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  • Maaden closes $1bn term loan and credit facility

    Administrator

    24 August 2026

    Saudi Arabian Mining Company (Maaden) has announced the closing of its inaugural international syndicated term loan and revolving credit facilities, worth a total of $1bn.

    The $500m international term loan facility will support Maaden’s growth agenda and general corporate purposes, including funding growth projects across its portfolio.

    The $500m international revolving credit facility, which is expected to remain undrawn, provides additional committed funding capacity “as Maaden continues to scale its business and execute its long-term growth strategy”.

    The transaction “was met with strong support from the international banking market, attracting participation from a diverse group of leading international banks across key global financial markets”, including the US, Canada, Europe, China and Japan. The facilities were oversubscribed, Maaden said.

    ALSO READ: Maaden and Aramco sign deal to create joint venture

    “The level of demand reflects the global banking community’s confidence in Maaden’s financial strength, strategic direction and ambitious growth plans,” the Saudi state miner said in its statement.

    “The facilities mark another significant milestone in Maaden’s funding journey – further diversifying its sources of funding and broadening its access to global capital providers as the company continues to advance its long-term growth ambitions.

    “Maaden continues to make significant progress across its growth pipeline, expanding production, advancing major projects and accelerating exploration as it builds a world-class mining company at the heart of Saudi Arabia’s economic transformation.”

    https://image.digitalinsightresearch.in/uploads/NewsArticle/18962086/main4516.jpg
    Indrajit Sen
  • Dubai inflation slows to 5.3% in July

    Administrator

    24 August 2026

    Dubai’s annual inflation rate slowed to 5.3% in July, down from 5.7% in June, as a decline in transport costs eased pressure on consumer prices, according to Emirates NBD.

    The bank said the slowdown supported its view that price growth peaked at mid-year, and it expects inflation to continue easing through the rest of 2026. Monthly price growth slowed to 0.1% in July, from 0.4% in June, the weakest pace since February.

    Transport was the clearest sign of the moderation. Annual price growth in the category slowed to 11.9% in July, from 18.1% in June, as transport costs fell 3.7% over the month. Fuel and lubricant inflation eased to 24.1% year on year, from 48.3%, tracking a decline in local petrol prices.

    Petrol remains the main swing factor in the emirate’s inflation. Transport contributed 1.1 percentage points to headline inflation in July, down from 1.7 percentage points in June. Emirates NBD said the relief may prove temporary, with Super 98 petrol prices climbing 5.9% in August to leave them 33.8% higher than a year earlier. The bank expects headline inflation to edge higher in the August figures before easing again later in the year.

    The UAE deregulated petrol and diesel prices in 2015 and reviews them monthly against global prices, meaning changes in global fuel costs pass through to consumers quickly. Transport, which includes fuel, accounts for 9% of Dubai’s consumer price index basket.

    Housing remained the largest contributor to inflation even as its impulse faded. Housing and utilities, which account for about two-fifths of the basket, added 2.8 percentage points to headline inflation. Annual price growth in the category slowed to 7.0%, from 7.4% in January.

    Food inflation edged up to 7.8% year on year, from 7.6% in June, which the bank attributed to lingering supply-chain disruption from the regional conflict. Inflation in restaurants and hotels accelerated to 4.5% year on year, from 1.7% in June.

    Emirates NBD forecasts inflation of 2.9% by year-end but said risks to that projection were tilted to the upside, given lingering pressures in food and housing.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/18961735/main1839.jpg
    Colin Foreman
  • Libya oil project on track for 2027 completion

    Administrator

    24 August 2026

     

    The project to develop a workers’ camp at Libya’s Erawin oil field is on track for completion next year, according to industry sources.

    The project, estimated to be worth about $50m, is being executed by the Libyan oil services company Al-Saraya Al-Hamara, headquartered in the city of Sebha.

    The Libyan company was awarded the contract in February 2025.

