Related Articles

• 
  Dubai Chambers empowers its companies to go global

  12 May 2025

  

   

  How important is expanding the overseas footprint of Dubai-based companies to the growth of Dubai’s economy?

  Dubai is well known as a trading hub, so it is very essential for us, especially after the major restructuring that the chamber went through three years ago, concentrating on new mandates. One of the new mandates is to expand and internationalise our companies. This is not limited only to large corporations and family businesses; it also covers the expansion and internationalisation of small and medium companies. 

  Dubai has a very competitive edge in terms of offering quality services, so we think it is the right time to give growth leverage for our companies internationally and take advantage of fast and high-growth markets. We have witnessed a lot of success stories when it comes to large corporations such as Emirates and DP World and a lot of family businesses have had very successful international expansion, so we thought of offering customised programmes, either through the trade missions we organise or our network of 34 offices around the world, to encourage and empower our companies to go global and have opportunities that will not only help their growth but will also sustain their growth.

  How does Dubai Chambers decide where to take a trade mission?

  There are several factors that we take into consideration. One is the bilateral trade between Dubai and the specific market. We always try to have a balance between natural markets that we have in India, East Africa and the Middle East and new markets that we are trying to explore, like West Africa and Asean markets.

  We also try to match the products and services offering that we have with markets that depend on these products and services and then we contact the relevant parties from the authorities and chambers and international markets to arrange the trade mission.

  We are today in Mozambique. What are the next African markets that you will take a mission to?

  This year, this is the only African trade mission … next year, we will definitely have a trade mission, and one might be to the Central African region, and the other might be to the Francophone countries, but we have not decided yet on the calendar for next year. We should always have a trade mission to Africa as it is a market with a high appetite from our companies.

  Dubai Chambers has set a target of having 50 international offices by 2030. Where are you looking to open the additional 16 offices?

  We will expand into markets with high growth, such as Africa, in addition to new markets that we are yet not covering, perhaps in Eastern Europe and other areas. We are studying the relevant markets, and before the end of the year, we will announce new offices.

  What are some of the big challenges that Dubai-based companies experience in expanding overseas and how does Dubai Chambers help them overcome them?

  There are natural challenges that happen in any new market, such as getting the due diligence done and understanding who the companies are to deal with. One of the ways we try to support this is through the vetted B2B meetings that we do pre-mission to ensure they meet companies that went through some due diligence in terms of background checks, including utilising our relationships with the chambers of the country we are targeting. The second thing is in some markets, there are limitations on the repatriation of capital or a lot of non-tariff trade barriers, either around certification or standardisations, and we always try to improve awareness and education about these through our network of international offices. We try to ease the process at the end of the day.

  There are natural challenges that happen in any new market, such as getting the due diligence done and understanding who the companies are to deal with

  One of the big topics of discussion in the past couple of days has been access to foreign currency and getting payments.

  Foreign currency is similar to the repatriation of capital. This is very subjective as it depends on the product you deal with. For example, when it comes to services, exports usually happen with the money paid in Dubai or online. When it comes to commodities, it depends – some investors establish a subsidiary in Africa and try to circulate the money within the continent; others try to have an arrangement with banks. We are blessed in Dubai that there are several already there. In other cases, traders will always find a way, like buying other commodities that they export and then liquidate by selling them in Dubai. 

  Markets with high growth always come with their challenges; if you want a market with low challenges that is a market that is already mature with lower yields that might not be interesting for SMEs. Large corporations might be fine with very low margins because they have volume, but the small ones like to tap markets with bigger yields so they can gain more. There are different ways to deal with these challenges; some companies have the challenge of language and standardisation and the list goes on – it depends on the product and the markets.

  We often hear cities being described as the next Dubai. This has been said in the past of both Luanda and Djibouti – so what does it take to become Dubai? What should these cities be doing?

  The whole city functions like a corporation. Lots of cities and officials from other countries only look at the exterior or take a very shallow view of Dubai with skyscrapers and nice malls and a busy airport. But lots of planning goes behind this. There is a strategic plan, lots of restructuring and continuous improvement of legislation to make sure Dubai is open when it comes to doing business. It is very easy to do business; it is safe to invest. That’s why Dubai, for three years in a row, has ranked number one for greenfield FDI projects. 

