ADQ and Eni aim for cooperation on critical minerals
25 February 2025
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Abu Dhabi’s industrial holding company ADQ has signed a memorandum of understanding (MoU) with Italian energy major Eni to identify potential areas of cooperation to strengthen supply chains for critical minerals that are essential to facilitating the energy transition.
The collaboration will prioritise potential investments in regions such as Africa, North America and Central Asia, where both companies will pursue opportunities and explore synergies across the entire critical and strategic minerals value chain, from mining to refining, processing and downstream applications.
In addition, the MoU will assess the feasibility of establishing refining and processing facilities in the UAE and Italy, as well as in other strategic hubs.
The International Energy Agency projects that the consumption of critical minerals could increase six-fold by 2050. This surge in demand is driven by the growing adoption of clean energy technologies, including electric vehicles, wind turbines, solar panels and energy storage systems, all of which rely on minerals such as lithium, cobalt, nickel and rare earth elements for their production.
Prior to signing this MoU with Eni, ADQ formed a joint venture in January with US-based Orion Resource Partners to invest in the metals and mining sector.
The 50:50 joint venture, called Orion Abu Dhabi, will be based in the Abu Dhabi Global Market and will focus on strategic investments in mining companies in emerging markets in Africa, Asia and Latin America.
With an initial capital commitment of $1.2bn over the first four years, Orion Abu Dhabi aims to enhance supply chain security by sourcing essential minerals such as copper and high-grade iron ore. The joint venture will use various investment instruments, including equity, senior debt and production-linked instruments such as royalties and offtakes.
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Trump unleashes tech opportunities; Doha achieves diplomatic prowess and economic resilience; GCC water developers eye uptick in award activity in 2025.
Published on 1 February 2025 and distributed to senior decision-makers in the region and around the world, the February MEED Business Review includes:
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> AGENDA 1: Trump 2.0 targets technology
> AGENDA 2: Trump’s new trial in the Middle East
> AGENDA 3: Unlocking AI’s carbon conundrum
> GAZA: Gaza ceasefire goes into effect
> LEBANON: New Lebanese PM raises political hopes
> WATER DEVELOPERS: Acwa Power improves lead as IWP contract awards slow
> WATER & WASTEWATER: Water projects require innovation
> INTERVIEW: Omran’s tourism strategies help deliver Oman 2040
> PROJECTS RECORD: 2024 breaks all project records
> REAL ESTATE: Ras Al-Khaimah’s robust real estate boom continues
> QATAR: Doha works to reclaim spotlight
> GULF PROJECTS INDEX: Gulf projects market enters 2025 in state of growth
> CONTRACT AWARDS: Monthly haul cements record-breaking total for 2024
> ECONOMIC DATA: Data drives regional projects
> OPINION: Between the extremes as spring approaches
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Dubai seeks consultants for drainage projects6 February 2026
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Modon tenders Ras El-Hekma construction contracts6 February 2026
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Egypt contractor secures €58m loan for Hungary power plant6 February 2026
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AD Ports signs Jordan Aqaba port PPP deal6 February 2026
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Chinese firm wins Ceer automotive supplier park deal6 February 2026
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Dubai Municipality has invited consultants to qualify for a contract to supervise three stormwater drainage projects under the $8bn Tasreef programme.
The contract, titled TF-15-S1 Supervision of Stormwater Drainage System projects – Package 2, will be awarded as a single package with dedicated teams assigned to each project.
The request for qualifications (RFQs) was issued by the municipality’s Sewerage and Recycled Water Projects Department (SRPD).
The bid submission deadline is 26 February.
The first scheme under the package is TF-16-C1, which involves upgrading and rehabilitating the stormwater system east of the Dubai Canal.
The second, TF-15-C2, will deliver stormwater links along Umm Suqeim Road to serve the Al-Barsha and Al-Quoz communities.
The third project, TF-13-C1, focuses on developing a drainage system for the Al-Marmum area.
Several engineering, procurement and construction (EPC) contracts have been awarded under the Tasreef initiative, which aims to expand Dubai’s rainwater drainage capacity by 700% by 2033
In January, local firm DeTech Contracting won the main contract to construct a stormwater drainage system in Jebel Ali.
The project, listed under TF-05-C1, covers approximately 27 kilometres of stormwater network and will serve major transport routes, including Sheikh Zayed Road and Al-Jamayel Road.
Separately, Dubai Municipality has opened bidding for EPC contracts to expand and rehabilitate the emirate’s sewerage networks.
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Modon tenders Ras El-Hekma construction contracts
6 February 2026
Abu Dhabi-based developer Modon Holding has tendered several contracts as part of the first phase of development at Ras El-Hekma, a planned new city on Egypt’s Mediterranean coast.
MEED understands that the tenders were issued in January.
These include:
DP3 assets: covering 146 residential villas, 590 three-bedroom townhouses, 356 four-bedroom townhouses, a mall and other associated works.
Bids due on 23 February.
DP4 assets: DP4 includes 54 villas, a clubhouse and other associated infrastructure.
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DP5 assets: The scope covers the construction of two hotels, branded residences, a retail facility and other associated works.
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DP6 assets: This package covers a 200-key Montage hotel, 96-unit Montage-branded residences and related infrastructure.
Bids due on 17 March.
DP7 assets: 120 five-bedroom villas, 230 seven-bedroom villas, 284 branded residential units and other infrastructural works.
