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  • Iraq LNG project delayed until next year

    Administrator

    13 May 2026

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    Iraq’s first liquefied natural gas (LNG) import terminal, which has an estimated project value of $450m, is now expected to become operational in 2027 due to delays caused by the regional war and disruption to shipping through the Strait of Hormuz.

    Work on jetty reinforcement and fixed terminal infrastructure at the Port of Khor Al-Zubair has been delayed, according to a statement from US-based Excelerate Energy, which is contracted to develop the facility.

    In its statement, the company said: “We are revising our full-year guidance to reflect the delayed startup of our Iraq terminal due to the ongoing conflict in the Middle East.”

    It added: “The Iraq project fundamentals remain unchanged. Looking ahead, we continue to have confidence in our sequenced earnings growth through 2028.”

    In October 2025, Excelerate signed a definitive commercial agreement with a subsidiary of Iraq’s Ministry of Electricity for the development of the country’s first LNG import terminal.

    The integrated project includes a five-year agreement for regasification services and LNG supply, with extension options, and a minimum contracted offtake of 250 million standard cubic feet a day (cf/d).

    Excelerate said: “Jetty reinforcement and construction of the fixed terminal infrastructure have been delayed temporarily due to the conflict in the Middle East and the terminal is no longer expected to commence operations in the third quarter of 2026 as previously disclosed.

    “Project startup is now expected in 2027. The long-term fundamentals supporting the project remain unchanged, driven by chronic power shortages and limited domestic gas processing capacity in Iraq.

    “Current conditions further reinforce the country’s need for reliable and scalable LNG import infrastructure and construction will resume as conditions allow.”

    Earlier this year, Iraq’s Ministry of Electricity said that the terminal was on track to come online on 1 June, ahead of expected gas shortages during the summer months.

    Then, in late April, the ministry said the project had been delayed by several months and was expected to come online in August at the earliest.

    Although Iraq is Opec’s second-largest oil producer after Saudi Arabia, it is a net natural gas importer because its lack of infrastructure investment has meant that, until 2023, it flared roughly half of the estimated 3.12 billion cf/d of gas produced in association with crude oil.

    Iraq’s reliance on flaring associated gas instead of gathering and processing it has prevented the country from fully realising its potential as a gas producer and forced the Iraqi government to rely on costly gas and electricity imports from Iran.

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

    Global energy sector forced to recalibrate; Conflict hits debt issuance and listings activity; UAE’s non-oil sector faces unclear recovery period amid disruption.

    Distributed to senior decision-makers in the region and around the world, the May 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/16803348/main.jpg
    Wil Crisp
  • Algeria turns the GCC oil crisis into an economic opportunity

    Administrator

    13 May 2026

    Commentary
    Wil Crisp
    Oil & gas reporter

    Algeria’s state-owned oil and gas company, Sonatrach, is taking advantage of concerns about global gas and crude supplies to sign deals and push ahead with major upstream projects.

    In recent weeks, the country has launched an oil and gas licensing round, taken steps to boost crude production in the short term and awarded a $1.1bn oil and gas field development project.

    This comes as shipping remains disrupted through the Strait of Hormuz, a key global oil and gas supply route. The disruption began after the US and Israel attacked Iran on 28 February 2026, triggering a regional war.

    Algeria’s ramp-up in activity puts it in a stronger position to benefit from higher global energy prices than neighbouring Libya, despite Libya holding Africa’s largest proven oil reserves.

    Libya challenges

    In Libya, officials have sought to advance oil and gas projects, but the business environment remains challenging due to recurring violence and deep political divisions.

    Last month, Libya’s rival legislative bodies 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, calling it a key step towards restoring financial stability after prolonged division.

    Contractors expected the agreement to accelerate project activity, but so far the deal has yet to translate into meaningful progress on the ground. Earlier this month, MEED reported that Libya’s state-owned National Oil Corporation (NOC) had not yet provided subsidiaries with details of their funding allocations under the new budget.

    Libya’s downstream sector was also disrupted this month by a fresh outbreak of violence. On 8 May, military clashes damaged buildings and vehicles, and forced the country’s largest operating refinery and a nearby oil port to shut for two days. On 10 May, Azzawiya Oil Refining Company, operator of the Zawiya facility, said it had lifted the state of emergency, allowing work to resume.

