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  Contractor wins Dammam airport water infrastructure deal

  1 October 2026

  Saudi Arabia-based Alkhorayef Water & Power Technologies has won an SR80m ($21.3m) contract to rehabilitate water and wastewater infrastructure at King Fahd International airport in Dammam in the kingdom’s Eastern Province.

  The contract was awarded by Dammam Airports Company (DACO), and work is scheduled to be completed within 18 months, the firm said in a disclosure to the Saudi Exchange (Tadawul) on 29 September.

  The scope covers the design, construction, supply, installation, replacement, rehabilitation and integration of water and wastewater infrastructure.

  It includes pumps, storage tanks and reservoirs, reverse osmosis facilities, piping and tie-ins, as well as electrical and instrumentation works.

  The award comes as DACO advances a wider programme of investment at King Fahd International airport.

  DACO signed more than SR1.2bn ($320m) in agreements in June covering airport infrastructure, including a new power station, a medium-voltage distribution network and upgrades to the existing electrical grid. 

  In September, it also appointed WSP Middle East, the regional arm of Canadian engineering firm WSP, to develop the airport’s expansion under its masterplan.

  The expansion is intended to increase annual passenger capacity to more than 19.3 million by 2030, with a longer-term target of 32 million passengers. 

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  Mark Dowdall
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  Riyadh approaches contractors for 2km tower

  1 October 2026

  

   

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  Saudi Arabia’s Public Investment Fund (PIF) has reached out to contractors as part of a market-sounding exercise for the construction of the proposed 2-kilometre megatall tower project.

  MEED understands that a PIF subsidiary, the Tower District Real Estate Development Company, is undertaking the process.

  It is understood that several experienced international contractors, as well as some prominent local contractors, have been approached.

  The latest development follows PIF receiving offers in June last year from firms seeking a contract to provide project management consultancy (PMC) services for a new central business district (CBD) on the outskirts of Riyadh, which includes the proposed 2km tower.

  The PMC role covers both the tower and the surrounding district.

  Firms understood to have been invited to bid include US-based Aecom, Jacobs, Parsons and Turner, as well as the UK’s Mace.

  UK-based Foster & Partners is working as the architect for the tower after winning a design competition launched in late 2022.

  Record breaker

  The proposed tower would be more than double the height of the world’s tallest building, Dubai’s Burj Khalifa, which stands 828 metres tall. It is expected to be at least several hundred metres taller than the 1,000-metre-plus tower under construction in Jeddah.

  Contractors that have priced megatall towers in the region say a 2km-tall structure could cost about $5bn to construct, depending on the final design.

  The 2km tower and the surrounding CBD – known as Project Rise – sit within a larger masterplanned development to the north of Riyadh called the North Pole.

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  MEED’s October 2026 report on Saudi Arabia includes:

  > COMMENT: Saudi projects hold steady
  > GOVERNMENT: Riyadh looks to reset its regional defence outlook
  > ECONOMY: Conflict bolsters case for Saudi economic diversification
  > BANKING: Saudi lenders readjust to lower lending and deposit climate
  > UPSTREAM: Aramco upstream spending gathers pace
  > DOWNSTREAM: Sabic steps up Saudi petchems investment
  > POWER: Saudi Arabia’s power award activity slows
  > WATER: Saudi water sector hits sharp slowdown
  > CONSTRUCTION: Saudi construction defies the headwinds
  > TRANSPORT: Saudi infrastructure pushes forward amid conflict
  > DATABANK: Saudi data indicates project spending shift

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

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  Yasir Iqbal
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  Singapore’s Temasek plans Middle East expansion

  1 October 2026

  Singapore’s Temasek plans to open offices in Riyadh and Abu Dhabi early next year as it targets investment and partnership opportunities in Saudi Arabia, the UAE, Qatar and the wider region.

  The state-owned investor had a net portfolio value of S$518bn ($401bn) as of 31 March 2026.

  It said the new offices will serve as regional hubs for Temasek and its portfolio companies, with some businesses expected to co-locate to work more closely with partners and pursue deals alongside the group. The openings are subject to regulatory approvals.

  Temasek said it will also step up engagement with institutions in Qatar, although it has not announced plans to establish an office there.

  The company said the expansion reflects its confidence in the region’s long-term fundamentals and the economic transformation being driven by national diversification programmes.

  It added that a presence in Riyadh and Abu Dhabi will also support investment activity beyond the region by improving access to opportunities across the wider Middle East, Central Asia and Africa.

  Several Temasek-owned or Temasek-backed companies are already active in the GCC, providing a platform for the group’s planned expansion.

  These include Singapore-headquartered engineering and consultancy firm Surbana Jurong, which has been involved in masterplanning and advisory work on major regional developments, alongside other portfolio companies with interests spanning infrastructure, logistics, financial services and technology.

