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Investing in Saudi Arabia’s infrastructure opportunities

2 April 2025

 

With a background in private banking and asset management, Edmond de Rothschild is an established player in infrastructure investment. Since launching its infrastructure platform in 2014, the firm has raised over $6.5bn, ranking among Europe’s top infrastructure debt investors.

The bank prides itself on a conviction-led approach. “We at Edmond de Rothschild are a company that has convictions. Private markets are not a broad, generalist approach for us; we adopt a highly focused strategy, particularly in infrastructure,” says Jean-Francis Dusch, CEO of Edmond de Rothschild Asset Management UK and global head of infrastructure and structured finance.

This strategic approach has allowed Edmond de Rothschild to establish itself as a key player in infrastructure finance, growing from a small team of fewer than 10 people in 2014 to one that has now raised billions in capital. “We decided to focus first on real estate, then private equity with very specific strategies, and finally infrastructure, where we maintain a global approach,” says Dusch.

Edmond de Rothschild initially engaged in advisory services for governments and private consortiums, providing expertise in project implementation. The firm’s work in the public-private partnership (PPP) space led to the development of a dedicated infrastructure lending platform. “In less than 10 months from the initial idea being discussed, we raised $400m. Fast forward to today, and we have now raised more than $6.5bn, positioning us as a major player in infrastructure debt,” says Dusch.

Saudi infrastructure

Saudi Arabia’s Vision 2030 has set the stage for significant infrastructure development, and Edmond de Rothschild is positioning itself to play a crucial role. “Saudi Arabia is already the largest infrastructure market in the region, and we see significant opportunities to contribute,” says Dusch.

A major part of Edmond de Rothschild’s approach focuses on debt financing rather than equity. “The platform I represent is dedicated to debt. There has been a lot of equity investment from the kingdom and the strong regional banks, as well as large global banks. However, as infrastructure investment accelerates, we anticipate a liquidity gap that we can help bridge,” says Dusch.

This is particularly relevant given Saudi Arabia’s ambitious infrastructure programmes. “With Vision 2030 driving development, the need for private liquidity will increase. Our goal is to provide that liquidity in a structured way, supporting sustainable capital structures while ensuring robust returns for investors,” he says.

To reinforce its commitment, Edmond de Rothschild has established a local joint venture in Saudi Arabia.

The firm takes a diversified approach to infrastructure, ensuring it remains at the forefront of evolving sector trends. “Ten years ago, infrastructure was primarily about transport and social infrastructure,” says Dusch. “But we have always believed it also includes renewable energy, digital infrastructure and decarbonisation efforts.” 

The shift toward digital infrastructure has been particularly notable. “The rise of AI and data-driven technologies has increased demand for digital infrastructure. Sustainable data centres, fibre optics and digital connectivity are becoming key pillars of modern infrastructure investment,” says Dusch.

Edmond de Rothschild’s portfolio comprises a mix of greenfield and brownfield infrastructure projects. “As a project financier, our natural inclination is to focus on new projects. However, when managing
investor capital, we also look at brownfield projects that require modernisation. About 30% of our portfolio is greenfield, and 70% is brownfield,” says Dusch.

This focus aligns with the evolving nature of infrastructure investment. “Assets need to be modernised,
especially in energy transition and digitalisation,” he says. “Many brownfield projects are still in a growth phase, so while they are technically existing assets, they require significant new investment.”

Broader region

While Saudi Arabia is the focus, Edmond de Rothschild is also eyeing broader regional expansion. “Our goal is to develop a multibillion-dollar infrastructure programme in the region, as we did in Europe. The first step is Saudi Arabia, where we have strong local partners. However, we aim to expand our coverage to other GCC countries over time,” says Dusch.

We don’t need to do everything – we focus on areas where we can add real value

This approach mirrors the firm’s European expansion strategy. “In Europe, we started with a focused mandate in core markets and gradually expanded,” he says. “We plan to follow a similar trajectory in the Middle East, leveraging our experience and track record to drive growth.”

One of the critical questions for international investors is whether Saudi projects are investment-ready. “It’s a mix,” he acknowledges. “Like in Europe, large programmes are announced, and while not every project is immediately ready, there is a concrete pipeline of opportunities.”

