meed-logo

line1 line2 line3
SIGN IN / REGISTER

2024 breaks all project records

10 January 2025

 

Register for MEED's 14-day trial access 

Last year was the best year on record for the GCC projects market as the region continues to enjoy unprecedented levels of capital expenditure across all sectors. 

According to data from the MEED Projects project-tracking platform, a total of $264bn-worth of contracts were awarded last year, some 6.5% higher than the previous record of $248bn set in 2023, and more than double 2022’s $124bn number.

Saudi Arabia was once again the largest market, with $144.3bn-worth of contracts let, the highest total ever recorded by a single country in the region. This represented a rise of 22.3% on the $118bn-worth of contracts awarded in 2023 – itself a record – and underlines the kingdom’s commitment to its transformative Vision 2030. 

The UAE was the second-largest market in the GCC, with $81.3bn-worth of contract awards. This marked a decline of 12.1% on the previous year, but was still its second-highest annual total and far above its $46.9bn 10-year average.

The other four GCC projects markets recorded much lower contract award totals, although Kuwait and Oman, at $9.2bn and $11.3bn, respectively, posted their best numbers since 2017.

By sector

In terms of sectors, construction remains the single-largest market segment, with $72.8bn-worth of signed contracts, a fall of 10.5% from 2023’s record number. It was almost matched by the power sector, which had the highest number of deals ever, at $64.4bn, driven primarily by a considerable increase in new renewable energy schemes.

Record levels of expenditure were also seen in the transport and infrastructure and oil segments, with respective project totals of $32.3bn and $28bn.

New paradigm 

Last year’s performance dispels any notion that the sharp rise in project expenditure in 2023 was an outlier and demonstrates the region’s new paradigm for projects activity. 

The sole exception remains Qatar, which has struggled to repeat the levels of spending seen in advance of the 2022 Fifa World Cup. In 2024, it awarded some $15.7bn-worth of contracts, below its $17.5bn 10-year average.

The past two years have been marked by a unique convergence of heavy hydrocarbons, real estate and utilities spending, ensuring that stakeholders across all market segments have benefitted from the increased expenditure.

This has been reflected by the sectoral diversity of 2024’s largest projects.

Leading the way was the $5.6bn contract to design and build Dubai Metro’s Blue Line, which was awarded in December to a Turkish/Chinese consortium. It was closely followed by a $5.5bn deal to build Adnoc’s liquefied natural gas terminal in Ruwais, while the $4.7bn Trojena main dam contract at Neom, awarded to Italy’s Webuild, rounded off the top three. 

Other top 10 signed projects last year include the second phase of Qatar’s North Field Production Sustainability programme ($4bn), the high-voltage direct current scheme interconnecting the three major Saudi Electricity Company operating areas ($3.7bn), the 3,600MW Qurrayah combined-cycle power plant ($3.6bn), also in the kingdom, and its National Housing Company’s 20,000 housing unit deal ($3bn).

Leading contractors

In terms of the top contractors by value of work won in 2024, China’s Sepco 3 led the way in the oil, gas, power, water and industrials market segments, with an estimated $9.1bn-worth of awarded contracts. 

This is the first time a Chinese contractor has ranked first in any given year, reflecting the increasing dominance of Chinese firms in the GCC projects market. 

Other international engineering, procurement and construction contractors in the top 10 include Italy’s Saipem, India’s Larsen & Toubro, South Korea’s Samsung E&A and Spain’s Tecnicas Reunidas.

Two regional contractors appear in the rankings. Saudi Arabia’s Alfanar Projects is in sixth place at $5.5bn, followed by Abu Dhabi’s NMDC in ninth position at $4.1bn.    

On the civil construction side, covering the construction and transport sectors, China State Construction Engineering Corporation is ranked first with $5.2bn of awarded work. In second and third place are Saudi Binladin Group and its compatriot Modern Building Leaders, with $3.5bn and $2.5bn, respectively. 

Rounding off the top five are two other Chinese firms: CRRC Corporation and China Harbour Engineering Company. 

Gigaproject expenditure

Another notable feature of the market last year was the performance of Saudi Arabia’s gigaprojects. While the $850bn-plus gigaprojects programme has made headlines in recent years, spending on Public Investment Fund subsidiary and other similar major government expenditure drives was actually down on 2023. 

After year-on-year growth in the five years up to 2023, when just under $33bn-worth of gigaproject contracts were awarded, in 2024, the total fell by 40% to just $20.2bn. This confirms the slowdown in gigaproject activity following the pause and reprioritisation in the programme reported early last year.

