Latest News

• 
  WEBINAR: Mena Power Projects Market 2025

  Administrator

  18 April 2025

  Register now

  Date & Time: 29 April 2025 (Tuesday) at 11:00 AM GST

  Agenda:

  1. Summary of historical power project sector performance: generation and T&D

  2. Breakdown of performance by sub-sector, fuel type (conventional, nuclear, renewables) and country

  3. Summary of 2024 market performance plus outlook for 2025 and beyond 

  4. The main drivers 

  5. Key awarded projects: generation and T&D 

  6. The top clients and contractors 

  7. Key future projects: Generation and T&D 

  8. Battery energy storage system plants future outlook

  9. Market risk assessment (EPC capacity, costs, tariffs, supply chain, OEM, etc.)

  10. Q&A session

  Hosted by: Jennifer Aguinaldo, MEED's energy and technology editor

  Jennifer Aguinaldo leads MEED’s power, water and technology sectors coverage. She focuses on policies, projects and capital investments in clean and renewable energy, power generation, water desalination, treatment & reuse, AI, smart cities, digitalisation, energy transition and hydrogen.  

  She brings with her over 10 years of experience as an information technology journalist and industry analyst in Asia and the Middle East, and five years as senior analyst and associate consultant at MEED Insight covering IT, telecoms, energy, education and transport, among others.

  Click here to register

  https://image.digitalinsightresearch.in/uploads/NewsArticle/13720224/main.gif

  Jennifer Aguinaldo
• 
  WEBINAR: An audience with Roshn Group

  Administrator

  18 April 2025

  Register now

  Date & time: 23 April 2025 (Wednesday) at 2:00 PM GST

  Agenda: 

  Together with Ed James, head of content and research at MEED, hear directly from Iain McBride, executive director – commercial, Roger Fatovic, executive director – programme management, and Waleed Bawaked, senior director – strategy and planning, from the Roshn Group on their procurement and development vision.

  Learn how your company can participate in its current and future procurement opportunities.

  Specifically, the webinar agenda will cover: 

  1. A detailed overview of Roshn Group’s gigaprojects, its masterplan, progress and the several billion dollars worth of construction work awarded to date 

  2. Key details on the Group’s projects pipeline including specific procurement opportunities, future materials and equipment demand, and how companies can register and help deliver the iconic giga development 

  3. An in-depth discussion with Roshn Group on its requirements, vendor registration and procurement processes, and contracting frameworks 

  4. Live Q&A session 

  Hear directly from the leadership team at Roshn Group on: 

  1. Overview of Roshn Group, the leading multi-asset class real estate developer 

  2. The Masterplans: Discover how Roshn Group is developing multiple master planned projects across the kingdom 

  3. The Opportunities: Learn about specific project opportunities  

  4. Traditional and Innovative Building Methods for a Sustainable Future: Explore how Roshn Group is using sustainable materials and technologies to minimise environmental impact 

  5. Roshn Group as a Preferred Partner: Gain insights into Roshn Group's procurement strategy, designed to foster strong partnerships in the industry. 

  6. Looking Ahead: Opportunity for the sector: Learn about the vast opportunities for collaboration and investment in Roshn Group’s vast development projects, with billions in works to be procured.

  Click here to register for the webinar

  https://image.digitalinsightresearch.in/uploads/NewsArticle/13720219/main.gif

  MEED Editorial
• 
  Site works begin on W Hotel in Ras Al-Khaimah

  Administrator

  18 April 2025

  

   

  Site works have begun on the W Hotel and residences project on Ras Al-Khaimah’s Al-Marjan Island. 

  The excavation works have started and are being undertaken by the local firm Shine Square Building Contracting.

  The hotel will have 300 rooms and is expected to open in the first quarter of 2027.

  Local firm Al-Gafry Engineering Consultant is the project’s lead consultant.

  Thailand-based Blink Design Group is the project’s architect and interior design consultant.

  In 2023, MEED reported that US-based hotel operator Marriott International had signed an agreement with Indian real estate developer Dalands Holding and master developer Marjan to develop a W Hotel on Ras Al-Khaimah’s Al-Marjan Island.

  The companies declined to comment on the construction timelines and the budget.

  W Hotel Al-Marjan Island will be Marriott International’s fourth property in the UAE, following W Dubai The Palm, W Dubai Mina Seyahi and W Abu Dhabi Yas Island.

  Over the years, Al-Marjan Island has attracted some high-profile hospitality projects. The most notable include the Bab Al-Bahr Resort, Hampton by Hilton Resort, Double Tree, Radisson Hotel and Movenpick Resort. 

