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• 
  Damage to US bases in region expected to cost more than $15bn

  1 May 2026

  The $25bn estimate a Pentagon official gave US lawmakers on 29 April did not include the cost of repairing damage to US bases in the Middle East, and the real cost of the war is likely to be between $40bn and $50bn, according to CNN.

  That would put the cost of repairing bases and replacing destroyed assets at between $15bn and $25bn.

  Jules Hurst III, the Pentagon official serving as the agency’s comptroller, told the House Armed Services Committee that “most” of the $25bn he cited had been spent on munitions. Defence Secretary Pete Hegseth declined to say whether the figure included repairs to damaged US bases.

  Iranian strikes across the Gulf in the early days of the war significantly damaged at least nine US military sites in 48 hours, hitting facilities in Bahrain, Kuwait, Iraq, the UAE and Qatar.

  Six US servicemembers were killed in an attack on a command post in Kuwait, and 20 more were injured.

  Three sources told CNN that the figure provided to the House Armed Services Committee did not include the cost of rebuilding US military installations and replacing destroyed assets.

  One source said the true cost would likely be between $40bn and $50bn.

  US contractors such as KBR and Fluor, as well as local firms, are likely to be among the leading contenders for contracts to repair and rebuild US bases in the region.

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  Wil Crisp
• 
  Read the May 2026 MEED Business Review

  30 April 2026

  Download / Subscribe / 14-day trial access

  The regional war – and resulting disruption to oil and gas shipping – has triggered a major global energy security shock that is likely to recalibrate long-term decisions on how energy is produced and consumed.

  The effective closure of the Strait of Hormuz is exposing the vulnerability of Middle East supply chains and pushing import-dependent countries to strengthen energy security by expanding domestic fossil fuels, speeding up nuclear projects, and investing in renewables and storage.

  At the same time, higher prices are encouraging producers unencumbered by reliance on the Strait to boost output.

  Like the oil shocks of the 1970s, the conflict is likely to have lasting effects, reshaping energy policies and partnerships and accelerating diversification away from existing arrangements. Read more here. 

  The conflict is also undermining the business case for Middle East liquefied natural gas (LNG) projects, as prices rise, demand drops and confidence in the reliability of the region’s suppliers is eroded. 

  May’s market focus is on the UAE, where disruption from the Iran war has challenged every assumption behind the country’s non-oil model.

  This edition also includes our industry report on Gulf capital markets, as well as analysis on the region’s initial public offering market.

  In the latest issue, we explore why regional banks are feeling the strain despite strong buffers; consider why force majeure offers no shield against construction breaches; examine the Public Investment Fund’s 2026-30 strategy and talk to Estelle Brachlianoff, CEO of water infrastructure operator Veolia.   

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

  

   

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

  > AGENDA: War in the Middle East recalibrates global energy markets

  > REGIONAL LNG: War undermines business case for Middle East LNG

  INDUSTRY REPORT: Gulf capital markets > Damage avoidance frames debt issuance > Regional IPO market dries up amid war

  > INTERVIEW: Desalination holds steady amid tensions, says Veolia CEO

  > LEGAL: Force majeure will not cure pre-existing construction industry breaches  

  > BANKS: GCC banks to feel the strain despite strong buffers

  > PIF STRATEGY: Public Investment Fund approves 2026-30 strategy

  > UAE MARKET FOCUS: 
  > 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
  > DATABANK: UAE GDP projection corrects on conflict

  > MEED COMMENTS: 
  > War takes a rising toll on Kuwait’s oil sector
  > Libya budget approval could lead to surge in oil and gas projects
  > Masdar’s move abroad will not be the last
  > Saudi Landbridge finds its moment in Gulf turmoil

  > GULF PROJECTS INDEX: Gulf index plateaus despite ceasefire

  > MARCH 2026 CONTRACTS: Middle East contract awards

  > ECONOMIC DATA: Data drives regional projects

  > OPINION: The road to hell is paved with gold

  > 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
• 
  Algeria extends bid deadline for stalled power plant

  30 April 2026

  Algeria’s state-owned electricity and gas utility Sonelgaz has extended a deadline for contractors to submit expressions of interest for the construction of the 1.2GW Djelfa combined-cycle power plant.

  The project is being procured through Sonelgaz’s power generation subsidiary, Societe Algerienne de l’Electricite et du Gaz – Production de l’Electricite (SPE).

  In March, MEED reported that the utility was seeking contractors to complete works at the existing Djelfa plant, including the remaining construction, the supply of missing equipment and the assessment of installed equipment.

  The original bid submission deadline for prequalification was 7 April. The new deadline is 5 May.

  The tender is open to both local and international companies, and will be conducted in three phases: prequalification, preliminary technical assessment, and final technical and financial submission.

