Related Articles

• 
  Meraas announces Dubai City Walk expansion

  30 June 2025

  Local real estate developer Meraas has announced the City Walk Crestlane project as it continues to expand its City Walk residential community in the Al-Wasl area of Dubai.

  The City Walk Crestlane comprises two residential towers offering 198 one-, two-, three-, four- and five-bedroom units.

  The project is expected to be completed and handed over by the third quarter of 2028.

  Earlier this month, Meraas, which is part of Dubai Holding Real Estate, awarded a construction contract for another project at City Walk.

  The local firm Naresco Contracting was awarded a AED450m ($123m) contract for the main construction works on its Central Park Plaza residential project at City Walk.

  The project involves constructing two towers with 23 and 20 floors. Together, they will have 212 residential units.

  In May, Meraas awarded another local firm, Al-Sahel Contracting Company, a AED300m contract for the main construction works on Elara, which is phase seven of the Madinat Jumeirah Living masterplan in Dubai.

  The project involves building three residential towers with 234 apartments.

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  Yasir Iqbal
• 
  Dubai RTA begins Al-Safa Street early works

  30 June 2025

  

   

  Dubai’s Roads & Transport Authority (RTA) has started the survey and soil testing for the Al-Safa Street improvement project.

  The early works are being undertaken by the local Al-Mawazeen Soil Testing & Surveying Company.

  US-based engineering firm CDM Smith is the project consultant.

  The RTA formally announced the Al-Safa Street improvement project last week. The project extends 1,500 metres from the junction of Al-Safa Street with Sheikh Zayed Road to the junction with Al-Wasl Street.

  The RTA said that the project involves the construction of two bridges and two tunnels with a total length of 3.1 kilometres (km), the widening of surface roads, and upgrades to intersections and traffic signal systems.

  The project will reduce the travel time on Al-Safa Street to just three minutes from 12 minutes, and double the street’s capacity from 6,000 to 12,000 vehicles an hour in both directions.

  It will serve some of the key landmarks in Dubai, including City Walk and the Coca-Cola Arena.

  Planning for growth

  In March 2021, the government launched the Dubai 2040 Urban Master Plan. Its launch referenced studies indicating that the emirate’s population will reach 5.8 million by 2040, up from 3.3 million in 2020. The daytime population is set to increase from 4.5 million in 2020 to 7.8 million in 2040.

  In December 2022, Sheikh Mohammed Bin Rashid Al-Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, approved the 20-Minute City Policy as part of the second phase of the Dubai 2040 Urban Master Plan. 

  In addition to the road projects, the RTA’s Dubai Metro Blue Line extension forms part of Dubai’s plans to improve residents’ quality of life by cutting journey times, as outlined in the policy.

  The policy aims for residents to have 80% of their daily requirements within a 20-minute journey time, on foot or by bicycle. This goal will be achieved by developing integrated service centres with all the necessary facilities and increasing the population density around mass transit stations.

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  Yasir Iqbal
• 
  Oil majors win Egypt gas exploration blocks

  30 June 2025

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  State-owned Egyptian Natural Gas Holding Company (EGAS) has awarded six new exploration blocks as it tries to boost domestic production.

  The licence awards are expected to lead to investments worth $245m and the drilling of 13 new exploration wells in the awarded blocks, according to a statement published by EGAS.

  The awarded blocks include four offshore blocks in the Mediterranean, which were offered in the 2024 international bid round, and two onshore blocks in the Nile Delta and North Sinai.

  Companies that have been awarded blocks include US-headquartered Chevron, London-headquartered Shell and Italy’s Eni.

  The awarded blocks are:

  • North Samian Offshore Block & Northwest Atoll Offshore Block – Awarded to a consortium of Chevron and Shell. There are plans to drill two exploratory wells in each block.
  • North Ras El-Tin Offshore Block – Awarded to Eni. There are plans to drill three exploratory wells.
  • East Alexandria Offshore Block – Awarded to Cairo-headquartered Cheiron. There are plans to drill three exploratory wells.
  • North Tanta Onshore Block (Nile Delta) – Awarded to Texas-headquartered IPR Energy Group. There are plans to drill two exploratory wells.
  • El-Fayrouz Onshore Block (North Sinai) – Awarded to the UK/French oil and gas company Perenco, which plans to conduct a 3D seismic survey and drill one exploratory well.