    The scope of the project includes:

    • Construction of an accommodation camp
    • Construction of the camp maintenance warehouse
    • Construction of the camp office
    • Construction of a fire brigade shelter
    • Construction of a kitchen and mess hall
    • Construction of a mosque
    • Construction of a laundry room
    • Construction of a clinic
    • Construction of parking facilities
    • Installation of a fire and gas system
    • Installation of a power generator
    • Construction of associated facilities

    The client on the project is Zallaf Libya Oil & Gas Exploration & Production Company.

    Zallaf Libya Oil & Gas Exploration & Production Company was established in Libya in 2013 and is wholly owned by Libya’s state-owned National Oil Corporation.

    The Erawin field development project is located about 800 kilometres south of Tripoli and 100km southwest of the El-Sharara field.

    Libya shipped its first cargo of crude from the Erawin oil field in November 2023.

    The shipment departed from Libya’s Zawiyah port and consisted of 600,000 barrels of crude.

    Australia-based Worley Parsons was appointed as the front-end engineering and design (feed) contractor for the early production facility project in 2019.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/18953632/main.jpg
    Wil Crisp
  • Tunisia extends bid deadline for gas pipeline project

    Administrator

    24 August 2026

    State-owned Tunisian Company of Electricity & Gas (Steg) has extended the bid deadline for a project to develop gas pipelines in the North African country.

    Earlier this year, the project was tendered with a bid deadline of 15 July. The new deadline is 30 September 2026.

    The scope of the project includes conducting studies, procuring equipment and materials, and performing construction work.

    Steg has received financing from the Islamic Development Bank to fund the project.

    The tender has been split into two packages.

    The first pipeline runs from the Tunisian town of Mourouj, in the suburbs of Tunis, to the town of Zriba.

    Along this route, the pipeline will be split into two sections.

    The first extends from Mourouj to the town of Fouchana, which lies to the south of the capital.

    Under existing plans, the pipeline will have a diameter of 20 inches and extend for 3.8 kilometres.

    The second section will extend for 43km to Zriba and have a diameter of 24 inches.

    The contract for package one has a 450-day completion period.

    The project’s second package focuses on a gas pipeline extending from Zriba to the town of M’saken.

    This pipeline will extend for 78km and have a diameter of 24 inches.

    The contract for this package also specifies a 450-day completion period.

    The procedure for the tender of both packages is an international call for tenders under the Islamic Development Bank guidelines for design, supply and installation.

    The Middle East and North Africa (Mena) region is currently seeing a surge in oil and gas pipeline projects as countries attempt to diversify routes through which hydrocarbons can be transported.

    The increased concerns about overreliance on a small number of transportation routes are a result of the regional conflict that started when the US and Israel attacked Iran on 28 February.

    The conflict severely disrupted oil and gas flows through the Strait of Hormuz, highlighting the importance of having a diverse range of import and export routes.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/18953537/main.jpg
    Wil Crisp
  • Saudi Arabia signs $1.16bn bess agreements

    Administrator

    21 August 2026

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    Saudi Arabia’s principal buyer, Saudi Power Procurement Company (SPPC), has signed four storage service agreements for battery energy storage system (bess) projects with a combined capacity of 2,000MW.

    The projects will provide four hours of storage, equivalent to 8,000 megawatt-hours (MWh), and involve total investment of more than SR4.35bn ($1.16bn).

    The agreements cover the first group of independent storage provider (ISP) bess projects being procured by SPPC under a build, own and operate model. The projects are supervised by the Energy Ministry.

    Three projects have been awarded to a consortium comprising Saudi Energy, Acwa and Al-Sharif Contracting & Commercial Development Company.

    These comprise the Al-Muwyah and Haden bess ISPs in the Mecca region, and the Al-Kahafa bess ISP in the Hail region. Each has a capacity of 500MW for four hours.

    The fourth project, the Al-Khushaybi bess ISP in the Qassim region, has been awarded to a consortium of France's Engie and local firm Haji Abdullah Alireza & Co. This also has a capacity of 500MW for four hours. 

    In July, MEED exclusively reported that Acwa and Engie were frontrunners for the Group 1 bess contracts. SPPC launched the qualification process for the scheme in November 2024, with bids submitted last year.

