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PIF’s 2025 results back 2026-30 strategy shift

Saudi Arabia’s Public Investment Fund (PIF) has published its audited consolidated financial statements for the year ended 31 December 2025, the first full set of annual results to follow the…read more

UAE to add Ajman to its Etihad Rail passenger network

Register for MEED’s 14-day trial access As part of ongoing procurement for the UAE’s national passenger rail rollout, Abu Dhabi’s Etihad Rail is adding Ajman to the planned network,…read more

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IHC deepens India links with $11.5bn aluminium venture
Administrator

3 July 2026

Abu Dhabi’s International Holding Company (IHC) has struck its third major partnership with India’s Adani Group in a year, signing an agreement to co-develop an $11.5bn greenfield aluminium complex in the eastern Indian state of Odisha.

Under a memorandum of understanding signed with the Odisha state government on 2 July, Adani Enterprises (AEL) and International Resources Holding (IRH), the natural resources investment platform IHC operates through its 2PointZero subsidiary, will form a 50:50 joint venture to build an integrated alumina and aluminium complex. The project comprises a 4-million-tonne-a-year (t/y) alumina refinery, a 2 million t/y aluminium smelter, a 4,000MW captive power plant and a 1 million t/y downstream manufacturing park.

The deal marks Odisha’s largest foreign direct investment proposal to date and what the partners describe as India’s largest single foreign investment in the metallurgy sector. It is expected to create about 53,500 jobs, split between roughly 35,000 during construction and 18,500 in ongoing mining, refining, smelting and manufacturing operations once the complex is running.

The tie-up extends a fast-growing relationship between IHC and Adani that began with a renewable energy joint venture between IHC subsidiary ePointZero and Adani Green Energy earlier this year. For IHC, which has built a $233bn portfolio spanning more than 1,300 subsidiaries across technology, infrastructure, financial services and consumer sectors, the Odisha project deepens a strategy of using IRH as a vehicle to secure positions across the minerals value chain underpinning the energy transition, moving beyond passive investment into direct industrial development.

Odisha holds some of India’s largest bauxite reserves and is already a significant alumina and aluminium producer. State officials cast the project as central to plans to position the region as a global manufacturing hub, tying it to the state’s Samruddha Odisha 2036 development programme and the national Viksit Bharat 2047 agenda.

The project will proceed in two phases. Following the MoU signing, AEL and IRH said they would move to land acquisition, statutory approvals and infrastructure planning alongside the Odisha government.

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Colin Foreman
Contractor wins Qiddiya Speed Park package deal
Administrator

3 July 2026

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Riyadh-based contractor El-Seif Engineering Contracting has won a contract to build the Exclusive Viewing Lounge (EVL) project in Qiddiya Entertainment City.

Saudi gigaproject developer Qiddiya Investment Company (QIC) awarded the contract.

The EVL comprises a four-storey structure designed for race-day viewing and guest hospitality. It will include dedicated spectator viewing areas, indoor lounge spaces, guest amenities and back-of-house service areas to support operations.

Local firm Ammico Contracting carried out the project’s enabling works.

The EVL is part of the Speed Park project at Qiddiya, which El-Seif Engineering Contracting and UAE-based Alec are jointly executing, as previously reported by MEED. The wider scope includes the construction of buildings around the racetrack.

The racetrack is being delivered by local United Maintenance & Contracting Company (Unimac). In February 2024, MEED exclusively reported that QIC had awarded an estimated SR1.8bn ($480m) contract for the racetrack and associated infrastructure at Qiddiya’s Speed Park.

The contract scope includes the track build and all infrastructure works, including electrical networks, storm drainage systems, water and sewer networks, landscaping, and associated underground and above-ground structures, along with related civil works.

The Speed Park is being built around a Federation Internationale de l’Automobile (FIA) Grade 1 racetrack as part of the resort core in Qiddiya Entertainment City. Once complete, the circuit will be capable of hosting Formula 1 Grand Prix and motorcycling MotoGP races.

