Westinghouse and Korean firms resolve nuclear dispute
22 January 2025
US-headquartered Westinghouse Electric Company has resolved its long-running intellectual property dispute with Korea Electric Power Corporation (Kepco) and Korea Hydro & Nuclear Power Company (KHNP).
In a statement, Westinghouse said: “This agreement allows both parties to move forward with certainty in the pursuit and deployment of new nuclear reactors. The agreement also sets the stage for future cooperation between the parties to advance new nuclear projects globally.”
“As the world demands more firm baseload power, we look forward to opportunities for cooperation to deploy nuclear power at even greater scale,” said Westinghouse president and CEO Patrick Fragman.
The firm added that it will work with Kepco and KHNP to dismiss all current legal actions. The terms of the settlement have not been disclosed.
The dispute resolution came days after the two countries signed a memorandum of understanding on 9 January, covering exports of nuclear technology. The MoU was signed on the same day that the leaders of South Korea and the Czech Republic reaffirmed their commitment to projects, including the expansion of the Dukovany nuclear power plant.
Uranium trade
In a separate statement, Tim Gitzel, president and CEO of Canada-based uranium trading firm Cameco, lauded the resolution of the dispute, which he expects will facilitate “bringing world-leading reactor technology and related competencies in engineering, construction services, maintenance, fuel supply and training to the global market.
“The demand for nuclear power is undeniable. This agreement strengthens the industry’s ability to provide carbon-free, reliable, dispatchable baseload electricity to help achieve climate, energy and national security objectives,” added Gitzel.
At the Cop28 climate summit in Dubai, more than 30 countries and over 100 companies pledged to triple nuclear capacity by 2050.
IP infringement claims
Westinghouse initiated legal action in the US in 2022 to block Kepco and Korea Hydro from distributing nuclear technology for which it claimed ownership rights without permission.
Westinghouse’s argument was based on the claim that the Korean nuclear reactor model, APR1400, relied on their original design and technology, and that the two South Korean companies should be responsible for any damages resulting from the export of APR1400-modelled nuclear reactors.
In response, KHNP filed countersuits in the US to compel Westinghouse to withdraw the case while simultaneously seeking an out-of-court resolution.
KHNP asserted that they possessed the necessary licences to use the technology, enabling them to export it without Westinghouse’s permission. They argued that they should not be held accountable for royalty payments.
Middle East nuclear projects
Kepco and the UAE’s Emirates Nuclear Energy Corporation (Enec) implemented the $43bn, 5,600MW first phase of the Barakah nuclear power plant in Abu Dhabi.
In August 2022, KHNP won a $2.2bn package to reconstruct the main and auxiliary buildings and structures of the turbine islands for Egypt’s El-Dabaa nuclear power plant.
Kepco and Westinghouse both expressed an interest in developing Saudi Arabia’s first large-scale nuclear power plant in Duwaiheen, although Westinghouse has dropped out of the race, according to sources.
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WEBINAR: GCC water projects market outlook and review
15 September 2025
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Alec set to launch IPO on Dubai Financial Market
15 September 2025
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Kuwait sets October deadline for residential PPP bids
15 September 2025
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Lowest bidders emerge for Oman Sinaw-Duqm road
15 September 2025
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October deadline for Riyadh rail link prequalification
15 September 2025
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WEBINAR: GCC water projects market outlook and review
15 September 2025
Date & Time: Wednesday 24 September 2025 | 11:00 AM GST
Agenda:
1. Latest updates on the GCC water sector projects market
2. Summary of the key water sector contracts and projects awarded year to date
3. Analysis of the key trends, opportunities and challenges facing the sector
4. Highlights of key contracts to be tendered and awarded over the next 18 months
5. Long-term capital expenditure outlays and forecasts
6. Top contractors and clients
7. Breakdown of spending by segment, i.e. desalination, storage, transmission and treatment
8. The evolution of the PPP model framework in the delivery of water projects
9. Key drivers and challenges going forward
Hosted by: Edward James, head of content and analysis at MEED
A well-known and respected thought leader in Mena affairs, Edward James has been with MEED for more than 19 years, working as a researcher, consultant and content director. Today he heads up all content and research produced by the MEED group. His specific areas of expertise are construction, hydrocarbons, power and water, and the petrochemicals market. He is considered one of the world’s foremost experts on the Mena projects market. He is a regular guest commentator on Middle East issues for news channels such as the BBC, CNN and ABC News and is a regular speaker at events in the region.