Bids due on 3 March.
MEED understands that the contract duration for all these packages is 21 months from the start of construction.
Modon has accelerated development works at Ras El-Hekma this year. In January, MEED reported that Modon Holding had awarded a E£15bn ($316m) contract for the construction of a project at Ras El-Hekma.
The contract was awarded to the local firm Orascom Construction.
The scope of the contract covers the construction of residential units, commercial facilities and a 70-key hotel.
In September, MEED reported that Modon Holding had tendered contracts for the infrastructure works for the first phase of the Ras El-Hekma project.
As part of the first phase, Modon plans to develop more than 50 million square metres (sq m), including hotels and a marina.
Ras El-Hekma is on a spur of land on Egypt’s northern Mediterranean coastline, about 240 kilometres west of Alexandria.
Last year, Abu Dhabi-based holding company ADQ appointed Modon Holding as the master developer for the Ras El-Hekma project.
According to an official statement, Modon will act as the master developer for the entire development, which will cover more than 170 million sq m.
Modon Holding will develop the first phase of the project, which will cover 50 million sq m.
The remaining 120 million sq m will be developed in partnership with private developers under the supervision of the recently established ADQ subsidiary Ras El-Hekma Urban Development Project Company and Modon Holding.
In September 2024, Modon signed several memorandums of understanding (MoUs) with local and international firms to join the development. It signed a framework agreement with Orascom Construction to serve as the primary contractor for the project’s first phase.
Ras El-Hekma is planned as a combined business and leisure destination, with hotels, leisure facilities, a free zone, a financial district and residential components.
The master development has been billed as capable of attracting over $150bn in investment.
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Egypt contractor secures €58m loan for Hungary power plant
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Commercial International Bank Egypt (CIB) has provided €58m in credit facilities to local firm Elsewedy Electric for the construction of a combined-cycle gas turbine (CCGT) power plant in Hungary.
Located in Visonta, the plant will be the largest combined-cycle facility built in Hungary in decades and the country’s first power plant capable of using hydrogen.
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It was awarded by MVM Matra Energia, a subsidiary of Hungary’s state-owned power holding company Magya Villamos Muvek (MVM).
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Total investment in the scheme is estimated at about €700m, with CIB acting as the sole financier for Elsewedy Electric’s portion of the project.
Construction officially began last September, with commercial operations scheduled for 2028.
The scheme also represents Elsewedy Electric’s first major investment in Europe, adding to other foreign investment interests.
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AD Ports signs Jordan Aqaba port PPP deal
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Abu Dhabi’s AD Ports Group has signed an agreement with Jordan’s Aqaba Development Corporation (ADC) to manage and operate the Aqaba multipurpose port.
AD Ports will manage and operate the port under a 30-year concession agreement.
Under the agreement, AD Ports and ADC will establish a joint venture to oversee port operations.
AD Ports will hold a 70% stake in the joint venture, with the remaining 30% held by ADC.
AD Ports Group will also invest AED141m ($38.4m) in the joint venture.
The signing ceremony was held at the Aqaba Special Economic Zone Authority headquarters in Aqaba on 5 February.
The agreement was signed by Hussein Safadi, CEO of ADC, and Ahmed Al-Mutawa, regional CEO of AD Ports Group.
Aqaba port handles about 80% of Jordan’s exports and 65% of its imports.
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In 2025, the terminal handled over 5.3 million tonnes of cargo and nearly 85,000 car equivalent units of Ro-Ro imports.
Abu Dhabi has been deeply involved in making investments in Jordan’s infrastructure sector. In February last year, AD Ports Group signed an agreement to manage and operate the Al-Madouneh customs centre in Amman, as MEED reported.
The Al-Madouneh customs centre covers about 1.3 million square metres (sq m) and was inaugurated in June last year.
The announcement followed AD Ports Group’s signing of a shareholders’ agreement in January 2024 between its digital arm, Maqta Gateway, and Jordan’s Aqaba Development Corporation regarding their existing joint-venture company, Maqta Ayla.
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AD Ports Group operates the Aqaba cruise terminal, and selected Dubai-based real estate developer Mag Group to lead the first phase of the Marsa Zayed mixed-use project.
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Chinese firm wins Ceer automotive supplier park deal
6 February 2026
Beijing-headquartered Metallurgical Construction Corporation (MCC) has won a contract to undertake the steel structure works on the Ceer automotive supplier park in King Abdullah Economic City (KAEC).
The supplier park is located next to Ceer’s electric vehicle (EV) production facility in KAEC.
The automotive supplier park will include production and ancillary facilities for various suppliers and provide the material supply infrastructure for Ceer’s EV plant.
The facilities include:
- Cold stamping, body-in-white assembly and stamping facility – Shin Young (South Korea)
- Hot stamping, sub-frames and axles subsystem supply facility – Benteler Group (Austria)
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- Seat supplier – Lear Corporation (US)
Earlier this week, MEED exclusively reported that Ceer had awarded a contract to build the automotive supplier park to Jeddah-based construction firm Modern Building Leaders (MBL).
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Ceer retendered the project in September last year.
The latest contract award is another significant contract win for MCC in Saudi Arabia. In January, MEED reported that MCC had won a contract to undertake the steel structure works on Mohammed Bin Salman Stadium at the Qiddiya City project on the outskirts of Riyadh.
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