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  UAE cuts trade and financial links with Iran

  Administrator

  19 August 2026

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  The UAE has halted all trade, commercial exchanges and financial transactions with Iran until further notice, the Ministry of Foreign Affairs said on 19 August.

  The suspension has been imposed in light of escalations that undermine regional and international peace and security, the ministry said. It did not specify a timeframe for any resumption.

  The ministry rejected allegations regarding the status of the economic relationship between the UAE and Iran, and restated the UAE's commitment to dialogue, cooperation and regional integration as means of advancing peace, stability and prosperity in the region.

  It said the UAE remains committed to safeguarding the integrity of the financial system, in line with international law and global standards.

  The suspension covers the full range of commercial and financial links between the two countries. The UAE has historically been one of Iran's most significant trading partners, with much of the relationship built on re-export trade routed through Dubai to Iranian ports across the Gulf.

  The ministry statement did not detail the mechanism for enforcing the halt, the sectors affected, or arrangements for existing contracts and in-transit cargo.

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  Colin Foreman
• 
  Abu Dhabi begins Dar Al-Funoon Saadiyat construction

  Administrator

  19 August 2026

  

   

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  Abu Dhabi-based piling contractor APCC Piling & Marine Contracting has started the enabling works on Dar Al-Funoon, a cultural development near the Saadiyat Cultural District.

  The project, commissioned by the Department of Culture & Tourism – Abu Dhabi, was designed by the late Canadian-American architect Frank Gehry.

  The venue is scheduled to open in 2030.

  MEED understands that the main contract bids are under evaluation and the project is slated for award soon.

  The complex will feature a multipurpose hall with more than 2,000 seats, a 3,500-seat open-air amphitheatre, a 400-seat studio theatre and a 250-seat jazz venue, bringing total capacity to more than 6,000 across its performance spaces.

  The venue will host leading international productions, delivering high-quality cultural experiences for audiences locally, regionally and globally.

  Upon completion, it will become one of the region’s largest performing arts venues.

  The project was announced by Sheikh Khaled Bin Mohamed Bin Zayed Al-Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council in June, as MEED reported.

  During a review of the plans, he was briefed on the architectural concept and the development and construction phases, as well as the venue’s advanced technical capabilities, which are being designed to meet the highest international standards for staging major global productions.

  The announcement is part of the ongoing development of Saadiyat Island, which already includes Louvre Abu Dhabi, Zayed National Museum, Natural History Museum Abu Dhabi, teamLab Phenomena Abu Dhabi and the upcoming Guggenheim Abu Dhabi.

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  Yasir Iqbal
• 
  Contractor wins Dubai Canal drainage deal

  Administrator

  19 August 2026

  

   

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  Local firm Detech Contracting has won an engineering, procurement and construction (EPC) contract to upgrade and rehabilitate the East Dubai Canal stormwater system.

  The project, known as TF-16-C1, is part of Dubai’s Tasreef strategic plan to improve the emirate’s stormwater network, increase flood protection and enhance the resilience of Dubai’s infrastructure.
   
  According to a source, Lebanon's Khatib & Alami has also been appointed as a consultant on the project.

  The works will focus on upgrading existing stormwater infrastructure to increase capacity and improve reliability during heavy rainfall.

  The scope includes upgrading the stormwater drainage system, laying pipelines and constructing manholes and gullies. It also includes the construction of pumping stations and diversion works, site clearance and other associated facilities.

  In February, MEED reported that the municipality had invited consultants to qualify for a contract to supervise three stormwater drainage projects (TF-16-C1, TF-15-C2 and TF-13-C1)

  China State Construction Engineering Corporation announced in July that it had won the EPC contract for the TF-15-C2 stormwater drainage network project located on Umm Suqeim Road in the Al-Barsha and Al-Quoz areas of Dubai.

  MEED understands contractor bids are still being evaluated for the TF-13-C1 project, which focuses on developing a drainage system for the Al-Marmum area.

  Detech has been awarded several packages under the Tasreef programme in the past 18 months.

