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  Egypt signs $420m Gabal El-Zeit wind agreements

  Administrator

  10 June 2026

  Egypt has signed agreements worth $420m for the investment, operation and power purchase of the 580MW Gabal El-Zeit wind power complex in the Red Sea region.

  Gabal El-Zeit 1 has a capacity of 240MW, while Gabal El-Zeit 2 and 3 have capacities of 220MW and 120MW, respectively.

  The agreements were signed between Egypt’s New and Renewable Energy Authority (NREA), the Egyptian Electricity Transmission Company (EETC) and Dubai-based Alcazar Energy.

  Under the agreements, Alcazar Energy will invest in, operate and manage the farms through a project company established under Egyptian law.

  The company will be responsible for technical operations, maintenance and efficiency upgrades while maintaining a minimum capacity of 580MW throughout the contract period.

  The Egyptian Electricity Transmission Company will purchase the electricity generated by the plant.

  The agreements follow earlier efforts to privatise the Gabal El-Zeit wind complex, involving a deal with UK-headquartered private equity firm Actis.

  According to the Egyptian government, the project supports the country’s state ownership policy and national energy strategy, which aim to increase the share of renewable energy in the electricity mix to 45%.

  The Gabal El-Zeit area on Egypt’s Red Sea coast is one of the country’s most established wind power development zones. The latest Gabal El-Zeit wind farm was completed in 2014, according to MEED Projects data. Germany’s Siemens Gamesa was the main contractor. 

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

  

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  Mark Dowdall
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  Majid Al-Futtaim awards $545m Ghaf Woods contract to ECC

  Administrator

  10 June 2026

  Majid Al-Futtaim Properties has appointed Engineering Contracting Company (ECC) as the main contractor for the Capria East, Capria West and Maravelle Residences developments at its Ghaf Woods community in Dubai, in a deal valued at AED2bn ($545m).

  The contract covers the construction of one-, two- and three-bedroom apartments and duplex residences across the two Capria clusters.

  The award adds to a series of major construction contracts Majid Al-Futtaim has issued across its Dubai communities in recent years.

  In May, local contractor Al-Sahel Contracting was awarded a AED700m contract for the Distrikt development, also at Ghaf Woods.

  In 2024, Majid Al-Futtaim awarded AED3bn in contracts for its Tilal Al-Ghaf community, appointing Innovo Build to build 94 waterfront villas at Elysian Mansions and United Engineering Construction (Unec) to deliver 130 villas at the Alaya development.

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

  

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  Colin Foreman
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  Saudi Arabia and Turkiye sign railway agreements

  Administrator

  10 June 2026

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  Saudi Arabia and Turkiye have signed two memorandums of understanding (MoUs) to strengthen bilateral cooperation in the railway and logistics sectors, advancing Riyadh’s ambitions to become a global logistics hub.

  Transport and Logistics Services Minister Saleh Al-Jasser and Turkish Transport and Infrastructure Minister Abdulkadir Uraloglu signed the agreements at the ministry’s headquarters in Riyadh on 9 June, following ministerial talks held with a high-level Turkish delegation. Transport General Authority president Fawaz Al-Sahli and officials from the kingdom’s transport and logistics sector were also present.

  Agreement scope

  The first MoU covers logistics services and operations, including the exchange of expertise, policies and regulations. The second focuses on railway technologies, signalling and communication systems, railway digitalisation, human capacity development, the localisation of the railway industry and measures to reduce the sector’s environmental impact.

  More broadly, the agreements cover cooperation on railway standards and related innovations, the exchange of expertise on the design, operation and maintenance of rail projects, and engineering, infrastructure and safety standards.

  The two sides will also cooperate on research and development, with provision for joint workforce training through specialist railway academies.

  Riyadh said the agreements will help support its National Strategy for Transport and Logistics Services and Saudi Vision 2030, which seeks to position the kingdom as a logistics bridge connecting three continents.

