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• 
  Egyptian/Saudi firms to invest $1.4bn in Cairo project

  Administrator

  12 March 2026

  Saudi Arabia’s Sumou Investment, through its subsidiary Adeer International, and Egyptian developer Paragon Developments have signed an agreement to jointly develop a mixed-use project in Mostakbal City, East Cairo.

  According to local media reports, the project will cover about 500,000 square metres and will be developed with a total investment of about $1.4bn.

  The project will be developed by Paragon-Adeer, a joint venture of Paragon Developments and Adeer International.

  The announcement follows a $1.4bn deal signed in July last year between Adeer International and another Egyptian developer, Midar, to jointly develop a mixed-use project in Mostakbal City.

  Midar, Sumou Investment and Hassan Allam Properties are partnering to develop $2bn in hospitality and leisure projects across several locations in Cairo within Midar-owned land parcels. 

  According to GlobalData, Egypt’s residential construction sector is expected to grow by 8.3% from 2026 to 2029, supported by investments in the housing sector and the government’s focus on addressing the country’s growing housing deficit amid a rising population.

  The commercial construction sector is expected to register real-term growth of 6.6% during 2026-29, supported by a rebound in tourism and hospitality markets and an improvement in investment in office buildings and wholesale and retail trade activities.

  ---

  MEED’s March 2026 report on Egypt includes:

  > COMMENT: Egypt’s crisis mode gives way to cautious revival
  > GOVERNMENT: Egypt adapts its foreign policy approach
  > ECONOMY & BANKING: Egypt nears return to economic stability
  > OIL & GAS: Egypt’s oil and gas sector shows bright spots
  > POWER & WATER: Egypt utility contracts hit $5bn decade peak
  > CONSTRUCTION: Coastal destinations are a boon to Egyptian construction

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

   

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  Yasir Iqbal
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  Qiddiya gives high-speed rail prequalifying firms more time

  Administrator

  12 March 2026

  

   

  Saudi Arabia’s Royal Commission for Riyadh City, in collaboration with Qiddiya Investment Company (QIC) and the National Centre for Privatisation & PPP, has set a new deadline of 16 April for firms to submit prequalification statements for the development of the Qiddiya high-speed rail project in Riyadh

  The prequalification notice was issued on 19 January, with an initial submission deadline of 17 March.

  The clients are considering delivering the project using either a public-private partnership (PPP) model or an engineering, procurement, construction and financing (EPCF) basis.

  Firms have been asked to prequalify for one of the two models.

  Last month, the clients invited interested firms to a project briefing session on 23 February at Qiddiya Entertainment City.

  The Qiddiya high-speed rail project will connect King Salman International airport and the King Abdullah Financial District (KAFD) in Riyadh with Qiddiya City.

  Also known as Q-Express, the railway line will operate at speeds of up to 250 kilometres an hour, reaching Qiddiya in 30 minutes.

  The line is expected to be developed in two phases. The first phase will connect Qiddiya with KAFD and King Khalid International airport.

  The second phase will start from a development known as the North Pole and travel to the New Murabba development, King Salman Park, central Riyadh and Industrial City in the south of Riyadh. 

  In November last year, MEED reported that more than 145 local and international companies had expressed interest in developing the project.

  These included 68 contracting companies, 23 design and project management consultants, 16 investment firms, 12 rail operators, 10 rolling stock providers and 16 other services firms.

  In November 2023, MEED reported that French consultant Egis had been appointed as the technical adviser for the project.

  UK-based consultancy Ernst & Young is acting as the transaction adviser on the project. Ashurst is the legal adviser.

  Qiddiya is one of Saudi Arabia’s five official gigaprojects and covers a total area of 376 square kilometres (sq km), with 223 sq km of developed land. 

  ---

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

  Riyadh urges private sector to take greater role; Chemical players look to spend rationally; Economic uptick lends confidence to Cairo’s reforms.

