Read the November 2022 MEED Business Review
31 October 2022
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On 20 November, football’s 2022 World Cup in Qatar kicks off. The month-long tournament is the world’s most-watched single event. Football’s governing body expects 5 billion people to tune into this year’s tournament, up from 3.57 billion for the 2018 edition, which Russia hosted.
The event will confirm the Middle East region’s position as a global sporting hub. Over the past two decades, billions of dollars have been spent on infrastructure for sporting events including athletics, golf, motorsports, boxing and martial arts, swimming, football, cricket and an old regional favourite, horse racing.
These events have boosted the economic visions of the region’s leaders by giving projects an international profile and, in the case of deadlines, a firm completion date. On the more societal level, they open up countries to tourism and allow nations to showcase their hospitality.
More is coming. In 2020, Doha and Riyadh were picked to host upcoming editions of the Asian Games in 2030 and 2034. More recently, the Trojena mountain resort in the northwest of Saudi Arabia was selected to host the 2029 Asian Winter Games.
Even bigger events could join the list. Egypt has confirmed it will bid to host the 2036 Olympic Games, and there are reports of a joint bid for football’s 2036 World Cup by Saudi Arabia, Egypt and Greece.
MEED’s November 2022 edition of MEED Business Review discusses the important role that sport plays in the region’s social and economic development, and the spending required to build new venues and sporting facilities.
Climate, construction and the environment are all challenges that lie ahead for Saudi Arabia's 2029 Asian Winter Games, writes MEED editor Colin Foreman. Read more |
November’s 19-page Market Focus on the UAE, meanwhile, finds the UAE working hard to maintain its economic winning streak and avoid the growing number of political and economic pitfalls in the world’s geopolitically fraught and recession-threatened business landscape.
This month, MEED also presents a special report on project finance and public-private partnerships (PPPs).
After a year of sluggish project spending in 2021, the Middle East and North Africa (Mena) region has witnessed an uptick in activity in the past year, driving renewed demand for project financing.
This comes as a boon for arrangers, yet is not without challenges.
We hope you enjoy the November 2022 edition of MEED Business Review.
Must-read sections in the November 2022 edition of MEED Business Review include:
> AGENDA: Region pitches to be global sporting hub
> TROJENA: Saudi winter games challenges perceptions
> BIG INTERVIEW: Sultan Batterjee, CEO of Saudi Arabia’s IHCC
> OPINION: Gulf stands to benefit from global turmoil
> MEED COMMENTS:
> Global oil price to sustain project activity
> Energy firms step up renewable investments
> MONTHLY BRIEFING: 20 key developments in the region
> EGYPT/TUNISIA: Cairo and Tunis battle external pressures
> IRAQ/TURKIYE: Baghdad-Ankara relations remain rocky
> PROJECT FINANCE & PPP REPORT:
> Project finance activity tests regional capacity
> PPP market cools, but remains strong
> ABU DHABI REAL ESTATE: Taking Abu Dhabi’s success global
> INTERVIEW: Abdulrahman Abdulla al-Seiari, CEO of Adnoc Drilling
> AGRI-TECH: Riad Bsaibes, president and CEO of Amana Investments
> ENERGY TRANSITION: Energy transition faces litmus test
> INTERVIEW: Acwa Power to halve carbon intensity
> UAE MARKET FOCUS: UAE sidesteps the global economic crunch
GOVERNMENT | Abu Dhabi works to rebuild bridges
- ECONOMY | UAE economy strengthens growth trajectory
- BANKING | Banks make hay while the sun shines
- UPSTREAM | Adnoc makes headway with upstream projects
- DOWNSTREAM | UAE sculpts next downstream growth phase
- POWER | UAE boosts its green credentials
- WATER | UAE plans $20bn of water projects
- CONSTRUCTION | Dubai construction sows seeds of recovery
- TRANSPORT | UAE leads regional rail resurgence
- DATABANK | UAE enjoys growth uptick with higher oil prices
> MARKET SNAPSHOT: Egypt projects
> MARKET TALK: Ansaldo Energia expands Middle East presence
> GULF PROJECTS INDEX: Gulf projects market returns to growth
> SEPTEMBER 2022 CONTRACTS: UAE records its biggest month of 2022
> BUSINESS OUTLOOK: Finance, oil and gas, construction, power and water contracts
Exclusive from Meed
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WEBINAR: Mena Oil & Gas Projects Market 2025-26
10 July 2025
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Chinese firm wins Mid Island Parkway tunnelling deal
10 July 2025
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Firms submit PPP bids for worker accommodation
9 July 2025
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Parsons to project manage Dubai Metro Blue Line
9 July 2025
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WEBINAR: Mena Oil & Gas Projects Market 2025-26
10 July 2025
Date & Time: Tuesday 29 July 2025 | 11:00 AM GST
Agenda:
1. Summary of the Mena oil, gas and petrochemicals projects market
2. Summary description of the main megaprojects, including project programmes
3. Analysis of active contracts and spending to date
4. Analysis of top contracts by work already awarded
5. Long-term capital expenditure outlays and forecasts
6. Highlights of key contracts to be tendered and awarded over the next 18 months
7. Top contractors and clients
8. Breakdown of spending by segment, ie, oil, gas, petrochemicals – upstream, downstream, onshore and offshore
9. Q&A session
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New Murabba signs up South Korean firm for design works
10 July 2025
Register for MEED’s 14-day trial access
Saudi Arabia’s New Murabba Development Company (NMDC) has signed a memorandum of understanding (MoU) with South Korea’s Heerim Architects & Planners to explore further design works on assets at the 14 square-kilometre New Murabba downtown project.
