consolidating the execution framework, we eliminate friction on-site, streamline communication and accelerate decision-making, ultimately reshaping how stakeholders collaborate to build highly efficient and fully integrated national projects.

   Where do you see the greatest value in bringing together contractors and specialists with integrated capabilities, rather than relying on a single entity to execute all works independently?

  The ultimate value lies in achieving uncompromised quality benchmarks and strict adherence to project timelines. Given the unprecedented scale and complexity of today’s megaprojects in the kingdom, relying on a single entity to execute the entire scope independently diminishes execution efficiency and heightens operational risk. Conversely, a collaborative framework between a main contractor and specialised partners ensures high-tier project delivery through professional, unified management that optimises workflows and prevents overlapping jurisdictions. This instills absolute client confidence, guaranteeing top-spec quality across every single deliverable under a unified management system.

  Teef Najd actively embodies this model by integrating our major sectors – mining, industry, contracting and trade. This integration serves as a foundational pillar supporting Vision 2030’s local content mandates, while simultaneously providing clients with a powerful commercial advantage that shields projects from global price fluctuations and mitigates supply chain risks through reliable, locally manufactured products.

  What are the core operational elements required for a successful integrated partnership, spanning clear responsibilities and communication through to decision-making, programme management and accountability?

  A successful partnership is built on a robust institutional framework that drives alignment among all stakeholders by defining clear scopes of responsibility and agile decision-making mechanisms. This is coupled with the strategic deployment of local talent and resources to maximise project execution efficiency and value, thereby ensuring uncompromised quality standards and strict adherence to timelines.

  Furthermore, effective partnership thrives on a mutual alignment of interests, absolute transparency in managing risks, and shared accountability for the project’s ultimate success. This collective commitment not only secures the sustainability of the current alliance but also paves the way for future mega-scale collaborations.

  How can close collaboration between delivery partners directly optimise client outcomes in terms of quality, cost, schedule, risk management and execution speed?

  Effective collaboration begins with a well-defined delivery governance structure that links all partners to the overarching project goals and deliverables from the earliest phases, clearly outlining responsibilities and decision-making pathways.

  At Teef Najd, this model translates into seamless coordination between engineering design and material approvals, advanced procurement and manufacturing planning, and proactive risk and interface management. Backed by specialised teams, robust in-house manufacturing capabilities and dedicated local resources, this approach enhances quality control, secures supply chains and accelerates responsiveness to evolving project demands.

  What are the key lessons Teef Najd has learned from working with diverse delivery partners? And what needs to change in procurement and contracting methods to facilitate wider adoption of these models in the kingdom?

  Drawing from our extensive track record dating back to 1977, we have learned that the success and sustainability of partnerships fundamentally rest on operational integration and management flexibility – the vital drivers ensuring contracts are executed seamlessly throughout the project lifecycle.

  As for the necessary shift in procurement systems, scaling the adoption of the Integrated Delivery model strictly requires moving away from the conventional lowest-bidder award philosophy. Instead, the industry must transition toward comprehensive technical and commercial evaluations that prioritise financial solvency, proven operational capacity and local content contributions. This shift is essential to guarantee that megaprojects are delivered with maximum efficiency and optimum economic value.

  Click here to contact Teef Najd

  Published in partnership with

  

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  Don’t miss MEED’s SMP 2026, where Teef Najd joins as Integrated Delivery Partner.
  Secure your place as an attendee or request the sponsorship deck by clicking here, or email us at meedevents@meed.com

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• 
  Bahrain retenders Hawar desalination works

  Administrator

  25 September 2026

  

   

  Bahrain’s Electricity & Water Authority (EWA) has retendered a contract to develop a seawater intake and outfall system for a planned seawater reverse osmosis (SWRO) desalination plant on Hawar Island.

  The scope includes constructing a seawater intake facility with a capacity of 1,515 cubic metres an hour and a seawater outfall structure with a diffuser system.

  The bid deadline is 21 October.

  The original tender received just two bids from Noble Development (UAE) and Al-Hassanain Company (Bahrain). These were opened in December 2025.

  The reissued tender is expected to attract bids from Al-Hassanain Company, Noble Development, UK-based engineering consultancy HR Wallingford, Bahrain Mechanical & Diving Services and Ocean Diving & Marine Services (Bahrain).

