Kuwait picks preferred bidder for real estate PPP
22 January 2026
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Local firm United Real Estate Company has bid the highest for a contract to develop the third phase of a waterfront real estate project located in the Sharq area of Kuwait City.
The firm made the announcement in a filing with Boursa Kuwait, where it is listed.
The commercial offers were opened on 21 January, after Kuwait’s Finance Ministry and the Kuwait Authority for Partnership Projects had approved technical bids from seven groups for a contract to develop the project, as MEED reported.
The scope includes rehabilitation, renovation, development, operation and maintenance and management of the project under a 15-year usufruct arrangement.
The project covers an area of 384,385 square metres and is being developed on a public-private partnership (PPP) basis.
The other groups that are bidding for the project include:
- Mabanee / Al-Durra National Real Estate Company
- Al-Tijaria Real Estate Company / Al-Mutajara Real Estate Company / Al-Salmiya Group for Development
- Arkan Real Estate Company / National Investments / Real Estate House / Al-Safat Investment / Al-Buyout Holding / SAK Construction
- National Real Estate Company / United Projects Company
- Al-Hamra Group / Al-Hani Group
- Aayan Real Estate Company / Al-Enmaa Real Estate Company
UK analytics firm GlobalData expects Kuwait’s construction industry to grow by 5.1% in 2026-29, supported by government investment in the oil and gas sector aimed at raising production, as well as investment in the infrastructure sector.
In the short term, growth will be boosted by planned expenditure under the 2025-26 budget, which was approved in March 2025.
The construction industry in Kuwait is expected to record an annual average growth rate of 4.9% in 2026-29, supported by investments in renewable energy, transport and oil and gas projects.
The commercial construction sector is expected to grow by 4.8% in 2026-29, supported by public- and private-sector investment in the construction of hotels, retail outlets and office buildings.
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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.
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Separately, Dubai Municipality has opened bidding for EPC contracts to expand and rehabilitate the emirate’s sewerage networks.
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READ THE FEBRUARY 2026 MEED BUSINESS REVIEW – click here to view PDFSpending on oil and gas production surges; Doha’s efforts support extraordinary growth in 2026; Water sector regains momentum in 2025.
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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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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.
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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.
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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.
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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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AD Ports will manage and operate the port under a 30-year concession agreement.
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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.
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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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Chinese firm wins Ceer automotive supplier park deal
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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:
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- Seat supplier – Lear Corporation (US)
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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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