    Algeria momentum

    While Libya has struggled to capitalise on the current period of higher oil and gas prices, Algeria has significantly increased activity across its hydrocarbons sector.

    Last month, Algeria launched a new bid round offering seven exploration blocks to international companies. The round was launched by the National Agency for the Valorisation of Hydrocarbon Resources (Alnaft), which regulates the upstream sector. The blocks are located in Ouargla, Illizi, Touggourt and El-Bayadh.

    In parallel, Algeria is implementing short-term measures to raise output. On 3 May, the Ministry of Oil & Gas said the country plans to increase average production by 6,000 barrels a day in June.

    Algeria is also pursuing regional export opportunities. Earlier this month, officials signed a framework agreement to enable crude supplies from Algeria to Egypt.

    Turkiye has also announced plans to renew and expand its liquefied natural gas (LNG) agreement with Algeria. Turkiye’s Energy and Natural Resources Minister Alparslan Bayraktar said on 8 May that annual volumes could rise to 6.5 billion cubic metres, up from the current 4.4 billion cubic metres a year. The existing agreement is due to expire in September 2027.

    Another sign of momentum is the award of a $1.1bn contract for phase two of the Hassi Bir Rekaiz oil and gas field development. The contract was signed by Egypt’s Petrojet and Italian engineering and contracting company Arkad. Petrojet’s share is estimated at about $600m and Arkad’s at about $500m. The client is Groupement HBR, a joint venture of Sonatrach and Thailand’s PTTEP.

    Overall, while Libya continues to face obstacles to building sustained momentum in its oil and gas sector, Algeria is pursuing multiple initiatives that are likely to deliver economic benefits in the short, medium and long term.

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

    Global energy sector forced to recalibrate; Conflict hits debt issuance and listings activity; UAE’s non-oil sector faces unclear recovery period amid disruption.

    Distributed to senior decision-makers in the region and around the world, the May 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/16803345/main4150.jpg
    Wil Crisp
  • Chinese-Saudi joint venture to build $566m copper plant

    Administrator

    12 May 2026

    Register for MEED’s 14-day trial access 

    Saudi Arabia-based industrial investment company Rawas and China’s Zhejiang Hailiang Company have signed a joint-venture agreement to establish a copper products manufacturing plant in the kingdom.

    The joint venture, in which Zhejiang Hailiang will hold 51% and Rawas 49%, plans to invest about $566m in the facility, which will be built near Dammam port in Saudi Arabia’s Eastern Province.

    The factory will be developed in two phases, with total production capacity projected at 150,000 tonnes a year (t/y). This includes 30,000 t/y of copper tubes, 20,000 t/y of copper busbars, 50,000 t/y of refined recycled copper and 50,000 t/y of copper foil.

    “The project will fully leverage Saudi Arabia’s local copper ore resources, energy cost advantages and regional policy incentives to serve markets across the Middle East, Europe and Africa,” the partners said in their statement.

    Shenzhen Stock Exchange-listed Zhejiang Hailiang is a subsidiary of Hailiang Group, one of the world’s largest copper pipe manufacturers and exporters.

    Rawas is based in Riyadh. Obeikan Investment Group and Al-Khorayef Group are among its founding shareholders, while other investors include Al-Muhaidib Group and Mohammed Abunayyan Investment Group.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16799512/main.jpg
    Indrajit Sen
  • Dubai Holding increases its shareholding in Emaar

    Administrator

    12 May 2026

    Register for MEED’s 14-day trial access 

    Dubai Holding and the Investment Corporation of Dubai (ICD) have completed a transaction under which Dubai Holding acquired a 22.27% equity stake in the private real estate developer Emaar Properties from ICD.

    Following the transaction, Dubai Holding’s total shareholding in Emaar Properties has risen to 29.73%, making it the company’s largest shareholder.

    Listed on the Dubai Financial Market, Emaar Properties is among the region’s leading real estate developers, with a portfolio spanning residential, commercial, hospitality and retail assets. The firm has a presence across the Middle East, North Africa, Asia and Europe.

    In a statement, Dubai Holding said that the acquisition is a strategic investment that underscores Dubai Holding’s confidence in Emaar Properties’ market position, asset quality and long-term growth outlook, as well as the resilience of Dubai’s economy and real estate sector.