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Alec set to launch IPO on Dubai Financial Market
15 September 2025
UAE-based Alec Holdings has announced that it will list 20% of its share capital on the Dubai Financial Market through an initial public offering (IPO).
According to an official statement, the firm will offer 1 billion shares, representing 20% of its share capital. The subscription will be offered in three tranches and will open on 23 September and close on 30 September.
The first tranche comprises individual subscribers, the second includes professional investors, and the third tranche is reserved for eligible employees of Alec and the Investment Corporation of Dubai (ICD).
ICD, the investment arm of the Government of Dubai, is currently the sole shareholder of Alec. It will retain 80% of Alec’s issued share capital following the offering.
Emirates NBD Capital and JP Morgan Securities have been appointed as joint global coordinators. Both firms, along with Abu Dhabi Commercial Bank and EFG Hermes, have been appointed as joint bookrunners.
Moelis & Company is the independent financial adviser.
Emirates NBD has been appointed as the lead receiving bank.
Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Al-Maryah Community Bank, Commercial Bank of Dubai, Dubai Islamic Bank, Emirates Islamic Bank, First Abu Dhabi Bank, Mashreq Bank and Wio Bank have also been appointed as receiving banks.
“Alec intends to distribute a cash dividend of AED200m, payable in April 2026, and a cash dividend of AED500m for the financial year ending 31 December 2026, payable in October 2026 and April 2027,” the statement added.
“The company further intends to distribute cash dividends in April and October of each year, with a minimum payout ratio of 50% of the net profit generated for the relevant financial period, subject to the approval of the board of directors and the availability of distributable reserves,” Alec said.
Alec Holdings’ core businesses include Alec Construction and Target Engineering.
Other businesses include Alec Fitout, Alemco, Alec Data Centre Solutions, Alec Technologies, Alec Lite, Alec Facades, Linq Modular, Alec Energy and AJI Rentals.
READ THE SEPTEMBER 2025 MEED BUSINESS REVIEW – click here to view PDF
Doha’s Olympic bid; Kuwait’s progress on crucial reforms reinforces sentiment; Downstream petrochemicals investments take centre stage
Distributed to senior decision-makers in the region and around the world, the September 2025 edition of MEED Business Review includes:
> OLYMPICS: Qatar banks on infrastructure for Olympic bid> QATAR TOURISM: Olympics bid aims to extend tourism gains> CURRENT AFFAIRS: Syria charts post-war reconstruction course> INDUSTRY REPORT: Regional chemicals spending set to soar> DOWNSTREAM: Adnoc set to become a chemicals major> SAUDI STADIUMS: Stadiums become main event for Saudi construction> CONSTRUCTION: Middle East to be a growth leader for global construction> LEADERSHIP: Dubai’s sea-air logistics model powers resilient trade> KUWAIT MARKET FOCUS: Kuwait’s political hiatus brings opportunityTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/14667572/main.jpg -
Kuwait sets October deadline for residential PPP bids
15 September 2025
Kuwait’s Public Authority for Housing Welfare (PAHW) has invited local and international firms to submit their statements of qualifications (SoQs) by 30 October for a tender covering the development of three residential cities under a public-private partnership (PPP) framework.
The projects will be developed on a design, finance, build, operate, maintain, sell and transfer basis. The contract term is 30 years, with four years allocated for construction.
The projects include:
- Al-Mutlaa City (2.12 million square metres)
- East Saad Al-Abdullah City (1.02 million sq m)
- West Saad Al-Abdullah and the commercial services strip in Jaber Al-Ahmad City (1.01 million sq m)
Interested companies can collect the request for qualification (RFQ) documents between 18 September and 1 October.
To qualify, firms must have at least 10 years of experience in delivering large-scale residential or mixed-use developments.
These projects will be the first to be implemented under Kuwait’s new real estate development law, introduced in 2023. The law opens Kuwait's housing sector to private investment and enables the establishment of joint ventures between local and foreign investors to deliver new developments on a PPP basis.
Kuwait construction market overview
Kuwait’s construction and infrastructure projects market continued its recovery in the first half of 2025, with over $1.8bn-worth of contracts awarded by 8 August.
The outlook for the remainder of the year appears promising, following the government’s approval of capital spending worth KD1.7bn ($5.7bn) in May for more than 90 projects.
