Watchdog tells Qatar to do more to combat financial crime
27 February 2023
The Paris-based Financial Action Task Force (FATF) has said Qatar needs to do more to prevent financial crimes and money laundering.
“Qatar needs to make important improvements in certain areas, including in its law enforcement response to money laundering and terrorism financing in particular and its use of financial intelligence,” the FAFT said in a statement on 24 February.
“Qatar should also improve the availability and access to beneficial ownership information by law enforcement and competent authorities and strengthen the implementation of targeted financial sanctions for proliferation financing.”
The FAFT also said that Qatar has made a range of improvements to its anti-money laundering (AML)/combating the finance of terrorism (CFT) regime in recent years. It plans to publish a report on Qatar by May after it completes its quality and consistency review.
In March 2022, the FAFT put the UAE under increased monitoring, known externally as its grey list.
“Jurisdictions under increased monitoring are actively working with the FATF to address strategic deficiencies in their regimes to counter money laundering, terrorist financing and proliferation financing,” the FATF said at the time.
Since then, the UAE has made some high-profile arrests. In June last year, the Dubai Media Office confirmed that Dubai Police had arrested Atul and Rajesh Gupta, both wanted by the authorities in South Africa on criminal and money laundering charges.
The Gupta arrests came four days after the detention on 3 June of Sanjay Shah, a suspect in a DKK12bn ($1.7bn) dividend-tax fraud case in Denmark.
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OQ tenders Block 60 solar PV contract6 March 2025
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Read the March 2025 MEED Business Review6 March 2025
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L&T wins Saudi Arabia and UAE substation orders6 March 2025
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Turkish team wins Basra substation contract6 March 2025
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Abu Dhabi receives Taweelah C bid6 March 2025
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OQ tenders Block 60 solar PV contract
6 March 2025
Oman’s OQ Alternative Energy has invited firms to bid for the engineering, procurement and construction (EPC) contract for a new solar power plant in Block 60.
The Block 60 concession hosts the important Bisat field, comprising about 165 oil wells and three crude oil processing plants.
OQ expects to receive the technical and commercial bids for the solar photovoltaic (PV) project by 27 May.
The scope of work for the EPC tender encompasses the design, procurement, construction and commissioning of a 35MW grid-connected solar PV plant in Block 60 with interconnection to the Bisat substation.
The selected EPC contractor is responsible for designing and engineering the plant, including but not limited to layouts, solar modules, mounting structures, cleaning system, inverters, transformers, cabling, substation connection and balance-of-plant infrastructure.
This development comes close to a year after OQ Alternative Energy invited companies to bid for a contract to undertake environmental and social impact assessment (ESIA) studies for its planned Liwa solar project.
In addition to constructing a 100MW solar farm in Liwa, the $80m project includes the supply of substations and other related facilities, MEED reported.
The project is part of the state-backed energy firm’s support for the sultanate’s goal to reach net-zero carbon emissions by 2050.
Oman also aims for renewable energy to account for 30% of its overall electricity production mix by 2030 and 39% by 2040.
READ THE MARCH MEED BUSINESS REVIEW – clck here to view PDFChinese contractors win record market share; Cairo grapples with political and fiscal challenges; Stronger upstream project spending beckons in 2025
Distributed to senior decision-makers in the region and around the world, the March 2025 edition of MEED Business Review includes:
> AGENDA 1: Chinese firms dominate region’s projects market> AGENDA 2: China construction at pivotal juncture> UPSTREAM 1: Offshore oil and gas sees steady capex> UPSTREAM 2: Saudi Arabia to retain upstream dominance> DIRIYAH: Diriyah CEO sets the record straight> SAUDI POWER: Saudi power projects hit record high> AUTOMOTIVE: Saudi Arabia gears up to lead Gulf’s automotive sector> EGYPT: Egypt battles structural issues> GULF PROJECTS INDEX: Gulf hits six-month growth streak> CONTRACT AWARDS: High-value deals signed in power and industrial sectors> ECONOMIC DATA: Data drives regional projectsTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/13462096/main.jpg -
Read the March 2025 MEED Business Review
6 March 2025
Download / Subscribe / 14-day trial access A record-breaking performance last year underscores the growing influence of Chinese firms in the region’s projects market.