At this stage, it is unclear if the programme will continue at its previous pace, with some observers saying Riyadh will focus on its event-driven developments, such as the 2030 World Expo and 2034 Fifa World Cup. 

However, if gigaproject expenditure does accelerate from its 2024 levels, then Saudi Arabia and the regional projects market as a whole could potentially reach even greater heights in 2025.

Published on 31 December 2024 and distributed to senior decision-makers in the region and around the world, the MEED Yearbook 2025 includes:

> GIGAPROJECTS INDEX: Gigaproject spending finds a level

The MEED Yearbook 2025 country data files include:

Algeria databank

Bahrain databank

Egypt databank

Iran databank

Iraq databank

Jordan databank

Kuwait databank

Morocco databank

Oman databank

Qatar databank

Saudi Arabia databank

Tunisia databank

UAE databank
https://image.digitalinsightresearch.in/uploads/NewsArticle/13248230/main.gif
Edward James

Register for MEED's guest program now to access this article.

Click here to register
Exclusive from Meed
Related Articles
  • Aramco defers bid submissions for Safaniya onshore project

    5 February 2026

     

    Saudi Aramco has postponed the bid submission deadline for a project to construct onshore surface facilities to boost productivity at the Safaniya offshore oil field development in Saudi Arabia.

    The Safaniya field is the world’s largest offshore oil field, with a production capacity of nearly 1.2 million barrels a day (b/d). Discovered in 1951, the field is located in the Gulf waters, approximately 265 kilometres north of Aramco’s headquarters in Dhahran.

    Aramco has pushed back the bid submission deadline for the Safaniya onshore surface facilities project until 17 March, according to sources. The earlier bid submission date was 31 January.

    Aramco issued the main tender for engineering, procurement and construction (EPC) works on the Safaniya onshore surface facilities project on 9 July last year. Contractors were initially given deadlines of 24 October and 7 November to submit technical and commercial bids for the project, MEED previously reported.

    Prior to that, Aramco is understood to have issued the solicitation of interest document for the Safaniya field onshore surface facilities project in May, with contractors submitting responses by 28 May.

    The EPC scope of work has been divided into two packages:

    • Package 1 – Water treatment and injection plant:
      • Building new water injection units
      • Expansion of gas-oil separation plant one
      • Building storage tanks, transfer pumps and substation
      • A central processing facility at the Zuluf field development, including water transfer pumps, chemical injection skids and other components
         
    • Package 2 – Produced water utilities:
      • Fire water system
      • Potable water units
      • Utilities
      • Nitrogen generation system
      • Site buildings
      • Electrical infrastructure
      • Security systems
      • Telecommunications networks

    In addition to pursuing the onshore facilities project to boost Safaniya’s productivity, MEED also previously reported about Aramco issuing three key offshore tenders last year for the field’s next expansion phase.

    Contractors in Aramco’s Long-Term Agreement pool of offshore service providers submitted bids for the three tenders – Contracts Release and Purchase Order (CRPO) numbers 154, 155 and 156 – by 31 August. Aramco is evaluating bids for the three tenders and is expected to award contracts within the first quarter.

    ALSO READ: Aramco to finalise long-term agreements with engineering firms
    https://image.digitalinsightresearch.in/uploads/NewsArticle/15582695/main5945.jpeg
    Indrajit Sen
  • Etihad Rail awards multibillion-dollar high-speed rail contracts

    5 February 2026

     

    Register for MEED’s 14-day trial access 

    The UAE’s Etihad Rail has awarded multibillion-dollar design-and-build contracts for the civil works and station packages of the high-speed railway (HSR) line connecting Abu Dhabi and Dubai.

    The contract for the construction of the Abu Dhabi side of the railway was awarded to a consortium comprising Abu Dhabi's National Projects Construction (NPC), Trojan Tunnelling, Turkiye's Kalyon and Beijing-headquartered China State Construction Engineering Corporation.

    The other deal, comprising the construction of the Dubai side of the railway, was awarded to a consortium of India's Larsen & Toubro, Beijing-based China Harbour Engineering Company and local firm Wade Adams.

    MEED understands that the whole scheme is worth $8bn-plus.

    US-based Jacobs is the designer for the NPC group.

    French engineering firm Egis and Singapore’s Surbana Jurong are the designers for the L&T-led consortium.

    Last month, MEED exclusively reported that Etihad Rail was preparing to award the contracts for the HSR.