Edmond de Rothschild sees particular potential in small to mid-sized projects. “The debt instruments we offer are currently more suited to small and medium-sized projects rather than megaprojects. However, as the market evolves, we anticipate broader participation,” he says.

Saudi Arabia’s infrastructure financing model is also undergoing a shift. “Previously, infrastructure was largely government-led with a first-generation PPP approach. Now, we are seeing more private sector initiatives. Europe has largely transitioned to private infrastructure development, and Saudi Arabia is following a similar path,” says Dusch.

Long-term commitment

With infrastructure demand growing across sectors, Edmond de Rothschild will remain selective with its strategy. “We don’t need to do everything – we focus on areas where we can add real value. That is what has made us successful, and that’s the approach we will continue in Saudi Arabia and beyond.” 

MEED’s April 2025 report on Saudi Arabia includes:

> UPSTREAM: Saudi oil and gas spending to surpass 2024 level
> DOWNSTREAM: Aramco’s recalibrated chemical goals reflect realism
> POWER: Saudi power sector enters busiest year
> WATER: Saudi water contracts set another annual record
> CONSTRUCTION: Reprioritisation underpins Saudi construction
> TRANSPORT: Riyadh pushes ahead with infrastructure development
> BANKING: Saudi banks work to keep pace with credit expansion

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Colin Foreman

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  • Region’s hotel projects pipeline balloons

    4 April 2025

     

    This package also includes: Beaches and luxury drive regional tourism

    Despite a somewhat lackluster 2024 performance in the region for hospitality-linked project award activity, Middle East and North Africa (Mena) contractors are eyeing more than $60bn in projects in design and bid that are set to proceed to market in the near future.

    Last year, project awards in the Mena region’s hospitality-linked construction segment declined slightly to $6.2bn, falling below the contract award values in both 2022 and 2023, while remaining above that of the three preceding years and the average for the past five years.

    Also positively, the awards value for 2024 was commensurate with the value of projects in the bidding phase this time last year, when $1.3bn-worth of projects had been awarded and $5.2bn-worth of projects were in the bidding phase. This indicates that projects in the segment are delivering and not stalling.

    Top projects

    Saudi Arabia dominated the overall project activity in the segment with a total contract award value of $4.4bn. This was followed by the UAE at $1bn and a handful of other countries with a combined $700m in value – making for a significantly skewed project activity landscape.

    The largest single project to be awarded was the $762m Keturah Creekside Resort, a Ritz-Carlton Residences scheme in Dubai that is being developed by the local Mag Property Development. The main contract was awarded to Cecep Techand Middle East, a Dubai-based contracting subsidiary of a Chinese state-owned enterprise that is generally better known for its involvement in utility projects.

    The next largest award was for the $508m Six Senses Falcon’s Nest Hotel in the Wadi Safar area of Saudi Arabia’s Diriyah gigaproject. This contract was awarded by Diriyah Company to a joint venture (JV) of Qatar’s UCC Holding and local construction group Al-Bawani. 

    Diriyah Company also let the contracts for four other hotels at Wadi Safar – Aman, Chedi, Faena and Oberoi-branded properties worth a combined $826m – to the same JV. 

    Three further Diriyah projects worth a combined $519m were awarded for the building of a Capella hotel, a Raffles hotel and a Ritz-Carlton Residences to a variety of other contractors.

    Significant gigaproject-linked contract awards were also made on the Amaala development within Red Sea Global’s project portfolio, and for a hotel complex at Qiddiya, the Riyadh-adjacent entertainment city. 

    The largest contract awarded in a third country was a $125m Avani-Tivoli hotel and residences project in Bahrain let to local contractor Cebarco by Bahrain Real Estate Investment Company (Edamah) as part of the Bilaj Al-Jazayer development.

    Project pipeline

    Looking ahead in 2025, there are $8.6bn-worth of projects in the bidding phase, with $3.9bn at the prequalification stage, $2.2bn in bid submission and $2.5bn in bid evaluation. If all of this value is awarded as expected, alongside the $410m in awards so far this year, then 2025 could turn out to be the best year for hotel project activity since 2015.

