Latest News

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  Masdar to develop renewables projects in Montenegro

  Administrator

  23 April 2026

  Abu Dhabi Future Energy Company (Masdar) and Elektroprivreda Crne Gore (EPCG) have agreed to establish a 50:50 joint venture to develop and operate renewable energy projects in Montenegro.

  The planned projects include solar photovoltaic (PV), wind, hydropower, pumped-hydro storage and battery energy storage systems.

  The joint venture will be headquartered in Niksic in western Montenegro and is intended to support Montenegro’s domestic energy needs while also enabling the export of renewable electricity to the Western Balkans and Southern Europe, Masdar said in a statement.

  The companies plan to leverage an existing sub-sea interconnection with Italy. Montenegro is connected to Italy via a 600MW HVDC submarine cable, enabling electricity exports to the Italian market.

  Masdar has an existing presence in Montenegro through its investment in the 72MW Krnovo wind farm.

  The developer has recently accelerated foreign investment plans as part of its broader expansion. In April, it signed a binding agreement with France’s TotalEnergies to establish a $2.2bn joint venture to develop, build and operate renewable energy projects across Asia.

  The combined business will have 3GW of operational capacity and 6GW of projects in advanced development, targeted for commissioning by 2030.

  Masdar is targeting a global renewable energy portfolio of 100GW by 2030. It recently reached 65GW, two-thirds of the way to that target.

  The company plans to deploy an additional $30bn-$35bn in equity and project finance by 2030, adding an average of 10GW of new capacity each year.

  This expansion will be funded through a mix of equity, green bonds and long-term project financing.

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  Mark Dowdall
• 
  Qiddiya sets new deadline for infrastructure package

  Administrator

  23 April 2026

  

   

  Saudi gigaproject developer Qiddiya Investment Company (QIC) has set a 13 May deadline for bids for a contract covering new infrastructure works at Qiddiya Entertainment City.

  The scope comprises two infrastructure development packages for District 0 of Qiddiya Entertainment City, including the construction of four event park-and-ride facilities.

  The tender was issued on 11 March, with an initial bid submission deadline of 22 April.

  Lebanese firm Dar Al-Handasah and Saudi-based Sets International are serving as project consultants.

  QIC is accelerating plans to develop additional assets at Qiddiya City. Earlier this month, the company received prequalification statements from firms for the engineering, procurement, construction and finance package for the Qiddiya high-speed rail project.

  MEED has also reported that QIC received bids from contractors on 23 February for a SR980m ($261m) contract covering the construction of staff accommodation at Qiddiya Entertainment City.

  The project will cover an area of more than 105,000 square metres (sq m).

  Also in February, QIC started the main construction works on its performing arts centre at the entertainment hub.

  The Qiddiya City performing arts centre is one of several major projects within the greater Qiddiya development. Other projects include an e-games arena, Prince Mohammed Bin Salman Stadium, a motorsports track, the Dragon Ball and Six Flags theme parks, and Aquarabia.

  QIC officially opened the Six Flags theme park to the public in December last year.

  The park covers 320,000 sq m and features 28 rides and attractions, including 10 thrill rides and 18 aimed at families and young children.

  The Qiddiya project is a key part of Riyadh’s strategy to boost leisure tourism in the kingdom. According to UK analytics firm GlobalData, leisure tourism in Saudi Arabia has experienced significant growth in recent years.

  Saudi Arabia’s tourism sector posted record figures last year, with more than 130 million domestic and international visitors – a 6% increase on 2024.

  

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  Yasir Iqbal
• 
  Detailed design progressing for major Iraqi oil project

  Administrator

  23 April 2026

  

   

  Detailed design work is progressing on Iraq’s 950-kilometre seawater pipeline network under the Common Seawater Supply Project (CSSP), according to industry sources.

  They added that on-site construction would begin only after the detailed design is complete.

  Iraq’s state-owned Basra Oil Company (BOC) and China Petroleum Pipeline Engineering (CPP) signed a $2.5bn contract for the pipeline package in September last year.

  The project is being supervised by Austria’s ILF Consulting Engineers.

  The pipeline package is one of two main CSSP packages.

  The second focuses on a seawater treatment facility, expected to have a capacity of 5 million barrels a day (b/d), potentially rising to 7-8 million b/d in later phases.