    The projects form part of Saudi Arabia’s efforts to achieve an electricity generation mix comprising approximately 50% renewable energy by 2030.

    Bess 2

    As exclusively reported by MEED, SPPC issued the request for proposals for the second phase of its independent bess projects in July.

    The Group 2 programme comprises six ISP projects with a total capacity of 3GW, equivalent to 12,000MWh based on a four-hour storage duration.

    The six bess projects are:

    • Samha bess ISP: 500MW (Qassim)
    • Al-Leeth bess ISP: 500MW (Mecca)
    • Al-Henakiyah bess ISP: 500MW (Medina)
    • Khulis bess ISP: 500MW (Mecca)
    • Sadawi bess ISP: 500MW (Eastern Province)
    • Ashyrah bess ISP: 500MW (Mecca)

    According to a source, developers have since submitted a first round of clarification requests to SPPC as they prepare their bids in advance of an October deadline.

      On 1 July, MEED reported that up to 27 firms had prequalified to participate in the second phase. SPPC previously received statements of qualification on 13 May.

      It is understood that Abu Dhabi National Energy Company (Masdar, UAE), Acwa (Saudi Arabia), EDF (France), Korea Electric Power Corporation (Kepco, South Korea), International Power (Engie, France) and Marubeni Corporation (Japan) are among the companies likely to make offers for the contracts.

      Winning bidders will hold 100% equity in a special purpose vehicle (SPV), with each SPV entering into a storage services agreement with SPPC as part of the ISP structure. 

      US/India-based Synergy Consulting is advising SPPC on the energy storage Group 1 and Group 2 programmes.

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

      Saudi Arabia builds for the global stage; Rising uncertainty creates fresh set of challenges in the Maghreb; Gulf banks remain robust in the face of geopolitical tensions.

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

      > MARKET FOCUS: Maghreb fortunes diverge
      To see previous issues of MEED Business Review, please click here
      https://image.digitalinsightresearch.in/uploads/NewsArticle/18911926/main2457.jpg
      Mark Dowdall
    • Contractors confirm $683m Oman power plant contract

      Administrator

      21 August 2026

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      China-headquartered Shandong Electric Power Construction No. 3 Company (Sepco 3) and South Korea’s Doosan Enerbility have confirmed their involvement as contractors on the 1,700MW Misfah combined-cycle gas turbine (CCGT) project in Oman.

      In a statement, Sepco 3 said it signed the contract on 20 August. On 21 August, Doosan disclosed a KRW930bn ($683m) contract with Jabel Power, the project company for the Misfah plant. The contract runs from 20 August 2026 to 1 April 2029.

      The same consortium signed the engineering, procurement and construction (EPC) contract for the 890MW Duqm CCGT power plant in June. At the time, Doosan disclosed a contract worth about $350m.

      In May, MEED exclusively reported that the group had been appointed as the main contractor for the two power plants, subject to the official signing.

      State offtaker Nama Power & Water Procurement (Nama PWP) had previously signed power-purchase agreements (PPAs) for the development and operation of the plants.

      The developer’s contract was awarded to a consortium comprising Korea Western Power (Kowepo), Qatar’s Nebras Power, the UAE’s Etihad Water & Electricity (EtihadWE) and Oman’s Bhawan Infrastructure Services.

      As MEED understands, construction works have already commenced on the power plant projects. A China-based procurement listing in June shows that civil works procurement was under way for the Misfah independent power producer (IPP).

      The civil package F tender covered piling, reinforcement cages, concrete works and pile testing, with work scheduled to start in July and finish by November

      As reported in July, Germany’s Siemens Energy will supply power generation technology and long-term service agreements for the Misfah and Duqm IPP projects.

      This includes the supply of six F-class gas turbines, six generators and 20-year long-term service agreements for the equipment.

      The Misfah IPP will be led by Nebras Power and located in Wilayat Bousher in Muscat Governorate. The Duqm IPP will be led by Kowepo and located in Wilayat Duqm in Al-Wusta Governorate.