Chinese construction companies secured over $90bn in contracts in the Middle East and North Africa (Mena) in 2024. Their market share was 26% of the $347bn total for the region, according to regional projects tracker MEED Projects.
Within China, it is hard to imagine the scale of growth experienced by the country’s construction sector over the past two decades. Since 2004, it has expanded by over 800%, reaching an estimated value of $4.5tn.This growth has created contractors that are now the largest construction companies on the planet. According to GlobalData, seven Chinese companies are among the top 10 largest construction companies in the world, with China State Construction Engineering Corporation at the top of the list with revenues of $320bn.
MEED's March edition of MEED Business Review looks at why the Middle East presents such an attractive option for these huge Chinese contractors, and discusses their maturing domestic market.
Our latest issue also includes a comprehensive report on the region's upstream oil and gas sector, where offshore investment in 2025 is expected to match – if not surpass – last year's level, and Saudi Arabia is striving to retain its dominance by investing in projects that aim to boost its producton capacity.
This month’s exclusive 13-page market report focuses on Egypt. Despite its challenges – not to mention the controversial suggestion by US President Donald Trump that Gaza’s population should be relocated to Egypt and other Arab countries – Cairo has managed to attract foreign investment and the country’s economy is showing signs of improvement.
Although concerns remain regarding the government’s need to implement structural economic reforms and remedy the growing infrastructure gaps, the total value of awarded contracts in the power sector doubled in 2024 and the construction industry is being bolstered by the $24bn Ras El-Hekma project.
This issue is also packed with exclusive interviews. Mark Thomas, group CEO of state energy conglomerate Bapco Energies, explains how Bahrain will benefit from its $7bn project by the end of 2025; Abdulaziz Alobaidli, chief operating officer of the UAE’s Masdar, outlines how the company aims to meet the “moonshot” renewables challenge; and Jerry Inzerillo, group CEO of Saudi gigaproject developer Diriyah Company, talks about the firm’s strong performance in 2024.
In the March issue, the team also examines how uncertainty and instability are damaging optimism in Libya's oil sector; discovers that power projects in Saudi Arabia have hit a record high, with a total capacity of 53GW now awarded and under construction; and also looks at how the kingdom is gearing up to lead the Gulf’s electric vehicle sector.
We hope our valued subscribers enjoy the March 2025 issue of MEED Business Review.
Must-read sections in the March 2025 issue of MEED Business Review include:
> AGENDA:
> Chinese firms dominate the market
> China construction at pivotal juncture> CURRENT AFFAIRS:
> Uncertainty and instability damage Libyan oil sector optimismINDUSTRY REPORT:
Upstream oil and gas
> Offshore oil and gas sees steady capex
> Saudi Arabia to retain upstream dominance> INTERVIEWS:
> Bahrain to benefit from $7bn project by year’s end
> Masdar meets renewable’s moonshot challenge
> Diriyah CEO sets the record straight> SAUDI POWER: Saudi power projects hit record high
> AUTOMOTIVE: Saudi Arabia gears up to lead Gulf’s automotive sector
> EGYPT MARKET REPORT:
> COMMENT: Egypt battles structural issues
> GOVERNMENT: Egypt is in the eye of Trump’s Gaza storm
> ECONOMY: Egypt’s economy gets its mojo back
> OIL & GAS: Gas project activity collapses amid energy crisis
> POWER & WATER: Egypt’s utility projects keep pace
> CONSTRUCTION: Coastal city scheme is a boon to Egypt construction> MEED COMMENTS:
> Firms ramp up Saudi tech investments
> UAE data centre policy highlights AI-energy nexus
> Bankability remains hydrogen’s unbreakable challenge
> Dubai construction heads underground> GULF PROJECTS INDEX: Gulf hits six-month growth streak
> JANUARY 2025 CONTRACTS: High-value deals signed in power and industrial sectors
> ECONOMIC DATA: Data drives regional projects
> OPINION: Trump’s foreign policy shakes global relations
> BUSINESS OUTLOOK: Finance, oil and gas, construction, power and water contracts
To see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/13455567/main.gif -
L&T wins Saudi Arabia and UAE substation orders
6 March 2025
The Power Transmission & Distribution (PT&D) arm of India’s Larsen & Toubro (L&T) has won two contracts to build substations in the GCC.