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

  > AGENDA: Saudi Arabia’s private sector picks up the baton > RAMADAN: Data disproves the Ramadan slowdown story > INDUSTRY REPORT: Chemicals producers look to cut spending > INDUSTRY REPORT: Global petrochemical project capex set to rise until 2030 > MARKET FOCUS: Egypt’s crisis mode gives way to cautious revival > LEADERSHIP: Delivering Saudi Arabia’s next phase of rail growth > POWER: Lessons learnt from a power plant decommissioning > INTERVIEW: Abu Dhabi’s Enersol charts acquisitions path > INTERVIEW: Lina Noureddin, CEO of Lamar Holding, on the evolving PPP landscape > INTERVIEW: Contract award marks Metito’s return to municipal projects

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

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  Yasir Iqbal
• 
  Wynn resumes construction on Ras Al-Khaimah project

  Administrator

  12 March 2026

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  US-based Wynn Resorts said on 11 March that site activity on its resort project on Ras Al-Khaimah’s Al-Marjan Island has restarted after work was temporarily halted. New measures are in place to ensure the safety and security of the workforce. 

  “Wynn employees have been offered the opportunity to work from abroad, if their home embassy recommends they do so,” the company added.

  The $5.1bn project involves the construction of an integrated resort with 1,500 rooms, high-end shopping, MICE venues and the UAE’s first confirmed gaming area. It is scheduled to open in spring 2027.

  The 70-floor 283-metre-tall main structure was topped out in December 2025.

  Financially, Wynn Resorts holds a 40% equity stake in the joint-venture development company alongside local partners Marjan and RAK Hospitality Holding. Wynn reported in late 2025 that about two-thirds of the project’s budget had already been spent or contractually committed, which provides a degree of protection against fluctuating material costs.

  In 2025, Wynn Resorts said it had secured a $2.4bn construction facility to finance the development of the project. In a statement at the time, Wynn said the financing is the largest hospitality financing transaction in UAE history. The loan, available to Wynn Al-Marjan Island FZ-LLC – a subsidiary of the 40%-owned joint venture – is denominated in both AED and US dollars.

  Structured as a delayed draw facility, the seven-year term loan offers competitive market interest rates and substantial financial flexibility for the joint-venture partners.

  The syndicate includes prominent regional and international banks, with Abu Dhabi Commercial Bank and Deutsche Bank serving as joint coordinators. The joint coordinators, along with First Abu Dhabi Bank, Emirates NBD Capital and the National Bank of Ras Al-Khaimah, acted as mandated lead arrangers, bookrunners and underwriters, and Sumitomo Mitsui Banking Corporation acted as lead arranger. First Abu Dhabi Bank is also the agent and security agent for the lenders.

  Dubai-based Alec was appointed as the project’s main contractor in 2023. Earlier in March, Alec said it had resumed on-site and in-office operations across its UAE projects from 4 March.

  In a statement, the company said that it is working closely with clients to ensure a prompt and safe return to full-scale activity.

  The move follows a temporary work-from-home policy introduced across the company’s UAE operations in response to ongoing events, as Alec Holdings reaffirmed its commitment to protecting its workforce while continuing to deliver in clients’ best interests.

  During the same period, the company said its operations in Saudi Arabia remained fully operational.

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  Colin Foreman
• 
  Abu Dhabi’s Trojan Construction appoints new group CEO

  Administrator

  11 March 2026

  Abu Dhabi-based Trojan Construction Group has appointed Ahmed Al-Shamsi as group CEO, effective immediately.

  The company said that the appointment comes as Trojan enters a new phase of expansion and strategic transformation, with the board expecting Al-Shamsi to strengthen the contractor’s market position and support its long-term growth plans.

  Al-Shamsi has more than 25 years of executive leadership experience in the oil and gas, infrastructure, construction, utilities and industrial sectors.

