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• 
  Dewa holds solar project investor roadshow Jennifer Aguinaldo

  9 April 2025

  International and regional utility developers and engineering, procurement and construction (EPC) contractors attended an investor roadshow for the next phase of Dubai’s Mohammed Bin Rashid Al-Maktoum (MBR) Solar Park project.

  The planned seventh phase of the MBR Solar Park will include a 1,600MW solar photovoltaic (PV) plant and a 1,000MW battery energy storage system (bess) plant, providing up to six hours of storage.

  According to industry sources, representatives from French utility developer Engie, Riyadh-headquartered Acwa Power and Alfanar, the local Amea Power, Etihad Water & Electricity Company and Abu Dhabi Future Energy Company (Masdar) attended the event held in Dubai on 9 April.

  State utility Dubai Electricity & Water Authority (Dewa) organised the roadshow.

  MEED understands that firms submitted their responses to Dewa’s expression of interest request for the contract to develop the project on 21 March.

  Dewa issued the EoI request in February.

  The project is expected to be commissioned in phases, starting in August 2027.

  In January, Dewa selected a transaction advisory team for the project.

  A team comprising UK-headquartered Deloitte and US-based CMS and Sargent & Lundy won the financial, legal and technical advisory package for the project, with Deloitte acting as lead adviser. 

  An estimated 2,127MW of solar PV capacity and 500MW of concentrated solar power (CSP) capacity from the MBR Solar Park are now connected to the grid.

  A further 1,800MW of capacity for the project’s sixth phase is under construction.

  In February last year, Dewa and Abu Dhabi Future Energy Company (Masdar) reached financial close for the 1,800MW sixth phase of the MBR Solar Park, which is expected to cost up to AED5.51bn ($1.5bn).

  Once completed in 2026, the sixth phase will increase the solar park’s total production capacity to 4,660MW.

  Located in Saih Al-Dahal, on the outskirts of Dubai, the construction status of the various phases of the MBR Solar Park project is as follows:

  • 10MW solar PV phase one: Completed in 2013
  • 200MW solar PV phase two: Commissioned in 2017
  • 800MW solar PV phase three: Commissioned in 2020
  • 950MW hybrid CSP/solar PV phase four: Inaugurated in 2023
  • 900MW solar PV phase five: Commissioned in 2023
  • 1,800MW solar PV phase six: Under construction

  The state utility aims for clean energy sources to deliver about 27% of its generation mix by 2030, up from roughly 16% in 2023. Natural gas-fuelled power plants account for the rest of Dewa’s known installed capacity. 

  Dewa’s electricity installed capacity reached 16,270MW by the end of 2023.

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  Jennifer Aguinaldo
• 
  Monitoring Saudi Arabia’s gigaprojects MEED Editorial

  9 April 2025

  Saudi Arabia’s $850bn-plus series of giga- projects represent the world’s largest civil infrastructure engineering programme, covering the development of residential, industrial and tourism projects in the kingdom.

  It includes Neom, which at $500bn is the world’s largest single project, as well as the Red Sea tourism project, residential and mixed-use developments Jeddah Central and Roshn, and entertainment schemes such as Qiddiya and The Rig.

  The programme is the centrepiece of Vision 2030, aimed at transforming the kingdom into a tourism and entertainment hub while creating hundreds of thousands of new jobs.

  Spending levels

  There were $25bn of contract awards across the gigaprojects programme in 2024, a decline of about 24% when compared to the $33bn of awards recorded during 2023. The decline also meant that the 2024 total was about the same as the total value of awards achieved in 2022.

  Despite the slowdown, there are still gigaprojects that have not yet been announced. This means the true total of the gigaprojects programme may be well in excess of a staggering $1tn.

  While the pace of activity last year fell short of the strong growth that was expected as the gigaprojects move into the delivery phase, the growth in awards on these schemes in 2024 was still positive.

  There were $25bn of contract awards across Saudi Arabia’s gigaprojects programme in 2024

  The highlights for 2024 were a $4.7bn contract to build dams at the Trojena mountain resort that was won by Italy’s WeBuild, a $2bn contract won by a joint venture (JV) of local firm Albawani and Qatar’s Urbacon Trading & Contracting for the construction of assets in the Wadi Safar development of the Diriyah project in Riyadh, and a $1bn contract secured by a JV of Spanish firm FCC Construction and local firm Nesma & Partners to build the Prince Mohammed Bin Salman Stadium at the Qiddiya City project on the outskirts of Riyadh.

  These awards appear to confirm the consensus in Saudi Arabia that the focus for development is on projects underpinned by events. These are Trojena, which will host the Asian Winter Games in 2029; stadiums for the Asian Cup in 2027 and the Fifa World Cup in 2034; along with Expo 2030 Riyadh and the Asian Games in 2034.

  For more information and sample pages from MEED’s Saudi Gigaprojects – Q1 2025 updated premium intelligence report, please click here  

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  MEED Editorial
• 
  WEBINAR: US tariffs and their impact on GCC projects MEED Editorial

  9 April 2025

  Register now

  Date & time: 17 April (Thursday) at 11:00 AM GST

  Agenda:

  1. What tariffs have been implemented by the US on the GCC 

  2. What do the tariffs mean for GCC businesses

  3. The immediate economic impact of them 

  4. How will the region suffer or benefit from the tariffs 

  5. The impact of tariffs and the oil price fall on capital expenditure in different sectors, real estate activity and commodities pricing 

  6. The long-term outlook and structural adjustments 

  7. Q&A session

  Watch: A first glance at the impact of US tariffs on the GCC and its projects market by MEED industry experts

  Click here to register for the webinar

  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.