    There is also a much larger groundswell of projects in the design phase. This time last year, the value of projects in design was $15bn, but that value has swollen by 270% to $56bn in the past 12 months, led by Egypt’s launch of South Med, a 2,300-hectare tourism masterplan valued at $21bn. 

    Launched by Talaat Moustafa Group, the South Med project is situated 165 kilometres (km) to the west of Alexandria on Egypt’s northern Mediterranean coastline and 60km east of Ras El-Hekma, an area earmarked for development by Abu Dhabi following a $24bn deal for the land rights.

    Between the two masterplans, Egypt’s northern coast promises to generate a significant amount of construction work in the years to come, and developments in the area are also accelerating as the stretch of coastline grows in significance as a source of interest for investors. Local developer Sodic, which in 2021 become a subsidiary of UAE developer Aldar, launched its own plans in September to deliver a $500m Nobu hotel and residences complex just east of the Ras El-Hekma area.

    In Saudi Arabia, which accounts for $41.6bn or 50% of the hospitality project pipeline in the Mena region – including $24.4bn-worth of projects in design – the pending work is led in value terms by the $7bn in-design second phase of the Red Sea Project. There are also four packages of work worth a combined $3bn in design for the towers and podiums of the Mukaab project – the cubic centrepiece of the New Murabba development in Riyadh. Meanwhile, a further $3.8bn of projects are in design or bid – split $1.8bn and $2bn, respectively – at the Rua Al-Madinah development.

    The next-largest areas of pending hospitality projects in the region are in the UAE and Oman. The UAE’s pipeline is led by Emaar’s $1.5bn Dubai Creek Harbour Tower and a $1.3bn JW Marriott Resort & Residences planned by private developer Wow Resorts for Al-Marjan Island in Ras Al-Khaimah. In Oman, the projects are led by the $500m third phase of the tourism ministry’s Yenkit Hills development and a $500m Trump resort being developed by Omran, the UAE’s Dar Al-Arkan and the US’ Trump Organisation.

    If even a small fraction of the $56bn of hospitality-linked projects in the design phase in the region proceeds to execution in 2025, it could swell the awards total to record levels. After a somewhat sluggish performance in Q1, awards activity could pick up markedly from Q2 onwards, given the $2.5bn in projects that are already in bid evaluation and are set for imminent award.

    Beaches and luxury drive regional tourism

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    John Bambridge
  • Beaches and luxury drive regional tourism

    4 April 2025

     

    This package also includes: Region’s hotel projects pipeline balloons

    In November last year, Saudi gigaproject developer Red Sea Global opened the Shebara resort. The resort’s futuristic architecture – with metallic orbs seemingly floating above the Red Sea – is indicative of the kingdom’s efforts to transform its tourism sector to attract international leisure visitors with sandy beaches and year-round sunshine to supplement its religious tourism offerings.

    While the room rates may mean visiting the resort is just an aspiration for many, its impact has been wide-ranging as social media posts by influencers visiting the resort highlight what Saudi Arabia now offers as a tourist destination.

    Diversifying its offering is a key part of Saudi Arabia’s tourism strategy, which aims to attract 70 million international visitors by 2030. 

    In January, Saudi Arabia’s tourism minister reported that the kingdom had welcomed a record 30 million international visitors in 2024. This figure marks a significant rise from 2019, when Saudi Arabia opened its doors to international tourism, attracting just over 17.5 million visitors.

    Despite the progress, the growth rate in 2024 was 9.4%, which is slower than previous years. In 2023, arrivals jumped by 65% to reach 27.4 million. To achieve its target of 70 million visitors by 2030, Saudi Arabia must achieve an average annual increase of about 6.6 million visitors, equating to a growth rate of nearly 15% a year.

    The opening of Shebara and other beach resorts will be vital to achieving this target.

    Diversifying its offering is a key part of Saudi Arabia’s tourism strategy, which aims to attract 70 million international visitors by 2030

    Beach resorts

    While the GCC’s coastal regions and islands have been developed for tourism for decades, they are increasingly becoming magnets for travellers. According to GlobalData’s Q2 2024 survey, 54% of respondents globally prefer sun and beach holidays, a trend that the GCC is well-positioned to capitalise on.

