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• 
  April 2025: Data drives regional projects

  Administrator

  25 April 2025

  Click here to download the PDF

  Includes: Commodity tracker | Construction risk | Brent Spot Price | Construction output

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  MEED’s May 2025 report on the UAE includes:

  > COMMENT: UAE is poised to weather the storm
  > GOVERNMENT & ECONOMY: UAE looks to economic longevity
  > BANKING: UAE banks dig in for new era
  > UPSTREAM: Adnoc in cruise control with oil and gas targets
  > DOWNSTREAM: Abu Dhabi chemicals sector sees relentless growth
  > POWER: AI accelerates UAE power generation projects sector
  > CONSTRUCTION: Dubai construction continues to lead region
  > TRANSPORT: UAE accelerates its $60bn transport push
  > DATABANK: UAE growth prospects head north

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

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  MEED Editorial
• 
  UAE growth prospects head north

  Administrator

  25 April 2025

  Download the PDF

  

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  MEED’s May 2025 report on the UAE includes:

  > COMMENT: UAE is poised to weather the storm
  > GOVERNMENT & ECONOMY: UAE looks to economic longevity
  > BANKING: UAE banks dig in for new era
  > UPSTREAM: Adnoc in cruise control with oil and gas targets
  > DOWNSTREAM: Abu Dhabi chemicals sector sees relentless growth
  > POWER: AI accelerates UAE power generation projects sector
  > CONSTRUCTION: Dubai construction continues to lead region
  > TRANSPORT: UAE accelerates its $60bn transport push

  https://image.digitalinsightresearch.in/uploads/NewsArticle/13754369/main.gif

  MEED Editorial
• 
  UAE is poised to weather the storm

  Administrator

  25 April 2025

  Commentary
  John Bambridge
  Analysis editor

  Despite the rising turmoil in global markets due to US-imposed tariffs, the UAE is well positioned to cope thanks to a combination of strong fiscal and macroeconomic fundamentals and government-supported project spending.

  Abu Dhabi is set to comfortably achieve a fiscal surplus for the fifth year running in 2025, even with the recent dip in global oil prices, which has still brought prices nowhere near the $50-a-barrel fiscal breakeven point that according to the IMF would tip the UAE into the red. Also working in the government’s favour is the expected increase in the country’s oil production output due to the phasing out of some of its voluntary production cuts this year. 

  Beyond oil, the UAE’s greater degree of non-oil diversification relative to other oil-exporting markets in the Gulf and wider region provide it with a more stable revenue base, while the country’s financial institutions remain on a strong growth heading – thanks to their burgeoning project finance loan books.

  The market confidence is also reflected in the growth of residential property sales in Dubai by 30% in 2024 – with housing being one of the main contributions to the albeit restrained 2% consumer price inflation in the country at large. 

  Economic strength

  The UAE also retains its role as an economic beacon for the Middle East and beyond. Dubai real estate purchases by Chinese and Russian buyers saw double-digit growth in 2024 and could account for more than 30% of sales in 2025.

  The UAE economy is being staunchly supported by both public and private spending in the projects sector, which hit $94bn in contract awards for the second year running, according to regional projects tracker MEED Projects – far in excess of the $30bn average in the three years before.

  The projects boom is being driven by a combination of expansionary government spending on infrastructure and renewed investment in property and real estate by both state-owned and private developers alike. There are about $140bn-worth of projects currently under execution in the energy, infrastructure and utilities sectors, and a similar figure in the building sector alone.

  This buoyancy is continuing in 2025, with the $27bn in new project awards to date outstripping the value of project completions by a factor of almost three and setting the market on track for another exceptional year.

  Abu Dhabi is meanwhile hedging its geopolitical fortunes by promising to invest $1.4tn into the US over 10 years – a pledge that will both secure access to the US’ dominant technology market and please the transactional US president.

  While the UAE was only ever in line for the minimum 10% reciprocal tariff imposed as a blanket measure across the world, it does the country no harm at all to build up additional political capital in Washington ahead of whatever whim next takes hold in the office of the presidency.

  

   

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  MEED’s May 2025 report on the UAE includes:

  > GOVERNMENT & ECONOMY: UAE looks to economic longevity
  > BANKING: UAE banks dig in for new era
  > UPSTREAM: Adnoc in cruise control with oil and gas targets
  > DOWNSTREAM: Abu Dhabi chemicals sector sees relentless growth
  > POWER: AI accelerates UAE power generation projects sector
  > CONSTRUCTION: Dubai construction continues to lead region
  > TRANSPORT: UAE accelerates its $60bn transport push
  > DATABANK: UAE growth prospects head north

  https://image.digitalinsightresearch.in/uploads/NewsArticle/13726696/main.gif

  John Bambridge
• 
  New Murabba seeks firms for three new Mukaab packages

  Administrator

  25 April 2025

  

   

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  Saudi Arabia’s New Murabba Development Company (NMDC) has asked firms to prequalify by 30 April for three new contracts covering the construction works on the Mukaab at the New Murabba downtown development in Riyadh.