  These include:

  • TF-16-C1: upgrading and rehabilitation of East Dubai Canal stormwater system
  • TF-15-C1: stormwater drainage system at Al-Wasl Road for communities west of Dubai Canal
  • TF-05-C1: stormwater drainage system in Jebel Ali 
  • TF-04: stormwater drainage system on Sheikh Mohammed Bin Zayed Road and Al-Yalayis Road
  • DS-419: Tasreef rainwater drainage network: West Deira stormwater system upgrade and rehabilitation 

  As MEED exclusively reported, the municipality recently issued a letter of award for the TF-15-C1 project, covering the construction of a stormwater drainage system on Al-Wasl Road and communities west of Dubai Canal.

  The project includes the construction of a gravity-based stormwater pipeline network with diameters of up to 3.5 metres. It is estimated to cost $100m.

  This week, Dubai Municipality also issued three tenders for stormwater and sewerage infrastructure projects serving Hind City, Dubailand and surrounding areas.

  The projects cover drainage networks for Hind 4, connections to the stormwater network in Dubailand and a stormwater trunk line serving Hind 3, Hind 4 and Umm Al-Daman.

  All three have bid submission deadlines of 10 September.

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  Mark Dowdall
• 
  Maaden and Aramco sign deal to create joint venture

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  18 August 2026

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  Saudi Arabian Mining Company (Maaden) and Saudi Aramco have signed a shareholders’ agreement to form a joint venture (JV). Maaden will hold a 51% stake in the JV, while Aramco will own the remaining 49%.

  Before signing the shareholders’ agreement, the two Saudi state-owned companies signed a non-binding heads of agreement in January 2025 aimed at establishing the JV.

  “Combining the strengths of two leaders in their respective fields, the JV will focus on copper and other minerals critical to the energy transition,” the two parties said in a joint statement.

  The JV will focus on exploration across Zone 4, also known as the Transition Zone, within the Arabian Platform in Saudi Arabia. Spanning approximately 182,000 square kilometres – nearly 10% of the kingdom’s total land area – the expected exploration area stretches along a 100-kilometre-wide corridor running parallel to the Arabian Shield.

  “It represents a major new opportunity for mineral discovery in the kingdom,” Maaden and Aramco said.

  Copper, which is increasingly significant for electric vehicles, power networks, energy storage and renewable energy systems, will be a main focus of the JV.

  Copper accounts for more than 20% of the $1.2tn mined-metals market. The copper market is currently valued at about $250bn and is projected to grow to more than $400bn by 2035.

  The JV will also explore for other energy transition minerals, including zinc, lead and rare earth elements, “that are expected to be crucial to industries of the future”.

  “Leveraging advanced computational algorithms, [artificial intelligence] AI, and high-performance computing, the JV intends to target areas most likely to contain copper and valuable minerals, accelerating the path from regional screening to target definition and discovery. This is expected to support long-term sector development, reinforce the kingdom’s role in the global minerals value chain, and help meet rising demand for transition minerals,” the partners said.

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  Indrajit Sen
• 
  Kuwait awards oil contract to Baker Hughes

  Administrator

  18 August 2026

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  Kuwait’s state-owned upstream operator Kuwait Oil Company (KOC) has awarded a multi-year contract to the Houston-based oil services company Baker Hughes, according to a statement from the US company.

  The contract is focused on accelerating technology innovation in the country’s upstream energy sector, the statement said.

  Baker Hughes did not disclose the contract value.

  It said that the deal positioned Baker Hughes as a key technology collaborator in the Ahmadi Innovation Valley (AIV), KOC’s flagship initiative aimed at establishing an in-country research and innovation hub to address its strategic oil and gas development priorities.

  Under the terms of the agreement, Baker Hughes and KOC will focus on developing and deploying technology solutions that optimise production as well as addressing other issues.

  Baker Hughes said it is planning to use its portfolio of digital and artificial intelligence (AI) automation solutions as part of the deal.