  Processed water will be injected into some of Iraq’s largest oil fields – Rumaila, Zubair, West Qurna 1, West Qurna 2 and Majnoon – and also used in the Maysan and Dhi Qar fields.

  Iraq’s Oil Ministry said the injected water will help maintain reservoir pressure and sustain crude production.

  CPP is a subsidiary of state-owned China National Petroleum Corporation.

  TotalEnergies is responsible for the CSSP as part of the larger $27bn Gas Growth Integrated Project.

  Iraq approved a $2.45bn contract with South Korea’s Hyundai Engineering & Construction (Hyundai E&C) in August last year for the engineering, procurement and construction of the seawater treatment plant.

  Over recent weeks, Iraq’s oil exports have collapsed by about 80% due to fallout from the US and Israel’s war with Iran.

  ---

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

  Economic shock threatens long-term outlook; Riyadh adjusts to fiscal and geopolitical risk; GCC contractor ranking reflects gigaprojects slowdown.

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

  > AGENDA: Gulf economies under fire > GCC CONTRACTOR RANKING: Construction guard undergoes a shift > MARKET FOCUS: Risk accelerates Saudi spending shift > LEGAL: Redefining the region’s arbitration landscape > QATAR LNG: Qatar’s new $8bn investment heats up global LNG race > INTERVIEW: Leyla Abdimomunova, National Development Division, PIF > LEADERSHIP: Shaping the future of passenger rail in the Middle East

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

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  Wil Crisp
• 
  Libya brings gas pipeline online

  Administrator

  23 April 2026

  Libya’s state-owned National Oil Corporation (NOC) has brought a gas pipeline online that will allow it to reduce flaring and increase production, according to a statement issued by the company.

  The 42-inch pipeline, which connects the Al-Intisar field and the Brega gas distribution system, has entered the “experimental operation” stage, according to NOC.

  This follows the completion of connection works.

  The pipeline is expected to allow the collection of 150 million standard cubic feet a day of gas, which was previously flared at the oil and gas field.

  The pipeline is expected to debottleneck hydrocarbon flows at the oil and gas field and increase production levels.

  Prior to the pipeline recently being brought online, completion of the project had stalled for 16 years.

  Stakeholders are expecting a surge in oil and gas project activity in Libya after the country’s rival legislative bodies recently approved a unified state budget for the first time in more than 13 years.

  The Central Bank of Libya confirmed on 11 April that both chambers had endorsed the budget, saying that it was a key step towards restoring financial stability after prolonged division.

  The budget is valued at LD190bn ($29.95bn), and LD12bn ($1.9bn) has been allocated to the NOC.

  An additional LD40bn ($6.3bn) has been allocated for “development projects”.

  Libya has stated that a joint committee has been formed to help prioritise development projects, and the projects have been listed in the budget.

  The development comes at a time when Libya’s oil and gas sector could be positioned to make windfall revenues as oil and gas prices remain high due to fallout from the US and Israel’s war with Iran.

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  Wil Crisp
• 
  Hejaz railway studies to be completed by the end of 2026

  Administrator

  22 April 2026

  Joint feasibility studies for a railway connecting Saudi Arabia and Turkiye via Jordan and Syria are expected to be completed before the end of the year.

  The announcement was made by Saudi Arabia’s Minister of Transport and Logistics Services, Saleh Al-Jasser.

  The update follows Turkiye’s agreement with Syria and Jordan to develop their respective sections of the railway.

  The plan involves reviving a line linking Turkiye, Syria, Jordan and Saudi Arabia, spanning 1,750 kilometres and connecting key urban centres across the region.

  MEED reported in October last year that Turkiye, Jordan and Syria were planning to restore and modernise sections of the abandoned Hejaz railway line, which connected Istanbul with Medina in the early 20th century.

  Under the plan, Turkiye will support Syria in completing 30km of missing track infrastructure, while Jordan will assess technical capacity for locomotive maintenance.

  Construction of the Hejaz railway began in 1900 and was completed in 1908. The line was originally built to transport pilgrims from major cities in Turkiye, Syria and Jordan to Medina.

  The railway was damaged during the First World War. Several attempts have since been made to revive the project, but none has been realised.