    Saudi Arabia is tapping into this demand with development projects on the country’s west coast, including the Red Sea Project, Amaala and several schemes within the Neom masterplan. 

    On the other side of the Arabian Peninsula, the UAE – particularly Dubai and Abu Dhabi – has long been a favourite for beachgoers, boasting luxurious beachfront resorts. These destinations are not only about relaxation, but also offer adventure activities, from water sports to desert safaris, enhancing their appeal to a broad spectrum of tourists.

    These beachfront offerings have helped the UAE’s tourism sector recover from the lockdowns during the Covid-19 pandemic. Dubai welcomed 18.7 million international overnight visitors in January to December 2024, a 9% year-on-year increase that surpassed the previous record of 17.2 million in 2023, according to data from the Dubai Department of Economy & Tourism.

    Room capacity is being added to cater to the growing numbers of tourists. According to property consultancy Cavendish Maxwell, Dubai’s hotel inventory will grow by 3.1% in 2025, with 3.4% growth predicted for 2026. By the end of 2027, Dubai is set to have more than 162,600 rooms across 769 hotels.

    High-end offering

    Luxury tourism is another pillar of growth for the GCC’s tourism sector. The UAE and Qatar have already established themselves as luxury destinations, attracting high-net-worth individuals and affluent travellers. Dubai’s high-end hotels and shopping malls are just some of the well-developed luxury tourism experiences on offer in Dubai.

    In 2024, almost 70% of room supply in Dubai was in the high-end category, according to Cavendish Maxwell, while for upcoming supply in 2025, nearly 70% will be in the high-end or upper-upscale segment.

    Similarly, the Pearl-Qatar destination and the award-winning experiences offered by Qatar Airways have positioned Doha as a luxury hotspot.

    Saudi Arabia is also making strides in this sector. In addition to developments like Shebara offering luxury experiences, there are high-end tourism projects being developed across the kingdom. Most recently, gigaproject developer Diriyah Company announced the Luxury 1, a 325-key hotel, which will be the brand’s first property in the Middle East. It will be part of a media and innovation district within the Diriyah project on the outskirts of Riyadh.

    Diriyah Company is also building residential projects that will be operated by luxury hotel brands. These include Armani, Baccarat, Corinthia, Raffles and Ritz-Carlton branded residences.

    Traditional strength

    While beaches and luxury are creating new opportunities, religious tourism remains the cornerstone of Saudi Arabia’s tourism strategy, driven by the millions of Muslims that visit Mecca and Medina for Hajj and Umrah. 

    A recent legal change allowing foreign ownership of land-owning companies in these cities marks a significant shift in Saudi Arabia’s approach to attracting foreign investment. This move is part of a broader strategy to bolster the economy and enhance the appeal of the Saudi financial market.

    The Saudi government’s Vision 2030 aims to increase tourism to 150 million visits annually by 2030, with religious tourism playing a crucial role. The kingdom is investing in infrastructure to accommodate the growing number of pilgrims, with the expansion of airports, hotels and transportation networks under way.

    The introduction of electronic and tourist visas has also made it easier for pilgrims to combine their religious journeys with other tourism experiences, broadening the scope of religious tourism to include cultural and heritage tourism.

    The GCC’s tourism sector is poised for significant growth, driven by the dual pillars of beach and luxury tourism, and complemented by religious tourism. The region’s investments in resorts and supporting infrastructure, coupled with its natural and cultural attractions, position it as one of the world’s most exciting tourism destinations.

    Region’s hotel projects pipeline balloons

    Main image: High-end beachfront resorts such as Red Sea Global’s Shebara will be vital in achieving Saudi Arabia’s tourism targets. Credit: Red Sea Global – Shebara

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    Colin Foreman
  • Muted public spending hinders global tunnelling

    4 April 2025

     

    This package also includes: Traffic drives construction underground

    The pipeline of tunnel construction projects around the world as tracked by GlobalData stands at $1.3tn, encompassing projects from announcement to execution.

    The total pipeline value reflects the overall values of projects that are either entirely tunnels or that have tunnels as an integral part of the work. The project pipeline includes tunnelling works across a range of sectors, including road and railway development, as well as water and sewerage.