  Even looking at the wider picture, you might have a friendly environment to do business and friendly legislation, but you don’t have what it takes for the global multinational companies to have a regional HQ there in terms of schooling for children, safety and security for their family … and the services that are required – complementary services for companies like a strong financial sector and insurance. 

  It requires really proper planning. In Dubai, the majority of revenue is not based on oil; the main secret is to be efficient and productive and not have a fear of making mistakes if the intention is good … It is deeper than what people see: it is about understanding where you want to go, you have a plan and stick to this plan and you are resilient in terms of changes globally… You need to develop and fix things as you go rather than waiting for the perfect moment and perfect plan, which will never come.

  https://image.digitalinsightresearch.in/uploads/NewsArticle/13865243/main.gif

  Elizabeth Bains
• 
  Red Sea to open airport passenger terminal

  12 May 2025

  The main passenger terminal building at the Red Sea International airport in Saudi Arabia is expected to become fully operational in the next few months, Ben Edwards, group head of cost, commercial and procurement, Red Sea Global, told the Saudi Giga Projects summit organised by MEED and GlobalData in Riyadh on 12 May.

  "We are approaching completion of the airport, and the main terminal building will be fully operational in the next few months," Edwards said.

  In June last year, the gigaproject developer announced that the construction works on its Red Sea International airport are 80% complete.

  Several hotels have been opened as part of the first phase of the development. According to Edwards, several other hotels are approaching completion in line with the developer's commitment to deliver 25 hotels by 2025.

  The executive said construction work was completed last year for a private island, which is now open.

  Airport project contractors

  Local contractor Masah Specialised Construction is carrying out the construction works on the terminal building.

  In 2020, a joint venture of local contractors Nesma & Partners Contracting Company and Almabani General Contractors won an estimated $250m contract covering the airside infrastructure.

  The contract includes designing and building a 3,700-metre runway, a seaplane runway, taxiways and pavement works, aeronautical navigational aids, aerodrome ground lighting, airside utilities, helipads, roads and associated buildings.

  TRSDC awarded the design contract for the airport to the UK’s Foster + Partners in October 2023. Canada’s WSP is working as a sub-consultant for Foster + Partners in engineering.

  In October 2023, Red Sea International airport welcomed a ceremonial flight operated by national carrier Saudia.

  Saudi Crown Prince Mohammed Bin Salman Bin Abdulaziz Al-Saud launched the Red Sea project in 2017.

  In January 2021, Red Sea Global signed a deal with Ireland’s DAA International to deliver airfield and terminal operations, aviation services, facilities management, commercial activities and corporate and financial services for the airport.

  https://image.digitalinsightresearch.in/uploads/NewsArticle/13863583/main.jpg

  Jennifer Aguinaldo
• 
  Iraq power sector turns a page

  12 May 2025

  

   

  In April and May, the world’s top gas turbine original equipment manufacturers signed preliminary agreements with the Iraqi government to build or add a combined total of 38GW of power generation capacity in Iraq, which is more than the country’s known installed capacity.

  US-based GE Vernova has agreed to build up to 24GW of combined-cycle gas turbine (CCGT) power plants in the country, while Germany’s Siemens Energy will develop about 14GW.

  Separately, several gigawatts of solar photovoltaic (PV) plant projects are in various stages of implementation, or are being negotiated by the Iraqi government and private developers and investors such as the UAE’s Abu Dhabi Future Energy Company (Masdar), France’s Total Energies, QatarEnergy and US-based UGT Renewables.

  There is also a plan to roll out a major solar procurement round this summer, in which 150 companies have reportedly expressed interest in bidding.

  “There was a meeting over a month ago, where the prime minister instructed the governors to allow investors to negotiate with the local governments to build solar and wind farms and connect these to low- to medium-voltage grids,” says an Iraq energy expert based outside the country.

  This helps to explain the announcement made by Wasit Province in early May, which said it has launched tenders for 25 solar and wind projects with a combined capacity of 3GW.

  Yet, the fact remains that Iraq has virtually zero operational solar or wind power capacity on its grid to date, and continues to experience extended power outages, particularly in the summer months, when peak demand outstrips available capacity.

  “It feels like we’ve been here before," the independent consultant says, noting that he has heard similar announcements and deals in the past few years.

  “The main difference that we’re looking for is the seriousness and political will to implement and execute these proposed projects, which will have to include establishing funding sources.”