  Ras Al-Khaimah real estate market 

  The real estate market in the UAE’s northern emirate of Ras Al-Khaimah has undergone a transformation in recent years, with transactions reaching AED6.4bn ($1.74bn) in 2024 – an 805% increase on the AED711m recorded in 2020. 

  Several key drivers have fuelled this growth, most notable of which is the establishment of an estimated $2.5bn Wynn Resorts integrated development on Al-Marjan Island. 

  Since the Wynn Resorts announcement, real estate demand in the emirate – especially on Al-Marjan Island and in the areas around it – has skyrocketed. Major local and international residential and hotel developers, including local firm Rak Properties, Abu Dhabi’s Aldar, Dubai’s Emaar Properties and US-based Wow Resorts, have since launched high-end projects that have increased the appeal of real estate in the emirate.

  Looking ahead, the Ras Al-Khaimah real estate market should remain robust, with schemes worth over $9bn in the pipeline.

  Further growth is expected as a result of infrastructure enhancements, including improved road networks and international flight connectivity, which have supported the growing real estate market by making the emirate a more convenient place to live and work.

  ---

  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

  https://image.digitalinsightresearch.in/uploads/NewsArticle/13719781/main.jpg

  Yasir Iqbal
• 
  Local firm wins Emaar The Valley residences contract

  Administrator

  18 April 2025

  

   

  UAE-based real estate developer Emaar Properties has appointed local contractor Parkway International Contracting (PIC) to build the Venera community at its The Valley development on the Dubai-Al-Ain road.

  MEED understands that PIC’s scope of work covers the construction of 696 three- to four-bedroom townhouses at the Venera community.

  The local Mirage Leisure & Development is the project consultant.

  PIC is already executing several projects at The Valley development. In January last year, MEED exclusively reported that Emaar Properties had appointed PIC to build the Elora and Lillia communities.

  PIC’s scope on these projects covers the construction of 430 units at the Elora community and 403 units at Lillia.

  Elora will feature 284 three-bedroom and 146 four-bedroom townhouses.

  In 2021, Emaar awarded the first construction contract to build The Valley’s first cluster, named Eden Villas, to the local Ginco General Contracting.

  The design of Eden Villas features cycling and jogging tracks, play areas, a community centre and central gardens.

  Local firms Whitespace and Consistent Engineering were involved in the project as the architect and the mechanical, electrical and plumbing consultant, respectively. The project was completed in the second half of 2023.

  Several other packages, including Nara, Orania, Talia, Rivana and Farm Gardens, are under execution.

  The Valley was launched in November 2019. Emaar Properties’ founder Mohamed Alabbar told local media at the time that the project would comprise “4,500 residential units spanning an area of 200 hectares” and would be “the Arabian Ranches of the future”.

  ---

  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

  https://image.digitalinsightresearch.in/uploads/NewsArticle/13719621/main.jpg

  Yasir Iqbal
• 
  Abu Dhabi infrastructure entity will help forge partnerships

  Administrator

  18 April 2025

  Commentary
  Colin Foreman
  Editor

  Delivering infrastructure in Abu Dhabi has changed dramatically over the years. As the economy has evolved and projects have become more complex, new ways of delivering infrastructure have been explored.

  Today, the private sector plays an active role in both investing in and developing infrastructure in the UAE capital. Good examples include the various independent water and power projects developed in the emirate, the Adnoc pipeline investments and the Zayed City Schools public-private partnership (PPP) project, for which construction was completed last year.

  As the trend for private sector participation continues, Abu Dhabi-based entities ADQ, International Holding Company (IHC) and Modon Holding have formed a joint venture to support private and public-private partnerships in delivering infrastructure developments.

  Known as Gridora, the new entity will deliver major projects in the UAE and globally. It will achieve these goals with two business lines: one will be a vehicle tasked with delivering infrastructure projects and the other will be an investor in infrastructure.

  This creates an enticing platform for external players that want exposure to infrastructure projects in Abu Dhabi.

  Investors can partner with Gridora and invest alongside an Abu Dhabi-backed entity with extensive local knowledge and influence.

  Similarly, construction companies that want to deliver projects in Abu Dhabi can partner with Gridora to reduce much of the local risk that they would encounter if they entered the market alone.

  https://image.digitalinsightresearch.in/uploads/NewsArticle/13714087/main.jpg

  Colin Foreman
• 
  QatarEnergy plans expansion of ammonia facility

  Administrator

  17 April 2025

  

  Register for MEED’s 14-day trial access 

  QatarEnergy is considering plans to expand its low-carbon ammonia and urea potential by building a new production complex in Qatar’s Mesaieed Industrial City.