    Dubai Holding’s latest investment follows the incorporation of local real estate bodies Nakheel and Meydan into the Dubai Holding Group in 2024.

    Since its establishment in 2004, Dubai Holding Group has created a portfolio of companies, including Jumeirah Group, Dubai Properties and Tecom Group. Tecom Group owns and operates several clusters in Dubai, including Dubai Internet City and Dubai Media City.

    Nakheel and Meydan are among Dubai’s major real estate developers, with developments including Palm Jumeirah, Palm Jebel Ali, Meydan One, Tilal Al-Furjan, Mohammed Bin Rashid City and Dubai Islands.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16799031/main.jpg
    Yasir Iqbal
  • Momentum builds in Iraq’s post-war construction sector

    Administrator

    12 May 2026

     

    In October last year, Iraq awarded an estimated $764m contract to develop Baghdad International airport on a public-private partnership (PPP) basis to a consortium comprising Luxembourg-based Corporacion America Airports and local firm Amwaj International.

    The move is the latest sign of international investors’ growing appetite for projects in Iraq as part of the country’s post-war reconstruction drive.

    Iraq has been recovering gradually since the war. Initially, the government prioritised infrastructure and public housing to stimulate economic growth, improve living standards and attract foreign investment.

    More recently, benefiting from higher oil prices and a period of relatively stable governance, Baghdad has expanded its focus to reconstructing and modernising the country’s deteriorating infrastructure.

    Looking ahead, Iraq’s construction industry is expected to register an average annual growth rate of 4.8% between 2025 and 2028, supported by further investment in energy, infrastructure and housing projects, according to UK analytics firm GlobalData.

    Real estate projects

    Iraq plans to develop more than 21 residential cities across the country. According to local media reports published in May, Iraq’s Ministry of Construction & Housing said the projects are being developed in co-operation with private real estate developers.

    The report added that the residential cities are located in Baghdad, Mosul, Karbala, Babylon, Basra, Najaf, Dhi Qar, Maysan and Wasit.

    Another major announcement came in October last year, when UAE-based developer Damac Properties launched the Damac Hills Baghdad masterplanned community, its first real estate project in Iraq.

    Damac Hills Baghdad forms part of a larger development spanning 6.2 million square metres (sq m). The community is located near Abbas Ibn Firnas Square, close to Baghdad International airport.

    The project is in line with the Iraq National Investment Commission’s drive to attract greater foreign investment into the country.

    The latest foreign investment-backed scheme follows Egyptian real estate developer Ora Developers beginning construction last year on the Al-Wardi residential city project. The development will include more than 100,000 residential units covering about 61 million sq m on the southeastern side of Baghdad.

    Last year, another Egyptian firm, Talaat Moustafa Group Holding, said it was in negotiations with the National Investment Commission to develop a mixed-use project. Covering an area of about 14 million sq m and located southwest of Baghdad, the project is expected to include about 45,000 residential units.

    In 2024, Abu Dhabi-based developer Eagle Hills announced that it had secured land for a $1.5bn project in Baghdad that will include a golf course, residential components, a five-star hotel, a spa and a resort club.

    These projects continue the trend of renewed confidence among international investors in Iraq’s construction sector.

    Transport schemes

    In addition to the Baghdad International airport PPP award, Iraq has recently accelerated plans to develop the country’s wider infrastructure network.

    Earlier this year, Iraq announced that it would redesign the long-delayed Baghdad Metro project in a bid to reduce capital expenditure on the project.

    According to media reports, earlier proposals relied heavily on underground construction, making the project economically unviable.

    Last year, Iraq’s Ministry of Transport announced plans to build the Basra-Shalamcheh railway project, a 36-kilometre cross-border rail link connecting Iraq and Iran.

    In the ports sector, Iraq’s Aloreen Company for Investments secured up to $120m in financing in March from the International Finance Corporation, part of the World Bank Group, to expand the container-dedicated Terminal 2 at Umm Qasr Port in southern Iraq.

    Located about 70km south of Basra, Umm Qasr Port is Iraq’s main maritime gateway and its only deep-water port, handling most of the country’s containerised and general cargo.