  Trojan said his background includes leading large organisations across regional and international markets, with experience in operational excellence, mergers and acquisitions and sustainable growth.

  Most recently, Al-Shamsi was chief executive of Taqa Water Solutions, where he led a transformation programme and helped reposition the business within Taqa Group’s global utilities platform.

  Trojan said Al-Shamsi's tenure supported national water security and sustainability objectives, while improving operational performance and enabling long-term infrastructure development.

  Earlier in his career, Al-Shamsi held senior roles at Adnoc Group and served on the board of an affiliated company, contributing to operational transformation and growth initiatives.

  In addition to his executive roles, Al-Shamsi is the chairman of the Abu Dhabi Securities Exchange-listed E7 Group and the vice chairman of Emarat Petroleum.

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  Yasir Iqbal
• 
  Adnoc Gas selects contractor for Ruwais NGL train project

  Administrator

  11 March 2026

  

   

  Adnoc Gas has selected the main contractor to perform engineering, procurement and construction (EPC) work on its project to install a fifth natural gas liquids (NGL) fractionation train at its Ruwais gas processing facility in Abu Dhabi.

  Italian contractor Tecnimont has been picked by Adnoc Gas, the natural gas processing business of Abu Dhabi National Oil Company (Adnoc Group), to execute EPC works on the Ruwais NGL Train 5  project, according to sources.

  The fifth NGL fractionation train will have an output capacity of 22,000 tonnes a day (t/d), or about 8 million tonnes a year.

  The Ruwais NGL Train 5 project represents the second phase of Adnoc Gas’ ambitious Rich Gas Development (RGD) programme, and its budget value is estimated to be around $4bn, Peter Van Driel, Adnoc Gas’ chief financial officer, confirmed in February. The company expects to achieve final investment decision on the project within the first quarter of 2026, Van Driel said at the time.

  Adnoc Gas has adopted the design-update competition model to deliver the Ruwais NGL Train 5 project, MEED previously reported. This involves the project operator selecting contractors to execute front-end engineering and design (feed) work on the project. The operator selects the contractor with the most competitive feed proposal to execute EPC works on the project, while also compensating the other contestants for their work.

  In January 2025, MEED reported that Adnoc Gas had selected the following contractors to participate in the design-update competition for the Ruwais NGL Train 5 project:

  • JGC Corporation (Japan)
  • Technip Energies (France)
  • Tecnimont (Italy)

  The participants submitted technical proposals for EPC works the project on 6 October last year, and commercial bids by the deadline of 8 December, as part of the design‑update competition.

  Since receiving commercial bids from contractors in December, however, Adnoc Gas went back to the drawing board to decide on the next course of action, MEED previously reported. Sources attributed the delay by Adnoc Gas in selecting the main contractor to bids exceeding its budget.

  Adnoc Gas is understood to have then entered into negotiations with the bidders over the next few weeks, with Milan-headquartered Tecnimont eventually “clinching the deal”, according to sources.

  The scope of work on the Ruwais NGL Train 5 project covers the EPC of the following units:

  • NGL fractionation plant with a capacity of 22,000 t/d, including NGL fractionation facilities, downstream treatment units, sulphur recovery units, product storage, loading facilities and associated utilities, flares and interconnection pipelines with existing facilities;
  • Two propane liquefied petroleum gas storage tanks and one paraffinic naphtha storage tank;
  • Buildings – a central control building, outstations, substations and plant amenities;
  • Electrical power connections. Power is to be sourced from the nearby Transco substation via a direct underground cable to the plot location.

  Adnoc Gas requires the feed on the project to be updated based on the design of Ruwais NGL Train 4, which has an output capacity of 27,000 t/d and was commissioned in 2014.

  In December 2021, MEED reported that Adnoc Gas, then operating as Adnoc Gas Processing, had awarded Indian contractor Larsen & Toubro Hydrocarbon Engineering the main contract for a project to enhance the capacity of its NGL trains 1-4 at the Ruwais complex.