  MEED understands that the three packages comprise the Central Core Tower, Outriggers and Vertical Ribs, and could cost up to SR10bn ($2.6bn).

  NMDC is also evaluating the bids it received in November last year for a contract to undertake the raft concrete works beneath the wadi podiums and Mukaab.

  The Mukaab is a Najdi-inspired landmark that will be one of the largest buildings in the world. It will be 400 metres high, 400 metres wide and 400 metres long. Internally, it will have a tower on top of a spiral base and a structure featuring 2 million square metres (sq m) of floor space designated for hospitality. It will feature commercial spaces, cultural and tourist attractions, and residential and hotel units, as well as recreational facilities.

  In October last year, MEED reported that New Murabba had achieved significant construction progress on the Mukaab project.

  According to an official statement released on 15 October: “Excavation works at the Mukaab and surrounding podium sites had reached 86% completion, with over 10 million cubic metres of earth moved.”

  Beijing-headquartered China Harbour Engineering Company is carrying out the excavation works.

  The foundation works for the Mukaab are being carried out by UAE-headquartered HSSG Foundation Contracting. 

  Downtown destination

  The New Murabba destination will have a total floor area of more than 25 million sq m and feature more than 104,000 residential units, 9,000 hotel rooms and over 980,000 sq m of retail space.

  The scheme will include 1.4 million sq m of office space, 620,000 sq m of leisure facilities and 1.8 million sq m of space dedicated to community facilities.

  The project will be developed around the concept of sustainability and will include green spaces and walking and cycling paths to promote healthy, active lifestyles and community activities.

  The living, working and entertainment facilities will be created within a 15-minute walking radius. The area will use an internal transport system and be about a 20-minute drive from the airport.

  The downtown area will feature a museum, a technology and design university, an immersive, multipurpose theatre, and more than 80 entertainment and cultural venues.

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  Yasir Iqbal
• 
  GE Vernova to divest Hamriyah IPP stake

  Administrator

  25 April 2025

  

   

  US-based GE Vernova is looking to divest its interest in the 1,800MW Hamriyah independent power producer (IPP) in the UAE’s northern emirate of Sharjah, sources familiar with the process tell MEED.

  Sharjah Hamriyah Independent Power Company (Shipco) is the project company that owns and operates the combined-cycle gas turbine plant.

  GE Capital owns a 25% stake in the project company. The other shareholders are Sumitomo, which owns 35%; Sharjah Asset Holding Management, 25%; and Japan’s Shikoku Electric Power, 27%.

  MEED understands that international bank BNP Paribas is running the sale process for GE Vernova, which expects to receive non-binding offers “within a month”.

  One of the sources said that Saudi, UAE and other international utility developers and investors are likely to bid for GE’s stake in the project.

  Sharjah Electricity & Water Authority (Sewa) awarded a joint venture of Japan’s Sumitomo and US-based GE the contract to develop the 1,800MW CCGT project, Sharjah’s first IPP, in December 2018. The project reached commercial operations in October 2023.

  MEED has requested comments from GE Vernova.

  Energy-efficient gas turbines

  The power plant runs on three GE Vernova 9HA.01 turbines, which GE Vernova describes as its most energy-efficient gas turbines to date.

  GE Vernova’s Gas Power business has provided turnkey engineering, procurement and construction (EPC) services and delivered the three 9HA.01 gas turbines powering three H84 generators, three STF-D650 steam turbines powering three A74 generators, and three heat recovery steam generators for the facility.

  It also plans to provide parts, repairs and maintenance services for power generation assets at the site for about 25 years.

  Financial close

  The project reached financial close in May 2019 with support from private banks Japan Bank for International Cooperation (JBIC) and Nippon Export & Investment Insurance.

  The 24-year, $1bn financing consists of two tranches.

  A group of private financial institutions including Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank, the Norinchukin Bank, Societe Generale, Standard Chartered Bank and kfW-Ipex agreed to provide the first $516m tranche.

  JBIC agreed to provide the second tranche of $555m.

  The project marks Sewa’s first IPP, with previous plants all developed under standard EPC contracts. It is part of Sewa’s plans to boost capacity and reduce reliance on electricity imports from Abu Dhabi, which have grown steadily over the past decade.  