  These solutions are designed to help operators increase recovery from existing wells, lower operating costs, reduce water production and minimise power consumption, it said.

  Baker Hughes chairman and CEO Lorenzo Simonelli said: “Baker Hughes is committed to deeply understanding KOC’s development aspirations and providing the solutions needed to help achieve them.

  “Working together, we aim to deliver tailored technology solutions at scale that improve production performance and efficiency, supporting KOC’s goals to maximise value from their assets.”

  As part of the agreement, Baker Hughes will build a dedicated research and technology development centre in the AIV to deliver technology solutions and build local expertise.

  Kuwait’s oil and gas sector is currently in crisis due to the regional war that started after the US and Israel attacked Iran on 28 February.

  The war has severely disrupted exports through the Strait of Hormuz, which Kuwait relies on in order to ship crude exports.

  Shaikh Nawaf Saud Al-Sabah, deputy chairman and CEO of Kuwait Petroleum Corporation (KPC), the country’s state energy conglomerate, has described the current crisis as the biggest oil crisis the country has faced since Iraq’s 1990 invasion.

  Kuwait relies on the oil and gas sector for more than 90% of government revenues.

  Despite the dramatic reduction in crude exports, Kuwait’s state-owned oil companies continue to tender some projects.

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  Wil Crisp
• 
  Chinese contractor wins contract on $3.7bn Algerian refinery project

  Administrator

  18 August 2026

  

   

  China’s Shaanxi Chemical Construction Engineering Company has signed a contract for electromechanical work on Algeria’s Hassi Messaoud refinery project, according to a statement from the company.

  It said the contract marked “a significant breakthrough for the company in the Algerian refining and petrochemical engineering market”.

  Under the terms of the contract, Shaanxi Chemical Construction is responsible for the installation and construction of core units within the facility.

  Shaanxi Chemical Construction’s main construction scope focuses on the PK4 continuous reforming unit and supporting utilities system in the project’s core unit area, with a designed processing capacity of 1.35 million tonnes a year (t/y).

  The scope includes:

  • Natural gas system
  • Naphtha hydrotreating system
  • Continuous catalytic reforming system
  • Fuel oil system
  • Fuel gas system
  • Plant and instrument air system
  • Nitrogen system
  • Condensate and condensate polishing system
  • Caustic alkali storage system

  Preliminary construction preparations for the project are progressing steadily and systematically, according to the statement from Shaanxi Chemical Construction.

  A consortium of Spain’s Tecnicas Reunidas and China’s Sinopec is the engineering, procurement and construction contractor for the project.

  The scope of the wider project includes:

  • Construction of a crude distillation unit
  • Construction of a vacuum distillation unit
  • Construction of a continuous catalytic reforming unit
  • Construction of a hydrocracker unit
  • Construction of an isomerisation unit
  • Construction of a naphtha hydro-treating unit
  • Construction of a hydrodesulphurisation unit
  • Construction of a storage facility
  • Construction of lubrication oil facilities
  • Construction of administrative buildings

  Algeria’s national oil and gas company Sonatrach is the client on the project, which is being developed in Algeria’s Ouargla Province.

  The refinery will have the capacity to process 85,000 barrels of oil a day (5 million t/y).

  The project will have a capacity to produce 2.7 million t/y of diesel fuel and 1.2 million t/y of gasoline.

  In 2024, Sonatrach cancelled its $1.3bn contract with South Korea’s Samsung Engineering for the Hassi Messaoud refinery project and replaced it with China’s Sinopec.

  Samsung Engineering confirmed the contract’s cancellation on 28 November 2024 without specifying the reason.

  Sonatrach officially signed the main contract award for the Hassi Messaoud refinery with the consortium of Samsung Engineering and Tecnicas Reunidas in January 2020.

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  Wil Crisp
• 
  Contractors announce Dorra gas project contract awards

  Administrator

  18 August 2026

  Contractors selected by Al-Khafji Joint Operations (KJO) for two major offshore packages and one onshore package under its multibillion-dollar Dorra field facilities development project have confirmed their contract awards through official announcements.