  

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  Yasir Iqbal
• 
  Regional IPO market dries up amid war

  Administrator

  22 April 2026

  

   

  > This package also includes: Damage avoidance frames debt issuance

  ---

  Both the number and value of initial public offerings (IPOs) in the Middle East and North Africa (Mena) fell in 2025. Any hopes that the trend might be turned around this year have largely disappeared thanks to the Iran war.

  Stock markets tumbled in the opening days of the conflict and, unless they have a good reason not to, most companies thinking of launching onto the stock market are likely to put their plans on hold until there is greater certainty about the direction of political and economic events. 

  According to global advisory firm EY, there were 49 new listings across the Mena region last year, five fewer than the year before, when activity was at a near-record level. The value of the market debuts last year dropped by far more though, with total proceeds falling to $7.3bn, down by 42% compared to the $12.5bn seen in 2024 and the lowest annual total since 2020.

  One reason for this was the notable slowdown in the UAE, where confidence may have been dented by the poor performance of several new listings in recent years. In 2025, there were just three IPOs across the UAE’s markets, compared to seven the year before. 

  Last year’s listings included one on the Abu Dhabi Exchange (ADX) and two on the Dubai Financial Market (DFM), between them raising $1.1bn. The largest was the Dubai Residential Reit, which secured proceeds of $584m on the DFM in May. Technology firm Alpha Data raised $163m on the ADX in March, while construction and engineering company Alec Holding’s IPO brought in $381m in October.

  Saudi surge

  Saudi Arabia was by far the most active market last year – maintaining its position as the dominant bourse in the region. It hosted 39 IPOs, including 15 on the Tadawul main market and 24 on the junior Nomu market. Between them, these raised $4.9bn, or two-thirds of the regional total, with the majority coming via the main market listings. 

  Across the other GCC states, there were just two listings: Asyad Shipping Company on the Muscat Stock Exchange, which netted proceeds of $333m in March 2025, and Action Energy Company on the Boursa Kuwait, which raised $180m in December. 

  Bahrain and Qatar saw no new listings and the total of 44 IPOs for the six-country Gulf bloc was the lowest since 2021. 

  Activity outside the Gulf was even more limited, although the five IPOs last year – three on Morocco’s Casablanca Stock Exchange and two on the Egyptian Exchange (EGX) – was the most since 2018. 

  These listings raised a little more than $700m between them, with the largest being the $525m secured by construction company Societe Generale des Travaux du Maroc on the Casablanca bourse late in the year.

  The mergers and acquisitions (M&A) market proved more robust in 2025, with 635 deals completed in the region last year. That marked a 33% year-on-year rise and saw the market return to its 2022 peak, according to global professional services company PwC.

  The total included 238 inbound M&A deals, up from 182 the year before – and was the first significant rise in foreign investment since 2023. From within the region, sovereign wealth funds played a central role, in line with their mandates to help diversify their home economies.

  The total of 44 IPOs for the six-country Gulf bloc [in 2025] was the lowest since 2021

  Optimism dampened

  At the turn of the year there had been some optimism about the potential for the IPO market to also start accelerating. In a report in January, Fitch Ratings said: “The initial public offering and debt capital market pipelines [in the GCC] remain robust into 2026.” 

  EY said 18 companies and funds had expressed an intention to list in the first quarter, including 16 in Saudi Arabia alone.

  The reality has been very different, with just a handful of listings across the Arab world in the first quarter of the year. 

  Among the few deals, high-end supermarket chain Gourmet Egypt listed on the EGX on 1 February, raising $28m and, in the process, becoming the first food and beverage retailer on the exchange.

  The market in the Gulf has almost dried up, although a couple of deals have gone ahead since the war began on 28 February. 

  There was just one new listing on the Saudi Tadawul in the first quarter, with construction firm Saleh Abdulaziz Al-Rashed & Sons raising $67m via its debut on 11 March.

  Retailer Trolley General Trading Company also listed on the Premier Market of Boursa Kuwait via a private placement in March. EFG Hermes, which acted as a global coordinator and bookrunner on the transaction, said the size of the offer had been increased from 30% of the company’s issued share capital to 35% due to strong investor demand, with total proceeds reaching $195m. 

  Co-head of investment banking at EFG Hermes, Karim Meleka, described it as “a successful transaction in an uncertain market”. It was also the largest IPO in the Middle East and Africa in Q1 2026, according to financial data provider Dealogic. 

