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  UCC-led team wins $4bn Syria airport redevelopment Yasir Iqbal

  7 August 2025

  Syria's General Authority of Civil Aviation has signed a $4bn memorandum of understanding (MoU) to develop and expand Damascus International airport with a consortium of international firms led by Qatar's UCC Holding.

  The agreement designates UCC Holding as the primary developer – through its investment arm UCC Concessions Investment – along with three Turkish partners, Cengiz, Kalyon, TAV and the US-based Assets Investments USA.

  The project will be implemented under the build, operate, transfer model and covers the expansion of the Damascus International airport in five phases.

  The expansion will ultimately increase the airport's capacity to handle 31 million passengers annually.

  The agreement also includes the construction of a 50-kilometre (km) road leading to the airport and $250m in financing to purchase up to 10 Airbus A320 aeroplanes for Syrian Airlines.

  The signing ceremony took place at the presidential palace in Damascus in the presence of President Ahmad Al-Sharaa. It was attended by US special envoy for Syria Tom Barrack and representatives from the Qatari embassy in Damascus.

  The agreement was signed by Omar Al-Husari, chairman of the General Authority of Civil Aviation; Mohammad Moataz Al-Khayyat, chairman of UCC Holding; Sani Sener, chairman of TAV; Anthony Salter, CEO of Assets Investments USA; Murat Ergonul, board member of Cengiz Insaat; and Mustafa Kocar, CEO of Kalyon Insaat.

  READ MORE: Turkiye's Kalyon goes global

  The project adds to UCC Holding's portfolio of projects in Qatar and elsewhere. UCC has been involved in airport projects, including Hamad International Airport in Qatar, Rwanda's new international airport and Tripoli airport in Libya.

  UCC is also bidding for the contract to develop the first phase of Terminal 6 and the Iconic Terminal at King Salman International airport (KSIA) in Riyadh.

  The agreement follows on from the Syrian Ministry of Energy's signing of a $7bn memorandum of understanding (MoU) in May with a team led by UCC Holding to develop 5GW of power generation capacity – doubling the country’s output – by constructing new gas and solar power plants.

  The agreement covers the development of four combined-cycle gas turbine (CCGT) power plants in Traifawi, Homs, Zayzoun, Deir-Azzour and Mehardeh in Hama with an installed capacity of 4GW, and a 1GW solar power plant in Wedian Al-Rabee in the southern region of Syria.

  The projects will be implemented under build, own, operate (BOO) and build, operate, transfer (BOT) models alongside power purchase agreements. Following final agreements and financial close, completion is expected within three years for the gas plants and two years for the solar plant.

  This aviation package also includes:

  > Middle East invests in giant airports
  > Broader region upgrades its airports
  > Global air travel shifts east

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  Yasir Iqbal
• 
  Region remains top of construction momentum index MEED EDITORIAL

  7 August 2025

  Register for MEED’s 14-day trial access 

  The Middle East and North Africa (Mena) region remains the most active global market according to the latest Construction Project Momentum Index (CPMI) report released by GlobalData.

  The region recorded a CPMI score of 1.01 in June 2025, a 9% increase from May. In May, the score was 0.93, which was a 12% increase from April. This growth reflects ongoing efforts to diversify economies and invest in infrastructure projects across the region.

  The three-month moving average score remained stable, shifting from 0.96 in April to 0.97 in June.

  For projects at the execution stage, the CPMI maintained a strong performance with a score of 1.13, slightly down from 1.21 in May. This score reflects ongoing commitments to completing significant projects, particularly in the energy and utilities sector, which achieved a score of 1.40, up from 1.04 in May. This surge indicates increased investments in renewable energy and infrastructure upgrades.

  Infrastructure challenges

  The industrial sector also showed notable improvement, scoring 1.20, a significant rise from 0.49. However, the infrastructure sector faced challenges, experiencing a significant decline to a score of 0.12 from 0.49 in May, raising concerns about the pace of essential infrastructure projects.

  The commercial and leisure sector saw a downturn, decreasing to a score of 0.73 from 1.25, reflecting the ongoing impact of economic uncertainties. Meanwhile, the institutional sector recorded a score of 0.88, down from 1.35, indicating a slowdown in public sector projects. The residential sector remained relatively stable with a score of 0.90, slightly down from 0.92.

  Other markets

  Australasia also topped the index with a score of 1.01, driven primarily by advancements in the energy and utilities sector, which scored 1.32. The sector's growth is attributed to increased investments in renewable energy projects and infrastructure upgrades, positioning Australasia as a leader in sustainable construction practices.

