Local firms rise in GCC Power Developer Ranking
24 September 2024

Two Saudi Arabia-headquartered firms have joined Acwa Power in the top 10 of MEED’s 2024 GCC Power Developer Ranking.
Aljomaih Energy & Water Company and Ajlan & Bros have entered the list, occupying the sixth and ninth spots, respectively.
The latest developer ranking included a survey of 109 privately owned and financed power generation plants in the six GCC states, including those with attached water desalination facilities. These plants have a collective gross electricity generation capacity of approximately 112,400MW.
These projects include seven solar, two wind and two gas-fired plants, as well as one industrial steam and cogeneration facility, with a total combined gross capacity of 19,635MW, for which contracts were awarded between September 2023 and August 2024.
Of the total capacity awarded during the 12-month period, solar photovoltaic (PV) and wind capacity accounted for 58%, or 11,400MW. Three solar PV contracts with a total capacity of 5,500MW, directly negotiated between Saudi Arabia’s Public Investment Fund (PIF) and a team led by Riyadh-headquartered Acwa Power, comprised nearly half of the awarded renewable IPP capacity.
These three contracts, along with a fourth for the development and operation of the 3,800MW Taiba 1 and Qassim 1 combined-cycle gas turbine (CCGT) IPP, helped boost Acwa Power’s dominance over its competitors.
Acwa Power's 35.1% stake in the 2,000MW Haden, the 2,000MW Muwayh and 1,500MW Al-Khushaybi solar PV projects, and its 40% share in Taiba 1 and Qassim 1, increased the company's total net capacity by 3,200MW, up 23% from last year’s 13,340MW. This figure takes into account the dilution of its shares in Rabigh Arabian Water & Electricity Company. As a result of the contracts it won, Acwa Power’s gross capacity also rose by 8,800MW to reach a total of 45,150MW.
Acwa Power has occupied the top spot in MEED’s GCC Power Developer Ranking in terms of net capacity since 2021, but it overtook its main rival, French utility developer and investor Engie, in terms of gross capacity only the following year.
Excluding the capacity of the directly negotiated solar IPP contracts that Acwa Power secured with the PIF in the past
three years does not change the company’s dominant position in the ranking, although it decreases its net and gross capacities by 25% and 24%, respectively.
Contenders
With no new contracts won, Engie still managed to retain second place in the ranking, with a net capacity of close to 8,000MW.
The successful bids of a team comprising Japan’s Marubeni Corporation and Ajlan & Bros for the contracts to develop and operate the 600MW Al-Ghat and 500MW Waad Al-Shamal wind schemes in Saudi Arabia increased Marubeni’s net capacity to 4,257MW, up 555MW compared to the previous year.
As with Engie, Japan’s Mitsui did not win any new contracts but retained its fourth place in the ranking, just above EDF, which climbed two positions to claim this year’s fifth spot and registered a net capacity that nearly doubled to reach 2,047MW.
EDF’s impressive performance accrued from its equities in three contracts: the 1,100MW Hinakiyah solar PV and the 3,960MW Taiba 2 and Qassim 2 CCGT projects in Saudi Arabia, and Abu Dhabi’s 1,500MW Al-Ajban solar PV scheme.
EDF knocked Japanese developer Sumitomo down the ranking; it landed in the seventh spot this year. Saudi Arabia’s Aljomaih Energy & Water Company – which was not part of the top 10 last year – rose past Sumitomo to claim sixth position.
Aljomaih’s 30% shareholding in the Taiba 2 and Qassim 2 IPP increased its net capacity by close to 1,200MW from just 775MW in the previous 12-month period.
Previously ranked sixth, Japan’s Jera fell to eighth place, despite having won the contract to develop the Najim cogeneration plant catering to Saudi Arabia’s Amiral petrochemicals complex, which it secured along with Abu Dhabi National Energy Company (Taqa).
