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  Renewables projects in Oman near completion

  9 March 2026

  Three Oman-based renewable energy projects are nearing completion, according to OQ Alternative Energy (OQAE), part of Oman’s state-backed energy group OQ.

  The Riyah 1, Riyah 2 and North Solar projects have a combined capacity of 330MW and are expected to be operational by the end of the year, the renewable energy firm said in a statement.

  The Riyah 1 and Riyah 2 wind power plants are located in the Amin and West Nimr fields in southern Oman, while the North Solar project is located in northern Oman.

  OQAE owns a 51% share in the three projects, which are being developed in partnership with France’s TotalEnergies for state-backed firm Petroleum Development Oman (PDO).

  The schemes have a combined investment of more than $230m.

  Once commissioned, PDO will purchase the electricity from the plants through long-term power-purchase agreements with the developer team, whose 49% shares are owned by TotalEnergies.

  According to OQAE, the North Oman Solar project is approaching mechanical completion. About 95% of tracker and photovoltaic (PV) module installation has been completed, with full PV module installation expected by mid-March.

  Construction is also progressing on the Riyah wind projects. Seven wind turbines with a tip height of 200 metres have been erected and installation works are continuing on the remaining units.

  All 36 wind turbine generators have arrived in Oman and 19 have been transported from the port to the site. All wind turbine foundations have also been completed, allowing installation works to accelerate.

  OQAE said the projects have achieved about 30% in-country value, with several local companies involved in the supply chain.

  These include Voltamp, Oman Cables, Al-Kiyumi Switchgear and Al-Hassan Switchgear, which supplied electrical equipment and infrastructure components.

  Substation engineering design was carried out by Worley Oman. Muscat-based business conglomerate Khimji Ramdas handled logistics and customs management for turbine components.

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  Mark Dowdall
• 
  Dubai’s real estate faces a hard test

  9 March 2026

  Commentary
  Yasir Iqbal
  Construction writer

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  Dubai entered 2026 from a position of historic strength. Dubai Land Department figures show AED917bn ($250bn) in real estate transactions in 2025 across more than 270,000 deals, with residential prices up 60%-75% since 2021.

  In January 2026, the surge extended. Residential transaction values jumped 44% year-on-year to AED55bn. By most measures, it was Dubai’s strongest property cycle on record.

  Then the drones and missiles arrived.

  Iran has reportedly launched more than 1,000 drones and missiles towards UAE targets in recent days. Most of these attacks were neutralised, but debris struck its major assets, such as the Burj Al-Arab hotel and Dubai International airport. Explosions were also reported near the Fairmont the Palm hotel, the US Consulate and in Dubai Marina. These are not shocks that can be quietly absorbed by a market whose value proposition rests on being “safe”.

  Dubai property has been stress-tested before. In 2008, prices fell 50%-60% and took six years to recover. A 2014-19 correction knocked off another 25%-30%. Covid-19 was sharper but shorter, with the market stabilising within 12-18 months. Dubai tends to correct hard, then rebound quickly once confidence returns.

  What’s different now is the nature of the shock, which is the physical damage to the city itself. The core question is whether Dubai’s safe-harbour identity, which is what drew thousands of millionaires and billions in personal wealth last year, can survive missiles landing across the city for long.

  Markets have reacted negatively, as expected. Emaar and Aldar shares fell about 5% in a few days. Developer bond markets are largely shut to new issuance. Off-plan sales, which are about 65% of 2025 transactions, are most exposed because buyers must commit capital years ahead of planned delivery dates amid uncertainty.

  Fitch had already projected a correction of up to 15% in late 2025-26; UBS ranked Dubai fifth out of 21 cities for bubble risk.

  There are offsets, however. Regional capital flight has historically flowed into Dubai, and a large expatriate base provides steady demand. But it is unwise to assume past recovery patterns will repeat amid the unprecedented times, and a 2026 delivery pipeline of over 131,000 units, which is already running ahead of population growth.

  Dubai now faces two risks at once: a structural correction and a reputational shock. The outcome hinges less on the data than on one variable: how long the conflict lasts, and how close it stays.

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  Yasir Iqbal
• 
  Bahrain’s Bapco Energies declares force majeure

  9 March 2026

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  Bahrain’s state energy conglomerate Bapco Energies has declared force majeure on its group-wide operations following attacks on the Sitra oil refinery in the country.

  In a statement on 9 March, Bapco Energies said its decision to issue the force majeure notice follows “the recent attack on its refinery complex”, without providing details.

  Earlier in the day, Bahrain’s National Communication Centre announced that “the facility in Ma’ameer” – an apparent reference to the refining facility in near Sitra – had been targeted in an Iranian attack, causing a fire to break out. The fire was contained, and “the incident resulted in material damage but caused no injuries or fatalities”, said the statement carried by the official Bahrain News Agency.