    In October, Iraq said it would select three firms from an 11-company shortlist to manage and operate Al-Faw Grand Port, located in the southern city of Basra.

    The first phase of the project is scheduled for completion by the end of this year, while the second phase is expected to be completed by 2029.

    Projects pipeline

    Iraq has about $96bn-worth of projects in the planning and pre-execution stages across its construction and transport sectors.

    The construction sector accounts for about $69bn of this pipeline, while the transport sector has projects valued at around $17bn.

    The short-term outlook for both sectors remains positive, with the government committed to economic revitalisation through infrastructure projects.

    These initiatives are expected to attract investors, create local employment opportunities and generate significant revenues. At the same time, securing funding for major metro and airport developments will be important in maintaining investor confidence.

    Further investment, together with continued political stability and clearer regulatory frameworks, will be vital if the government is to achieve its goals, sustain the country’s recovery and support long-term economic expansion.

    MEED’s June 2026 report on Iraq also includes:

    > OVERVIEW: Iraq enters era of resilience, reform and rising risks
    > OIL & GAS: Iraqi oil and gas sector in crisis
    > POWER & WATER: Focus shifts to delivery of Iraq utilities expansion

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16799444/main.gif
    Yasir Iqbal
  • Aramco logs $12.1bn in Q1 2026 spending

    Administrator

    12 May 2026

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    Saudi Aramco registered capital expenditure of $12.094bn in the first quarter of 2026, which it said “supports growth objectives”. The Saudi energy giant had earlier offered a capex guidance of $50bn to $55bn for this year.

    Aramco’s capex in Q1 2026 is down 4% from its spending level in the same period last year. The company spent $13.37bn in the fourth quarter of 2025 and a total of $52.2bn for the full year.

    Offshore oil and gas projects are understood to have accounted for a chunk of Aramco’s capex in the first quarter of the year.

    MEED in January this year reported that Aramco had selected US-based McDermott International for Contract Release and Purchase Order (CRPO) number 166. The scope of work on the tender is understood to have been carved out of the major $15bn Marjan offshore field development project, as part of which Aramco awarded contracts for 20 engineering, procurement, construction and installation (EPCI) packages in 2019. McDermott won the largest share of work on the project, with an estimated $4.5bn-worth of contracts secured for two packages.

    The contract for CRPO 166 was single-sourced to McDermott without a competitive tendering process, and issued as a change order, sources told MEED.

    Aramco then awarded its second offshore contract of this year, CRPO 156, to Italian contractor Saipem. The scope of work on the contract covers the EPCI of a 48-inch trunkline, covering a distance of roughly 65km offshore and 12km onshore, from the Safaniya offshore oil field to the onshore processing facility, plus associated structures such as subsea hook-ups.

    CRPO 156, valued at about $500m, comprises the third package in Aramco’s latest expansion phase at Safaniya – the world’s largest offshore oil field, with a production capacity of nearly 1.2 million barrels a day (b/d). Discovered in 1951, the field is located in the Gulf waters, approximately 265 kilometres north of Aramco’s headquarters in Dhahran.

    Saipem also won the other two contracts for the Safaniya field expansion project – CRPOs 154 and 155 – with the Milan-headquartered firm declaring their combined value to be approximately $400m.

    Upstream projects dominate capex

    The upstream oil and gas sector dominated Aramco’s spending last year, accounting for $37.75bn, or about 72%, of the company’s total capex in 2025.

    In its financial statement for full-year 2025, Aramco announced the commissioning of the Marjan crude oil increment programme and the Berri increment programme, “supporting flexibility and ability to respond to changing market conditions”, as it strives to maintain its oil spare production capacity at 12 million b/d over the long term.

    Aramco awarded a total of 34 contracts in 2019, cumulatively worth $18bn, for its multibillion-dollar Marjan and Berri oil and gas field development projects. The objective of the two schemes is to boost the combined production capacity of the Marjan and Berri offshore field developments by 550,000 b/d of Arabian Crude Oil and 2.5 billion cubic feet of gas a day (cf/d).

    In its 2025 financial results, Aramco also said “progress continues towards sales gas production capacity increase of approximately 80% by 2030, from 2021 production levels,” which would help the company reach approximately 6 million barrels of oil equivalent per day of total gas and associated liquids production.

