Related Articles

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  NCP seeks firms for Mecca mixed-use development PPP

  1 July 2025

  Saudi Arabia’s National Centre for Privatisation & PPP (NCP), in collaboration with the Holy Makkah Municipality and the Ministry of Municipalities & Housing, has issued an expression of interest (EoI) and request for qualification notice for the development of a mixed-use project along Prince Sultan Bin Abdulaziz Road in Mecca.

  The EoI notice was issued on 26 June, with a submission deadline of 27 July.

  The development includes a shopping mall, a 200-bed long-term care facility and a 100-bed multi-speciality hospital.

  According to an official notice, the project will be located on a government-owned site spanning about 220,000 square metres  (sq m) and will offer direct access to the Holy Mosque while bypassing the congestion of Mecca’s city centre.

  The public-private partnership (PPP) project will be delivered using a build, own, operate, transfer contract with a 30-year term. Upon completion of the contract term, the project will be transferred to the Holy Makkah Municipality.

  This announcement follows the launch of the EoI notice for the development of the King Fahd suburb boulevard project in Dammam.

  Saudi Arabia’s Ministry of Municipalities & Housing issued the notice in collaboration with Ashraq Development Company and the NCP.

  The project features a 4 kilometre (km) mixed-use zone along a central boulevard, forming part of a larger 7.3km corridor.

  The project will be developed in two phases and span about 1 million sq m.

  Saudi PPP market

  The value of PPP contracts in Saudi Arabia has risen sharply over the past two years as the government seeks to develop projects through the private sector and diversify funding sources.

  According to MEED Projects data, in 2023, the value of PPP concession contracts hit an all-time high of $28.2bn, equivalent to more than 23% of the total value of all project contracts awarded that year. Although that figure fell to 18.3% last year, it was still far higher than the historical average in the kingdom.

  

  The figures are even starker when taking only government spending into account. In 2023, the value of signed PPP contracts totalled more than a third of the value of government or government-related projects awarded in 2023 and more than a quarter last year. This is compared to the average of 15.6% between 2019 and 2022, and just 3.5% recorded in 2018. 

  Government contracts include awards made by ministries, municipalities and royal commissions, in addition to state-funded key project clients such as Saudi Water Authority, the National Housing Company and Jeddah Airports Company. Public Investment Fund (PIF) subsidiaries such as Neom, the National Water Company and Rua Al-Madinah are also included.

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  Yasir Iqbal
• 
  Iraq downstream contract completed

  1 July 2025

  

   

  Turkiye’s Tekfen has completed a contract as part of the Basra refinery upgrade project, according to industry sources.

  The contract was worth $25m and the scope included upgrading civil structures and underground facilities.

  The contract is part of the wider Basra refinery upgrade project, which is worth several billion dollars.

  Its scope includes installing new facilities, including a vacuum distillation unit and a diesel desulphurisation unit, on land adjacent to the existing Basra refinery.

  The biggest package is focused on upgrading the project’s fluid catalyst cracking (FCC) unit.

  Iraq’s state-owned South Refineries Company (SRC) sent Japan-based JGC a notice of the main contract award for the Basra refinery upgrade project’s FCC package in August 2020.

  The contract awarded to JGC, which uses the engineering, procurement, construction and commissioning model, was worth $3.78bn.

  The project site is located about 12 kilometres east of Iraq’s southern city of Basra.

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  Wil Crisp
• 
  June 2025: Data drives regional projects

  30 June 2025

  Click here to download the PDF

  Includes: Top 10 Global Contractors | Brent Spot Price | Construction output

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

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  MEED Editorial
• 
  UAE-Turkiye financial links strengthen

  30 June 2025

  This package on UAE-Turkiye relations also includes:

  > UAE-Turkiye trade gains momentum
  > Turkiye’s Kalyon goes global

  ---

  

   

  Turkish bank DenizBank is one of Turkiye’s leading private banks and, as a wholly owned subsidiary of Emirates NBD since 2019, it is playing a leading role in developing business links between the UAE and Turkiye.

  Recep Bastug, who was appointed as DenizBank’s CEO in 2024, says there is great potential for trade between the two countries. 

  “Turkiye is a growing country,” he says. “We’ve had volatility over the past five years, but the Turkiye economy and the banking sector have been able to manage those periods successfully.”

  Having spent years with international institutions such as BBVA, Bastug has vast experience in the banking sector. “Turkish banks, especially private ones like DenizBank, are very successful. In terms of capital, balance sheet structure and digital transformation, we are in a strong position,” he says.

  Solid fundamentals

  Turkiye’s fundamentals remain solid with a diversified export-oriented economy, a young and skilled population of 85 million, and relatively low debt levels. “We are not a highly leveraged country. Our household debt-to-GDP ratio is low. With the right policy mix, we offer high potential for foreign investors,” says Bastug.