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

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

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Yasir Iqbal

Local contractor wins DIFC tower contract

Administrator

3 July 2026

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Dubai-based contractor Al-Basti & Muktha has been awarded a contract to build the DIFC Heights Tower mixed-use development.

The state-backed Dubai International Financial Centre (DIFC) awarded the contract.

The project comprises a 43-storey building with 366 residential units, office space, and retail and food-and-beverage outlets. Construction is expected to commence shortly, with completion slated for 2029.

Enabling works are under way and are being undertaken by Germany’s Bauer.

Lebanese engineering firm Dar Al-Handasah is the lead and supervision consultant, while UAE-based Time is the project manager. Canadian engineering firm AtkinsRealis is the architect and concept designer, and local firm Omnium is the cost consultant.

In a statement, DIFC said the project is being developed on the final remaining plot within its original land bank in the Gate District.

Earlier this year, Dubai announced a AED100bn ($27bn) expansion of DIFC through the creation of the DIFC Zabeel District. A statement from the Government of Dubai Media Office said the new district will add more than 7 million square feet (sq ft), bringing total gross floor area to 17.7 million sq ft.

The Zabeel District is expected to more than double DIFC’s capacity to more than 42,000 businesses, support a workforce exceeding 125,000, and allocate more than 1 million sq ft for future technologies and artificial intelligence. Planned in six phases, the expansion is scheduled to open to the public in 2030, with the masterplan due for completion in 2040.

A bridge will link the DIFC Zabeel District to the existing DIFC Gate District.

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

Stress test for Gulf aviation; Mixed performance as country outlooks diverge in the Levant; GCC tourism sector pivots from crisis to recovery mode.

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

> AGENDA: Gulf aviation ambitions face uncertain future

> AIRPORTS: Dubai and Riyadh reaffirm airport ambitions

> MARKET FOCUS: Levant recovers in three speeds

> INDUSTRY REPORT: Dubai eyes tourism sector recovery

> INTERVIEW: EtihadWE prepares roadmap for future projects

> PROJECTS MARKET: Mena project momentum holds despite conflict

> DATA CENTRES: Big Tech falls short on data centre promise

> SAVINGS: Retirement creates multibillion-dollar opportunity for region

> LEADERSHIP: Aramco’s citizen developers accelerate digital change

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

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Yasir Iqbal

Iraq and Turkiye discuss oil pipeline deal
Administrator

3 July 2026

Turkiye’s Energy Minister Alparslan Bayraktar has met with senior Iraqi oil and foreign ministry ‌officials to discuss energy cooperation, including on the Iraq-Turkiye Pipeline (ITP) that runs from Kirkuk to Ceyhan, according to a statement.

In a post on social media, Bayraktar said that Turkiye aims to work closely with the new Iraqi government on more effective use of existing energy infrastructure.

The decades-old agreement, which governs crude oil exports through the ⁠pipeline, is due to expire on 27 July.

Baghdad and Ankara are still discussing a new draft agreement.

Turkiye is also seeking to support ⁠existing infrastructure with new connections, Bayraktar said.

Baghdad last month asked Ankara to extend the pipeline agreement for ⁠at least a year to allow time for more talks, but Ankara said ⁠it does not want an extension under current conditions.

If the existing pipeline deal expires without Turkiye agreeing to an extension, it would be a major blow to Iraq, which has recently seen a large drop in crude exports due to disruption to shipping through the Strait of Hormuz.

At the moment, in addition to transporting oil from northern Iraq, the ITP is also transporting crude from southern Iraq, which is brought to the north by truck and then injected into the pipeline network.

At the end of March, Amer Khalil, the director-general of Iraq’s state-run North Oil Company, said that Iraq was exporting 200,000 barrels a day through the ITP.

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Wil Crisp
Oman begins procurement for truck road PPP
Administrator

2 July 2026
Oman’s Ministry of Transport, Communications & Information Technology (MTCIT) has tendered a contract for the sultanate’s second public-private partnership (PPP) road scheme.