Below Jera in the ranking is Ajlan & Bros, which is Marubeni’s partner for the contract to develop the Al-Ghat and Waad Al-Shamal wind IPPs. Ajlan is also understood to have taken a 30% stake in the consortium that won the contract to develop the Taiba 2 and Qassim 2 CCGT project.
China’s Jinko Power rounded out the top 10. It led the team that won the contract to develop the 400MW Tubarjal solar IPP in Saudi Arabia in November last year.
Local developers
The rise of Aljomaih and Ajlan & Bros, which led to South Korea’s Korea Electric Power Corporation (Kepco) and Singapore’s Sembcorp dropping out of the power developer ranking’s top 10 this year, confirms the improving profile of regional utility developers.
The resurgence of gas-fired power generation IPPs – in part due to Saudi Arabia’s liquid fuel displacement programme and the overall demand for baseload to address rising renewable energy capacity – is helping local developers to strengthen their footing.
“The reduced interest from European and Japanese contractors in bidding for gas-fired power generation projects could present an opportunity for local developers and investors,” says a senior executive with an international developer.
“As these firms are less constrained by their 2040-50 net-zero targets, they might focus on efficiency and quick deployment rather than on adhering to decarbonisation timelines, allowing for more flexibility in CCGT projects.”
The fact that only two teams submitted bids for the contracts to develop the next pair of CCGT IPPs in Saudi Arabia supports this observation. Similarly, Qatar’s General Electricity & Water Corporation (Kahramaa) received only one bid from a team led by Sumitomo for the contract to develop the Facility E independent water and power producer (IWPP) project earlier this year.
Conscious of its own net-zero targets, and those of its partners, Abu Dhabi state utility Emirates Water & Electricity Company (Ewec) is adopting a slightly different approach for its next CCGT project in Taweelah by announcing that a carbon-capture facility will be installed as part of the project once such solutions become commercially viable.
In addition, the power-purchase agreement (PPA) for Taweelah C is expected to expire by 2049, making it several years shorter than previous PPAs and in line with the UAE's plan to reach net-zero carbon emissions by 2050.
So far, the market has responded positively, with nine companies having met Ewec’s prequalification requirements for Taweelah C.
However, the scale and volume of gas and renewable energy projects planned by Saudi Arabia, which has said it could procure up to 20GW of renewable energy capacity annually starting this year, is expected to continue to boost the net capacity of local developers and their less net-zero-constrained counterparts for the foreseeable future.
There is also an expectation that the exclusion of Acwa Power from the latest round of tenders for Saudi Arabia’s National Renewable Energy Programme (NREP) could further open up opportunities for other companies, regardless of their origin and net-zero targets.
Tariffs
There are mixed expectations in terms of how levelised electricity costs (LCOE) will behave over the next 12 months. Compared to the preceding decade, when unsubsidised renewable energy production costs consistently and sharply declined, tariffs have become less predictable since 2022.
In the region, solar PV tariffs in particular have trended upward since Acwa Power offered to develop the Shuaibah 1 solar IPP scheme for $cents 1.04 a kilowatt-hour (kWh) in 2020-21.
These tariffs have remained highly competitive relative to those seen in other, less renewable energy-intense regions, however, disincentivising some developers that felt they could not compete on price.
The next six to 12 months could prove decisive, according to one industry expert.
“It is possible that the surge in renewable projects could limit the availability of competent engineering, procurement and construction (EPC) contractors. The combination of aggressive national targets and competition for EPC services may drive up prices and slow project timelines,” the Dubai-based executive tells MEED.
“With raw materials and commodity prices trending downward, it's feasible that renewable energy tariffs could remain low in the short term. However, sustained record-low tariffs will also depend on the availability of financing, local regulations and grid integration costs.”
The LCOE trend for gas-fired power generation schemes seems more predictable.
According to the executive, the limited capacity of original equipment manufacturers, particularly for turbines and other key components of CCGT plants, will likely push tariffs up over the next 12 months.