  That potential is increasingly being realised through growing engagement with the GCC and the UAE. “Turkiye’s connection with the Gulf is going up, and DenizBank is set to play a serious role in these relations. Day by day, Turkish companies are expanding their footprint in the region.”

  GCC projects

  Baştug says that many of these companies approach DenizBank to help facilitate their entry into Gulf markets. “Some of our clients are extremely well capitalised, but others need support for major projects. Just recently, one Turkish company announced a $3bn project in the region. We’re helping them connect with Emirates NBD and navigate the local financial landscape.”

  DenizBank is actively supporting the creation of trilateral partnerships – particularly between Turkiye, the UAE and Saudi Arabia. “We see huge opportunity in forming financial strongholds across these markets, leveraging Turkiye’s contractor experience, the UAE’s capital and Saudi Arabia’s scale,” says Baştug.

  DenizBank is already delivering results. “With Emirates NBD, we’ve identified 10 strategic cooperation areas, including trade finance, payments and capital markets. Thanks to this partnership, Emirates NBD has become the number one debt capital markets bank in Turkiye, even ahead of global players.”

  One area of growing activity is initial public offering (IPO) participation. “We’ve launched a mutual fund that allows Turkish private banking clients to participate in IPOs from the region, including from the UAE and Saudi Arabia. It’s a diversification strategy and helps retain wealth within the group.”

  Turkiye’s connection with the Gulf is going up, and DenizBank is set to play a serious role in these relations. Day by day, Turkish companies are expanding their footprint in the region
  Recep Bastug, DenizBank

  Inflation ends

  Despite the current inflationary environment, Bastug says there is a clear inflection point ahead. “We expect 2027 to be a turning point. Once we exit the inflationary accounting regime [in Turkiye], DenizBank will become one of the biggest contributors to Emirates NBD’s global balance sheet. Last year, we contributed $1.2bn. In 2027, it will be significantly more.”

  DenizBank is the fifth-largest private bank in Turkiye with about a 5% market share. “The largest private bank is at 13%. It’s not easy to close that gap – but we will do it. Our long-term goal, aligned with our shareholder, is to become the biggest and most successful private bank in the country.”

  The bank is especially focused on agriculture, SMEs, and export financing – sectors that are deeply relevant to
  Turkiye’s economic growth and to regional demand. “We are the leading agricultural bank in Turkiye, and we believe strongly in the sector’s future – both for local consumption and exports.”

  Regional opportunities

  Bastug also sees potential for engagement beyond the GCC, including in post-conflict reconstruction. “In the past, Turkiye had strong trade volumes with Syria. Even during wartime, commercial links remained. Once a stable environment emerges, there will be opportunities – especially in infrastructure.”

  While a physical branch presence is not currently being considered, DenizBank is prepared to support Turkish contractors operating in neighbouring countries. “We have the relationships and expertise to facilitate this growth. And culturally, we’re well aligned with the region – it helps make business smoother.”

  As Turkiye re-establishes economic momentum and Gulf economies look to deliver on long-term visions, DenizBank is positioning itself for a more active role in the region in the future. “We are preparing the bank for the next stage, and with the backing of Emirates NBD, we’re confident in our ability to lead.” 

  READ MORE
  > UAE-Turkiye trade gains momentum
  > Turkiye’s Kalyon goes global

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  Colin Foreman
• 
  Multiply agrees to sell Pal Cooling to Tabreed and CVC

  30 June 2025

  Abu Dhabi-based investment company Multiply Group has agreed to sell all of its shares in its district cooling subsidiary Pal Cooling Holding (PCH) for AED3.8bn ($1bn) to a consortium comprising Engie-backed National Central Cooling Company (Tabreed) and CVC DIF.

  The transaction is still subject to regulatory approvals.

  MEED exclusively reported in May that a team comprising Tabreed and CVC was holding exclusive discussions to acquire PCH.

  Multiply Group initially acquired a 100% stake in PCH and its subsidiaries in July 2021.

  Multiply Group has been advised by Standard Chartered and Clifford Chance. Tabreed and CVC DIF have been advised by Citi, Synergy Consulting and White & Case.

  The transaction brings together two of the UAE’s leading district cooling players. PCH was founded in 2006 and operates five active district cooling plants across the UAE. The company maintains eight long-term concessions and strategic partnerships with some of the UAE’s leading real estate developers, servicing key residential, commercial and mixed-use developments – most notably on Abu Dhabi’s Reem Island.

  Tabreed owns and operates 92 plants, including 76 in the UAE, five in Saudi Arabia, eight in Oman, one in Bahrain, one in India and one in Egypt, in addition to other international projects and operations.

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  Colin Foreman