  Many share the same sentiment, due to the slow pace of project implementation following years of intermittent and violent conflicts in parts of the country.

  This makes it easy to overlook some of the recent advances that have been made on certain projects in Iraq's power sector.

  Firms including GE Vernova and Siemens Energy, as well as a significant number of Chinese engineering, procurement and construction (EPC) contractors, have been making progress on projects to rehabilitate or modernise existing electricity generation plants, while several greenfield projects are also being planned or negotiated.

  Siemens Energy broke ground on a new CCGT plant in Nasiriyah in Iraq’s southern Dhi Qar Governorate in early April. Meanwhile, GE Vernova is carrying out a project at the 1,250 MW Bazyan power plant, in the Iraqi Kurdistan region, to complete the first upgrade of the advanced gas proven technology running on its 9E.03 gas turbine fleet.

  The winning contractor for Iraq’s first waste-to-energy (WTE) public-private-partnership project, Shanghai-based SUS International, also broke ground on the project in late March.

  Waste-to-energy

  The pace at which the contract to design, build, own and operate Iraq’s first WTE project was tendered and awarded defied expectations: the process of prequalifying bidders began in August 2022, the contract was awarded in January 2025 and the project broke ground three months later.

  Located in Nahrawan, in Baghdad, the estimated $500m project will have a design capacity of 3,000 tonnes a day (t/d).

  The facility will feature three incineration lines and a 100MW steam turbine generator set, and is expected to generate 780,000 megawatt-hours (MWh) of electricity a year.

  The project has a two-year construction period and a 25-year investment period.

  Baghdad Municipality will provide 3,000 t/d of municipal solid waste, and the energy purchase fee will be based on committee recommendations, covering landfill costs and environmental and public health requirements.

  Payment will be managed by the ministries of health, electricity and the environment, as well as Baghdad Municipality, for a maximum production of 100MW, with further negotiations required if production exceeds this limit.

  The Iraqi cabinet has authorised the National Investment Commission to issue the investment licence for the project and sign the contract with the winning bidder, SUS Environment.

  Artawi solar project

  The highly anticipated 1GW solar project in the southern Basra region has also reached the construction stage.

  The project is a key part of TotalEnergy’s $27bn energy projects programme in Iraq, which includes a treatment facility for associated natural gas from five southern oil fields – West Qurna 2, Majnoon, Artawi, Tuba and Luhais; the $4bn common seawater supply project; and the development of the Artawi oil field.

  In August last year, TotalEnergies awarded China Energy Engineering International Group the EPC contract for the project at the Artawi field, which is also known as Ratawi.

  A month later, QatarEnergy signed an agreement with TotalEnergies to acquire a 50% interest in the project, with TotalEnergies retaining the remaining 50%.

  The 1GW Artawi solar scheme will be developed in phases that will come online between 2025 and 2027. It will have the capacity to provide electricity to about 350,000 homes in Iraq’s Basra region.

  The project, consisting of 2 million bifacial solar panels mounted on single-axis trackers, will include the design, procurement, construction and commissioning of the PV power station site and 132kV booster station.

  Multi-faceted issue

  Addressing Iraq’s significant power deficit – which some estimates put at up to 29% – carries major geopolitical, economic and sustainability implications.

  The US and its Gulf allies are keen to wean Iraq off its dependence on energy imports from Iran. Efforts to achieve this include a project to interconnect Iraq's electricity grid with that of the GCC Interconnection Authority.

  Moreover, Iraq's overall recovery and political stability rely on the reconstruction of its infrastructure, from roads, railways and ports to schools, healthcare facilities and water and sanitation projects. All of these require a reliable power supply, which, in turn, will further drive electricity demand.

  In addition to deploying renewable energy to meet future demand, Iraq has initiated steps to explore the development of a power generation plant using flare gas.

  In March last year, the Electricity Ministry signed a preliminary agreement with Siemens Energy and US firm SLB, formerly Schlumberger, to explore such a project.

  To be located in Southern Iraq, the planned flare gas-to-power project will help reduce carbon dioxide emissions and capture value from gas that would otherwise be wasted.