In Saudi Arabia, the firm has won an order for a 380-kilovolt (kV) gas-insulated substation (GIS). Its scope includes associated reactors and the installation of hybrid GIS bays.
In Abu Dhabi, L&T has received an order to set up a new 220/33kV grid station, along with associated jobs.
The individual contracts are worth between $286m and $573m, based on the company’s project classification. The actual values were not disclosed.
In February, L&T’s Saudi branch won a contract to supply overhead transmission line steel towers for the second portion of the kingdom’s transmission grid, which connects the locations known as the central operating area (COA) and the south operating area (SOA).
The local Al-Babtain Power & Telecommunication Company awarded the contract, worth SR390m, to L&T.
The steel towers will be used for the new 500kV commutated converter high-voltage direct current (HVDC) line connecting the two transmission grids.
READ THE MARCH MEED BUSINESS REVIEW – clck here to view PDFChinese contractors win record market share; Cairo grapples with political and fiscal challenges; Stronger upstream project spending beckons in 2025
Distributed to senior decision-makers in the region and around the world, the March 2025 edition of MEED Business Review includes:
> AGENDA 1: Chinese firms dominate region’s projects market> AGENDA 2: China construction at pivotal juncture> UPSTREAM 1: Offshore oil and gas sees steady capex> UPSTREAM 2: Saudi Arabia to retain upstream dominance> DIRIYAH: Diriyah CEO sets the record straight> SAUDI POWER: Saudi power projects hit record high> AUTOMOTIVE: Saudi Arabia gears up to lead Gulf’s automotive sector> EGYPT: Egypt battles structural issues> GULF PROJECTS INDEX: Gulf hits six-month growth streak> CONTRACT AWARDS: High-value deals signed in power and industrial sectors> ECONOMIC DATA: Data drives regional projectsTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/13461935/main.gif -
Turkish team wins Basra substation contract
6 March 2025
The Washington-based World Bank has announced that a team of Turkish contractors has been awarded a contract to build three substations in Basra, Iraq.
Called the Basra Electricity Dissemination and Development Project (EDDP), the scheme was awarded in November last year to Turkish firms Balikesir Electronik Sanayi Tesisleri and Best Elektrik Taahhut, which offered to build the infrastructure for $52.16m.
The contract covers the design, supply and installation of three 132/33-kilovolt (kV), 90 megavolt ampere (MVA) gas-insulated substations at Al-Faiyha, Al-Qibla and Al-Ghadeer in Iraq’s southern region of Basra.
The contract duration is 18 months.
Three other firms submitted bids for the contract. They include Lebanon’s Matalec, which bid $63.65m; Kontrolmatik Technoloji Enerji Ve Muhendislik Anonim Sirketi, also of Turkiye, which offered $63.3m; and India’s Kalpataru Projects, offering $64m.
Coincidentally, Iraq’s Electricity Ministry discussed plans to double the amount of electricity it imports from Turkiye to 600MW in February.
The two countries also reached an agreement for “strategic” energy production projects with the establishment of several new stations and transmission lines.