  The Dorra offshore gas field is located in the waters of the Saudi-Kuwait Neutral Zone.

  KJO – jointly owned by Saudi Aramco subsidiary Aramco Gulf Operations Company (AGOC) and Kuwait Petroleum Corporation subsidiary Kuwait Gulf Oil Company (KGOC) – has divided the engineering, procurement and construction (EPC) scope for the Dorra gas production project into four packages: three offshore and one onshore.

  MEED recently reported that KJO had awarded contracts for offshore packages 2A and 2B, along with onshore package 3, worth an estimated total of about $6.7bn.

  US-based McDermott International secured offshore package 2A, valued at about $1.5bn, according to sources. The American contractor has yet to announce its contract award.

  A consortium of India’s Larsen & Toubro Energy Hydrocarbon (L&TEH) and Italian contractor Saipem secured package 2B. Estimated at about $3.4bn, package 2B is the largest of the three offshore EPC packages under the Dorra field facilities project.

  L&T described the contract won by its subsidiary, L&T Energy Hydrocarbon Offshore (LTEH Offshore), “from a prestigious client in the Middle East” as “an ultra-mega order”, a term the Mumbai-headquartered contractor uses to denote contracts valued at more than INR150bn (about $1.56bn).

  The project involves the development of multiple offshore facilities, L&T said, without naming the Dorra field facilities project, identifying KJO as the client or elaborating on the scope of work.

  LTEH Offshore will execute a scope encompassing engineering, procurement, construction, installation and commissioning (EPCIC) of offshore facilities, Bombay Stock Exchange-listed L&T said, adding that “a significant portion of the fabrication activities will be carried out at L&T’s integrated, world-class manufacturing and fabrication facilities”.

  Saipem issued a similar statement, confirming the value of its portion of the contract at about $1.8bn.

  MEED reported in March that the L&TEH/Saipem consortium had emerged as the lowest bidder for offshore package 2B.

  Contractors submitted bids for offshore packages 2A and 2B by the 9 March deadline, MEED previously reported. Bid validity was understood to expire on 15 August, prompting KJO to issue letters of intent to the selected contractors earlier this month, sources previously said.

  Separately, KJO has awarded the contract for onshore package 3 to Spanish contractor Tecnicas Reunidas, which MEED reported in March was the lowest bidder for the package.

  In a filing with the Madrid Stock Exchange, Tecnicas Reunidas said it has accepted a letter of intent for an approximately $1.65bn contract to develop onshore gas facilities “for a major gas field development in the Middle East”. Under the EPC contract, Tecnicas Reunidas will be responsible for the development of onshore gas processing facilities required for the reception, treatment and export of gas produced from the field, the company said without divulging details.

  Offshore package scopes

  The detailed scope of EPC work on the two offshore packages of the Dorra gas field facilities project is as follows:

  Package 2A – McDermott: Dorra gas field wellhead topsides, flowlines and umbilicals

  • Seven gas wellhead platforms or topsides, with production routed to the central gathering platform
  • Corrosion-resistant, alloy-lined intra-field flowlines and umbilicals connecting the gas wellhead platforms to the central gathering platform and the auxiliary platform

  Package 2B – LTEH Offshore/Saipem: Dorra central gathering platform complex, export pipelines and cables

  • Central gathering platform
  • Auxiliary platform
  • Dorra accommodation platform
  • Flare platform
  • Bridge platform
  • Pipelines for gas and condensate transmission to each shareholder
  • Produced water pipeline from the central gathering platform to Al-Khafji field and from the planned onshore processing facility next to the Al-Zour refinery in Kuwait to Al-Khafji field
  • Recovered monoethylene glycol (MEG) pipeline from Al-Khafji field to the central gathering platform
  • Control and power system linking Al-Khafji onshore facilities to offshore units
  • Offshore central control room at Dorra accommodation platform.

  Regarding the first offshore package, MEED reported in October last year that KJO awarded India’s L&TEH a contract estimated at $140m-$150m. Offshore package 1 covers the EPC of seven offshore jackets and the laying of intra-field pipelines.