“Limited availability of high-efficiency equipment will increase procurement costs and construction timelines, influencing the overall project cost.”
This extends to CCGTs incorporating carbon capture, where the LCOE will likely increase due to additional capital and operational expenses. “Whether these costs are absorbed through renegotiation or passed on to the state offtaker will depend on the power-purchase agreement structure,” he says.
Exclusive from Meed
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Conflict has limited impact on GCC projects4 March 2026
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Conflict has limited impact on GCC projects4 March 2026

The conflict in the Gulf has so far had a limited impact on projects in the GCC, with most sites operating normally since hostilities began on 28 February. In total, there are 6,738 projects under execution across the GCC, with a combined value of $951bn, according to regional projects tracker MEED Projects.
Contracting companies in the region say that the majority of their projects have not been affected by the conflict, and work has continued onsite without disruption. However, a few sites have temporarily halted operations, either at the request of the authorities or because they were considered at risk due to their strategic locations.
“Work has continued on our projects in Dubai. We have only one site where we were asked to stop work,” says a contractor overseeing projects across Dubai.
Another contractor operating across the UAE has also continued work but halted operations at one site following a nearby security incident. “We have one site that was close to a facility that was struck by debris, so we stopped work,” the contractor says.
Work has also continued on projects outside of the UAE. In Saudi Arabia and Qatar, contractors continue to work on projects, including strategically sensitive oil and gas projects. “We have continued work on most of our projects. There are a few sites where we have been asked to stop work, but this is the minority, and at most sites we are still working,” says an international contractor.
Supply chain concerns
While operations largely continue as normal, there are concerns that projects could be impacted later due to supply chain disruption. Ports in the region have been targets, and with international shipping passing through the Strait of Hormuz effectively stopping, there is an expectation that international shipments will be delayed. A related concern is the sharp spike in oil prices that will be inflationary.
How the disruption is handled will depend on the terms of specific contracts and on how companies choose to navigate the issue. The general consensus among contractors and lawyers is that it is not a force majeure event. Instead, it is general disruption that should be noted and documented, should there be cost or time implications later in the project.
One Dubai-based contractor said the strategy for now is to support clients as best as possible amid this uncertainty, while noting that there may be cost implications later.
The region has been considered a safe place for tourism, and also for the rich to live in a tax-free haven. The attacks on Dubai may change that perception, and that will impact the market in the future
International contractorFuture prospects
There are also concerns about the market’s future. There have been record levels of contract awards in recent years, and the worry is that the pace of contract awards may slow as uncertainty grips the market.
At the same time, some contract awards have been expedited. One Dubai-based contractor has signed two contracts since the conflict started. “We have signed deals that had been lingering for a while. I think the logic is that the client wants to lock in resources before prices or anything else changes,” says the contractor.
Longer term, it is expected that priorities for construction could shift. Contractors say that defence will become more of a priority for governments in the future, and so will strategic infrastructure projects such as power and water.
There might also be increased interest in making infrastructure more secure, which will add an additional layer of complexity for construction companies. “Facilities like data centres may be located underground in the future to protect them from attacks,” says a UAE-based contractor.
The outlook for other sectors is more challenged, particularly real estate and tourism.
“The region has been considered a safe place for tourism, and also for the rich to live in a tax-free haven,” says the international contractor. “The attacks on Dubai may change that perception, and that will impact the market in the future. Tourism is a key component of national visions across the GCC, so I think there will have to be a rethink of economic strategies for the future.”
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Saudi Arabia’s private sector steps up4 March 2026
Commentary
Colin Foreman
EditorRead the March issue of MEED Business Review
At the Future Investment Initiative (FII) in Riyadh in 2019, a head of a regional family business voiced a guarded concern. The worry was that the scale and speed of the Public Investment Fund’s (PIF’s) projects were crowding out the private sector, leaving little space for traditional players to compete.