The project spans 66 kilometres between Al-Buraimi and Al-Dhahirah governorates, starting at the Al-Khatm border crossing in Mahdah and ending at the Al-Fath area in Dhank.

Under the scheme, the winning bidder will design, build, finance and transfer the project, which is specially designed for heavy vehicles.

MTCIT issued the tender on 30 June. The deadline to purchase tender documents is 11 August, and the clarification period will run from 11 to 18 August.

The bid submission deadline is 30 January 2027.

In August 2023, Oman shortlisted five of the eight prequalified teams to compete for the Salalah-Thumrait truck road (STTR) project, the sultanate’s first PPP road project.

The project failed to materialise beyond that point.

In January, MEED reported that Oman is planning to establish a new commercial railway line to transport essential supplies between Salalah and Thumrait – an initiative understood to have preceded the STTR project. The railway is planned to be implemented as a PPP.

The scheme comprises the construction of a railway line approximately 150-170km long. Two main stations are planned: Salalah Station, near the port and food storage facilities, and Thumrait Station, which will serve as a distribution hub for the surrounding areas.

Trains are expected to be equipped with refrigerated and dry containers. The scheme aims to reduce transport costs between the two areas by 20%-30%, and Oman plans to pitch the project to major food companies to secure long-term transport contracts.

The proposed project timeline is:
- 2025: Conduct economic, technical and environmental feasibility studies
- 2026: Launch the project for investment on a PPP basis
- 2027-30: Construction of the railway line
- 2031: Trial operations
- 2032: Full commercial operations
The project is touted as a key initiative under Oman Vision 2040, which aims to transform the sultanate into a global logistics hub.
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Yasir Iqbal
Acwa signs Mauritania gas IPP agreements
Administrator

2 July 2026

Saudi Arabia’s Acwa has announced it has signed the public-private partnership (PPP) and power-purchase agreements for the 230MW N’diago combined-cycle gas turbine (CCGT) power plant in Nouakchott, Mauritania.

The agreements cover the development, financing, construction and operation of the project. They were signed in Nouakchott in the presence of senior officials from the Mauritanian government and Acwa chairman Mohammad Abunayyan.

The project is Mauritania’s first large-scale gas-fired independent power project (IPP). It is also expected to be the country’s first major gas-fired power plant procured through a PPP structure.

The CCGT plant will provide 230MW of baseload generation capacity. It will use Mauritania’s domestic natural gas resources to supply the national grid.

Separately, Mauritanian Electricity Company (Somelec) has been advancing procurement for the construction of a 50MW solar power and battery energy storage system IPP project. It issued an expression of interest request in May.

Mauritania currently has several wind and solar power projects in the early study stages, according to regional project tracker MEED Projects.

There are also plans to build a 1,200MW wind power plant near Port Etienne in the Bay Province of Nouadhibou, for which China Energy Engineering was appointed as the main contractor in 2024.

Meanwhile, Acwa’s portfolio comprises 111 assets that are operational, under construction or in advanced development. These represent investments of SR468.9bn ($125bn).

According to the company, it has a power generation capacity of 98GW, including 52.3GW of renewable energy, and manages 9.7 million cubic metres a day of desalinated water globally.

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Mark Dowdall
Saudi water sector awaits next catalyst
Administrator

2 July 2026

Commentary
Mark Dowdall
Power & water editor

Saudi Arabia’s water sector is entering a critical period as developers and investors wait for the next signal that the kingdom’s project pipeline is moving forward.

Seven months have passed since preferred bidders were announced for the Arana and Hadda independent sewage treatment plant (ISTP) projects, which together will provide 350,000 cubic metres a day (cm/d) of treatment capacity. The projects had been expected to reach financial close in the second quarter of this year, but have yet to do so.

In parallel, Saudi Arabia’s Vision Invest was selected as preferred bidder last December for the estimated $2bn Riyadh-Qassim independent water transmission pipeline (IWTP) project. It was reported at the time that the company had submitted a levelised tariff of SR2.627 ($0.70) a cubic metre, almost 20% below the next nearest bid. The project, which will comprise an 859-kilometre pipeline with transmission capacity of 685,000 cm/d, had been tipped to reach financial close this quarter.