  Onshore package scope

  The detailed scope of work on the only onshore package of the Dorra gas field facilities project, which has been secured by Tecnicas Reunidas, is as follows:

  Package 3: Onshore gas processing facilities

  • Buildings to be constructed as part of KJO’s Dorra project onshore package include:
    • Dorra control building
    • Operator building
    • Operations, maintenance and engineering building
    • Process interface building
    • Onshore 115/69kV substation
    • Two gas-insulated substations
    • Warehouse
    • Maintenance building
    • Mosque
    • Telecommunications tower radio building
    • Beach valve substation at the planned onshore processing facility next to the Al-Zour refinery in Kuwait
       
  • Processing facilities for KJO’s onshore package:
    • Produced water receiving and treatment
    • Sour water stripping and treated water system
    • Rich MEG storage tank
    • MEG regeneration and reclamation
    • Recovered hydrocarbons system
    • Lean MEG storage and supply
    • Fresh MEG storage and supply
    • Beach valve stations at Al-Khafji and Al-Zour
       
  • Utilities:
    • Instrument and plant air system
    • Nitrogen generation system
    • Diesel storage and distribution system
    • Fuel gas system
    • Closed drain and slop tank system
    • Hazardous area open drains system
    • Industrial water system
    • Drinking water system
    • Flare gas recovery system and a low-pressure flare system
    • Fire water system
    • Emergency diesel generator
    • Sewage treatment

  Discovered in 1965, the Dorra gas field is estimated to hold 20 trillion cubic metres of gas and 310 million barrels of oil.

  Saudi Arabia and Kuwait have been pressing ahead with their plan to jointly produce 1 billion cubic feet a day (cf/d) of gas from the Dorra gas field.

  The two countries have been producing oil from the Neutral Zone – primarily from the onshore Wafra field and offshore Khafji field – since at least the 1950s. With a growing need to increase natural gas production, they have been working to exploit the Dorra offshore field, understood to be the only gas field in the Neutral Zone.

  However, progress has been hampered by a dispute over ownership of the Dorra gas field. Iran, which refers to the field as Arash, claims it partially extends into Iranian territory and asserts that Tehran should be a stakeholder in its development. Kuwait and Saudi Arabia maintain that the field lies entirely within their jointly administered Neutral Zone – also known as the Divided Zone – and that Iran has no legal basis for its claim.

  In February 2024, Kuwait and Saudi Arabia reiterated their claim to the Dorra field in a joint statement issued during an official meeting in Riyadh between Kuwaiti Emir Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah and Saudi Crown Prince and Prime Minister Mohammed Bin Salman Bin Abdulaziz Al-Saud.

  France-based Technip Energies has performed the entire concept study and feed work on the overall Dorra gas field development programme.

  ALSO READ:

  • KJO allows more time for Dorra gas project PMC bids
  • Local firm wins site preparation works for Kuwait gas plant

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  Indrajit Sen
• 
  Contractors announce awards for $8.2bn Adnoc Gas projects

  Administrator

  18 August 2026

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  China-based Wison Engineering and Italian contractor Tecnimont have announced that they have won engineering, procurement and construction (EPC) contracts from Adnoc Gas for the second and third phases of the Rich Gas Development (RGD) programme in Abu Dhabi, respectively.

  Adnoc Gas, the gas processing subsidiary of Abu Dhabi National Oil Company (Adnoc Group), recently announced that it had reached a final investment decision (FID) on RGD phases 2 and 3 earlier this year, with a total project investment of $8.2bn. The FID for the two projects forms part of its previously committed capital expenditure (capex) budget of $28bn for the 2026-30 period.

  The second and third phases of the RGD programme relate to constructing a new gas processing train at the Habshan complex and a natural gas liquids (NGL) fractionation train at the Ruwais gas processing facility, respectively.

  MEED reported in March that Adnoc Gas had selected the main EPC contractors for both the Habshan 7 gas processing train and the Ruwais NGL Train 5 projects.