    The pipeline of tunnel construction projects around the world currently stands at $1.3tn

    Subdued spending

    Public spending is anticipated to remain muted globally in the short term, as governments are still trying to curtail expenditure to reduce public debt, thereby constraining investments in public infrastructure. This is affecting the demand for tunnel construction, which heavily relies on public infrastructure development. Elevated construction material prices, high interest rates and labour and skill shortages are expected to discourage new investment, further reducing demand for tunnel construction.

    These challenges have already impacted project viability, leading to the withdrawal or postponement of funding for 50 projects in Australia’s $78.6bn infrastructure investment programme due to cost increases of over $21bn. The conflicts in Russia and Ukraine, the situation in Gaza and disruptions to shipping in the Red Sea are weighing on new investment levels, particularly in Eastern Europe and the Middle East and North Africa region due to increased uncertainty.

    However, this decrease in new tunnel investment is not expected to be uniform globally, as China’s significant infrastructure investment drive, the US’ Infrastructure and Jobs Act and India’s various infrastructure investment programmes are driving new investment in their respective regions.

    > Middle East and North Africa (Mena)
    The Mena region has a tunnel construction pipeline valued at $128.6bn. The UAE is one of the leading markets, with $25.4bn of projects that are mainly for metro systems and water and sewage tunnels. Across the region, economic factors like high debt and lower oil revenues may hinder the progress of these projects in the future.
    > Western Europe

    Western Europe has a tunnel construction project pipeline valued at $329.5bn, with Switzerland leading with $60.6bn of projects, follwed by Germany with $56.8bn. Notable projects include the Turin-Lyon tunnel and the Genoa underwater tunnel. Projects in pre-execution and execution stages total $222.8bn, with the highest-value project being Zurich’s $38.8bn CST (underground cargo) Freight Metro Tunnel.

    > Northeast Asia

    Northeast Asia’s tunnel construction pipeline is valued at $327.7bn, with China contributing $220.3bn, including the $42.4bn Dalian-Yantai undersea railway tunnel. Japan has projects worth $101.3bn, primarily the $65.2bn Tokyo to Nagoya Maglev Railway Line. Most projects are in later development stages, totalling $198.3bn, or 69.8% of the pipeline.

    > Australasia

    Australasia’s tunnel construction pipeline totals $150.1bn, with Australia holding $112.9bn, about 75% of the region’s value. The largest project is the $87bn Melbourne Suburban Rail Loop, a 90km rail loop with 13 stations. Construction on six stations began in 2022, with the entire project expected to finish by 2050, though rising costs and labour shortages may affect this.

    > North America

    North America’s tunnel projects are valued at $92.4bn, with $63.6bn in pre-execution and execution stages. The pipeline includes 921.8km of tunnels, primarily in the US. Railway tunnels are the largest segment at $40.7bn, with the Hudson River Rail Tunnel being the highest-value project at $16bn.

    > Southeast Asia

    Southeast Asia’s tunnel pipeline is valued at $91.3bn, with $55.1bn under construction. Singapore leads with $45.2bn, mainly from rail tunnel projects. The Land Transport Authority awarded a $199m contract for tunnels connecting MRT stations as part of the Cross Island Line’s second phase.

    > Eastern Europe

    Eastern Europe’s pipeline is valued at $56.3bn, with $46.9bn in pre-execution and execution stages. Major contributors include Turkiye, Czechia and Romania, which has the largest share at $16.3bn. The $9bn Bucharest Metro Line 5 is a key project expected to complete by 2033, with spending projected to rise in the coming years.

    > South Asia

    South Asia’s tunnel construction pipeline is valued at $47.9bn, with India contributing $31.9bn, primarily from road tunnels. A notable project is the $1.3bn Thane to Borivali underground tunnel. The pipeline includes 2,043.7km of developments, with spending expected to reach $1.8bn in 2024.

    > Latin America

    Latin America has a growing tunnel construction pipeline valued at $30.3bn, with $28.7bn in later development stages. The region includes 276.2km of projects, with Colombia leading at 92.1km. The highest-value project is the $9.6bn Bogota Metro, which began construction in early 2021.