  As previously reported, the marine works project is linked to two other contracts: one covering the main Hawar desalination plant and another involving the construction of two ground storage tanks and the installation of water transmission pumps.

  Malaysia-based Sparco Engineering recently won the engineering, procurement and construction contract for the desalination plant project after submitting the lowest bid last year.

  The plant is designed to produce 1 million imperial gallons a day (MIGD) of potable water.

  The Hawar Islands form an archipelago of 16 desert islands and islets located approximately 26 kilometres southeast of Ras Al-Bar in Bahrain. The desalination plant is intended to support water supply requirements on the islands.

  The third package linked with the SWRO project was tendered last November, with Greece-headquartered Ergotem submitting the lowest bid of $1.92m.

  This contract covers the construction of two steel ground storage tanks with a capacity of 1 million gallons each, pumping stations, motors, pipelines and associated facilities.

  As of August, the contract had not yet been awarded.

  It is understood that Sparco Engineering will be required to ensure that the plant’s design and construction align technically and operationally with these two projects so that all three components function together as one integrated system.

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  Mark Dowdall
• 
  Dubai property bubble risk rises as price growth stalls

  Administrator

  25 September 2026

  Register for MEED’s 14-day trial access 

  Dubai’s residential property market remains in elevated bubble-risk territory after a sharp slowdown in price growth, according to UBS.

  The emirate’s housing boom came to an abrupt halt at the onset of the regional conflict, the Swiss bank said in its Global Real Estate Bubble Index 2026 report. Inflation-adjusted house prices have fallen back to mid-2025 levels, after real growth of more than 10% in 2025.

  Dubai scored 1.16 on the index, up on last year, placing it fourth among the 23 cities covered. Only Zurich and Tokyo, at 1.69 and 1.54 respectively, are classed as high risk. Miami, Seoul, Geneva and Lisbon join Dubai in the elevated category, which covers scores between 1.0 and 1.5.

  Real prices in Dubai rose by 0.4% in the year to Q2 2026, while real rents fell by 4%. UBS said bubble risk remained elevated despite some easing since March.

  Ownership costs

  UBS said existing tenants were likely to take advantage of the pause in price growth and, in some cases, price concessions to buy homes. Despite elevated mortgage rates, Dubai remains one of the few markets where ownership is relatively attractive given the high cost of renting, according to the bank.

  A skilled service worker in Dubai needs about five years of average income to buy a 60-square-metre apartment near the city centre, compared with about 15 years in Hong Kong and 11 years in London. It takes 16 years of rent to pay for an equivalent apartment, one of the lowest ratios in the study. UBS attributed the low price-to-rent ratios in Dubai, Sao Paulo and the US cities surveyed to less regulated rental markets and higher interest rates, as well as elevated risk premiums in Dubai and Sao Paulo.

  The bank said uncertainty over whether the inflow of high-income earners would recover was weighing on the premium segment. It added that Dubai’s structural advantages, including its strategic location and its appeal as an international business hub, remained intact, and that an improvement in the geopolitical environment was likely to support a rapid recovery in market sentiment and price expectations.

  Supply is a further source of uncertainty. Some developments have stalled, and others may be delivered later than planned, although UBS said the market remained exposed to heightened volatility because of persistent concerns about structural oversupply.

  Global slowdown

  Across the cities analysed, real residential prices rose by an average of 0.5% in the year, down from 1.4% in mid-2025. Seoul recorded the strongest real growth, at 11%, while Toronto and Vancouver fell by about 10%.

  The report also points to Gulf capital supporting other markets. UBS said interest from Middle Eastern buyers could further lift prices in Geneva, and that investors from the Middle East, the US and Asia had supported London’s prime segment.

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  Colin Foreman
• 
  UAE vehicle manufacturing push moves into production

  Administrator

  25 September 2026

  

   

  Register for MEED’s 14-day trial access 

  Chinese-linked carmaker Rox has begun vehicle production at Khalifa Economic Zones Abu Dhabi (Kezad). The start-up represents the most significant output so far from the UAE’s efforts to build an automotive manufacturing industry.

