Related Articles

• 
  UAE GDP projection corrects on conflict

  24 April 2026

  Download the PDF

  

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  MEED’s May 2026 report on the UAE includes:

  > COMMENT: Conflict tests UAE diversification
  > GVT &: ECONOMY: UAE economy absorbs multi-sector shock
  > BANKING: UAE banks ready to weather the storm
  > ATTACKS: UAE counts energy infrastructure costs
  > UPSTREAM: Adnoc builds long-term oil and gas production potential
  > DOWNSTREAM: Adnoc Gas to rally UAE downstream project spending
  > POWER: Large-scale IPPs drive UAE power market
  > WATER: UAE water investment broadens beyond desalination
  > CONSTRUCTION: War casts shadow over UAE construction boom
  > TRANSPORT: UAE rail momentum grows as trade routes face strain

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

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  MEED Editorial
• 
  Boutique Group tenders Tuwaiq Palace hotel in Riyadh

  24 April 2026

  

   

  Saudi Arabia’s Boutique Group, backed by the sovereign wealth vehicle Public Investment Fund (PIF), has retendered a contract to convert Tuwaiq Palace in Riyadh into a hotel.

  Contractors have been given a deadline of 31 May to submit proposals.

  The scheme comprises 40 hotel rooms and suites and 56 one- and two-bedroom villas.

  According to regional projects tracker MEED Projects, the contract was first tendered in 2022.

  In January of that year, Crown Prince Mohammed Bin Salman launched Boutique Group to manage and convert historic and cultural Saudi palaces into ultra-luxury hotels.

  Boutique Group’s first phase covers three palaces, two of which are under construction. Al-Hamra Palace in Jeddah is being converted to include 33 suites and 44 villas. In July 2023, MEED reported that Jeddah-based Al-Redwan Contracting was appointed the main contractor for the Al-Hamra Palace conversion.

  The other project is the Red Palace in Riyadh, which will feature 46 suites and 25 guest rooms. In 2023, local contractor Mobco won the contract to undertake the project.

  In 1957, the Red Palace became the headquarters of the Council of Ministers for 30 years, and later served as the main office for the Board of Grievances until 2002.

  Jordan-headquartered Dar Al-Omran is acting as supervision consultant on all three projects.

  Photo credits: Omrania

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  MEED’s April 2026 report on Saudi Arabia includes:

  > COMMENT: Risk accelerates Saudi spending shift
  > GVT &: ECONOMY: Riyadh navigates a changed landscape
  > BANKING: Testing times for Saudi banks
  > UPSTREAM: Offshore oil and gas projects to dominate Aramco capex in 2026
  > DOWNSTREAM: Saudi downstream projects market enters lean period
  > POWER: Wind power gathers pace in Saudi Arabia
  > WATER: Sharakat plan signals next phase of Saudi water expansion
  > CONSTRUCTION: Saudi construction enters a period of strategic readjustment
  > TRANSPORT: Rail expansion powers Saudi Arabia’s infrastructure push

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

  https://image.digitalinsightresearch.in/uploads/NewsArticle/16549695/main.jpg

  Yasir Iqbal
• 
  Firms announce 129MW Dubai data centre

  24 April 2026

  Dubai’s Integrated Economic Zones Authority (DIEZ) has signed a joint-venture agreement with Netherlands-headquartered data centre developer Volt to build a new artificial intelligence (AI)-ready data centre in the emirate.

  Planned for Dubai Silicon Oasis, the development will take the form of a campus covering up to 60,000 square metres.

  The project will be delivered in two phases, starting with 29MW of immediately available capacity, followed by a second phase adding a further 100MW of committed power.

  Under the arrangement, DIEZ will supply the land and essential infrastructure, while Volt will finance and develop the project, lead construction, and manage the design, leasing, implementation and day-to-day operations.

  French firm Schneider Electric, which has its regional headquarters in Dubai Silicon Oasis, will support the development by supplying advanced electrical systems, power distribution capabilities and smart data centre infrastructure.

  The GCC currently has more than 174 active data centre projects, representing over $93bn in investment, led by international players such as AWS, Google and Huawei, alongside regional developers including Khazna and Moro, supported by government-led localisation strategies.

  More than a dozen large-scale facilities valued at over $100m each are currently under tender, with further packages expected to reach the market over the next six to 12 months.

  The UAE is one of the leading data centre markets, with hyperscale campuses, sovereign cloud initiatives and edge data centre deployments underway.