Fast forward more than six years and much has changed. In 2026, the era of the PIF acting as the principal driver for development is giving way to a new phase where the private sector is taking a more active role.At February’s Private Sector Forum (PSF), officials acknowledged that the kingdom’s priorities have evolved since 2016. This has led to reprioritisation, including the indefinite postponement of the 2029 Asian Winter Games in Trojena and the scaling back of projects such as The Line – moves framed as strategic adjustments amid global economic uncertainty.
With the 2034 Fifa World Cup and Expo 2030 on the horizon, alongside the rapid ascent of artificial intelligence, Riyadh is right to realign its capital. It is far more reassuring to see a government adapt its strategy to a changing global economy than to blindly pursue an outdated plan. The PIF, now managing $913bn in assets, is seeking ‘escape velocity’, allowing sectors such as tourism and real estate to stand independently.
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But overall, the tide is turning. The crowding out fears of 2019 have been replaced by a drive to get the private sector more involved, and while it will take time for momentum to fully develop, the process of passing the baton has already begun.
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Etihad Rail conducts passenger rail trial run in Abu Dhabi4 March 2026
Etihad Rail, the UAE’s national rail operator, has carried out a passenger train trial on the line linking Al-Ghuwaifat station at the Saudi border with Al-Faya station in Abu Dhabi.
The test was organised in coordination with the Emergencies, Crises and Disasters Management Centre Abu Dhabi (ADCMC).
In a statement, ADCMC said the exercise is intended to help maintain essential services and offer safe, dependable transport options as conditions change.
It also highlighted the route’s strategic value in supporting movement for citizens and residents, while giving authorities the ability to activate alternate corridors in line with approved emergency response plans.
ADCMC added that running this route with Etihad Rail fits within a wider set of coordinated measures designed to reinforce logistical security, aligned with business continuity planning and multi-scenario risk management frameworks.
The UAE’s first national passenger rail network is due to begin operations soon, using the existing 900-kilometre (km) railway stretching from Al-Ghuwaifat to Fujairah.
The system will include 11 stations. Early services are expected to connect Mohammed Bin Zayed City (Abu Dhabi), Jumeirah Golf Estates (Dubai), University City (Sharjah) and Al-Hilal (Fujairah).
Other stops include Al-Sila’, Al-Dhannah, Al-Mirfa, Madinat Zayed, Mezaira’a and Al-Faya in Abu Dhabi, along with Al-Dhaid in Sharjah.
The passenger fleet is planned to include 13 trains, each with a capacity for up to 400 passengers.
Target travel times include 57 minutes between Abu Dhabi and Dubai, 105 minutes from Abu Dhabi to Fujairah, and 70 minutes from Abu Dhabi to Ruwais.
On the operations side, Etihad Rail and France’s Keolis agreed in October 2025 to form a joint venture to oversee passenger services.
In June 2022, Etihad Rail awarded Spain’s CAF Group a AED1.2bn ($327m) contract covering the design, manufacture, supply and maintenance of the passenger trains.
Freight services are already running, with operations spanning 11 terminals: Ruwais Inland Terminal, Ruwais Port, ICAD, Khalifa Port, Dubai Industrial City, Jebel Ali Port, Al-Ghail Dry Port, Fujairah Port, Ghuwaifat Terminal, Shah Terminal and Habshan Terminal.
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Iraq’s Atrush and Sarsang oil fields stop production due to Iran conflict4 March 2026
Production has stopped at the Atrush and Sarsang blocks in the Kurdistan Region of Iraq, and output has been slashed at key fields in the south of the country.
Canada-based ShaMaran Petroleum Corporation, which holds stakes in Atrush and Sarsang, said that production had stopped at both fields as a precautionary measure due to “the deterioration in the regional security environment” related to the US and Israel’s conflict with Iran.
ShaMaran holds a 50% working interest in the Atrush Block and an 18% working interest in the Sarsang Block.