  The first three Rox Adamas vehicles, carrying the Made in the Emirates mark, came off the production line at the company’s new Abu Dhabi facility in early September. The 10,000-square-metre plant is expected to reach an initial capacity of 20,000 vehicles a year by 2027, rising to 300,000 vehicles a year by 2030.

  The facility can sub-assemble more than 80 types of vehicle components and also carries out complete vehicle assembly, calibration, rain and road testing, and final inspection. Rox moved its global headquarters to the UAE last year and plans to supply local and export markets.

  The project forms part of Rox’s partnership with the Abu Dhabi Investment Office (Adio) and is supported by the UAE Ministry of Industry & Advanced Technology. Kezad Group signed the lease agreement for the facility in May.

  Programme targets

  The Rox plant is the first major output of a state-led strategy that has gathered pace over the past 18 months. Adio launched its automotive programme at the Make it in the Emirates forum in May 2025, with the aim of creating a hub for vehicle manufacturing and assembly, research and development, restoration, auctions and luxury cars.

  The programme is projected to contribute AED100bn ($27.2bn) to Abu Dhabi’s GDP by 2045, attract more than AED8bn ($2.2bn) in foreign direct investment and create 7,000 skilled jobs. Adio has also introduced an automotive artificial intelligence curriculum with universities to develop Emirati talent in the sector.

  In October last year, Adio and AD Ports Group agreed to work with Netherlands-based Stellantis to develop the emirate’s automotive ecosystem. The memorandum of understanding covers expansion into Middle East and Africa markets, an ecosystem for autonomous taxi services, and research into next-generation mobility technologies.

  Under the agreement, Stellantis will explore investment opportunities in Abu Dhabi, while Adio and AD Ports Group will provide market intelligence and logistics support. The announcements did not include a commitment to build a production facility.

  Kezad already hosts smaller electric vehicle (EV) operations. In 2024, UAE-headquartered NWTN signed a lease for a Kezad facility with capacity to assemble 5,000-10,000 semi-knocked-down EVs a year, with plans to expand to 50,000 units in a second phase.

  Trading hub

  Dubai has focused on vehicle trade rather than manufacturing. In November last year, Dubai Municipality signed a partnership agreement with DP World’s Economic Zones division to establish and manage the Dubai Auto Market, a 22 million-square-foot complex with more than 1,500 showrooms that is designed to handle over 800,000 new and used vehicles a year.

  Enabling works are under way, carried out by local contractor Rad International Road Construction, with US-based Aecom serving as project consultant. Sheikh Maktoum Bin Mohammed Bin Rashid Al-Maktoum, first deputy ruler of Dubai, said at the launch that the project would foster a cluster of light industries for vehicle assembly and trade.

  The market builds on an established base. Jebel Ali Free Zone hosts more than 940 automotive and spare-parts companies, including Ford, General Motors, Honda, Hyundai, Nissan and Volkswagen. In 2022, M Glory Group laid the foundation stone for a AED1.5bn ($408m) EV plant at Dubai Industrial City, with a planned capacity of 55,000 cars a year.

  Regional competition

  The UAE is not alone in pursuing automotive manufacturing. In Saudi Arabia, the Public Investment Fund (PIF) owns 70% of Hyundai Motor Manufacturing Middle East, which will roll out its first vehicle by Q4 2026 and targets annual production of 50,000 vehicles. Ceer, the kingdom’s first EV manufacturer, intends to roll its first vehicle off the production line in late 2026.

  Saudi Arabia’s National Industrial Strategy aims to attract three to four manufacturers capable of producing more than 300,000 vehicles a year within a single automotive cluster. In Qatar, JTA International Investment Holding said last month that it was working with the UK’s Watt Electric Vehicle Company to set up a factory.

  The two leading Gulf economies are taking different approaches. Saudi Arabia has relied on direct PIF shareholdings in manufacturers. In the UAE, investment offices, port groups and economic zone operators have led the effort, using land, logistics and incentives to attract privately owned carmakers.

  Scaling up is the next test. Rox’s plan to increase output fifteen-fold between 2027 and 2030 will show whether Abu Dhabi’s model can support volume manufacturing. Achieving it would give the UAE production capacity comparable to the level Saudi Arabia is targeting across its entire automotive cluster.

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  Colin Foreman