  The planned blue ammonia and urea production facility will have a total output capacity of 6.4 million tonnes a year (t/y), and is to be developed in two phases, sources have told MEED.

  The Qatari state energy giant held a meeting with contractors in March to lay out plans for the project, which is to be known as QatarEnergy 8.

  According to sources, QatarEnergy is now understood to be preparing tender documents and the scope of work for the project.

  The planned expansion of its blue ammonia and urea production capability comes as QatarEnergy is making progress with its estimated $1.2bn Ammonia-7 project.

  The under-construction facility in Mesaieed will have a capacity of 1.2 million t/y of blue ammonia, making it the world’s largest blue ammonia facility.

  The complex will also have an additional unit for carbon dioxide injection and storage, with a capacity of 1.5 million t/y. QatarEnergy will provide the new plant with more than 35MW of electricity from the solar power plant that is also being built in Mesaieed Industrial City.

  ALSO READ: QatarEnergy receives bids for new NGL train project

  QatarEnergy began work on the blue ammonia production project in September 2022, when its subsidiaries Qatar Fertiliser Company (Qafco) and QatarEnergy Renewable Solutions signed an agreement to develop the complex.

  In addition to signing the agreement for the development of the facility, the operators also formally awarded the project’s engineering, procurement and construction (EPC) contract to a consortium of Germany’s Thyssenkrupp Uhde and Greece/Lebanon-headquartered Consolidated Contractors Company (CCC).

  The value of the EPC contract is $1bn, .

  The facility is targeted to start operations in the first quarter of 2026 and will be operated by Qafco as part of its integrated facilities.

  Last September, QatarEnergy announced its aim to build four new urea production lines at Mesaieed Industrial City, which will increase Qatar’s urea output capacity by 106%.

  The production lines will raise Qatar’s production of urea – a key ingredient in fertilisers – from 6 million t/y to more than 12.4 million t/y.

  Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs and president and CEO of QatarEnergy, said the first production line will enter operations before 2030.

  “When we looked at the market for urea in the future, with the growth of humanity today, with 1.5 to 2 billion people that will be joining us in the next 20-30 years, the urea requirement for food production will be exponentially increasing,” Al-Kaabi said at the time.

  “Developing this project in Mesaieed Industrial City will ensure the optimum utilisation of the excellent existing infrastructure for the petrochemicals and fertiliser industries, including the city’s export port, which is one of the largest fertiliser and petrochemicals export facilities in the [Middle East and North Africa] region.

  “It will also establish Mesaieed as the urea production capital of the world,” he added.

  https://image.digitalinsightresearch.in/uploads/NewsArticle/13713966/main2321.jpg

  Indrajit Sen
• 
  Mall of the Emirates sets trends again with $1.4bn revamp

  Administrator

  17 April 2025

  Commentary
  Colin Foreman
  Editor

  When Majid Al-Futtaim (MAF) opened Mall of the Emirates in September 2005, it was a major moment for Dubai. With its indoor ski slope and world-class retail offering, it was one of the first projects in a wave of major construction projects that helped define modern Dubai.

  The mall’s location was also important. It was built in Barsha, which at the time was a sparsely populated neighbourhood with just a few apartment buildings and villa complexes. As the mall quickly attracted visitors to this new part of town, it catalysed development, and today Barsha is one of Dubai’s most popular residential areas, surrounded by other thriving areas that were barely developed 20 years ago.

  In 2025, Mall of the Emirates continues to set trends. In mid-April, MAF announced that it plans to spend $1.4bn to transform it into a next-generation lifestyle destination. Much has changed in the world of retail over the past 20 years, and the expansion focuses on enhancing the mall’s lifestyle offerings and experiences. The expansion will add to the $272m expansion it announced in 2013.

  Many other developments in Dubai are approaching their 20^th anniversary, and like MAF, many owners will be pondering a revamp so that their assets can compete with the more recently completed competition.

  While these projects may not have the wow factor they had when they were new-build projects 20 years ago, they are an important part of Dubai becoming an increasingly mature market with assets that remain world-class.

  https://image.digitalinsightresearch.in/uploads/NewsArticle/13713944/main.jpg

  Colin Foreman
• 
  Adnoc Drilling wins $1.63bn contract from Adnoc Offshore

  Administrator

  17 April 2025

  Register for MEED’s 14-day trial access 

  Adnoc Drilling has announced that its integrated drilling services unit has secured a contract worth $1.63bn from fellow Abu Dhabi National Oil Company (Adnoc Group) entity, Adnoc Offshore.

