2024 breaks all project records
10 January 2025

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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:
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> PROJECTS: Another bumper year for Mena projects
> GIGAPROJECTS INDEX: Gigaproject spending finds a level
> INFRASTRUCTURE: Dubai focuses on infrastructure
> US POLITICS: Donald Trump’s win presages shake-up of global politics
> REGIONAL ALLIANCES: Middle East’s evolving alliances continue to shift
> DOWNSTREAM: Regional downstream sector prepares for consolidation
> CONSTRUCTION: Bigger is better for construction
> TRANSPORT: Transport projects driven by key trends
> PROJECTS: Gulf projects index continues ascension
> CONTRACTS: Mena projects market set to break records in 2024
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The MEED Yearbook 2025 country data files include:
Exclusive from Meed
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Aramco-backed firm tenders logistics hub expansion9 November 2026
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Prequalification begins for multibillion-dollar Dubai road9 November 2026
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Contractor begins early works on Ardara’s AlWadi project9 November 2026
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Syria in talks for refinery project worth $6bn-8bn9 November 2026
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Three Libya oil and gas projects see developments9 November 2026
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The logistics hub will add over 124,000 square metres (sq m) at Spark.
Al-Khobar-based engineering firm House of Consulting Office is the project consultant.
The tender for the expansion works comes shortly after Asmo awarded an estimated SR820m ($218m) contract to build the logistics complex’s first phase in May this year.
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Asmo signed an agreement with Bahrain‑headquartered Arcapita Group Holdings in February to deliver the project at Spark.
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The development aims to support the next stage of Saudi Arabia’s logistics and supply chain expansion.
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According to a statement, “the scheme will be executed via a forward-funding model, underscoring a long-term commitment to national infrastructure”.
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Prequalification begins for multibillion-dollar Dubai road9 November 2026

Dubai’s Roads & Transport Authority (RTA) has begun prequalifying contractors for a design-and-build contract for a multibillion-dollar new road that will run parallel to Sheikh Zayed Road.
Contractors have until 30 November to submit their prequalification statements.
The latest development follows contractors’ expressions of interest for the project on 10 October, as MEED reported.
The project’s scope covers about 30 kilometres (km) of works. These include about 15km of viaduct along First Al-Khail Street and more than 14.5km of bridge ramps, along with other associated infrastructure works.
The project is another significant initiative aimed at alleviating pressure on the existing Sheikh Zayed Road section from Hadiqa Street to Hessa Street.
Dubai has previously explored bold concepts to expand capacity on Sheikh Zayed Road, including proposals to introduce double-decker sections to add extra lanes without widening the existing corridor.
The idea was discussed in the context of rising congestion and limited right-of-way along one of the city’s busiest arterial roads, with elevated decks potentially carrying through traffic while existing at-grade lanes served local access.
The plans ultimately became standalone schemes, with subsequent efforts focusing instead on corridor-wide upgrades, interchange improvements and complementary public transport expansions to manage demand more sustainably.
The latest project aligns with Dubai’s continued investment in upgrading and expanding its road network to keep pace with rapid population growth and rising commuting demand.
Planning for growth
Dubai launched the 2040 Urban Master Plan in March 2021, referencing studies indicating that the emirate’s population will reach 5.8 million by 2040, up from 3.3 million in 2020. The daytime population is set to increase from 4.5 million in 2020 to 7.8 million in 2040.
In December 2022, Sheikh Mohammed Bin Rashid Al-Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, approved the 20-Minute City Policy as part of the second phase of the Dubai 2040 Urban Master Plan.
In addition to the road projects, the RTA’s Dubai Metro Blue Line extension and Dubai Metro Gold Line form part of Dubai’s plans to improve residents’ quality of life by cutting journey times, as outlined in the policy.
The policy aims to ensure residents can meet 80% of their daily needs within a 20-minute journey, on foot or by bicycle. This goal will be achieved by developing integrated service centres with all necessary facilities and increasing population density around mass transit stations.
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Contractor begins early works on Ardara’s AlWadi project9 November 2026
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Syria in talks for refinery project worth $6bn-8bn9 November 2026
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Discussions are under way with international companies to develop a refinery in Syria’s Furqlus area, worth $6bn-8bn, according to a senior official at state-owned Syrian Petroleum Company (SPC).
The project will be “very large” and, after completion, will replace Syria’s Homs refinery, according to SPC’s deputy executive president for refining affairs, Tariq Shalash Al-Abdullah, who spoke to Syria’s state-owned daily newspaper Al-Thawra Al-Souriya.
He said the international companies currently involved in talks about the planned refinery project specialise in design work, engineering and technical studies.
He also stated that, for large-scale projects of this type, consortiums are typically formed from a group of companies with complementary interests in study, manufacturing, financing, implementation and operation.
In June, SPC published an invitation for companies to submit proposals to finance, build and operate the refinery under a build-operate-transfer agreement.
The tender document published by SPC said the refinery would have the capacity to process 210,000 barrels a day (b/d).
It also said the facility would be developed with the option to add an “ancillary petrochemical complex”.
Al-Abdullah said the refinery’s total investment value would depend on the equipment's country of origin, adding that the equipment could potentially be procured from the US, Europe or China.
Another factor that could alter the project’s value is the technology licences selected for the project, according to Al-Abdullah.
The refinery project is expected to take around four years to develop from the date of signing the contract and completing other related preparatory activities.
The project will be developed on a site that covers 400 hectares, according to the document that was published by SPC in June.
SPC invited companies to submit three separate documents relating to their proposals.
These were:
- A package outlining the company’s qualifications and legal documents
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- Two vacuum distillation units
- Hydrotreating units
- Sulphur recovery units
- A base oil unit
- Power and steam generation facilities
- A grid interconnection substation
- A safe shutdown system
- An environmental water treatment system
- A gas recovery system
- A unit to produce nitrogen and oxygen
- A fire water network
- Maintenance and repair workshops
- Tank farm and storage facilities
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SPC is also seeking a “plan for the establishment and integration of an advanced petrochemical complex”, which would be connected to the refinery, according to the document.
Because of this, it said the refinery design must allow diversion of some light and heavy naphtha and liquid petroleum gas (LPG) to be used as feedstock for the future petrochemical complex.
The petrochemical complex is planned to use 20% to 40% of the naphtha and LPG.
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Three Libya oil and gas projects see developments9 November 2026