  In its statement, EGAS highlighted that more gas assets are available for investment on Egypt’s online oil and gas portal, known as the Egypt Upstream Gateway.

  The assets available for investment include several undeveloped offshore discoveries in the Mediterranean.

  The bidding for these areas is scheduled to close on 2 July 2025, and the results are expected to be announced after bid submission closes.

  In 2024, natural gas accounted for 47% of Egypt’s primary energy consumption and 81% of its power mix. The country restarted liquefied natural gas (LNG) imports in 2024 after a six-year hiatus.

  In February, MEED reported that the total value of active Egyptian gas projects had fallen by 79%, despite a steep decline in domestic gas output that has ramped up the need for costly imports.

  At the start of 2019, the total value of active gas projects in Egypt was $41.5bn. This has now sunk to $8.6bn, according to data from regional projects tracker MEED Projects.

  Despite the billions of dollars of investment in upstream projects in Egypt’s gas sector in recent years, production has been dropping since it peaked in 2021, according to the Energy Institute’s Statistical Review of World Energy.

  In 2021, Egypt produced 67.8 billion cubic metres (bcm) of gas. This fell to 64.5 bcm in 2022 and 57.1 bcm in 2023.

  In May 2024, Egypt’s domestic gas output hit a six-year low, down by about 25% from its 2021 peak.

  Declining domestic production has led to a severe energy shortage in Egypt.

  Last year, the North African country had to resort to load-shedding to keep its grid functioning amid a lack of gas supply and rising demand. The deepening energy crisis, meanwhile, strained Cairo’s budget as it grappled with a heavy subsidies bill.

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  Wil Crisp
• 
  World Bank and atomic agency formalise partnership

  26 June 2025

  The World Bank Group and the International Atomic Energy Agency (IAEA) have formalised a partnership aimed at supporting the safe and responsible use of nuclear energy in developing countries.

  The agreement, signed by World Bank Group president Ajay Banga and IAEA director-general Rafael Mariano Grossi, marks a significant reengagement with nuclear power for the World Bank after decades of limited involvement.

  READ MORE: World Bank’s nuclear U-turn is an opportunity for Middle East projects

  The partnership reflects a new approach by the World Bank Group to meet global demands for baseload power while managing emissions.

  With electricity demand in developing nations expected to more than double by 2035, nuclear energy is recognised for its ability to provide continuous baseload power, which is crucial for sectors such as infrastructure, healthcare and manufacturing.

  It not only enhances grid stability but also creates high-skilled jobs and stimulates broader economic investment. Additionally, nuclear power can adapt to fluctuations in electricity demand, facilitating the integration of renewable energy sources.

  The memorandum outlines three key areas of collaboration: enhancing knowledge in nuclear safety and technology; extending the lifespan of existing nuclear plants; and advancing the development of small modular reactors.

  Currently, 31 countries operate nuclear power plants, contributing approximately 9% of global electricity and nearly a quarter of low-carbon power.

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  Colin Foreman
• 
  Turkiye’s Kalyon goes global

  26 June 2025

  

   

  Construction firms in Turkiye have developed their resources and capabilities over the past two decades as they deliver major projects such as Istanbul Grand airport, which is one of the world’s largest and most technically advanced airports. 

  Contractors are now using that expertise to export their services to international markets, including the Middle East and GCC. 

  One of the companies leading the push is Kalyon Holding, which has interests operating in the construction, infrastructure, real estate and energy sectors. 

  “We have put international growth at the top of our agenda,” says Kalyon Holding’s CEO Mustafa Kocar. 

  “It’s both a short-term and long-term strategy. We were a local company just a few years ago, but now we’re positioning ourselves as a global player.”