  Turkish projects

  Turkish contractors have already established themselves as key players in the region’s rail sector. In 2012, Yapi Merkezi secured a $2.1bn contract for work on the Haramain high-speed rail network in Saudi Arabia, while Turkish firms Mapa and Limak are leading the ongoing civil works on Dubai’s $5.5bn Metro Blue Line project as part of a China Railway Rolling Stock Corporation (CRRC) consortium. Turkish consultancy Proyapi Muhendislik ve Musavirlik Anonim Sirketi has also won design contracts for the 111km Kuwait National Rail Road project.

  The agreements signed by Saudi Arabia and Turkiye may also give momentum to longstanding discussions around a rail corridor linking the GCC with Turkiye. The route, which has been discussed for years, has gained renewed impetus in recent months as the effective closure of the Strait of Hormuz has pushed regional governments to accelerate the development of overland trade alternatives.

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

  GCC looks beyond the Strait; Iraq’s reform window narrows as fiscal assumptions shatter; MEED Top 100 companies.

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

  > AGENDA: Gulf races to reroute trade > EXPORT ROUTES: Regional war boosts oil and gas pipeline project activity > CURRENT AFFAIRS: UAE’s Opec departure fulfils multiple ends > MARKET FOCUS: Iraq’s reform window narrows  > MEED TOP 100: Middle East stocks recover unevenly > OIL & GAS: Insurers will only cover a fraction of war damage to oil and gas facilities > LEADERSHIP: Building the infrastructure that makes net zero possible > LEGAL:  Saudi Arabia’s foreign property ownership milestone > TRADE DEAL: UK-GCC trade deal talks conclude

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

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  Colin Foreman
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  Joint venture tenders Algeria field development contract

  Administrator

  10 June 2026

  

   

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  Hassi Bir Rekaiz Group (GHBR), which operates Algeria’s Hassi Bir Rekaiz field, has issued a tender for phase 2A of the asset’s field development project.

  GHBR is a joint venture of Algeria’s national oil and gas company Sonatrach and Thailand’s national exploration and production company PTTEP.

  The scope of the contract focuses on the “provision of engineering and supervision services”, according to documents published by Sonatrach.

  The tender has been issued with a bid deadline of 16 June 2026.

  In May, GHBR signed a $1.1bn contract for phase two of the Hassi Bir Rekaiz development project.

  The contract was won by a consortium of Egypt’s Petrojet and Italian engineering and contracting company Arkad.

  Petrojet’s portion of the project was estimated to be worth around $600m, and Arkad’s portion was estimated to be worth $500m.

  The contract used the engineering, procurement, construction and commissioning model.

  The scope of the project contract is focused on the construction of a central processing facility (CPF) capable of processing crude oil and associated gas.

  It also includes developing off-plot pipelines, as well as related utilities and infrastructure.

  The CPF will have the capacity to process 32,000 barrels a day (b/d) and will be designed to support future expansions.

  The related infrastructure will include an extensive pipeline network spanning approximately 217 kilometres, as well as a road network.

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

  GCC looks beyond the Strait; Iraq’s reform window narrows as fiscal assumptions shatter; MEED Top 100 companies.

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

  > AGENDA: Gulf races to reroute trade > EXPORT ROUTES: Regional war boosts oil and gas pipeline project activity > CURRENT AFFAIRS: UAE’s Opec departure fulfils multiple ends > MARKET FOCUS: Iraq’s reform window narrows  > MEED TOP 100: Middle East stocks recover unevenly > OIL & GAS: Insurers will only cover a fraction of war damage to oil and gas facilities > LEADERSHIP: Building the infrastructure that makes net zero possible > LEGAL:  Saudi Arabia’s foreign property ownership milestone > TRADE DEAL: UK-GCC trade deal talks conclude

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

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  Wil Crisp
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  Algeria extends deadline for urea-formaldehyde project

  Administrator

  10 June 2026

  

   

  Algeria’s national oil and gas company Sonatrach has extended the bid deadline for a project to develop a new concentrated urea-formaldehyde unit in its Arzew industrial zone.