  Adnoc Gas business

  Adnoc Group announced the creation of Adnoc Gas through the merger of its subsidiaries Adnoc Gas Processing and Adnoc LNG in November 2022. Adnoc Gas began operating as a commercial entity on 1 January 2023.

  The consolidation of Adnoc’s gas processing and liquefied natural gas (LNG) operations into Adnoc Gas has created one of the world’s largest gas-processing entities, with a processing capacity of about 10 billion standard cubic feet of gas a day at eight onshore and offshore sites, which include its Asab, Bab, Bu Hasa, Habshan and Ruwais plants.

  The company also owns a 3,250-kilometre (km) gas pipeline network to supply feedstock to its customers in the UAE. This sales gas pipeline network is being expanded to over 3,500km through the estimated $3bn Estidama project.

  The company will also acquire its parent Adnoc Group’s 60% share in the Ruwais LNG terminal project at cost in the second half of 2028. UK energy producer BP, Japan’s Mitsui & Co, UK-based Shell and French energy producer TotalEnergies are the other shareholders in the project, holding 10% stakes each.

  Adnoc Gas share sale

  In February 2025, Adnoc Group completed a marketed offering of approximately 3.1 billion shares in Adnoc Gas, raising $2.8bn from the exercise.

  The offering consisted of 3,070,056,880 shares, representing 4% of the issued and outstanding share capital of Adnoc Gas.

  Following the marketed offering of shares, Adnoc Group continues to hold the majority 86% of shares in Adnoc Gas.

  The parent entity listed 5% of Adnoc Gas’ shares on the Abu Dhabi Securities Exchange in March 2023, in an initial public offering from which it raised about $2.5bn.

  Abu Dhabi National Energy Company (Taqa) owns the remaining 5% shares in Adnoc Gas.

  ALSO READ: Contractors express interest in Bab gas cap main plant

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  Indrajit Sen
• 
  Egypt raises gas prices by 30% amid Iran war

  Administrator

  11 March 2026

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  Egypt’s Petroleum & Mineral Resources Ministry increased the price of several petroleum products and natural gas for vehicles on 9 March, according to official statements.

  The price of natural gas for vehicles has been put up by 30% to E£13 ($0.25) a cubic metre.

  The price of diesel has gone up by 17% to E£20.5 a litre, while 95-octane petrol has been put up by 14.2% to E£24 a litre.

  The new prices were put into effect early on 10 March and come amid soaring global energy prices in the wake of the US and Israel attacking Iran on 28 February.

  Egypt’s Petroleum & Mineral Resources Ministry said: “This comes in light of exceptional circumstances resulting from geopolitical developments in the Middle East and their direct impact on global energy markets, which have led to a significant increase in import and domestic production costs.

  “Disruptions in supply chains, increased risk levels and higher shipping and insurance costs have resulted in a substantial surge in global crude oil and petroleum product prices, levels not seen in energy markets for years.”

  The statement also said that Egypt is continuing efforts to boost domestic production and reduce the country’s import bill.

  Egypt, the Middle East and North Africa region’s biggest liquefied natural gas (LNG) importer, is facing uncertainty over its LNG supplies in coming months.

  Between March 2025 and February 2026, Egypt imported 9,440 kilotonnes of LNG, with the majority of its imports purchased through short-term agreements, mainly with third parties like trading houses.

  Last year, it was reported that Egypt had signed deals for around 150 cargoes through to the summer of 2026.

  While much of Egypt’s LNG is likely to come from the US, and will not be directly impacted by the effective closure of the Strait of Hormuz, the recent surge in LNG prices could mean that the North African country will struggle to afford shipments.

  Exacerbating the need for increased LNG imports, on 28 February, Israel shut down production from its offshore gas fields due to security concerns, cutting pipeline exports to Egypt.

  Prior to the fields being taken offline, Egypt was importing about 1.1 billion cubic feet a day from the Tamar and Leviathan fields.