Erbil-headquartered HKN Energy is also a partner in both fields.
Prior to the latest shutdown, in the company’s most recent quarterly report, it said that Atrush had produced an average of 29,400 barrels a day (b/d) over the three-month period, and Sarsang produced 18,200 b/d.
Due to the field closures in Iraqi Kurdistan, it has been reported that exports to the Turkish port of Ceyhan via the Iraq-Turkiye pipeline have fallen to zero while all of the crude produced in the region is used domestically.
Iraq’s Rumaila field, in the south of the country, is also being severely impacted by the ongoing conflict.
On 3 March, the decision was taken to completely stop production at the South Rumaila field, after Iran’s Islamic Revolutionary Guard Corps declared the Strait of Hormuz closed.
The Rumaila oil field, which is made up of North Rumaila and South Rumaila, is the second-biggest oil field in the world.
The oil field normally has the capacity to produce around 1.2 million b/d, but has cut production by at least 700,000 b/d due to overloaded storage.
Also in the south of the country, there have been cuts to production at the West Qurna-2 and Maysan fields.
Several other Iraqi oil and gas fields have shut down recently amid the US and Israel’s ongoing war with Iran.
The Shaikan field in northern Iraq’s semi-autonomous Kurdistan region has stopped production due to security concerns.
The field is operated by London-listed Gulf Keystone Petroleum, which has said in a statement that it had “temporarily shut-in production operations and has taken measures to protect staff in light of the developing regional security environment”.
Shaikan is one of Iraqi Kurdistan’s largest producing fields and produced more than 41,500 barrels a day in 2025.
The production stoppage at Shaikan came days after gas production was halted at Iraqi Kurdistan’s Khor Mor field on 28 February.
UAE-based Dana Gas stopped supplying power plants from the field due to the “abnormal situation and war taking place in the area”, according to a joint statement from the Kurdistan region’s natural resources and electricity ministries.
The gas halt is expected to cut electricity generation capacity by 2,500-3,000MW, with authorities seeking alternative supply to limit the shortfall, the ministries said.
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Iraq under pressure as oil exports slashed4 March 2026
Analysis
Wil Crisp
Oil & gas reporterIraq’s oil and gas sector is facing mounting challenges as production levels drop sharply amid the US and Israel’s ongoing war with Iran.
In the south of the country, oil exports have been paralysed by the closure of the Strait of Hormuz, and, in the country’s northern region of Iraqi Kurdistan, exports via the Iraq-Turkiye Pipeline (ITP) have fallen to zero.
Industry insiders are expecting the impact to be felt for some time to come.
On 2 March, Iran’s Revolutionary Guard Corps (IRGC) said the Strait of Hormuz is closed and warned that any vessel attempting to pass through will be attacked.
Ebrahim Jabari, a senior adviser to the IRGC’s commander-in-chief, said: “The strait is closed. If anyone tries to pass, the heroes of the Revolutionary Guard and the regular navy will set those ships ablaze.”
Stakeholders in Iraq’s oil and gas sector believe that the closure of the Strait by Iran is likely to have a long-term impact on companies operating in the south of the country.
One source said: “The outlook for the companies operating in the south is very bad right now.
“Potentially, a lot of companies in the south are going to be very anxious about the Strait of Hormuz for a very long time.
“There are hardly any other export routes they can use, and even if Iran’s military capabilities are substantially eroded, it’s going to be very hard to defend ships that are passing through there.”
On 3 March, the decision was taken to completely stop production at the South Rumaila field, after Iran’s IRGC declared the Strait of Hormuz closed.
The Rumaila oil field, which is made up of North Rumaila and South Rumaila, is the second-biggest oil field in the world.
The oil field normally has the capacity to produce 1.2 million barrels a day (b/d), but has cut production by at least 700,000 b/d due to overloaded storage.
Also in the south of the country, there have been cuts to production at the West Qurna 2 and Maysan fields.