  The latest bid deadline is 15 June.  

  The contract uses the engineering, procurement, construction and commissioning model, and the bid deadline for technical tender submissions was originally set for early April.

  The condensed urea-formaldehyde unit will be located at the CP1-Z facility.

  The CP1-Z facility began operations in 1975 and has a capacity of 152,000 tonnes a year. It produces products including methanol, resin and formol.

  It is a two-phase tender. The first phase is a technical bid submission, and the second phase is a commercial bid submission.

  To be eligible to win this contract, companies must specialise in petrochemical industrial installation projects.

  They also need to have a share capital of at least $7m and more than 15 years of relevant experience.

  The new unit, UFC85, will have the capacity to produce 40,000 metric tonnes of concentrated and condensed urea-formaldehyde annually.

  The project’s scope also includes the development of auxiliary equipment and installations.

  Urea-formaldehyde has a wide range of uses, including the production of laminates, textiles and paper.

  In the wood industry, it is used as a thermosetting adhesive to bond wood to create plywood and particleboard. In agriculture, urea-formaldehyde is widely used as a slow-release fertiliser.

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

  GCC looks beyond the Strait; Iraq’s reform window narrows as fiscal assumptions shatter; MEED Top 100 companies.

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

  > AGENDA: Gulf races to reroute trade > EXPORT ROUTES: Regional war boosts oil and gas pipeline project activity > CURRENT AFFAIRS: UAE’s Opec departure fulfils multiple ends > MARKET FOCUS: Iraq’s reform window narrows  > MEED TOP 100: Middle East stocks recover unevenly > OIL & GAS: Insurers will only cover a fraction of war damage to oil and gas facilities > LEADERSHIP: Building the infrastructure that makes net zero possible > LEGAL:  Saudi Arabia’s foreign property ownership milestone > TRADE DEAL: UK-GCC trade deal talks conclude

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

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  Wil Crisp
• 
  Contractors submit prices for Abu Dhabi offshore gas project

  Administrator

  10 June 2026

  

   

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  Contractors have submitted commercial bids to Abu Dhabi National Oil Company (Adnoc) for a major project to develop the Waset offshore gas field, located in Abu Dhabi’s offshore Block 2.

  The Waset gas development project involves engineering, procurement and construction (EPC) of both offshore and onshore facilities.

  The offshore EPC scope includes an offshore jacket, a nine-slot unmanned wellhead platform, over 80 kilometres of subsea pipelines, subsea cables and associated facilities.

  Onshore works involve the EPC of new processing facilities on Arzanah Island. The project will leverage Adnoc’s existing infrastructure at Arzanah Island, which also serves as the operating base for its under-construction Dalma gas project.

  Adnoc issued the main EPC tender for the Waset gas development project last year. Contractors submitted technical bids for the project by 15 January this year, while commercial bids were submitted on 5 June, sources told MEED.

  Adnoc is targeting first gas production from the Waset field by 2027, with an expected output of approximately 180 million cubic feet a day.

  Based on the production concession agreement awarded by Abu Dhabi’s Supreme Council for Financial and Economic Affairs (SCFEA) in June 2025, Adnoc is the majority stakeholder in Block 2, with a 60% interest. Italian energy producer Eni and Thailand’s state-owned PTT Exploration & Production Public Company (PTTEP) hold 28% and 12% participating interests, respectively. 

  Block 2, located about 30km offshore Abu Dhabi city, covers approximately 4,033 sq km in water depths of around 30 metres.

  Offshore Block 2 is located to the west of the Ghasha field in Gulf waters, “focusing primarily on conventional gas resources”. Adnoc awarded full exploration rights for Offshore Block 2, along with Offshore Block 1, to the consortium of Eni and PTTEP in January 2019, as part of Abu Dhabi’s first-ever upstream licensing round.