Iraq periodically suffers from power outages, especially during the summer months, when increased cooling requirements overwhelm its power plants and electricity grid.
The country had a total installed power generation capacity of about 30,000MW as of the end of 2021, according to data published by the International Renewable Energy Agency (Irena).
However, it is understood that operational capacity is significantly lower and is about 6,000MW short compared with summer peak demand, with Iraq relying on Iran for an average of 1,200MW of electricity annually to augment supply.
READ THE MARCH MEED BUSINESS REVIEW – clck here to view PDFChinese contractors win record market share; Cairo grapples with political and fiscal challenges; Stronger upstream project spending beckons in 2025
Distributed to senior decision-makers in the region and around the world, the March 2025 edition of MEED Business Review includes:
> AGENDA 1: Chinese firms dominate region’s projects market> AGENDA 2: China construction at pivotal juncture> UPSTREAM 1: Offshore oil and gas sees steady capex> UPSTREAM 2: Saudi Arabia to retain upstream dominance> DIRIYAH: Diriyah CEO sets the record straight> SAUDI POWER: Saudi power projects hit record high> AUTOMOTIVE: Saudi Arabia gears up to lead Gulf’s automotive sector> EGYPT: Egypt battles structural issues> GULF PROJECTS INDEX: Gulf hits six-month growth streak> CONTRACT AWARDS: High-value deals signed in power and industrial sectors> ECONOMIC DATA: Data drives regional projectsTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/13461556/main.gif -
Abu Dhabi receives Taweelah C bid
6 March 2025
State utility and offtaker Emirates Water & Electricity Company (Ewec) has received a single bid for the contract to develop and operate the Taweelah C combined-cycle gas turbine (CCGT) independent power project (IPP) in Abu Dhabi.
Ewec requested proposals for the contract on 24 July last year and initially expected to receive bids by 26 December.
The tender closing date was subsequently extended to 28 February.
The Taweelah C IPP will have a generation capacity of up to 2,500MW and is expected to reach commercial operations in the third quarter of 2028.
Industry sources suggest UAE-based Etihad Water & Electricity (Ethad WE) submitted a lone bid for the contract.
The Taweelah C IPP is the first gas-fired power plant project to be procured by Abu Dhabi since 2020, when Ewec awarded Japan’s Marubeni Corporation the contract to develop the Fujairah 3 (F3) IPP.
The Taweelah C IPP project’s power-purchase agreement (PPA) is expected to expire by 2049, making it several years shorter than previous PPAs and in line with the UAE’s plan to reach net-zero carbon emissions by 2050.
A team of UK-based Alderbrook Finance and US-based Sargent & Lundy is providing financial and technical advisory services to Ewec for the Taweelah C IPP.
The project will involve the development, financing, construction, operation, maintenance and ownership of the plant, with the successful developer or developer consortium owning up to 40% of the entity.
The Abu Dhabi government will indirectly hold the remaining equity.
READ THE MARCH MEED BUSINESS REVIEW – clck here to view PDFChinese contractors win record market share; Cairo grapples with political and fiscal challenges; Stronger upstream project spending beckons in 2025
Distributed to senior decision-makers in the region and around the world, the March 2025 edition of MEED Business Review includes:
> AGENDA 1: Chinese firms dominate region’s projects market> AGENDA 2: China construction at pivotal juncture> UPSTREAM 1: Offshore oil and gas sees steady capex> UPSTREAM 2: Saudi Arabia to retain upstream dominance> DIRIYAH: Diriyah CEO sets the record straight> SAUDI POWER: Saudi power projects hit record high> AUTOMOTIVE: Saudi Arabia gears up to lead Gulf’s automotive sector> EGYPT: Egypt battles structural issues> GULF PROJECTS INDEX: Gulf hits six-month growth streak> CONTRACT AWARDS: High-value deals signed in power and industrial sectors> ECONOMIC DATA: Data drives regional projectsTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/13459552/main.gif