  North America and China reported scores of 0.97 and 0.88 respectively, reflecting steady progress in their construction sectors. North America’s resilience can be attributed to ongoing infrastructure projects and a recovering economy, while China continues to navigate its post-pandemic recovery with a focus on urban development.

  Sub-Saharan Africa also showed promise with a score of 0.83, indicating a gradual improvement in construction activities, although challenges remain in terms of funding and project execution.

  Sector performance varied widely, with the commercial and leisure sector in Latin America lagging at a score of 0.50, underscoring the region's struggles. Conversely, the residential sector in South Asia performed well, achieving a score of 0.93, driven by increasing demand for housing and urban development.

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• 
  Adnoc Gas registers highest-ever quarterly profit Indrajit Sen

  6 August 2025

  Adnoc Gas has announced a 16% year-on-year growth in net income to $1.4bn in the second quarter of 2025, which is the highest-ever profit the company has achieved in a quarter.

  The company, which is the natural gas processing subsidiary of Abu Dhabi National Oil Company (Adnoc), registered an 8% year-on-year increase to $2.3bn in its earnings before interest, taxes, depreciation and amortisation (Ebitda).

  Adnoc Gas’ board of directors has approved an interim dividend of $1.8bn, up 5% year-on-year, scheduled for distribution in September. The company is the highest dividend payer on the Abu Dhabi Securities Exchange (ADX).

  Strong performance

  “Q2 2025 saw a strong performance across Adnoc Gas’ product portfolio, especially in the local gas market. The company serves local customers under long-term contracts with competitive prices and improved underlying margins,” Adnoc Gas said in a 6 August statement.

  “Adnoc Gas also capitalised on opportunities to sell additional volumes at favourable prices, in the local gas market and in the export market as liquefied natural gas (LNG). The Q2 results show the company’s product portfolio is resilient to oil price volatility.” 

  Following its inclusion in the MSCI Emerging Markets Index in June, Adnoc Gas experienced a net capital inflow of approximately $500m. The company is now on course to join the UK's FTSE Index in September, with market estimates of added inflows of more than $200m.

  Adnoc Gas

  Adnoc Group announced the creation of Adnoc Gas through the merger of its subsidiaries Adnoc Gas Processing and Adnoc LNG in November 2022. Adnoc Gas began operating as a commercial entity on 1 January 2023.

  The consolidation of Adnoc’s gas processing and LNG operations into Adnoc Gas has created one of the world’s largest gas-processing entities, with a processing capacity of about 10 billion standard cubic feet of gas a day across eight onshore and offshore sites, which include its Asab, Bab, Bu Hasa, Habshan and Ruwais plants.

  The company also owns a 3,250-kilometre (km) gas pipeline network to supply feedstock to its customers in the UAE. This sales gas pipeline network is being expanded to over 3,500km through the estimated $3bn Estidama project.

  In February, Adnoc Group completed a marketed offering of approximately 3.1 billion shares in Adnoc Gas, raising $2.8bn from the exercise. The offering represented 4% of the issued and outstanding share capital of Adnoc Gas.

  Following the marketed offering of shares, Adnoc Group continues to hold the majority 86% of shares in Adnoc Gas.

  The parent entity listed 5% of Adnoc Gas’ shares on the ADX in March 2023, in an initial public offering (IPO) from which it raised about $2.5bn.

  Abu Dhabi National Energy Company (Taqa) owns the remaining 5% shares in Adnoc Gas.

  

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  Indrajit Sen
• 
  Australian-Omani team wins copper licence in sultanate Indrajit Sen

  6 August 2025

  A joint venture of Australian exploration company Alara Resources and Oman-based Al-Tamman Trading & Establishment has won a mining licence for the Daris 3A5 prospect, part of the Daris copper-gold project in Oman.

  The licence covers a 650,000-square-metre portion of Block 7, a mineral-rich zone located approximately 150 kilometres west of the capital Muscat.

  The licence has been granted by the sultanate’s Ministry of Energy and Minerals (MEM). Alara and Al-Tamman are equal shareholders in the joint venture, called Daris Resources.

  Alara, in a statement, said that while the licence granted by the MEM allows for future mining activities at the Daris 3A5 site, further exploration work is still required to determine whether the area contains economically-viable resources for exploitation.