  The retender follows earlier plans to complete the project through a Chinese consortium comprising China Energy Engineering Group Company, Northwest Electric Power Design Institute and Anhui Electric Power Construction Company.

  This proposal was made after Spanish contractor Duro Felguera halted work on the project in June 2024. 

  According to MEED Projects, construction works had progressed to 72% at the time of the suspension.

  It is understood that an agreement in principle was then reached to transfer the remaining works to the Chinese group after the Spanish firm entered a pre-bankruptcy phase in December 2024.

  A company statement at the time said: “The Chinese group is committed to completing the plant construction, with commissioning scheduled to start in the ninth month following the final agreement.”

  However, in October 2025, it was revealed that the attempt to transfer the project to a consortium of Chinese companies had failed, leaving the Spanish firm with an official demand to pay €413m in compensation to Sonelgaz.

  This was revealed via a lengthy report containing a restructuring plan sent by Duro Felguera to creditors in Spain and the Madrid Financial Markets Authority.

  Gas-fired power plants

  Located in Djelfa province, the project remains a key part of Algeria’s power generation expansion plans.

  Sonelgaz has been seeking contractors to build a separate 1.2GW combined-cycle gas-fired power plant in Aldrar since last April.

  The most recent deadline extension was 29 April.

  According to recent reports, Algeria has also begun construction of a power generation plant in El-Aouinet, with a total installed capacity of 1,406MW.

  The combined-cycle gas turbine plant is being developed in partnership with China National Electric Engineering Company.

  Gas-fired combined-cycle plants continue to account for the majority of Algeria’s electricity generation capacity. Data from MEED Projects indicates that more than 5,000MW of oil- and gas-fired power capacity is currently in the execution phase.

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  Mark Dowdall
• 
  Dewa announces new record for power reliability

  30 April 2026

  Dubai Electricity & Water Authority (Dewa) has announced that it set a new world record for the lowest electricity customer minutes lost (CML), at 0.82 minutes a year in 2025.

  The figure is equivalent to about 49 seconds of annual outage per customer. It improves on the utility’s previous record of 0.94 minutes in 2024, a reduction of around 13%.

  Dewa said it has reduced CML in Dubai from 6.88 minutes a year in 2012 to 0.82 minutes in 2025, significantly lower than the average of about 15 minutes recorded by leading electricity utilities in the European Union.

  The smart grid is a central component of Dewa’s strategy to improve reliability and efficiency. The programme is being implemented with total investments of AED7bn up to 2035.

  One of the key initiatives of the programme is the Automatic Smart Grid Restoration System, which enables remote, round-the-clock control and monitoring.

  Dewa currently has tenders out for several power and water infrastructure projects in the emirate. These include at least four Glass Reinforced Epoxy (GRE) water transmission pipeline projects.

  According to regional projects tracker MEED Projects, Dewa awarded $1.1bn-worth of new power and water contracts in 2025. Contract awards had previously reached $2.6bn in 2024, and $4bn in 2024.

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  Mark Dowdall
• 
  Riyadh tenders PMC deal for major sports arena

  30 April 2026

  

   

  Saudi Arabia’s Sports Boulevard Foundation has tendered a contract inviting firms to bid for project management consultancy (PMC) services for the Global Sports Tower in the Athletics District of the Sports Boulevard development in Riyadh.

  The tender was issued on 8 April, with a bid submission deadline of 10 May.

  The 130-metre-tall Global Sports Tower will cover an area of 84,000 square metres and will include more than 30 sports facilities. The tower will feature the world’s tallest indoor climbing wall at 98 metres and a 250-metre running track.

  Earlier this week, MEED reported that the Sports Boulevard Foundation is preparing to award the main construction contract for the Global Sports Tower. MEED understands that bid evaluation has reached an advanced stage and the contract is likely to be awarded by the end of May.

  MEED reported in May last year that design work on the tower had been completed. Saudi Arabia’s Crown Prince Mohammed Bin Salman Bin Abdulaziz Al-Saud approved the designs in 2024.

  The Sports Boulevard development runs across Riyadh from east to west and, once complete, is set to be the world’s longest park spanning more than 135 kilometres.

  The development will be spread across several districts, including Wadi Hanifah, Arts, Urban Wadi, Entertainment, Athletics and Eco, as well as Sands Sports Park.

  The large-scale project aims to transform central Riyadh – currently dominated by major highways – into a recreational corridor.

  Sports Boulevard, which will feature 4.4 million sq m of public realm and landmark buildings, will also be home to the Centre for Cinematic Arts and a 2,000-seat amphitheatre.

  The development will provide more than 2.3 million sq m of mixed-use commercial, residential, and retail assets, along with sports facilities around the park, known as Linear Park.

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  Yasir Iqbal