  On 4 March, addressing concerns about energy supplies in the country, Prime Minister of Egypt Mostafa Madbouly said that Egypt had just concluded “several contracts” to procure gas shipments at “preferential prices”, in cooperation with several countries and international companies.

  However, he did not provide details about the exact pricing of the deals.

  On top of the LNG deals Egypt has with trading houses, in January, Cairo signed a memorandum of understanding with Qatar related to 2026 LNG imports.

  The preliminary deal included plans for 24 LNG deliveries through the summer of this year, when energy demand typically peaks.

  Now, the shuttering of Qatar’s export terminals and the effective closure of the Strait of Hormuz are casting a shadow over the deal and there is increased uncertainty over whether these deliveries will be executed.

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  Wil Crisp
• 
  Delays expected to $3.3bn Kuwait gas project due to Iran war

  Administrator

  11 March 2026

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  Significant delays are now expected for state-owned Kuwait Gulf Oil Company's (KGOC's) planned tender for the development of an onshore gas plant next to the Al-Zour refinery, according to industry sources.

  The project budget is estimated to be $3.3bn and the last meeting with contractors to discuss the project took place in Kuwait on 10 February.

  In February, contractors were told to expect the invitation to bid to be issued in late March, but this schedule is now expected to be extended significantly due to uncertainties created by the US and Israel attacking Iran on 28 February

  Under current plans, the plant will have the capacity to process up to 632 million cubic feet a day (cf/d) of gas and 88.9 million barrels a day of condensates from the Dorra offshore field, located in Gulf waters in the Saudi-Kuwait Neutral Zone.

  Ownership of the field is disputed by Iran, which refers to the field as Arash.

  Iran claims the field partially extends into Iranian territory and asserts that Tehran should be a stakeholder in its development.

  One source said: “Developing this gas field in the waters so close to Iran will be impossible in the current security environment.

  “Everyone is expecting extended delays to progress on this project and all related projects, such as the planned onshore processing facility in Kuwait.

  “The offshore elements of the project would be especially vulnerable to attacks from Iran and there are likely to be security concerns over the development of this field for some time to come.”

  In July last year, MEED reported that KGOC had initiated the project by launching an early engagement process with contractors for the main engineering, procurement and construction tender.

  France-based Technip Energies completed the contract for the front-end engineering and design.

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  Wil Crisp
• 
  Sharakat plan signals next phase of Saudi water expansion

  Administrator

  10 March 2026

  

   

  Sharakat, formerly Saudi Water Partnership Company, released its latest seven-year statement in March, outlining the next phase of the kingdom’s water infrastructure plans.

  According to the document, desalination capacity from Sharakat-procured projects is expected to rise from about 3.88 million cubic metres a day (cm/d) in 2025 to roughly 7.18 million cm/d by 2031, reflecting the continued reliance on desalinated water to meet rising urban demand.

  The expansion will be supported by seven additional independent water plants (IWPs) with a combined capacity of about 2.8 million cm/d, alongside projects already operating, under construction or in procurement.

  Against this backdrop, 2025 proved to be the busiest year for desalination awards since before the Covid-19 pandemic. Total water infrastructure awards also remained strong at $10bn, despite dipping on the two previous years.

  Desalination projects accounted for $2.2bn across four schemes. The largest award was the $700m Shoaiba 6 seawater reverse osmosis (SWRO) desalination plant, which will have a capacity of 500,000 cm/d.

  Another key development came when Sharakat awarded the contract to develop the Ras Mohaisen IWP on the Red Sea coast.

  The project will treat 300,000 cm/d of seawater using reverse osmosis technology and will supply areas including Mecca and Al-Bahah. The developer consortium is led by Acwa Power, which holds a 45% stake, alongside Haji Abdullah Ali Reza & Partners with 35% and Al-Kifah Holding with 20%.