    > Sub-Saharan Africa

    Sub-Saharan Africa’s tunnel construction pipeline is valued at $6.7bn, with 63.7% in pre-execution and execution stages. The pipeline includes 1,580km of projects, primarily in Tanzania, Ethiopia and Kenya. Spending may reach $685.4m in 2025, but investment constraints may limit new projects.

    In conclusion, while the global tunnel construction industry faces challenges due to muted spending, high construction material prices and geopolitical uncertainties, significant infrastructure investment initiatives in countries like China, the US and India are expected to continue driving new investment.

    Traffic drives construction underground 

     

    https://image.digitalinsightresearch.in/uploads/NewsArticle/13568541/main.gif
    Colin Foreman
  • Acwa Power starts production at new Shuaibah plant

    3 April 2025

    The new seawater reverse osmosis (SWRO) technology-based plant in Shuaibah, Saudi Arabia, has started water production following the decommissioning of the old plant running on multi-stage flash (MSF) technology.

    The new plant will cater to the water needs of Jeddah and Makkah Al-Mukarramah, especially during peak demand periods such as the Ramadan and Hajj seasons.

    Saudi utility developer Acwa Power CEO Marco Arcelli said in a social media post that the company has begun producing “green” water from the new SWRO plant in Shuaibah following the decommissioning of the old MSF desalination plant there.

    “We bid farewell to the first ever Acwa Power plant to jump into the future with one of the most efficient and green plants in the world, reducing power consumption by 87%, integrating 65MW of locally produced solar power, and bringing 22 million barrels of oil and 9 million tonnes of carbon dioxide annually to zero,” Arcelli said.

    The old MSF-based plant was part of the first independent water and power project (IWPP) to be developed in Saudi Arabia when the government opened the market for private investment. It became operational in 2010.

    Acwa Power, Shuaibah Water Electricity Company (Swec) and Saudi Water Partnership Company (SWPC) agreed to convert the water desalination component of the Shuaibah 3 IWPP into an SWRO plant in June 2022.

    At the time, the stakeholders announced that “operations of Shuaibah 3 IWPP will cease in 2025, saving nearly 45 million tonnes of carbon dioxide emissions and 22 million barrels of light crude oil annually”.

    A consortium led by Acwa Power and Public Investment Fund (PIF)-owned Badeel is developing the new facility, known as the Shuaibah 3 independent water project (IWP), at a cost of approximately SR3bn ($800m).

    It will produce 600,000 cubic metres of water a day once complete.

    The Acwa Power-led team agreed to have 40% local content in the construction phase and 50% in the operation and maintenance phase for the first five years, which will eventually increase to 70%.

    Swec is the project company that developed, financed and operated the Shuaibah 3 IWPP. It comprised Acwa Power (30%); a Malaysian consortium of Tenaga Nasional, Malakoff Berhad and Khazanah Nasional (30%); PIF (32%); and Saudi Electricity Company (8%).

    https://image.digitalinsightresearch.in/uploads/NewsArticle/13610596/main.jpg
    Jennifer Aguinaldo
  • Read the April 2025 MEED Business Review

    3 April 2025

    Download / Subscribe / 14-day trial access

    Governments in the Middle East and North Africa (Mena) region are digging deep to find solutions to the challenges posed by booming populations and rapidly growing cities. It is hoped that by expanding their underground infrastructure, major urban
    centres such as Dubai, Riyadh and Doha can alleviate the mounting pressure that is being put on their existing transport and utility networks.

    Subterranean transport projects, such as the high-profile Dubai Loop scheme being planned by the Roads & Transport Authority in partnership with Elon Musk's The Boring Company, or the recently completed metro systems in Riyadh and Doha, promise to tackle urban congestion and slash commute times. Meanwhile, through large-scale underground utilities schemes like the Dubai Strategic Sewerage Tunnels project, the traditional wastewater network can be upgraded without disturbing the existing cityscape.

    As a result, while governments globally are curtailing public infrastructure spending to reduce public debt, GlobalData has revealed that the Mena region has a tunnel construction pipeline worth $128.6bn.

    In the April edition of MEED Business Review, we take an in-depth look at the various subterranean transport and utility projects that are in the pipeline in the Mena region, and examine the outlook for major tunnelling projects globally. 