  The Eni/PTTEP consortium announced two gas discoveries in Offshore Block 2 in 2022. The first discovery, announced in February of that year, was estimated to hold between 1.5 and 2 trillion cubic feet of gas resources. A second discovery of 1 to 1.5 trillion cubic feet of gas was announced in July, taking the total gas resources found in the asset to 2.5-3.5 trillion cubic feet.

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

  GCC looks beyond the Strait; Iraq’s reform window narrows as fiscal assumptions shatter; MEED Top 100 companies.

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

  > AGENDA: Gulf races to reroute trade > EXPORT ROUTES: Regional war boosts oil and gas pipeline project activity > CURRENT AFFAIRS: UAE’s Opec departure fulfils multiple ends > MARKET FOCUS: Iraq’s reform window narrows  > MEED TOP 100: Middle East stocks recover unevenly > OIL & GAS: Insurers will only cover a fraction of war damage to oil and gas facilities > LEADERSHIP: Building the infrastructure that makes net zero possible > LEGAL:  Saudi Arabia’s foreign property ownership milestone > TRADE DEAL: UK-GCC trade deal talks conclude

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

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  Indrajit Sen
• 
  Contractor puts Tadawul IPO on hold

  Administrator

  9 June 2026

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  Saudi Arabia’s Mutlaq Al-Ghowairi Contracting Company (MGC) has postponed its planned initial public offering (IPO) on the main market of the Saudi Exchange (Tadawul).

  The Riyadh-based contractor said it had decided to delay the offering after completing the institutional bookbuilding process and consulting with its financial advisers.

  In a statement issued on 9 June, the company said the offering had attracted significant interest from international, regional and local investors.

  However, it added: “Following the completion of the institutional book-building process and careful consideration of the objectives and strategic priorities of the company and its selling shareholders, the company has decided to postpone the offering and will continue to evaluate the most appropriate timing to proceed with the offering.”

  MGC announced plans in May to float 240 million shares, representing 30% of its issued share capital, through the sale of existing shares by certain shareholders.

  Following this, MGC set the price range for its IPO at between SR11 ($2.9) and SR12.5 ($3.3) a share, implying an offer size of SR2.64bn to SR3bn ($704m-$800m).

  The transaction was structured as a secondary sale, with MGC not issuing any new shares or receiving proceeds from the offering. Net proceeds were due to be distributed to the selling shareholders.

  The planned IPO followed approval from the Capital Market Authority (CMA), which was granted on 31 December last year.

  Founded in 1977, MGC specialises in construction, operations and maintenance services. Its core activities include water infrastructure, transport and urban development projects.

  The company said it had delivered more than 80 projects over the past five years and reported a backlog of SR10.57bn ($2.8bn) as of 31 March.

  MGC said the postponement would not affect its operations or project delivery.

  “MGC’s operational and financial fundamentals remain strong, and this decision does not impact the company’s day-to-day operations, client relationships, project delivery, or strategic priorities.”

  The company added that it remains committed to its growth strategy and supporting infrastructure projects across Saudi Arabia in line with Vision 2030.

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

  GCC looks beyond the Strait; Iraq’s reform window narrows as fiscal assumptions shatter; MEED Top 100 companies.

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

  > AGENDA: Gulf races to reroute trade > EXPORT ROUTES: Regional war boosts oil and gas pipeline project activity > CURRENT AFFAIRS: UAE’s Opec departure fulfils multiple ends > MARKET FOCUS: Iraq’s reform window narrows  > MEED TOP 100: Middle East stocks recover unevenly > OIL & GAS: Insurers will only cover a fraction of war damage to oil and gas facilities > LEADERSHIP: Building the infrastructure that makes net zero possible > LEGAL:  Saudi Arabia’s foreign property ownership milestone > TRADE DEAL: UK-GCC trade deal talks conclude

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

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  Mark Dowdall
• 
  Contractors express interest in Umm Shaif oil field’s next expansion phase

  Administrator

  9 June 2026

  

   

  Adnoc Offshore, a subsidiary of Abu Dhabi National Oil Company (Adnoc Group), is preparing to issue the main tender for a major project covering the next expansion phase of the Umm Shaif oil and gas field offshore Abu Dhabi.