  Transmission projects

  Large transmission infrastructure continues to move forwards, with new contracts reaching $6.2bn in 2025, more than 60% of total awards.

  This includes a contract with Sharakat to develop and operate the kingdom’s second independent water transmission pipeline (IWTP) project. The winning consortium comprises local firms Aljomaih Energy & Water, Nesma Company and Buhur for Investment Company.

  The 587-kilometre (km) pipeline, capable of transporting 650,000 cm/d of water, will link Jubail in the Eastern Province with Buraydah in the Qassim region. Construction is expected to begin in the second quarter of 2026.

  In December, local firm Vision Invest was named as the preferred bidder to develop and operate the 859km Riyadh-Qassim IWTP, Sharakat’s third IWTP project.

  Vision Invest’s offer to develop the project with a levelised tariff of SR2.627 ($0.70) a cubic metre was almost 20% lower than the next nearest bidder

  Further transmission projects are also advancing through Saudi Arabia’s Water Transmission Company (WTCO). 

  Bidding opened in September for the Jubail-Buraydah transmission scheme and the Ras Mohaisen-Baha-Mecca independent water transmission system, which together will deliver more than 1.38 million cm/d of water across central and western Saudi Arabia. An initial deadline was set for the end of the year, although this has been extended several times.

  WTCO has also issued a tender for the construction of a $700m IWTP project in Qassim, including a 350km water transmission pipeline and 11 storage tanks. The main contract bids are expected in the coming weeks.

  Storage and wastewater treatment

  Saudi Arabia’s national water strategy aims to build reserves equivalent to seven days of municipal demand, requiring more than 115 million cubic metres of storage capacity by 2030.

  Alongside this, Sharakat’s seven-year plan envisages wastewater treatment capacity rising from 1.79 million cm/d to about 3.19 million cm/d.

  In February, a consortium of Saudi utilities provider Marafiq, the regional business of France’s Veolia and Bahrain/Saudi Arabia-based Lamar Holding reached financial close on a $500m wastewater treatment plant in Jubail Industrial City 2

  The project will be developed under a concession-style model similar to a public-private partnership, with the developer consortium responsible for building and operating the plant over a 30-year period.

  Some developers have also started to return to the Saudi water market, with Metito CEO, Rami Ghandour, explaining: “We took a break for a few years from bidding for municipal projects in the kingdom as we felt the market was overheating.”

  A consortium of Metito, Etihad Water & Electricity (EtihadWE) and SkyBridge was named the preferred bidder for the Hadda independent sewage treatment (ISTP) in December with a levelised tariff of SR2.354 ($0.63) a cubic metre.

  Meanwhile, a group comprising Miahona, Marafiq and Buhur for Investment Company was selected as the preferred bidder for the Arana ISTP with a levelised tariff of SR1.35 ($0.36) a cubic metre. Both the Hadda and Arana ISTP projects in Mecca Province are set to reach financial close this year.

  Outlook

  The project pipeline suggests that large transmission projects will continue drive contract activity. About $9.3bn of projects are currently under bid evaluation, with water pipeline schemes accounting for more than half, while a further $12bn of projects are in prequalification.

  The request for proposals has already been issued for the Riyadh East ISTP, which will have a treatment capacity of 200,000 cm/d in its first phase, expanding to 400,000 cm/d in the second phase. The bid submission deadline is 2 April.

  On the desalination front, IWP schemes at Ras Al-Khair, Tabuk, Shuqaiq and Jizan, have seen shifts in expected procurement timelines following earlier prequalification rounds.

  The largest of these is phase two of the Ras Al-Khair IWP, which has been in development for more than a decade and involves the construction of a 600,000 cm/d reverse osmosis desalination plant.

  According to the revised timeline, the $400m Al-Shuqaiq 4 IWP project will be the first of seven planned IWPs to reach commercial operations in 2029. The main contract is set to be tendered later this year.

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  Mark Dowdall