Three key oil and gas projects in Libya have seen developments amid an uptick in activity in the North African country’s hydrocarbon sector.
The contract scopes include seismic work, subsea pipeline development and drilling services.
An invitation to prequalify has been issued for a project to provide two-dimensional (2D) and three-dimensional (3D) offshore seismic surveying services.
The survey area is the Libyan Offshore Area O1, located in the Sirte Basin.
The winner of the contract will be responsible for:
- Acquisition of approximately 6,100 square kilometres (sq km) of 3D full-fold marine seismic data
- Acquisition of approximately 3,000 sq km of 2D full-fold marine seismic data
The client on the project is the Italian oil and gas company Eni.
In a statement posted on the website of Libya’s National Oil Corporation (NOC), it said: “The objective of the survey is to acquire, within the required operational window from September 2027 to March 2028, high-quality broadband seismic data to improve the imaging of Cretaceous reservoir sequences and support future exploration activities.”
The deadline to submit prequalification documents is 2 December 2026.
Deadline extended
Libya’s Mellitah Oil & Gas Company (MOG) has extended the deadline for companies to submit prequalification documents for a major offshore package as part of its Mellitah complex expansion and CO2 management integrated development project, which is estimated to be worth about $8bn.
The previous deadline of 5 November 2026 has been extended to 3 December 2026.
MOG, a joint venture of NOC and Eni, is the project client.
The package, known as WP4B1, focuses on developing offshore pipelines and subsea systems for the E offshore installation and CO2 project.
The turnkey contract will use the engineering, procurement, installation and commissioning (EPIC) model.
As part of the Mellitah complex expansion and CO2 management integrated development project, two offshore structures – Structure A and Structure E – will be developed in Libya’s offshore block NC 41.
Structure A is also known as wellhead production fixed platform A (WHPA) and Structure E is also known as production platform E (PPE).
Structure A is in the central-western part of the area, about 80 kilometres (km) from the Libyan coast, with a water depth of 95-105 metres.
Structure E is located in the central-eastern part of the area, about 130km from the Libyan coast, in a water depth of 205-235 metres.
The scope of the wider project includes:
- A new production platform installed in about 220 metres of water depth as part of the development of Structure E (Package WP1)
- A new wellhead platform installed in 96 metres of water as part of the development of Structure A (Package WP2)
- Modification of the existing Sabratha platform (Package WP3)
- Sealines and subsea systems extending from the Sabratha platform to Structure A (Package WP4A1)
- Sealines and subsea systems for Structure E and the CO2 system (Package WP4B1)
- Supply of seamless carbon steel pipes for CO2 injection from the Mellitah complex to Sabratha platform (Package WP4B2)
- Subsea Production Systems (SPS) for Structure E and CO2 (Package WP4B3)
- Upgrading the existing onshore Mellitah complex (WP5)
The package known as WP4B1 has been broken down into two phases.
The first phase focuses on the installation of the project’s subsea CO2 pipeline and its related system network.
The second phase of WP4B1 is focused on the pipeline to structure E and its related subsea system network.
Monitoring drilling
MOG has also issued a separate invitation for prequalification relating to a contract to provide hydrogen sulphide monitoring services for offshore drilling.
The contract focuses on providing H2S monitoring services for 18 offshore development wells as part of the “Structures A&E” project.
Four of the wells will be subsea wet wells and a further 14 will be dry tree wells.
The deadline for submitting prequalification documents is 3 December 2026.
The work will be carried out in the zone known as Area D, Block NC41.
H2S monitoring in the oil and gas industry involves tracking H2S gas concentrations in the air using electronic sensors and detectors to protect workers, prevent fatal exposures and avoid equipment damage.
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