The uncertainty extends beyond projects awaiting financial close. The developer tender bid deadline was recently pushed back again for the $150m Riyadh East ISTP. Meanwhile, Saudi Arabia’s Water Transmission Company (WTCO) is understood to be reviewing the delivery model for the Jubail-Buraidah and Ras Mohaisen-Baha-Mecca independent water transmission system (IWTS) projects.

According to sources familiar with the plans, WTCO is considering establishing a special purpose vehicle that would take equity stakes in both schemes. This could further delay procurement for a project that has already seen multiple deadline extensions. Sharakat’s next wave of independent water projects (IWPs) is also in the pipeline. The first of these is not expected to be tendered until early 2027.

According to regional project tracker MEED Projects, Saudi Arabia’s water infrastructure sector recorded $3.14bn-worth of awards in the first half of this year, substantially lower than the $7.58bn recorded during the same period in 2025.

While activity has slowed, the longer-term outlook remains unchanged. Population growth and industrial expansion continue to drive demand for desalination, wastewater treatment and water transmission infrastructure. In the meantime, key stakeholders are looking for the next clear signal that the project pipeline is regaining momentum.

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Mark Dowdall

Contractor wins Jeddah road expansion deal in Riyadh

Administrator

2 July 2026

The Royal Commission for Riyadh City (RCRC) has awarded a contract for the Jeddah Road Development Project in Riyadh.

Local construction firm Saudi Pan Kingdom (Sapac) won the contract.

Spanning 29 kilometres, the scheme includes 14 bridges and five lanes.

Designed to handle up to 353,000 vehicles a day, the road is expected to be completed by 2028, with mobilisation works already under way.

The project forms part of the third package of the RCRC’s Riyadh Main and Ring Road Axes Development Programme, which was announced in January.

The other schemes include:

> Taif Road Development Project: The project stretches 15km and includes four bridges, each with four lanes. It also features two tunnels. It will have a capacity of up to 200,000 vehicles a day and will enhance connectivity between Riyadh’s southern and western districts and the city centre.

> Thumamah Road Development Project: The eastern section of the project will span 8km and include three bridges and three tunnels, linking the northern and eastern parts of Riyadh. The project will have a daily capacity of up to 200,000 vehicles.

> King Abdulaziz Road Development Project: The northern section of the project stretches 4.7km and will include four bridges, four lanes and one tunnel, with a capacity of up to 450,000 vehicles per day.

> Othman Bin Affan Road Development Project: The northern section will span 4.3km and include seven bridges and other related upgrades to enhance traffic flow across northern Riyadh. The project will have a daily capacity of up to 500,000 vehicles.

> Second phase of engineering enhancements for congested areas: This project targets eight locations across the city’s road network, where advanced engineering solutions will be applied to reduce congestion and improve intersection performance, increasing traffic capacity by 40% to 60%.

The contract for the Jeddah Road Development Project is the latest of several high-profile deals awarded by the RCRC recently. In May, it awarded an estimated SR5bn ($1.3bn) contract to construct the Sheikh Jaber Al-Sabah Road project in Riyadh.

That contract went to a joint venture of Riyadh-based Al-Rashid Trading & Contracting Company (RTCC) and Turkiye’s IC Ictas.

Stretching 12km, the project runs from Khurais Road to Al-Thumama Road and is a key component of the Second Eastern Ring Road scheme.

Works include five interchanges: Prince Bandar, King Abdullah, Imam Abdullah, Dammam Road and Al-Thumama.

In 2021, Saudi Arabia’s Crown Prince Mohammed Bin Salman Bin Abdulaziz Al-Saud said the population of Riyadh would double to 15-20 million people by 2030.

He directed government entities to work closely with the RCRC to prepare the city’s development strategy.

The RCRC’s major projects include Riyadh Metro, Riyadh Art, Sports Boulevard, King Salman International Park, Green Riyadh and several road development projects in the capital.