    MEED's latest issue also includes a comprehensive report on the region's tourism and hospitality sector, as Saudi Arabia strives to join Qatar and the UAE as one of the GCC’s leading leisure tourism destinations. Indeed, the kingdom dominates when it comes to hospitality-linked project activity, with contracts worth a total of $4.4bn awarded last year.

    Saudi Arabia is also the focus of this month’s exclusive 21-page market report, which finds the kingdom looking forward to a positive year in 2025. As Riyadh takes the diplomatic initiative, particularly as an intermediary in the Ukraine conflict, the kingdom's non-oil economy is also going from strength to strength.

    Although lower oil prices are expected to slightly dent revenues this year, Saudi Aramco is planning sustained capital expenditure and remains intent on projects to expand the production of high-value petrochemicals. Meanwhile, 2025 is expected to be a year of stable profitability for Saudi Arabia’s banks, and is set to be the busiest year ever for the power sector. Construction awards also remain up as Riyadh shifts its focus to delivering the infrastructure and transport projects that are needed for the kingdom’s hosting of upcoming international events.

    This issue is also packed with analysis. We find out how BP’s planned $25bn investment in Iraqi oil fields will benefit Chinese contractors, round up the top five GCC data centre projects, look at why the rapid deployment of low-cost solar power is causing a surge in battery energy storage demand, and discover that Riyadh's need to diversify its sources of project financing has led to a sharp rise in the value of public-private partnerships in Saudi Arabia.

    In the April issue, the team also speaks exclusively to CEO of Edmond de Rothschild Asset Management UK and global head of infrastructure and structured finance, Jean-Francis Dusch, about Saudi infrastructure investment opportunities; and talks to Mark Thomas, group CEO of Bapco Energies, about how the state energy conglomerate plans to secure Bahrain’s hydrocarbons potential.

    We hope our valued subscribers enjoy the April 2025 issue of MEED Business Review. 

     

    Must-read sections in the April 2025 issue of MEED Business Review include:

    > AGENDA: 
    > Traffic drives construction underground
    > Muted public spending hinders global tunnelling

    > CURRENT AFFAIRS:
    > Chinese contractors to benefit from BP’s investment in Iraq

    INDUSTRY REPORT:
    Tourism and hospitality
    > Beaches and luxury drive regional tourism
    > Region’s hotel projects pipeline balloons

    > INTERVIEWS:
    > Investing in Saudi Arabia’s infrastructure opportunities
    > Securing Bahrain’s hydrocarbons potential

    > DATA CENTRES: GCC’s top five data centre projects

    > POWER: GCC battery storage pipeline hits over 55GWh

    > SAUDI PPPs: Rise in PPPs reflects Saudi budgetary pragmatism

    > SAUDI ARABIA MARKET REPORT: 
    > COMMENT: Riyadh enjoys buoyant fortunes
    > GOVERNMENT:     Riyadh takes the diplomatic initiative
    > ECONOMY: Saudi Arabia’s non-oil economy forges onward
    > BANKING:     Saudi banks work to keep pace with credit expansion
    > UPSTREAM: Saudi oil and gas spending to surpass 2024 level
    > DOWNSTREAM: Aramco’s recalibrated chemical goals reflect realism
    > POWER: Saudi power sector enters busiest year
    > WATER: Saudi water contracts set another annual record
    > CONSTRUCTION: Reprioritisation underpins Saudi construction
    > TRANSPORT: Riyadh pushes ahead with infrastructure development
    > DATABANK: Saudi Arabia’s growth trend heads up

    > MEED COMMENTS: 
    > Saudi Arabia is high-rise capital of the world
    > Dubai needs to deliver more metro lines
    > US and UAE power play gains momentum
    > Libya’s new oil licensing round could be make or break

    > GULF PROJECTS INDEX: Gulf index sees minor correction

    > FEBRUARY 2025 CONTRACTS: Project awards slump notably in February

    > ECONOMIC DATA: Data drives regional projects

    > OPINION: Is this the end for Middle East studies?

    > BUSINESS OUTLOOK: Finance, oil and gas, construction, power and water contracts

    To see previous issues of MEED Business Review, please click here
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    MEED Editorial