  Abu Dhabi state utility Emirates Water & Electricity Authority said that the commissioning of the plant in 2023 was expected to reduce its electricity exports, although this will be offset by the addition of offshore demand from Abu Dhabi National Oil Company starting in 2026.

  Photo credit: GE Vernova, for illustrative purposes only

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  Jennifer Aguinaldo
• 
  Dragon Oil signs Egypt concession deal

  Administrator

  25 April 2025

  

   

  UAE-based oil and gas operator Dragon Oil has signed a memorandum of understanding (MoU) with the Egyptian General Petroleum Corporation (EGPC) to consolidate existing concession agreements in the Gulf of Suez under a unified framework.

  The agreement was signed in the presence of Saeed Mohammed Al-Tayer, the chairman of Dragon Oil, and Karim Badawi, Egypt’s minister of petroleum and mineral resources.

  The deal is expected to “attract significant investment”, according to a statement from Dragon Oil.

  The company also said that it would facilitate the renewal of vital infrastructure and increase production through the application of technology and industry best practices.

  The agreement was signed by Salah Abdel Kareem, the chairman of EGPC, and Ali Al-Jarwan, the chief executive of Dragon Oil.

  In its statement, Dragon Oil said that the agreement underscored its “commitment to digital transformation, regional energy development and operational excellence”.

  It also said that the deal marked “a pivotal move towards consolidating concession areas in the Gulf of Suez, thereby opening new investment opportunities, enhancing production, extending asset life and maximising resource use”.

  Al-Tayer said: “This partnership will help shape the future of energy through increasing investments, acquisitions, new concession areas and fields exploration.

  “This reflects our commitment to innovation, sustainability and global leadership.

  “By embracing advanced technologies such as artificial intelligence, digital solutions and enhanced oil recovery, we are setting new standards for operational efficiency, data-driven decision-making and environmental stewardship across our global operations.”

  Al-Jarwan said: “Dragon Oil is proud to deepen our strategic collaboration with EGPC.

  “This agreement reflects our shared vision to optimise resources, leverage advanced technologies, and invest in Egypt’s energy future.

  “We are committed to concluding negotiations swiftly and advancing this partnership to new heights.”

  The agreement includes a provisional commitment to invest substantially in preserving and extending the lifespan of critical infrastructure, ensuring the long-term sustainability of strategic assets.

  This will be accompanied by a comprehensive work programme aimed at boosting production and streamlining operations.

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  MEED’s March 2025 special report on Egypt includes:

  > COMMENT: Egypt battles structural issues
  > GOVERNMENT: Egypt is in the eye of Trump’s Gaza storm
  > ECONOMY: Egypt’s economy gets its mojo back
  > OIL & GAS: Egypt gas project activity collapses amid energy crisis
  > POWER & WATER: Egypt’s utility projects keep pace
  > CONSTRUCTION: Coastal city scheme is a boon to Egypt construction
  > DATABANK: Egypt faces complex economic reality

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  Wil Crisp
• 
  OQ selects project management consultants

  Administrator

  25 April 2025

  

  Register for MEED’s 14-day trial access 

  Omani state energy conglomerate OQ Group has recently selected a couple of firms as consultants to manage projects across its group portfolio in Oman and overseas.

  UK-headquartered Wood and Australia-based Worley have been picked as project management consultants (PMCs), according to sources.

  MEED reported in December that OQ was evaluating proposals from engineering firms for a planned pool of PMC service providers.

  Among the firms that submitted proposals last year were:

  • Bechtel (US)
  • Kent (Saudi Arabia/UAE)
  • KBR (US)
  • Wood (UK)
  • Worley (Australia)

  As part of their proposals, firms submitted their track record of managing oil and gas projects, order backlog, financial health, and man-hour and time unit rates for personnel deployment.

  The chosen consultants will need to manage OQ Group projects throughout different stages, starting with concept studies and front-end engineering and design and continuing through engineering, procurement, construction and commissioning.

  “The structure and model of this pool planned by OQ will be similar to the PMC pool run by Adnoc, although there will, obviously, be differences,” one source said. 

  MEED reported in 2019 that Abu Dhabi National Oil Company (Adnoc Group) had signed a framework agreement with eight contractors to provide PMC services for its group-wide projects.

  ALSO READ: Contractors submit prices for Oman gas transport pipeline

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  Indrajit Sen
• 
  Syria makes progress towards reunification

  Administrator

  24 April 2025

  

   

  Following the ousting of Bashar Al-Assad in late 2024, President Ahmed Al-Sharaa has rapidly consolidated power in Syria. He has transitioned from a militant and political outsider into a credible leader increasingly recognised in the region and on the world stage.