  MEED understands the planned flare gas-to-power plant could have a generation capacity of up to 2,000MW, and may require 250 million standard cubic feet of gas a day.

  https://image.digitalinsightresearch.in/uploads/NewsArticle/13850633/main5702.jpg

  Jennifer Aguinaldo
• 
  Dubai awards $272m Al-Maktoum airport runway deal

  9 May 2025

  

   

  Dubai Aviation Engineering Projects (DAEP) has awarded a AED1bn ($272m) deal to local firm Binladin Contracting Group to construct the second runway as part of the expansion of Dubai’s Al-Maktoum International airport.

  MEED understands that the contract was finalised in Q1 of this year, and the construction works have started.

  The airport, which will cover an area of 70 square kilometres south of Dubai, will have five parallel runways, five terminal buildings and 400 aircraft gates.

  It will be five times the size of the existing Dubai International airport and have the world’s largest passenger handling capacity of 260 million passengers a year. For cargo, it will have the capacity to handle 12 million tonnes a year.

  The construction works on the first phase of the project are expected to be completed by 2032.

  Dubai approved the updated designs and timelines for its largest construction project in April last year.

  The government of Dubai said that the plan is for all operations from Dubai International airport to be transferred to Al-Maktoum International airport within 10 years.

  The government statement added that the project will create housing demand for 1 million people around the airport.

  In September last year, MEED exclusively reported that a team comprising Austria’s Coop Himmelb(l)au and Lebanon’s Dar Al-Handasah had been confirmed as the lead master planning and design consultants on the expansion of Dubai’s Al-Maktoum International airport.

  Project history

  The expansion of Al-Maktoum International airport is a long-standing project. Also known as Dubai World Central (DWC), it was officially launched in 2014 with a different design from the one approved in April 2024. Back then, it involved building the biggest airport in the world by 2050, with the capacity to handle 255 million passengers a year.

  An initial phase, due to be completed in 2030, involved increasing the airport’s capacity to 130 million passengers a year. The development was to cover an area of 56 square kilometres.

  Progress on the project slipped as the region grappled with the impact of lower oil prices and Dubai focused on developing the Expo 2020 site. Tendering for work on the project then stalled with the onset of the Covid-19 pandemic in early 2020.

  ---

  MEED’s May 2025 report on the UAE includes:

  > COMMENT: UAE is poised to weather the storm
  > GOVERNMENT & ECONOMY: UAE looks to economic longevity
  > BANKING: UAE banks dig in for new era
  > UPSTREAM: Adnoc in cruise control with oil and gas targets
  > DOWNSTREAM: Abu Dhabi chemicals sector sees relentless growth
  > POWER: AI accelerates UAE power generation projects sector
  > CONSTRUCTION: Dubai construction continues to lead region
  > TRANSPORT: UAE accelerates its $60bn transport push
  > DATABANK: UAE growth prospects head north

  https://image.digitalinsightresearch.in/uploads/NewsArticle/13847301/main.jpg

  Yasir Iqbal
• 
  Siemens Energy signs preliminary 14GW Iraq pact

  9 May 2025

  Register for MEED’s 14-day trial access 

  Germany’s Siemens Energy and Iraq’s Electricity Ministry have signed a preliminary agreement to add 14GW of electricity generation capacity to Iraq’s grid.

  The firms also signed two long-term service contracts for the Dibis and Al-Mussaib gas-fired power plants.

  The contract for the Dibis power plant covers two generating units with a combined capacity of 340MW.

  The five-year maintenance contract for the Al-Mussaib power station includes rehabilitating units with a capacity of 750MW and an additional 150MW, along with support for safe operations and performance optimisation.

  The announcement was made following a meeting between Siemens Energy CEO Christian Bruch and Iraqi Prime Minister Mohammed Al-Sudani, local media reported. 

  The deals were signed a few weeks after US-headquartered GE Vernova signed a memorandum of understanding (MoU) with the Iraqi government to establish 24GW of combined-cycle gas turbine (CCGT) power plants in the country.

  In late April, Iraq and Siemens Energy also announced breaking ground on a project to build a new CCGT power generation plant in Nasiriyah in Iraq’s southern Dhi Qar governorate.   

  The project is part of a $1.68bn development package that Al-Sudani recently launched.

  In addition to the CCGT plant, the other projects include the Nasiriyah Integrated Medical City, a 700-bed hospital complex and infrastructure works in the Suq Al-Shuyukh district.

  https://image.digitalinsightresearch.in/uploads/NewsArticle/13847219/main.jpg

  Jennifer Aguinaldo