      According to Nama PWP, the total investment for the two projects is estimated at approximately RO1bn ($2.6bn).

      Synergy Consulting is the financial adviser and lead adviser to Nama PWP for these projects.

      In November, Oman’s OQ Gas Networks received final investment approval to proceed with gas supply connections for the facilities.

      The Misfah IPP will receive 8.5 million cubic metres a day (cm/d) of natural gas. The Duqm IPP will be supplied with 4.5 million cm/d of natural gas.

      In March 2025, the same Sepco 3 and Doosan Enerbility consortium signed an EPC contract with Saudi Electricity Company to expand Riyadh Power Plant 12 (PP12). Located about 150 kilometres northwest of Riyadh, the 1,863MW power plant is expected to be completed in 2028.

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

      Saudi Arabia builds for the global stage; Rising uncertainty creates fresh set of challenges in the Maghreb; Gulf banks remain robust in the face of geopolitical tensions.

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

      > MARKET FOCUS: Maghreb fortunes diverge
      To see previous issues of MEED Business Review, please click here
      https://image.digitalinsightresearch.in/uploads/NewsArticle/18911106/main.jpg
      Mark Dowdall
    • Adnoc plans new offshore-to-onshore oil transport pipeline

      Administrator

      20 August 2026

       

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      Abu Dhabi National Oil Company is moving ahead with an ambitious plan to build an oil pipeline network that will transport oil from its main offshore oil processing islands in the Gulf to its onshore crude export terminal in Jebel Dhanna, Abu Dhabi.

      The planned pipeline network will source crude from Zirku Island and Das Island, where Adnoc gathers and treats oil produced at Abu Dhabi’s offshore fields, among other processing hubs, and transport those volumes across 300 kilometres inland to the Jebel Dhanna terminal.

      According to sources, the proposed pipelines will eventually connect to the West-East crude pipeline network currently being built from Abu Dhabi’s Jebel Dhanna to the emirate of Fujairah, and is expected to be commissioned in 2027.

      The Abu Dhabi energy giant has awarded a contract for concept studies and front-end engineering and design (feed) to Abu Dhabi-based NT Energies, a joint venture of Abu Dhabi-based contractor NMDC Energy and France’s Technip Energies, sources told MEED.

      NT Energies is expected to carry out the concept studies and feed on a “fast-track basis”, with the work anticipated to take seven months, sources said.

      A kick-off meeting between the client and the appointed consultant took place on 6 July, sources added.

      Additionally, Adnoc has appointed Australia-headquartered Worley to provide project management consultancy (PMC) services, sources further said.

      West-East oil pipeline

      In May, Adnoc said it was accelerating work on the West-East crude transport pipeline project from Jebel Dhanna to Fujairah, upon directions from its board.

      The West-East pipeline project involves constructing a cross-country pipeline to transport crude from Adnoc’s export terminal at Jebel Dhanna to the Fujairah terminal, covering a distance of about 520km.

      The pipeline will double Adnoc’s crude export capacity through Fujairah on the Indian Ocean coast and enable shipments to bypass the geopolitically volatile Strait of Hormuz.

      Crude will be sourced from Adnoc’s offshore processing centres at Das, Zakum and Umm Lulu islands before being stored at new storage facilities to be built at the Jebel Dhanna terminal.

      The pipeline will be segmented into three sections:

      • Jebel Dhanna to Habshan main pumping station (MPS) – 115km
      • Habshan MPS to Sweihan depot – 254km
      • Sweihan depot to Fujairah terminal – 153km

      Adnoc awarded Egyptian contractor Engineering for Petroleum & Process Industries (Enppi) an engineering, procurement and construction management (EPCm) contract for the project in February 2024.

      Adnoc’s total spend on EPCm works could be as high as $3bn, MEED previously reported.

      Sources have told MEED that Adnoc has, in turn, appointed state-owned China Petroleum Pipeline (CPP) and locally based Bin Asheer to carry out construction works on the three segments of the West-East pipeline network.

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

      Saudi Arabia builds for the global stage; Rising uncertainty creates fresh set of challenges in the Maghreb; Gulf banks remain robust in the face of geopolitical tensions.