  Data centre development is closely aligned with the UAE’s digital economy and AI roadmap, as well as the wider smart city programme.

  Priorities include hyperscale and colocation facilities to support cloud service providers; edge data centres to reduce latency and enable 5G and IoT use cases; energy-efficient designs using advanced cooling, modular construction and renewables; and strategic partnerships between global hyperscalers, local developers and utilities.

  

  https://image.digitalinsightresearch.in/uploads/NewsArticle/16548972/main.JPG

  Yasir Iqbal
• 
  Iraq signs upstream oil contract

  24 April 2026

  State-owned Iraqi Drilling Company (IDC) has signed a contract with China’s EBS Petroleum for a project to drill 17 horizontal wells in the southeastern portion of the East Baghdad field.

  Mohamed Hantoush, the general manager of IDC, said the contract signing came after a “series of successful achievements” by the company at the field.

  The achievements included the completion of a project to drill 27 horizontal wells and another project to drill 18 horizontal wells, according to a statement released by Iraq’s Ministry of Oil.

  In January, Iraq’s Midland Oil Company (MOC), in collaboration with EBS Petroleum, completed the country’s longest horizontal oil well in the southern part of the East Baghdad field.

  The well, which was called EBMK-8-1H, reached a total depth of 6,320 metres, and had a 3,535-metre horizontal section, making it the country’s largest horizontal well ever drilled.

  Senior officials from the Iraqi Oil Ministry and representatives of EBS Petroleum attended the well’s completion ceremony.

  EBS Petroleum is a subsidiary of China’s ZhenHua Oil, which is focused on Iraq.

  ZhenHua Oil is the operator of the field and is working with Iraqi partners to oversee the field’s development.

  https://image.digitalinsightresearch.in/uploads/NewsArticle/16543675/main4942.jpg

  Wil Crisp
• 
  Jordan tenders oil and gas terminal project

  24 April 2026

  

   

  Jordan’s Aqaba Development Corporation (ADC) has tendered a project for the development of the facilities at the Aqaba Oil and Gas Terminal.

  The project has been divided into two packages, and a bid deadline has been set for 15 June 2026.

  The oil and gas terminal is located south of the city of Aqaba in Jordan’s Southern Industrial Zone.

  The scope of Package 1 includes:

  • Rehabilitation of petroleum product pipelines of various sizes and their accessories (such as supports, structures and valves), including rectification of painting defects
  • Inspection and repair of pipe welds
  • Rectification and overall maintenance of the product booster pump
  • Inspection, maintenance, testing and commissioning of liquefied petroleum gas (LPG) booster pumps
  • Rectification of two overhead cranes
  • Rectification and calibration of instrumentation, including pressure indicators and valves

  The scope of Package 2 includes:

  • Rehabilitation of control rooms and security rooms, replacing them with concrete control rooms, including infrastructure works and all required services
  • Removal of unused tanks and equipment previously used for exporting crude oil
  • Rehabilitation of the existing gate in order to improve safety and security with the installation of a tire killer
  • Carrying out maintenance and repairs for the oil berth dolphins and trestle with inspection
  • Maintenance, repair and reinstallation of oil berth concrete slabs
  • Removal and extension of the jetty platform
  • Installation of a lighting system at pipelines beside booster pumps
  • Installation of stripping pumps at the LPG terminal
  • Replacement of drain line path for slop tank of LPG booster pumps
  • Rehabilitation of the existing closed drain drum
  • Rectification of cone sealing issue of all truck loading arms
  • Conversion of manual valves to motor-operated valves
  • Remote operation of shut-off valves on the main pipeline alongside and near the entrance gate
  • Upgrading of the firefighting system

  The last date for questions and clarifications related to the project will be 13 May 2026.

  The Aquaba Oil and Gas Terminal was built to meet demand for petroleum products and LPG imports into Jordan.

  It is operated by state-owned Jordan Oil Terminals Company (JOTC), which was established in 2015 as a private shareholding company.

  Earlier this year, Abu Dhabi’s AD Ports Group signed an agreement with ADC to manage and operate the Aqaba multipurpose port.

  AD Ports is managing and operating the port under a 30-year concession agreement.

  Under the agreement, AD Ports and ADC will establish a joint venture to oversee port operations.

  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.

  https://image.digitalinsightresearch.in/uploads/NewsArticle/16543632/main.jpg

  Wil Crisp