  Adnoc Gas officially announced the award of the EPC contracts as part of its Q2 2026 financial results, saying it had awarded Wison Engineering a $3.9bn contract for RGD phase 2, while Tecnimont was selected for the $4.3bn phase 3 contract.

  Wison Engineering said the EPC contract for RGD phase 2 is the largest in its history. The total value of the contract is $4.04bn, the Hong Kong-listed company said, adding that the scope of work includes gas pipelines; separation and condensate stabilisation units; acid gas removal units; and the core deep NGL recovery units – critical process facilities in addition to a 220kV switch station.

  Phase 2 will add a new natural gas processing train at the Habshan facility, “expanding Adnoc Gas’ natural gas processing capacity, enhancing operational flexibility, and supporting the UAE’s expanding downstream and petrochemical sectors”, Adnoc Gas said.

  Tecnimont’s parent, Maire, said its scope of work on the RGD phase 3 project includes EPC activities for the fifth NGL fractionation unit, which will separate the various hydrocarbon components, together with treatment and sweetening systems designed to remove impurities and ensure product quality.

  The scope also includes a regeneration gas treatment unit, a propane refrigeration system, ancillary systems and storage facilities. Once completed in 2030, the plant will have an output capacity of 23,000 tonnes a day (t/d), or about 8 million tonnes a year, Milan-headquartered Maire said.

  Phase 3 will add a new NGL fractionation train at Ruwais, “increasing the recovery of higher-value liquids from rich natural gas for export [and] strengthening Adnoc Gas’ global customer portfolio”, Adnoc Gas said in a statement on 10 August.

  Adnoc Gas also reiterated its $5bn capex for the first phase of the RGD scheme, which is under construction. The company awarded $5bn of engineering, procurement and construction management (EPCM) contracts in three tranches for phase 1 of the RGD in June last year, marking the company’s largest-ever capital investment.

  Across all three phases, Adnoc Gas has made a total investment of $13.2bn in the RGD programme.

  “We continued investing through the cycle and advancing megaprojects that will define the next phase of Adnoc Gas’ growth, expanding our processing capacity and product volumes,” the company’s CEO, Fatema Al-Nuaimi, said.

  “Together with Ruwais LNG and our wider portfolio of strategic projects, we are executing one of the industry’s most ambitious gas growth programmes,” she said.

  Al-Nuaimi added: “These investments support our upgraded target of 60% [earnings before interest, taxes, depreciation and amortisation] Ebitda growth by 2030, which was previously 40%. Delivering that ambition will see us invest approximately $28bn between 2026 and 2030.

  “We’re able to make these investments because we’re in a strong financial position. What matters here is this: we are reaffirming our dividend policy; we fund this growth programme and we deliver returns to shareholders. That is not an either/or,” she said.

  Second-quarter financial results

  Adnoc Gas detailed its capex plan at a media roundtable to discuss its financial results for the second quarter of the year (Q2 2026).

  The company achieved net income of $665m in Q2 2026 – above the upper end of the $400m-$600m guidance range provided in the first quarter – “reflecting strong operational performance in a challenging operating environment. This was supported by resilient margins in the domestic gas business”.

  Supported by its cash flow from operations, the company’s board has approved a quarterly dividend of $940m, payable in September, in line with its commitment to deliver annual dividend growth of 5% through 2030.

  Adnoc Gas remains the largest dividend payer on the Abu Dhabi Securities Exchange (ADX), where it listed in March 2023.

  Additionally, the company said: “Continued disruption to maritime movements through the Strait of Hormuz affected product liftings during the second quarter. Through proactive inventory, logistics and supply-chain management, Adnoc Gas worked closely with customers and partners to mitigate the impact of these disruptions, manage temporary constraints and fulfil commitments wherever possible.”

  For Q3 2026, Adnoc Gas said it expects profit in the range of $600m to $800m, “based on the assumption that maritime routes through the Strait of Hormuz continue to be disrupted”.

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  Indrajit Sen