    The design speed of trains running on the UAE’s HSR network will be 350 kilometres an hour (km/h), and the operating speed will be 320km/h.

    The proposed HSR programme will be constructed in four phases, gradually adding further connectivity to other areas within the UAE.

    The first phase involves constructing a railway line connecting Abu Dhabi and Dubai, which is expected to be operational by 2030.

    The second phase will develop an inner‑city railway network with 10 stations within the city of Abu Dhabi.

    The third phase of the railway network involves constructing a connection between Abu Dhabi and Al-Ain.

    The fourth phase involves developing an inter-emirate connection between Dubai and Sharjah.

    The 150km first phase of the HSR will stretch from the Al-Zahiyah area of Abu Dhabi to Al-Jaddaf in Dubai.

    The project’s civil works have been split into two packages – Abu Dhabi and Dubai – comprising four sections. The scope of these sections includes:

    • Phase 1A: Al-Zahiyah to Yas Island (23.5km) 
    • Phase 1B: Yas Island to the border of Abu Dhabi/Dubai (64.2km)
    • Phase 1C: Abu Dhabi/Dubai border to Al-Jaddaf (52.1km)
    • Phase 1D: Abu Dhabi airport delta junction and connection with Abu Dhabi airport station (9.2km)

    The rail line will have five stations: Al-Zahiyah (ADT), Saadiyat Island (ADS), Yas Island (YAS), Abu Dhabi International airport (AUH) and Al-Jaddaf (DJD).

    The ADT, AUH and DJD stations will be underground, while ADS will be elevated and YAS will be at grade.

    The overall construction package also includes provisions for rolling stock, railway systems and two maintenance depots.

    The high-speed project will slash journey times between the UAE’s two largest cities and economic centres. The journey time between the YAS and DJD stations will be 30 minutes.

    Spanish engineering firms Sener and Ineco are the project’s engineering consultants.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/15578874/main.jpg
    Yasir Iqbal
  • Aldar announces $18bn UAE contract awards in 2025

    4 February 2026

    Abu Dhabi-based real estate developer Aldar Properties has announced the award of construction contracts totalling over AED66bn ($18bn) in 2025.

    These awards span a diverse portfolio of residential, commercial, infrastructure and logistics projects across the UAE. 

    The newly awarded contracts cover large-scale residential communities, strategic infrastructure, and Grade A commercial and logistics assets across key growth locations nationwide.

    Collectively, the projects will deliver thousands of new homes, modern commercial and logistics facilities, and critical infrastructure that respond to evolving market demand and advance sustainable urban development.

    In Abu Dhabi, contracts were awarded across a range of projects for Aldar and the local government. On Saadiyat Island, local contractor Fibrex Construction was appointed for Mamsha Gardens and Nobu Residences, while Dubai-based Dutco Construction Company was awarded the main contract for The Arthouse.

    On Fahid Island, Indian firm Shapoorji Pallonji was awarded the main contract for Fahid Beach Residences.

    Beijing-headquartered China State Construction Engineering Corporation and Abu Dhabi’s Western Bainoona Group, Nael & Bin Harmal Hydroexpert, Yas Projects, Said Bin Darwish and Noor Al-Sahara General Contracting were also awarded contracts across a number of national housing and infrastructure projects during 2025.

    In Dubai, Aldar continued to deliver across major residential and logistics developments. Sharjah-based Ginco General Contracting was contracted to develop villas and townhouses at Athlon.

    Turkish firm Nurol was awarded the main works package for Verdes by Haven.

    Kuwait’s Mohammed Abdulmohsin Al-Kharafi & Sons was awarded the villas package for The Wilds, and local firm Al-Nasr Contracting Company was awarded the infrastructure works.

    In the industrial and logistics segment, Dubai-based Group Amana was awarded the development of Aldar Logistics Centres at National Industries Park.

    In Ras Al-Khaimah, Shapoorji Pallonji was awarded contracts for the Al-Marjan Beachfront development.

    Aldar said in a statement: “In line with the UAE’s National In-Country Value (ICV) programme, almost 45% of the total value of projects awarded in 2025 is expected to be recirculated into the local economy, supporting economic diversification, industrial development and job creation across the UAE.

    “Aldar continues to embed ICV principles across its procurement processes by prioritising UAE-based contractors and suppliers and supporting the growth of domestic capabilities across the construction value chain,” the statement added.

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

    Spending on oil and gas production surges; Doha’s efforts support extraordinary growth in 2026; Water sector regains momentum in 2025.