  According to data from regional project tracker MEED Projects, Surbana Jurong is involved in several major projects in Saudi Arabia, including Red Sea Global’s Amaala masterplan, the Trojena dams scheme, Oxagon, King Salman International airport and Saudi Arabia Railway’s North-South Phosphate Railway 3.

  The firm has also worked on projects in the wider region, including the West Link project, Etihad Rail’s high-speed rail programme and Abu Dhabi airport’s Midfield Terminal.

  Surbana Jurong has also secured masterplanning contracts from Abu Dhabi’s Department of Municipalities & Transport and Abu Dhabi Ports.

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  Yasir Iqbal
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  Aldar and Arada to pursue Abu Dhabi projects

  1 October 2026

  UAE-based developers Aldar Properties and Arada have signed a partnership agreement targeting about AED15bn ($4bn) in development opportunities on Yas Island and in Abu Dhabi’s Seih Sdeirah.

  The deal includes a masterplan joint venture to develop a mixed-use community at Seih Sdeirah, on the Abu Dhabi-Dubai border, and Arada’s purchase of three residential plots on Yas Island from Aldar.

  The Seih Sdeirah project will cover up to 1.5 million square metres (sq m) and will include villas, townhouses, and retail and leisure facilities.

  Arada will lead development and construction management, while both firms will jointly brand and market the community.

  On Yas Island, Arada has bought two canal-facing plots totalling more than 27,500 sq m, with nearly 130,000 sq m of gross floor area, as well as a third residential plot.

  Aldar said the companies will explore further collaboration across sectors and locations in the UAE.

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  Yasir Iqbal
• 
  Read the October 2026 MEED Business Review

  30 September 2026

  Download / Subscribe / 14-day trial access

  For all the talk of cancellations and cutbacks, Neom is still building – and its biggest completed project to date offers a clue to where the $500bn gigaproject is heading. Our October Agenda feature examines how Oxagon is moving to the centre of Neom’s strategy, as investment shifts towards projects with the potential to generate tangible commercial returns, from green hydrogen and ports to AI data centres and logistics infrastructure.

  Read the full analysis in the October issue of MEED Business Review.

  As Neom reshapes its priorities, Saudi Arabia’s wider project market continues to show resilience. Contract awards have reached $68bn in 2026, despite regional conflict and economic uncertainty, with activity spanning energy, infrastructure, power and the future economy.

  But with $91.5bn of projects completed this year, new awards will be crucial to maintaining momentum into 2027.

  This edition also includes MEED’s 2026 power developer ranking, revealing the companies driving the region’s rapidly expanding power market.

  The issue also explores key trends shaping the region, from AI’s growing demands on grid capacity and the implications of ICE Futures Abu Dhabi’s wind-down for Gulf commodity markets, to how the Hormuz crisis is redirecting oil companies’ focus to North Africa. Our Leadership feature asks whether the future city really needs to hang above the ground.

  We hope our valued subscribers enjoy the October 2026 issue of MEED Business Review. 

  

   

  Must-read sections in the October 2026 issue of MEED Business Review include:

  > AGENDA: Oxagon takes centre stage at Neom

  INDUSTRY REPORT: MEED’s 2026 power developer ranking > Regional power market diversifies > Battery storage broadens IPP market

  > POWER: AI is creating a grid capacity problem

  > LEGAL: What IFAD’s wind-down means for Gulf commodity markets

  > OIL: Oil companies focus on North Africa amid Hormuz crisis

  > LEADERSHIP: The future city does not need to hang above the ground

  > SAUDI ARABIA MARKET FOCUS: 
  > COMMENT: Saudi projects hold steady
  > GOVERNMENT: Riyadh looks to reset its regional defence outlook
  > ECONOMY: Conflict bolsters case for Saudi economic diversification
  > BANKING: Saudi lenders readjust to lower lending and deposit climate
  > UPSTREAM: Aramco upstream spending gathers pace
  > DOWNSTREAM: Sabic steps up Saudi petchems investment
  > POWER: Saudi Arabia’s power award activity slows
  > WATER: Saudi water sector hits sharp slowdown
  > CONSTRUCTION: Saudi construction defies the headwinds
  > TRANSPORT: Saudi infrastructure pushes forward amid conflict
  > DATABANK: Saudi data indicates project spending shift

  > MEED COMMENTS: 
  > Dubai Inc steps in as developers turn cautious
  > Saudi Arabia redirects towards AI
  > Kuwait plans biggest oil and gas contract award in 10 years
  > Saudi Arabia battery storage awards provide fresh lift

  > GULF PROJECTS INDEX: Saudi Arabia and UAE lead Gulf index gains

  > AUGUST 2026 CONTRACTS: Middle East contract awards

  > ECONOMIC DATA: Data drives regional projects

  > OPINION: The boomers’ last act

  > BUSINESS OUTLOOK: Finance, oil and gas, construction, power and water contracts

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

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  MEED Editorial