  “This announcement does not imply that potentially economic mineralisation has been discovered at Daris 3A5. Further exploration is required to ascertain whether economic mineralisation exists at this prospect,” the Australian Securities Exchange-listed company said.

  Initial exploration work carried out by Alara between 2010 and 2012, which included airborne electromagnetic (VTEM) surveys, ground magnetic surveys and diamond drilling, confirmed high-grade copper mineralisation at the Daris 3A5 prospect.

  Notable drill intercepts included 3.45 metres at 10.28% copper, 17.2 metres at 8.05% copper and 30.75 metres at 4.69% copper. These promising results laid the groundwork for the mining licence application submitted in 2013.

  ALSO READ: Oman’s first copper recycling facility launches in Sohar

  Alara, in its statement, added that the award of the mining licence followed a thorough and lengthy approval process by the MEM, which involved extensive technical assessments and stakeholder consultations.

  Looking ahead, Alara plans a comprehensive development programme over the next 12 months to define the resource and prepare for potential mining operations. This includes conducting new geophysical surveys, further diamond drilling and metallurgical test work to evaluate the recovery potential.

  Should the findings warrant it, the company aims to issue a mineral resource estimate and reserve classification under the JORC Code, alongside detailed mine planning and potential toll treatment agreements with existing copper processing facilities in Oman.

  The licence for the Daris 3A5 prospect is Alara’s second copper mining licence in Oman. The Australian firm operates Block 8 in the sultanate through another joint venture with Oman-based Awtad Copper.

  Separately, Alara is also the majority shareholder in the Al-Hadeetha Resources joint venture, which produces copper concentrates from the Wash-hi Majaza concession in Block 22B in Oman’s North Al-Sharqiyah governorate.

  The Al-Hadeetha joint venture, which won the Wash-hi Majaza concession in June 2018, consisted of Alara owning a 51% stake, with local firms Al-Hadeetha Investment and Al-Tasnim Infrastructure Services holding 30% and 19% stakes respectively. The joint venture became the first local/international consortium to secure a copper mining licence in Oman.

  India-based South West Pinnacle Exploration Limited later joined the Al-Hadeetha Resources joint venture, after securing a mining licence from the MEM for Block 22B in January this year. It holds a 17.5% stake in the joint venture.

  Al-Hadeetha operates a copper concentration plant in the concession, which has a capacity of 1 million tonnes a year and was commissioned in March 2024, with an initial 10-year mine life.

  ALSO READ: Oman and Hong Kong firm launch $200m energy transition fund

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  Indrajit Sen
• 
  German/Indian joint venture starts work on GCC rail Yasir Iqbal

  6 August 2025

  

   

  A joint venture of German consultancy Dornier and India's Balaji Railroad Systems has been awarded a contract to prepare the operational plan for the GCC rail scheme.

  In October last year, MEED exclusively reported that the evaluation of bids was in the final stages.

  The General Secretariat of the Cooperation Council for the Arab States of the Gulf is the authority leading the development of the project. Officials from the secretariat told MEED last year that a deadline of 2030 has been set for the project to be operational.

  The secretariat has also invited consultants to bid for another contract to prepare an asset management data sharing system study for the scheme. The tender was issued on 5 August with a bid submission deadline of 6 October.

  The GCC railway project has continued to make progress since the official announcement by the GCC secretariat in January 2021, which effectively restarted the project. A string of recent moves and statements has meant all six GCC states have either declared or signalled their plans for their sections of the rail network.

  GCC leaders approved the establishment of the GCC Rail Authority in January 2022. The company was entrusted with overall policymaking and coordination among member states to ensure the smooth delivery and operation of the scheme.

  GCC railway line

  According to the overall plan, the railway line will stretch over 2,177 kilometres (km) starting from Kuwait, through Dammam in Saudi Arabia, to Bahrain across a causeway to be constructed between the two countries, and from Dammam to Qatar, Saudi Arabia, the UAE and finally to Muscat through Sohar in Oman.

  The rail length within the member states is 684km in the UAE, 663km in Saudi Arabia, 306km in Oman, 283km in Qatar, 145km in Kuwait and 36km in Bahrain.

  The project has been designed to have a passenger speed of 220 km an hour (km/h) and for freight trains of 80-120km/h.

  With high levels of project activity, governments in spending mode and the agreements under the Al-Ula Declaration, the latest efforts to restart the GCC railway project may make more progress than previous attempts. If the railway is finally completed, it could prove transformational for a region that feels connected to the world but divided between its constituent parts.

  

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  Yasir Iqbal