According to local media, these projects include rail, road, water and electricity infrastructure, as well as the Grand Mubarak Port.
The country invested over $45bn in construction and transport projects during 2015 and 2016, amid high oil prices. However, parliamentary gridlock and declining oil revenues since then led to a slowdown in contract awards.
The sector has seen particularly low award levels since 2019, when the total fell below $2bn for the first time. Awards increased modestly in 2020 and 2021, but then dropped again to a low of $1.4bn in 2022.
In contrast, 2023 marked a significant recovery, with awards reaching $3.6bn.
According to data from regional tracker MEED Projects, 2024 was the best year in recent times, with contract awards totalling approximately $5.6bn for construction and infrastructure schemes.
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Lowest bidders emerge for Oman Sinaw-Duqm road
15 September 2025
Oman’s Ministry of Transport, Communications and Information Technology has opened bids for two contracts covering the upgrade of sections three and four of the Sinaw-Mahout-Duqm road.
According to results published by the Oman Tender Board, local firm Galfar Engineering & Contracting submitted the lowest bid of RO51m ($215.6m) for section three of the project.
The other bidders are:
- Strabag ($206m)
- Sarooj Construction ($244.3m)
- Rimal Global Group ($285.6m)
- Oman Gulf Company (undisclosed)
The third section spans 83 kilometres (km) and extends from the Al-Jouba roundabout in the Wilayat of Mahout towards Duqm. It consists of a single carriageway with two lanes, each lane measuring 3.75 metres in width.
For the fourth section, the Austrian firm Strabag submitted the lowest bid of RO79m ($206m).
The other bidders for this section include:
- Galfar Engineering & Contracting ($215.6m)
- Sarooj Construction ($244.3m)
- Rimal Global Group ($285.6m)
- Oman Gulf Company (undisclosed)
This section of the project spans about 49km, stretching from Sarab to the boundaries of the Special Economic Zone at Duqm near Nafun.
This project will serve as a key piece of infrastructure linking North Al-Sharqiyah to the Special Economic Zone at Duqm.
UK analytics firm GlobalData expects the Omani construction industry to register an annual average growth rate of 4.2% from 2025 to 2028, supported by investments as part of the Oman Vision 2040 strategy. Under this strategy, the government plans to allocate RO20bn ($52bn) to the tourism sector and aims to attract 11 million visitors annually by 2040.
The infrastructure construction sector was estimated to grow by 6.1% in 2024 and is projected to record an annual average growth rate of 5.4% from 2025 to 2028. Growth will be driven by Muscat’s efforts to upgrade the road, railway and airport infrastructure to improve connectivity across the sultanate.
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October deadline for Riyadh rail link prequalification
15 September 2025
Saudi Arabia Railways (SAR) has allowed contractors until 12 October to prequalify for a contract covering the construction of a new railway line, known as the Riyadh rail link, which will run from the north to the south of Riyadh.
The scope of work includes the construction of a 35-kilometre-long double-track railway line, connecting SAR's North-South Railway with the Eastern Railway network.
The contract also includes the procurement, construction and installation of associated infrastructure, including viaducts, civil works, utility installations, signalling systems and other associated works.
Last week, MEED reported that SAR had invited consultants to prequalify by 28 September for a contract covering design review and construction supervision for the Riyadh rail link project.
The project is expected to become a key component of the Saudi Landbridge railway.
The Saudi Landbridge is an estimated $7bn project comprising more than 1,500km of new track. Its core component is a 900km new railway between Riyadh and Jeddah, which will provide direct freight access to the capital from King Abdullah Port on the Red Sea.
Other key sections include upgrades to the existing Riyadh-Dammam line and a link between King Abdullah Port and Yanbu.
The start of the tendering activity for the Riyadh rail link project makes the construction of the Saudi Landbridge project even more likely.
The project is one of the kingdom’s most anticipated infrastructure programmes. Plans to develop it were first announced in 2004, but the project was put on hold in 2010 before being revived a year later.
Key stumbling blocks were rights-of-way issues, route alignment and its high cost.
In December 2023, MEED reported that a team of US-based Hill International, Italy’s Italferr and Spain’s Sener had been awarded the contract to provide project management services for the programme.
If it proceeds, the Landbridge will be one of the largest railway projects ever undertaken in the Middle East – and among the biggest globally.
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