  Within Syria, Al-Sharaa faces political, economic, military and civil challenges in pulling the country back together again. In recent weeks, a prominent focus has been the reunification of Syria’s fractured security landscape through the negotiated dissolution and integration of smaller rebel factions into a centralised military structure under the Ministry of Defence.

  Rebel disbandment

  Most recently, the new government brokered the dissolution of the Eighth Brigade, a 3,000-strong rebel group based in the southern city of Daraa that had waged an insurgency against the government of Bashar Al-Assad since 2018.

  That outcome proved a relief to the government after its trustworthiness in talks was thrown into doubt by the chaos that erupted in Syria’s coastal region on 6 March as Islamist groups committed massacres against Alawite civilians in revenge over attacks by Assad loyalists.

  On 9 March, Al-Sharaa appointed a committee to report on the violence, determine its perpetrators and theoretically hold them to account. That move caused some murmurings within his own ranks, but externally it showed the president’s commitment, in principle, to justice.

  It also appeared to serve the political imperatives of the moment. Just a day later, on 10 March, the reassured Kurdish- led Syrian Democratic Forces (SDF) – representing tens of thousands of trained soldiers – signed a deal to integrate its forces into the national army.

  The deal marked perhaps the most significant step towards national reunification so far, promising to restore to government control a swathe of northeastern Syria and its oil fields that has been largely lost to Damascus since the 2014 invasion by the Islamic State.

  The integration of the SDF into the national military also appears to have been accepted by the US, which had been supporting the SDF military as an independent force in the northeast of the country, but has now announced the planned staggered withdrawal of its stationed troops.

  Al-Sharaa has been making his rounds of the region in a diplomatic blitz aimed at shoring up regional support for his new government

  Broader priorities

  Alongside reconsolidating and restructuring the country’s military and security apparatus, Al-Sharaa’s main priorities are foreign affairs and economic policy. These two areas go hand in hand, given that removing international sanctions is key to reviving Syria’s economy.

  In late March, Al-Sharaa entrenched his authority by enacting a new constitutional declaration, announcing a new transitional government and granting himself sweeping executive powers, including the right to appoint a third of the legislature and select judges for the constitutional court.

  The cabinet was also broadened and reshuffled to address concerns over the lack of representation from minority communities. Individuals from the Alawite, Druze and Christian communities, as well as one woman, were appointed to ministerial positions.

  The move further witnessed the replacement of the formerly appointed justice minister Shadi Al-Waisi, whose elevation embarrassed the government after 2015 videos surfaced of him presiding over street executions by morality police as part of the then Nusra Front. His removal was another reassuring step for observers that the government is attuned and reactive to constructive criticism.

  With the right signals sent, Al-Sharaa has been making his rounds of the region in a diplomatic blitz aimed at shoring up regional support for his new government. He is likely also aiming to put the right words in the right ears, in the hope that they filter through the Gulf’s power lobbying system to the US.

  Already on 30 January, just a day after Al-Sharaa became president, Qatar’s Emir Sheikh Tamim Bin Hamad Al-Thani flew to greet the man who displaced Al-Assad – a goal also long pursued by Doha. On 2 February, Al-Sharaa then took his first trip abroad to meet Saudi Crown Prince Mohammed bin Salman.

  Some other regional governments have been more reticent to launch into renewed relations, but have increasingly come on board.

  This includes Iraq, which, hesitant over Al-Sharaa’s past militant activity against Baghdad, only arranged a meeting between the Syrian president and Prime Minister Mohammed Shia Al-Sudani on 17 April in Doha – ultimately driven by shared security imperatives. Al-Sudani also invited Al-Sharaa to attend the upcoming Arab summit in Baghdad in May.

  On 14 April, the equally green Lebanese Prime Minister Nawaf Salam also met with Al-Sharaa in Damascus – no doubt keen to address the recent border clashes between the two countries. A day earlier, Al-Sharaa was in Abu Dhabi to meet Sheikh Mohamed Bin Zayed Al-Nahyan, rounding out his visits to the key power brokers and budget holders in the Gulf.

  Between all of these meetings, Al-Sharaa appears to have ingratiated himself with the region’s other leaders with remarkable rapidity and ease. A year after the Arab League reaccepted him in May 2023, Al-Assad had made little comparable progress.

  For world leaders weary from years of dithering by Al-Assad’s government, which was unable or unwilling to even acquiesce to the Gulf’s most basic request – to stem the flow of the drug captagon from within Syria’s borders – Al-Sharaa is at least a partner who can do that and achieve far more besides. 

  For years, it has been the case that a reunified Syria and a rebuilt Syrian economy would lift the entire Levant region and any Gulf investors with it. The appetite in the region to see it succeed has been there. All that has been missing is a suitable partner in Damascus to move forward with.

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  John Bambridge