    The world’s largest-listed company announced the start of gas production from the massive Jafurah unconventional resource base, located in Saudi Arabia’s Eastern Province, in December last year.

    The greenfield Jafurah gas processing plant online, with a production capacity of 450 million cf/d, represents the first phase of Aramco’s estimated $100bn capital expenditure programme to produce gas from the Jafurah basin – the largest liquid-rich shale gas play in the Middle East, spanning around 17,000 square kilometres. The reserve is estimated to contain 229 trillion cubic feet of gas and 75 billion stock-tank barrels of condensate.

    Also in December, Aramco said it began operations at its Tanajib gas plant, which is part of the Marjan crude increment programme. The plant has a capacity to process 2.6 billion cf/d of associated raw gas feedstock from the Marjan, Safaniya and Zuluf offshore fields.

    “The Tanajib gas plant is a key component of Aramco’s strategy to increase gas processing capabilities and diversify its energy product portfolio, helping to support long-term economic growth. The plant features digital integration, enhanced operational efficiency, complex project delivery and maximum resource utilisation,” the world’s largest oil exporter said in an earlier statement.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16797978/main4907.jpg
    Indrajit Sen
  • Orasqualia signs Egypt biogas plant deal

    Administrator

    12 May 2026

    A joint venture of Egypt’s Orascom Construction and Spain-headquartered Aqualia has signed an agreement with Egypt’s New Urban Communities Authority to implement a biogas power generation unit at the New Cairo wastewater treatment plant (WWTP).

    The Orasqualia joint venture will develop a facility to convert wastewater-derived biogas into renewable energy. The project is expected to cover 60%-70% of the plant’s electricity demand, equivalent to about 13,140 megawatt-hours a year.

    The biogas unit will be integrated into the existing New Cairo WWTP, which has been operational since 2013 as Egypt’s first public-private partnership wastewater project.

    The scope of works includes the construction of a biogas plant, sludge digestion systems for methane production, biogas-fired generators, organic fertiliser processing units, and associated electrical and control systems.

    The project, estimated to cost $40m, is also expected to improve operational efficiency and reduce operating costs at the facility.

    According to MEED Projects data, Aqualia has served as the main contractor on at least eight major desalination and treatment projects across Egypt, Tunisia and Algeria.

    A joint venture of Orascom and Aqualia previously signed a $320m engineering, procurement and construction contract for the Abu Rawash WWTP expansion project in Giza, which was completed in 2022.

    > Be recognised among the best in the industry at the MEED Projects Awards 2026 …

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16797315/main.jpg
    Mark Dowdall
  • PIF firm appoints Porta Jeddah project contractor

    Administrator

    12 May 2026

    Register for MEED’s 14-day trial access 

    Saudi Real Estate Company (Al-Akaria), backed by Saudi Arabia’s Public Investment Fund (PIF), has appointed Riyadh-based Mobco Civil Construction as the main contractor for its Porta Jeddah project.

    According to a notice published on the Saudi Stock Exchange (Tadawul), the contract is valued at SR463m ($123m).

    The mixed-use development will have a built-up area of about 123,000 square metres. The project includes the construction of a four-star hotel, an office building, two retail and food-and-beverage buildings, a leisure and cinema building, open areas and associated infrastructure.

    The development is located in Jeddah’s Al-Nahda district.

    London-headquartered Chapman Taylor is the project architect, and Jeddah-based Burouj Engineering Consultant is the project consultant.

    In March 2024, MEED exclusively reported that Al-Akaria had issued the main contract tender, inviting firms to bid.

    Earlier, in June 2023, Al-Akaria signed an agreement with US-based Hilton to operate and manage the Canopy by Hilton hotel within the Porta Jeddah development. The property will have 183 keys, including 55 serviced apartments, as well as retail outlets, meeting spaces, and leisure and sports facilities.

    GlobalData expects the Saudi construction industry to record an average annual growth rate of 5.2% in 2025-28, supported by investments in transport, electricity, housing and tourism infrastructure, as well as the $850bn-plus gigaprojects programme.

    > Be recognised among the best in the industry at the MEED Projects Awards 2026 …

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16797035/main.jpg
    Yasir Iqbal
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