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

      > MARKET FOCUS: Maghreb fortunes diverge
      To see previous issues of MEED Business Review, please click here
      https://image.digitalinsightresearch.in/uploads/NewsArticle/18887774/main0639.jpg
      Indrajit Sen
    • Contractors confirm Al-Maktoum airport people-mover award

      Administrator

      20 August 2026

      Register for MEED’s 14-day trial access 

      A team of Japan’s Mitsubishi Corporation and Indian contractor Larsen & Toubro (L&T) has confirmed that it has won a design-and-build contract for the automated people-mover (APM) system for phase one of Al-Maktoum International airport in Dubai.

      In a statement released earlier today, L&T classified the contract as large, a term the company uses to denote an order value of $261m-$523m.

      MEED exclusively reported in July that Dubai Aviation Engineering Projects (DAEP) had selected a contractor to deliver the APM system as part of the first phase of the $35bn expansion of the airport.

      The APM system will serve as a critical facility for operations at Al-Maktoum International. The system will run under the apron of the entire airfield and the airport’s terminals. It will consist of several tracks, taking passengers from the terminals to the concourses.

      Four underground stations will be built as part of the first phase. The overall plan includes 14 stations at the airport.

      The firms submitted the bids for the project in July last year, as MEED exclusively reported.

      The contract is the latest in a series of awards signed by DAEP recently. It has awarded contracts valued at about AED13bn ($3.5bn), with construction works currently under way on several airport packages.

      These include enabling works, the second runway and the initial structural foundations for passenger terminals and gates.

      Upcoming awards

      In June, DAEP said that it will award contracts worth over AED55bn ($15bn) by the end of this year for construction works at Al-Maktoum International airport.

      The projects slated for contract awards include the substructure works for the western passenger terminal, the fourth aircraft concourse building and the baggage handling system, in addition to the superstructure works for the western passenger terminal and the first, second and third aircraft concourses.

      The packages also encompass long-span structural frameworks for buildings covering about 1.5 million square metres (sq m), infrastructure works for the southern airfield area and power generation and district cooling plants supporting the construction programme.

      The award of the facade and roofing packages is also planned for this year.

      Construction progress

      In May last year, MEED exclusively reported that DAEP had awarded a AED1bn ($272m) deal to UAE firm Binladin Contracting Group to construct the second runway at the airport.

      The enabling works on the terminal were awarded to Abu Dhabi-based Tristar E&C.

      Construction on the project’s first phase is expected to be completed by 2032.

      Construction of substructure works began in November last year, when DAEP formally selected a contractor to deliver the package.

      The government approved the updated designs and timelines for its largest construction project in April 2024.

      In a statement, the authorities said the plan is for all operations from Dubai International airport to be transferred to Al-Maktoum International within 10 years.

      According to an official description on DAEP’s website, the expanded airport’s West Terminal will be a seven-level, 800,000 sq m facility with an annual capacity of 45 million passengers.

      It will be the second of three terminals at the airport.

      In September 2024, MEED exclusively reported that a team comprising Austria’s Coop Himmelb(l)au and Lebanon’s Dar Al-Handasah had been confirmed as the lead masterplanning and design consultant on the expansion of Al-Maktoum.

      The airport’s construction is planned to be undertaken in three phases. It will cover an area of 70 square kilometres south of Dubai and will have five parallel runways and 430 aircraft gates.

      It will be five times the size of the existing Dubai International airport and will have the world’s largest passenger-handling capacity of 260 million passengers a year. For cargo, it will have the capacity to handle 12 million tonnes a year.

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

      Saudi Arabia builds for the global stage; Rising uncertainty creates fresh set of challenges in the Maghreb; Gulf banks remain robust in the face of geopolitical tensions.

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

      > MARKET FOCUS: Maghreb fortunes diverge
      To see previous issues of MEED Business Review, please click here
      https://image.digitalinsightresearch.in/uploads/NewsArticle/18884056/main.png
      Yasir Iqbal
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