  Contractors recently expressed interest to Adnoc Offshore in participating in the main tendering exercise for the Umm Shaif long-term development plan 2.1 (LTDP-2.1) project.

  The project’s primary objective is to maintain Umm Shaif’s oil production capacity at approximately 390,000 barrels a day (b/d), while enabling peak output of up to 430,000 b/d.

  The project includes the construction of a new combined artificial island at Umm Shaif, equipped with drilling, processing, utilities and supporting infrastructure. It also encompasses the installation of an optimised crude-stabilisation train at Adnoc’s existing Das Island facilities.

  Located about 150 kilometres northwest of Abu Dhabi city, Umm Shaif is one of Adnoc’s oldest offshore oil-producing assets. In 2022, the company marked the 60th anniversary of the UAE’s first export of Umm Shaif crude, which took place in July 1962.

  Umm Shaif sits within Abu Dhabi’s offshore Umm Shaif and Nasr hydrocarbons concession, which was previously operated by former Adnoc Group companies Adma-Opco and Zadco.

  Between March and April 2018, Adnoc awarded a 10% stake in the Umm Shaif and Nasr offshore block to Italy’s Eni, 20% to France’s TotalEnergies and 10% to China National Petroleum Corporation. Adnoc retained the majority 60% interest.

  The operators produce a total of about 460,000 b/d of oil from the Umm Shaif and Nasr block.

  Project scope of work

  Adnoc Offshore has divided the EPC scope of work on the Umm Shaif LTDP-2.1 project into two packages.

  The offshore package covers the construction of three water-injection wellhead towers, an electrical submersible pump wellhead tower, a riser platform, a manifold tower, two flare towers, offshore bridges and supporting bridge structures. Additional offshore works include the installation of well fluid flowlines, a main oil pipeline, water injection pipelines, gas export lines and subsea cable systems.

  The onshore package covers the construction of facilities on Umm Shaif Island, including a three-phase separation system comprising two processing trains, each capable of handling 135,000 b/d. The facilities will also include two associated-gas compression trains and gas dehydration units, each rated at 275 million cubic feet a day. Supporting infrastructure includes produced-water treatment systems, water-injection facilities, utilities, process buildings and associated tie-in works.

  Australia-headquartered Worley has performed front-end engineering and design (feed) work on the Umm Shaif LTDP-2.1 project.

  Output expansion projects

  In January 2022, Adnoc Offshore awarded a $946m contract to Abu Dhabi-based NMDC Energy (then known as National Petroleum Construction Company) to carry out EPC works on the first phase of the long-term development plan to sustain output from Umm Shaif, known as the Umm Shaif LTDP-1 project.

  The main objectives of the Umm Shaif LTDP-1 project are to maintain Umm Shaif’s 275,000 b/d crude oil production capacity, increase efficiencies and enhance the field’s long-term output potential.

  EPC works on the first phase of the Umm Shaif LTDP programme were completed in 2024, according to information obtained by regional projects tracker MEED Projects.

  Adnoc Offshore then initiated work on the second expansion phase of the long-term development plan for the Umm Shaif offshore oil field in Abu Dhabi (Umm Shaif LTDP-2), awarding US-headquartered McDermott International the main EPC contract on the project in 2024.

  The value of the contract for the Umm Shaif LTDP-2 project, which is also known as the Umm Shaif accelerated development, is understood to be $2bn. McDermott held a steel-cutting ceremony for the project on 25 May last year at its fabrication yard in Jebel Ali, Dubai.

  The core objective of the project is to increase the Umm Shaif oil field’s output from about 275,000 b/d at present to 390,000 b/d by 2027, and to sustain that level of production until at least 2036.

  ALSO READ: Adnoc approaches decision on Umm Shaif gas cap project

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  Indrajit Sen