    Distributed to senior decision-makers in the region and around the world, the February 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/15568462/main.jpg
    Yasir Iqbal
  • Kuwait signs 25-year offtake for Al-Zour North IWPP

    4 February 2026

    Kuwait has signed a 25-year energy conversion and water purchase agreement for the Al-Zour North independent water and power plant (IWPP) phases two and three.

    The deal was signed by Saudi Arabia’s Acwa and local financial institution Gulf Investment Corporation (GIC) with Kuwait’s Ministry of Electricity & Water, confirming the long-term offtake arrangements for the project.

    The signing marks a key step towards financial close on the estimated $4bn project. Once completed, the facility will add 2,700MW of power and 120 million imperial gallons a day of desalinated water to Kuwait’s supply network.

    Kuwait recently established a new public shareholding company to manage the next stages of the project.

    The Gulf Alliance for Power & Water Company will be responsible for the construction, implementation, management, operation and maintenance of Al-Zour North IWPP phases two and three.

    In August, Acwa, formerly Acwa Power, and GIC signed a contract to develop the project, which will be the country’s largest IWPP. The consortium will hold 40% of the project company through Al-Zour Kuwaiti Second & Third Holding Company.

    The Public-Private Partnership Authority will hold 10% on behalf of government entities, while 50% will be offered to Kuwaiti citizens through a public subscription process.

    The project is owned by the Kuwait Authority for Partnership Projects and the Ministry of Electricity, Water & Renewable Energy.

    The scheme will be developed under a build-operate-transfer model. The newly signed offtake agreement secures revenue for a 25-year period.

    China’s Sepco3 is the engineering, procurement and construction contractor for the project.

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

    Spending on oil and gas production surges; Doha’s efforts support extraordinary growth in 2026; Water sector regains momentum in 2025.

    Distributed to senior decision-makers in the region and around the world, the February 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/15565047/main1611.jpg
    Mark Dowdall
  • Qatar’s Ashghal outlines Q1 2026 project plans

    4 February 2026

    Qatar’s Public Works Authority (Ashghal) has outlined plans to undertake 67 projects as part of its development strategy for 2026. 

    The majority of the upcoming projects cover sectors such as buildings, highways, roads, water and drainage.

    The projects to be undertaken in the first quarter of this year include:

    1. Access road to the Qatari Emiri Air Defence command building
    2. Call-off agreement for road and infrastructure works
    3. Carrying out all recommended work to ensure the necessary approvals from the Civil Defence Authority are obtained
    4. Remaining works of C/2020/60 RIW for junctions & RA in various areas of Greater Doha: phase 9
    5. Remaining works of C/2020/124 R & I in Mebaireek (Zone 81): packages 1&2
    6. Strategic FTS for Karwa City, Asian City, IA 2 Diversions and SA
    7. Modifications and additions to existing schools: packages 2-8
    8. Construction of Mekeines – Umm Bab Link Road
    9. Construction of Msheireb offices
    10. Construction of parking lots for areas 2 and 3 and modification of road infrastructure, the bus station and Gate 6
    11. Remaining works of C/2018/114 Umm Al-Dome improvement
    12. Remaining works of C/2019/90 access roads for Umm Ghuwailina 
    13. Remaining works of C2017/86, roads surrounding Al-Bayt Stadium 
    14. Remaining works of C2018/7 & C2017/118, Al-Kheesa foul sewer: packages 1&2
    15. Consultancy services for MM building damages investigation and repairs recommendations
    16. Consultancy services for modernisation of tunnels on Lusail Expressway & Sabah Al-Ahmad corridor
    17. Consultancy services for survey works, GIS, CAD and BIM on a call-off basis
    18. Consultancy supervision services for construction of Mekeines – Umm Bab Link Road
    19. Demolition and construction of two schools (Simaisma Junior School, Simaisma High School): package 3
    20. Demolition of decommissioned facilities: phase 6
    21. Design and build for water treatment plant (including treated sewage effluent plant for UDST)
    22. Design and construction of pedestrian crossings: phase 4
    23. Design of external administrative buildings for the protection and nature reserves sector, and the Turtle Protection Centre
    24. Design and build of a truck stop outside the wall of the medical quarry in Al-Ruwais
    25. Design, supply and install the new sparkling lights for the Arch 5/6
    26. Execution of Central Doha and Corniche Package: two remaining works
    27. Foul sewer GAP tunnel 1.6 kilometres long, diameter 600-800 mm at Doha North
    28. Framework contract for the road link works in several locations across Qatar 
    29. Industrial area STW asset improvement works: phase 2 AM24-0032
    30. Modernisation of tunnels on Lusail Expressway & Sabah Al-Ahmad corridor
    31. New consultancy supervision services
    32. On-call contract for geotechnical, environmental & structural tests and evaluation services
    33. Operational insurance – property all risk and third-party liability
    34. Package 1: design and build of strategic SGW drainage Western Tunnels – Southern area – C878/S1
    35. Paving and house connection for existing plot at Nuaija Zone 44
    36. Pilot deep wells construction
    37. PPP pre-contract framework – future work orders
    38. Pre-contract PCS for centralised sewage solids treatment and management facility
    39. Pre-contract PCS for Strategic Qatar Integrated Drainage Master Plan Update 2026 C767/3
    40. PSA for Strategic FTS for Karwa City, Asian City, IA 2 Diversions and SA
    41. PSA roads and infrastructure in Wadi Al-Banat (Zone-70)
    42. PSA roads and infrastructure in Al-Kheesa North and East (Rawdat Al-Hamama District): package 3
    43. R&I in southwest of Al-Wukair (DW086 – DW092)
    44. Refurbishment, reinstatement and repair works for strategic location in Qatar: phase 9 (QN) AM22-1011
    45. Roads and infrastructure in Al-Kheesa
    46. Roads and infrastructure in Al-Kheesa North and East (Rawdat Al-Hamama District): package 3
    47. Roads and infrastructure in Rawdat Abal Heeran: package 4
    48. Roads and infrastructure in Sailiya Al-Attiyah: package 1
    49. Roads and infrastructure in Sailiya Al-Attiyah: package 2
    50. Roads and infrastructure north of Smeisma: package 4
    51. Secondment contract for professional staff for the Highway Projects Department
    52. Secondment contract for professional staff for Roads Project department: phase 2
    53. STW rehabilitation and maintenance: Qatar West phase 2 AM25-0020
    54. Supervision for community college projects
    55. Supervision for design and construction of pedestrian crossings: phase 4
    56. Supervision for roads and infrastructure for Qatar Armed Forces
    57. Supervision for roads and infrastructure for Qatar Armed Forces – A
    58. Supervision for the design and build of a new communications room and technical store for Al-Shahaniya radio station
    59. Supervision for foul sewer GAP tunnel – 1.6km long, diameter 600-800 mm – at Doha North
    60. Supervision of deep injection wells enabling works – pilot at Al-Thumama
    61. Supervision of the Ministry of Education and Higher Education warehouses project
    62. Supply of equipment and spares for DNOM AM21-192
    63. Supply of pumps for DNO&M workshop section AM25-0075
    64. Surrounding roads around North Camp
    65. Surrounding roads around Doha Air Base
    66. TSE rehabilitation and maintenance: Qatar West phase 2 – AM25-0031
    67. TSE renewal programme and assets improvements: Qatar South phase 2 – AM22-132
    Qatar market overview

    Qatar’s next construction cycle is starting to take shape. In recent months, the country has made progress on several high-profile, large-scale infrastructure schemes that are set to inject fresh momentum into Qatar’s construction pipeline and, crucially, translate into years of contract flow for local contractors, suppliers and service firms.

    The largest of these schemes includes the proposed high-speed rail line connecting Riyadh and Doha, the revived Friendship Bridge to Bahrain and a planned road corridor linking Qatar with the UAE.

    For the construction industry, these moves signal that the state is ready to shift from post-World Cup consolidation to a new, longer-term buildout anchored in regional connectivity.

    That longer-term view is especially important after a flat 2025, when contract awards slipped to just over $2bn — the weakest annual total in the past five years — and many in the industry felt a widening gap between plans and procurement.

    The mood has now shifted. With about $64bn-worth of projects in the pipeline, Qatar is not short of project opportunities.

    The next phase has the potential to sustain contractors and the wider supply chain in the near term, while bringing a more predictable rhythm back to the market as these programmes are broken into packages and move to tender.

    MEED’s February 2026 report on Qatar includes:

    > COMMENT: Qatar’s strategy falls into place
    > GVT & ECONOMY: Qatar enters 2026 with heady expectations
    > BANKING: Qatar banks search for growth
    > OIL & GAS: QatarEnergy achieves strategic oil and gas goals in 2025
    > POWER & WATER: Dukhan solar award drives Qatar's utility sector
    > CONSTRUCTION: Infrastructure investments underpin Qatar construction

    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/15565036/main.jpeg
    Yasir Iqbal