  The five-year contract covers the provision of directional drilling, drilling fluids, cementing, wireline logging and tubular running, Adnoc Drilling said in a statement on 17 April.

  “The award incorporates advanced engineering and technical support for the effective delivery of extended reach and maximum reservoir wells offshore,” Adnoc Drilling said.

  “This contract supports the growing oil field services segment, and its economic impact is already included in the current 2025 and 2026 guidance, underpinning the visibility of Adnoc Drilling’s business model and in support of the company’s financial targets,” the Abu Dhabi Securities Exchange-listed company added.

  For full-year 2024, Adnoc Drilling announced a net profit $1.3bn, a year-on-year increase of 26%.

  The company’s full-year revenue grew 32% year-on-year to $4.03bn. Earnings before interest, taxes, depreciation, and amortisation (Ebitda) also rose 36% year-on-year to $2.01bn.

  Additionally, Adnoc Drilling said in its guidance for 2025 that it expects total revenue of $4.6bn-$4.8bn and Ebitda of $2.15bn-$2.3bn, with a margin range of 46%-48%. Net profit is expected to be $1.35-$1.45bn, with a margin range of 28%-30%.

  The company expects capital expenditure in 2025 of $350m-$550m and a free cash flow (excluding mergers and acquisitions) of $1.3bn-$1.6bn, while maintaining a conservative leverage target of up to 2.0x net debt/Ebitda.

  In 2025, Adnoc Drilling intends to enhance its operational capacity, projecting a rig count of over 148 by 2026 and more than 151 by 2028.

  The company revealed it has secured a contract extension in Jordan and achieved prequalification in Kuwait and Oman, “paving the way for further regional expansion in 2025”.

  In light of the positive financial results in 2024, Adnoc Drilling approved a cash dividend payment of $394m, bringing total dividends for the year to $788m, representing a 10% year-on-year increase.

  Looking ahead, Adnoc Drilling said it seeks to increase dividends to at least $867m for 2025, and reach at least $1.15bn by 2028, based on its minimum 10% year-on-year dividend increase policy.

  Growth through acquisitions

  Achieving inorganic growth through strategic acquisitions is a key aspect of Adnoc Drilling’s expansion blueprint.

  With this in mind, Adnoc Drilling partnered with Abu Dhabi-based Alpha Dhabi Holdings in November 2023 to establish Enersol, which has a mandate to invest up to $1.5bn in acquisitions.

  To date, Enersol has announced acquisitions worth approximately $800m to acquire majority stakes in four technology-enabled oil field service companies, and “looking ahead, it aims to solidify its position as an AI [artificial intelligence]-centric investment company”, Adnoc Drilling said.

  Enersol completed a transaction it started last July to acquire the majority 51% stake in UAE-based oil and gas services provider NTS Amega. The value of the transaction is estimated to be $58m.

  Enersol also closed a transaction with UK-based private equity firm Dunedin to fully acquire US-headquartered EV Holdings. The transaction, started in August, is valued at $45m.

  The joint venture then completed a transaction worth $207m to acquire the majority 42.205% stake in US oil and gas drilling services provider Gordon Technologies. Following the completion of the transaction in September, Enersol owns 67.205% of shares in the US firm.

  ALSO READ: Abu Dhabi AI firm and SLB sign cooperation agreement

  During the last quarter of 2024, Enersol signed an agreement to acquire a 95% equity stake in US-based Deep Well Services for $223m.

  Separately, Adnoc Drilling said Turnwell Industries, its joint venture with the Middle East arm of US oil field services provider SLB and US firm Patterson-UTI International Holdings, has made progress with work on a $1.7bn contract awarded by Adnoc Group last May to provide drilling and associated services for the recovery of unconventional oil and gas resources in Abu Dhabi. 

  Turnwell has delivered a total of 30 wells to Adnoc to date as part of its scope of work, with the initial wells delivered within 16 days of the contract award.

  The broad scope of work on the contract covers drilling and appraisal of a total of 144 unconventional oil and gas wells.

  Abu Dhabi is estimated to hold unconventional resources of 220 billion barrels of oil and 460 trillion cubic feet of gas in place.

  ALSO READ: Abu Dhabi AI firm and SLB sign cooperation agreement

  ---

  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

  https://image.digitalinsightresearch.in/uploads/NewsArticle/13712882/main3407.jpg

  Indrajit Sen