  Colin Foreman, editor of MEED 

  Colin Foreman is editor and a specialist construction journalist for news and analysis on MEED.com and the MEED Business Review magazine. He has been reporting on the region since 2003, specialising in the construction sector and its impact on the broader economy. He has reported exclusively on a wide range of projects across the region including Dubai Metro, the Burj Khalifa, Jeddah Airport, Doha Metro, Hamad International airport and Yas Island. Before joining MEED, Colin reported on the construction sector in the Middle East and Hong Kong.

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  MEED Editorial
• 
  Diriyah awards multibillion-riyal opera house deal Yasir Iqbal

  9 April 2025

  

   

  Register for MEED’s 14-day trial access 

  Saudi gigaproject developer Diriyah Company has awarded an estimated SR4bn ($1bn) construction deal to build the Royal Diriyah Opera House project in Diriyah.

  The contract has been awarded to the joint venture of local firm El-Seif Engineering & Contracting and Qatari firm Midmac Contracting.

  The opera house will be built by Diriyah Company and operated by the Royal Commission for Riyadh City.

  In March, MEED exclusively reported that Diriyah Company was preparing to award the contract, with the deal likely to be finalised by the end of March.

  The project will cover an area of 46,000 square metres and include four venues: a 2,000-seater opera theatre, a 450-seater adaptable theatre, a 450-seater multipurpose theatre and a 450-seater rooftop amphitheatre.

  The development also includes spaces for a services pavilion and retail facilities.

  The scheme is part of the second phase of the Diriyah Gate project and is expected to be completed by 2028.

  The developer launched the project during Diriyah Company’s Bashayer 2023 event.

  In August last year, MEED exclusively reported that the architects had completed the design development work for the Royal Diriyah Opera House project.

  Oslo-headquartered firm Snohetta leads the project's architectural design.

  Other firms supporting the development of the project include UK-based firms Plan A Consultants, Arup, Buro Happold, Tricon, Spec Studio and Fractal Landscape; US-based JLL; Germany-headquartered Schlaich Bergermann Partner and Transsolar; UAE-based Penguin Cube and Evergreen Adcon; and Saudi Arabia's Syn Architects, Saudi Diyar and Maha Mullah.

  Diriyah gigaproject

  The Diriyah masterplan envisages the city as a cultural and lifestyle tourism destination. Located northwest of Riyadh’s city centre, it will cover 14 square kilometres and combine 300 years of history, culture and heritage with hospitality facilities.

  The company awarded several significant contracts last year, including three contracts worth over SR21bn ($5.5bn). These included an estimated $2bn contract awarded to a joint venture of El-Seif Engineering & Contracting and China State to build the North Cultural District.

  In late July, Diriyah also awarded a $2.1bn package to a joint venture of local contractor Albawani and Qatar’s Urbacon to construct assets in the Wadi Safar district of the gigaproject.

  In December, MEED reported that Diriyah Company had awarded an estimated SR5.8bn ($1.5bn) contract to local firm Nesma & Partners for its Jabal Al-Qurain Avenue cultural district, located in the northern district of the Diriyah Gate project.

  Once complete, Diriyah will have the capacity to house 100,000 residents and visitors.

  

  GlobalData expects the Saudi construction industry to record an annual average growth rate of 5.2% in 2025-28, supported by investments in transport, electricity, housing and tourism infrastructure projects, as well as the $850bn-plus gigaprojects programme.

  The infrastructure construction sector was expected to grow by 5.2% in 2024 before registering an average annual growth rate of 6% in 2025-28, supported by government investments in rail, dams and road infrastructure projects.

  ---

  Hear directly from the gigaproject owners at the biggest construction event—The Saudi Giga Projects 2025 Summit, happening in Riyadh from 12-14 May 2025. Click here to know more

  ---

  MEED’s April 2025 report on Saudi Arabia includes:

  > 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

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  Yasir Iqbal
• 
  Shamal Holding appoints Baccarat Dubai contractor Yasir Iqbal

  9 April 2025

  Register for MEED’s 14-day trial access 

  Dubai-based investment company Shamal Holding has awarded the main construction contract to build its Baccarat Hotel & Residences project in Downtown Dubai.

  The contract was awarded to the Abu Dhabi-based Arabian Construction Company (ACC).

  In an official statement, Shamal Holding said that the enabling works are fully completed and the mobilisation works for the main works will start immediately.

  The piling works started in January last year and were being undertaken by the local firm Swissboring.

  The hotel and serviced residences will be part of a new luxury development facing the world’s tallest building, Burj Khalifa.

  New York-based architecture studio Libeskind designed the towers, while London-based design studio 1508 designed their interiors.

  US-based Aecom is the lead designer and supervision consultant.

  The project will feature 144 guestrooms, a third of them suites, 49 Baccarat-branded residences, food and beverage outlets and a pool.

  The twin towers will have glass facades that pay tribute to the French manufacturer’s fine crystal heritage.

  The project is expected to be completed in 2026.

  The project is another significant win for ACC in Dubai. In March, MEED reported that local private real estate developer Omniyat had appointed ACC as the main contractor for its Vela by Omniyat project.

  The Vela by Omniyat project is a 31-storey residential building located in Business Bay.

  ACC also won an estimated AED2bn ($544m) contract from Dubai-based real estate developer Meeras for the Design Quarter residential project in the Dubai design district.

  The development is spread across three buildings offering over 558 residential apartments.

  The construction works are expected to be completed in 2027.

  Dubai real estate developments dominate the UAE’s construction market, with schemes worth over $323bn in the execution or planning stages.

  This is in line with a forecast by GlobalData, which projects that the output of the UAE construction sector will grow by 4.2% in real terms in 2025, supported by developments in infrastructure, energy and utilities and residential construction projects.

  

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  Yasir Iqbal