  Kalyon, a diversified conglomerate with origins in contracting, has evolved over the past 15 years into a major investor in energy, transportation and infrastructure. Among its assets is a 55% stake in Istanbul airport, which is “the biggest airport in Europe and the region”, says Kocar.

  This operational expertise, he says, is the foundation of Kalyon’s global expansion strategy. 

  “We tested our capabilities on megaprojects. Now, we want to leverage that know-how in other markets.”

  Exploring expansion

  While Turkiye remains the central hub, the group is scouting opportunities across the Middle East, North Africa, Eastern Europe and the US. 

  “We’ve already studied projects in Algeria, Libya, Morocco, Romania and Poland. In the US, many project opportunities have been offered to us.”

  Despite this global outlook, Kocar emphasises Kalyon’s independence. “We don’t need anyone to deliver these projects,” he says. “We have the technical expertise, the equity, the financing network – everything in-house. But if a strategic partnership adds value, we’re open to that.”

  In the GCC, Kalyon is eyeing opportunities in Saudi Arabia, where it is “getting prepared” for upcoming projects such as King Salman International airport, where the company hopes to leverage the experience it gained on the Istanbul airport scheme. Kocar adds that the firm is also forming consortiums for infrastructure projects. 

  “We’re selective. We don’t bid on everything. We focus on our core areas,” he says.

  Kalyon is also watching the development of public-private partnership models in Saudi Arabia. “It’s a big market … and everyone can get a piece. But you have to differentiate yourself with technical expertise and execution capability.”

  In the UAE, the company has prequalified for the high-speed rail project between Dubai and Abu Dhabi in partnership with a local and a Chinese firm.

  Kalyon is also undertaking post-war reconstruction in Syria. The group is part of a consortium that signed a memorandum of understanding in May to invest $7bn in energy infrastructure, including a combined-cycle gas turbine (CCGT) plant and solar projects.

  “The need [in Syria] is clear, and we believe the international commitment is there,” Kocar says. “Of course, it’s a challenge under current conditions, but we believe things will improve. We’re just at the beginning of the process.”

  The solar project could be operational within two years, while the CCGT plant may be completed three years after financial closure.

  We were a local company just a few years ago, but now we’re positioning ourselves as a global player

  Diverse expertise

  The work in Syria will lean on the group’s renewables experience. Kocar says Kalyon Energy is Turkiye’s biggest investor in renewables, with more than 2GW in operation and a target to more than double that to 5GW in the next five years.

  “Turkiye has great potential, especially in solar and wind,” he says. 

  “Our projects are already receiving strong support from European governments and financial institutions. We’ve worked with UK Export Finance, and one of our solar plants received the largest green financing ever from them, globally.”

  Kalyon Energy is a 50:50 joint venture with Abu Dhabi’s International Holding Company, through its subsidiaries. “It’s currently focused on renewables – solar and wind,” Kocar says. “There’s a view to go into other areas, but there’s no contractual arrangement yet.”

  Vertical integration is another  of Kalyon’s strengths. The group owns one of the world’s only fully integrated solar panel factories, producing everything from ingots to modules. 

  It also owns a floating storage regasification unit vessel – one of only two in Turkiye – and operates hydropower plants, as well as over 400 kilometres of toll roads under build, operate and transfer models.

  Kalyon has also entered the real estate market with the country’s first luxury designer outlet near Istanbul airport, and runs a private university in Gaziantep, providing scholarships to 40% of its 10,000 students through the Kalyon Foundation.

  While Kalyon has strong equity backing, it relies on project finance to optimise costs and competitiveness. 

  “The cost of equity is much higher than the cost of debt,” Kocar says. “The name of the game is leverage.”

  The group has worked with at least eight European export credit agencies and international banks such as JP Morgan and Standard Chartered. 

  “Once you build that expertise and network, it carries you to other markets,” Kocar says. “But this was always a planned strategy, not opportunistic.”

  UAE-Turkiye trade gains momentum 

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  Colin Foreman