  “The company clarified that all local market needs are fully secured according to the proactive plans in place, ensuring the continuity of supplies and meeting local demand without impact,” Bapco Energies said in its statement.

  “Bapco Energies values its relationships with all of its stakeholders and will continue to communicate the latest available information,” it said.

  The Monday morning attack on the Sitra refinery was the second strike on the complex in days. Iranian missiles hit the facility on 5 March, resulting in parts of the refinery being engulfed in flames, although that fire was also put out quickly.

  ALSO READ: Oil prices soar above $100 a barrel as conflict intensifies

  QatarEnergy has also issued force majeure to customers that have been affected by its decision to stop production and shipments of liquefied natural gas (LNG) and associated products.

  “QatarEnergy values its relationships with all of its stakeholders and will continue to communicate the latest available information,” the state enterprise said in a statement on 4 March.

  QatarEnergy announced its decision to halt production of LNG and associated products on 2 March due to military attacks on the company’s operating facilities in Ras Laffan Industrial City and Mesaieed Industrial City in Qatar.

  The following day, the company said it was stopping output of products in the downstream energy value chain, including urea, polymers, methanol, aluminium and other products.

  The state enterprise did not blame Iran for the attacks in either of its statements, but it is understood that its facilities have been hit by drones or missiles launched by Tehran, as it retaliates against Israel, the US and their military bases in the GCC states, further escalating the ongoing conflict.

  ALSO READ:

  • Aramco shuts Ras Tanura refinery following drone strike

  • Kuwait cuts oil production due to Iran conflict

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  Indrajit Sen
• 
  Roshn signs $177m investment deal with local developer

  9 March 2026

  Saudi gigaproject developer Roshn Group has signed an investment agreement worth over SR650m ($177) with Riyadh-based developer Miskan Real Estate Development Company.

  The agreement will allow the firm to develop a project spanning more than 68,000 square metres (sq m) of land within the Warefa community in Riyadh.

  The latest agreement follows Roshn Group's signing of several land sale and development deals with local developers, worth over SR2bn ($570m).

  The agreements were signed on the sidelines of the recently concluded Restatex Real Estate Exhibition in Riyadh.

  The signed agreements cover residential and commercial projects at Roshn’s Sedra and Warefa communities in Riyadh.

  The client signed three agreements worth over SR1.3bn ($363m) related to its Sedra residential community. These include a SR1bn ($293m) agreement with Jeddah-based developer Arabian Dyar for a 55,000 sq m plot.

  Another agreement was signed with Riyadh-based firm Tiraz Al-Arabia to build integrated commercial facilities within the Sedra development. The value of this deal has yet to be disclosed.

  In a separate announcement, Alramz Real Estate Company said it has signed a SR262m ($70m) agreement to acquire and develop a plot spanning over 14,000 sq m for a 240-unit residential project in Sedra.

  In Warefa, Roshn signed two agreements totalling SR781m ($208m).

  It signed a SR548m ($146m) deal with Sateaa Altameer for Real Estate to develop a site spanning an area of over 108,000 sq m.

  Another SR233m ($62m) agreement was signed with Fayziyya for Real Estate Development for a plot covering 46,000 sq m.

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  Yasir Iqbal
• 
  Firms submit Qiddiya staff accommodation bids

  9 March 2026

  

   

  Saudi gigaproject developer Qiddiya Investment Company (QIC) received bids from contractors on 23 February for a SR980m ($261m) contract covering the construction of staff accommodation at Qiddiya Entertainment City.

  The tender was issued in October last year. 

  The project will cover an area of more than 105,000 square metres (sq m).

  QIC is accelerating plans to develop additional assets at Qiddiya City. Last month, QIC started the main construction works on its performing arts centre at Qiddiya Entertainment City.

  The groundbreaking ceremony was attended by Abdullah Aldawood, managing director of QIC.

  The project site is located near the Tuwaiq Mountains in Qiddiya.

  The Qiddiya City performing arts centre is one of several major projects within the greater Qiddiya development. Other projects include an e-games arena, Prince Mohammed Bin Salman Stadium, a motorsports track, the Dragon Ball and Six Flags theme parks and Aquarabia.

  In December last year, QIC officially opened the Six Flags theme park to the public.

  The theme park covers an area of 320,000 sq m and features 28 rides and attractions, 10 of which are thrill rides and 18 designed for families and young children.

  The Qiddiya project is a key part of Riyadh’s strategy to boost leisure tourism in the kingdom. According to UK analytics firm GlobalData, leisure tourism in Saudi Arabia has experienced significant growth in recent years.

  The kingdom's tourism sector posted record-breaking numbers last year, as over 130 million domestic and international visitors entered the kingdom, representing a 6% increase in visitor numbers compared to 2024.

  

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  Yasir Iqbal