Pipeline problem
The main export route for oil producers in Iraqi Kurdistan is the ITP.
This key pipeline, which reopened on 27 September last year, was closed again after production from the region dropped dramatically due to multiple oil fields closing as a safety precaution.
The fields that have temporarily stopped production include the Atrush and Sarsang fields.
Canada-based ShaMaran Petroleum Corporation, which holds stakes in both fields, said that the closures were due to “the deterioration in the regional security environment”.
On top of this, the Iraqi Kurdistan’s Shaikan field, which London-listed Gulf Keystone Petroleum operates, has stopped production due to security concerns.
Shaikan is one of Iraqi Kurdistan’s largest producing fields and produced more than 41,500 b/d in 2025.
“When it comes to the outlook for future oil exports, the calculation is completely different for these companies in Iraqi Kurdistan compared to the companies in the south of the country,” said one source.
“It’s possible that the pipeline will be easier to open in the near future than the Strait of Hormuz.
“It’s not so close to Iran and, so far, no damage has been sustained by the pipeline or the oil fields.
“With prices so high right now, everyone involved in exporting oil via the pipeline is highly motivated to see it restarted.”
The disruption to global oil and gas supplies caused by the Iran conflict has driven global oil prices up by around 15%, with Brent crude oil briefly rising above $85 a barrel on 3 March, the highest it has been since July 2024.
One source said: “These high oil prices are going to be a nightmare for consumers – but if you are an oil company, it’s an opportunity to make some serious money.
“However, you can only make that money if you can ship your oil – and a lot of oil companies in Iraq are going to struggle to do just that.”
Another source said: “There’s nothing technically wrong with the Kurdistan fields or the pipeline at the moment, and a lot of people believe they could be brought back online relatively quickly.
“The pipeline has only been shut down because of the oil field closures. All of the oil that is currently being produced in Iraqi Kurdistan is being used domestically.”
Key staff at Iraqi Kurdistan’s oil companies remain in the country, and the companies are planning quick restarts to cash in on current high prices, according to sources.
One said: “While many of these companies have plans in place for evacuations by land to Turkiye if the situation worsens, right now it seems more likely that things will stabilise and the companies will bring their fields back online soon.
“Workers have been told to stay inside – but many are used to the threat of drone and rocket attacks, and they are still going to the pub and living their lives as normal.”
Uncertain future
While many stakeholders in Iraqi Kurdistan believe the outlook for oil companies in the region is better than in the south of the country, significant challenges remain, and the situation could change dramatically due to the chaotic nature of the ongoing conflict.
One factor that is likely to remain challenging in Iraqi Kurdistan is logistics for key personnel.
One source said: “Airport closures and flight cancellations are likely to dog this region for some time to come, so getting people in and out is expected to remain difficult.”
Another concern is potential attacks on oil fields by militant groups in the region that are loyal to Iran.
“We’ve seen that Iran wants to lash out and do damage to oil assets in nearby countries – so an attack on key fields in Iraqi Kurdistan would not be a surprise,” the source added.
An attack on the ITP pipeline itself could dramatically change the outlook for Iraqi Kurdistan.
Drone attacks or rockets could potentially put the pipeline out of action for months, dealing a serious blow to the outlook for the region’s oil companies.
While the future for the oil sector in both federal Iraq and the Kurdistan region remains highly uncertain, it is clear to everyone involved that the disruptions to the country’s oil and gas sector are causing severe economic damage to the oil-reliant country.
On 3 March, Baghdad-based research organisation Eco Iraq Observatory estimated that Iraq was losing $128m a day after the shutdown of the Rumaila and Kurdistan fields.
It said a one-week shutdown could cost the Iraqi treasury nearly $900m, and a month could result in losses exceeding $3.8bn.
With Iraq relying on oil for more than 90% of government revenues, it is likely that the country will rapidly enter an economic crisis if it does not find a way to bring exports back online over the coming days.
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