  The prospects for the rest of the year have been badly dented by the war, in line with the dimmer economic outlook. In its latest forecast, issued in April, the World Bank said it expects GDP growth across the GCC to slow to 1.3% this year, compared to the prediction of 4.4% growth it made in January. 

  If a lasting peace deal can be agreed, then some sectors could see a quick rebound, but some key areas of economic activity, such as tourism, could take far longer to recover. And the pain will not be evenly spread. The World Bank expects Saudi Arabia will post 3.1% growth in GDP this year, but the economies of Iraq, Kuwait and Qatar will contract by 8.6%, 6.4% and 5.7%, respectively.

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  Dominic Dudley
• 
  Dubai announces $9bn Gold Line metro project

  Administrator

  22 April 2026

  Register for MEED’s 14-day trial access 

  Dubai has officially announced the launch of the new Gold Line, as part of its expansion of the Dubai Metro transportation system.

  In a social media post on X, Sheikh Mohammed Bin Rashid Al-Maktoum, the UAE Vice President and Prime Minister and Ruler of Dubai, said the project will cost about AED34bn ($9.2bn).

  The Gold Line will increase the total length of the Dubai Metro network by 35%.

  The project is scheduled for completion in September 2032.

  Mohammed bin Rashid: We are pleased to announce the largest transportation project in Dubai: a new 42-kilometre metro line. It will pass through 15 key strategic areas across the city, serve approximately 1.5 million residents, and strengthen connectivity to 55 major real estate… pic.twitter.com/TCL3hWMFsZ

  — Dubai Media Office (@DXBMediaOffice) April 22, 2026

  The post added that the Gold Line will be a fully underground network spanning over 42 kilometres (km), with 18 stations.

  It will pass through 15 key areas in Dubai, benefiting 1.5 million residents.

  The project is expected to provide connectivity to over 55 under-construction real estate development projects.

  The Gold Line will start at Al-Ghubaiba in Bur Dubai and end at Jumeirah Golf Estates.

  It will be connected with the Dubai Metro’s existing Red and Green lines and will integrate with the Etihad Rail passenger line.

  In October last year, MEED exclusively reported that Dubai’s Roads & Transport Authority had selected US-based engineering firm Aecom to provide consultancy services for the Dubai Metro Gold Line project.

  Stage one covers concept design; stage two covers preliminary design; stage three covers preparation of tender documents; stage four encompasses construction supervision; and stage five covers the defects and liability period.

  

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  Yasir Iqbal
• 
  Consultant appointed for Expo Valley Views project

  Administrator

  22 April 2026

  Expo City Dubai has appointed local firm SSH to provide lead design consultancy and construction supervision services for its Expo Valley Views residential project.

  In a statement, SSH said its scope includes lead design consultancy across architecture and interior design; structural, mechanical, electrical and civil engineering; roads and infrastructure; and public realm and landscape design, along with construction supervision services.

  Expo Valley Views is an upcoming multi-building complex featuring eight residential buildings offering 800 apartments.

  The appointment follows Expo City Dubai’s selection of Engineering Contracting Company as the main contractor for its Sidr Residences project in October last year.

  Sidr Residences comprises three residential towers connected by three common basements, ground floors and mezzanine floors. Two towers will be 15 storeys high and one will be 13 storeys high.

  The development will offer 455 one- to four-bedroom apartments, lofts and townhouses, and is slated for completion by 2027.

  Expo City Dubai has recently launched several real estate projects at the Expo 2020 Dubai site, including Expo Valley, Mangrove Residences, Sky Residences, Sidr Residences and Al-Waha Residences.

  The developments will be built close to the Dubai Exhibition Centre, for which Dubai Ruler Sheikh Mohammed Bin Rashid Al-Maktoum approved the masterplan last year. 

  Expo City will gradually expand to cover a total area of 3.5 square kilometres, with facilities for 35,000 residents and 40,000 professionals.

  Dubai real estate developments continue to dominate the UAE’s construction market, with schemes worth more than $323bn in execution or planning.

  This aligns with a GlobalData forecast projecting the UAE construction sector will grow by 3% in real terms in 2026, supported by infrastructure, energy and utilities, and residential construction projects.

  

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  Yasir Iqbal