According to an official statement: “Heerim Architects & Planners will explore distinctive architectural plans that complement the development’s masterplan, with special focus on anchor assets, linear parks and smart city features.”
New Murabba CEO Michael Dyke signed the agreement last week during the company’s Investment and Partnership Forum in Seoul.
At the event, NMDC also signed an MoU with South Korea’s Naver Cloud Corporation to explore technological solutions for delivering the New Murabba downtown project.
According to an official statement: “The three-year agreement covers exploring innovative technology and automation to support the delivery of New Murabba, including robotics, autonomous vehicles, a smart city platform and digital solutions for monitoring construction progress.”
NMDC is in Seoul to examine technological offerings, assess financing options and showcase the investment opportunities available for the New Murabba downtown development.
The statement added that the excavation works for The Mukaab, the centrepiece of the overall development, have now been completed.
The Mukaab is a Najdi-inspired landmark that will be one of the largest buildings in the world. It will be 400 metres high, 400 metres wide and 400 metres long. Internally, it will have a tower on top of a spiral base and a structure featuring 2 million square metres (sq m) of floor space designated for hospitality. It will feature commercial spaces, cultural and tourist attractions, residential and hotel units, and recreational facilities.
Downtown destination
The New Murabba destination will have a total floor area of more than 25 million sq m and feature more than 104,000 residential units, 9,000 hotel rooms and over 980,000 sq m of retail space.
The scheme will include 1.4 million sq m of office space, 620,000 sq m of leisure facilities and 1.8 million sq m of space dedicated to community facilities.
The project will be developed around the concept of sustainability and will include green spaces and walking and cycling paths to promote active lifestyles and community activities.
The living, working and entertainment facilities will be developed within a 15-minute walking radius. The area will use an internal transport system and will be about a 20-minute drive from the airport.
The downtown area will feature a museum, a technology and design university, an immersive, multipurpose theatre, and more than 80 entertainment and cultural venues.
READ THE JULY 2025 MEED BUSINESS REVIEW – click here to view PDF
UAE and Turkiye expand business links; Renewed hope lies on the horizon for trouble-beset Levant region; Gulf real estate momentum continues even as concerns emerge
Distributed to senior decision-makers in the region and around the world, the July 2025 edition of MEED Business Review includes:
> AGENDA: UAE-Turkiye trade gains momentum> INTERVIEW 1: Building on UAE-Turkiye trade> INTERVIEW 2: Turkiye's Kalyon goes global> INTERVIEW 3: Strengthening UAE-Turkiye financial links> INTERVIEW 4: Turkish Airlines plans further growth> CURRENT AFFAIRS: Middle East tensions could reduce gas investments> GCC REAL ESTATE: Gulf real estate faces a more nuanced reality> PROJECTS MARKET: GCC projects market collapses> INTERVIEW 5: Hassan Allam eyes role in Saudi Arabia’s transformation> INTERVIEW 6: Aseer region seeks new investments for Saudi Arabia> LEADERSHIP: Nuclear power makes a global comeback> LEVANT MARKET FOCUS: Levant states wrestle regional pressures> GULF PROJECTS INDEX: Gulf projects index continues climb> CONTRACT AWARDS: Mena contract award activity remains subdued> ECONOMIC DATA: Data drives regional projects> OPINION: A farcical tragedy that no one can endTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/14239016/main.jpg -
Chinese firm wins Mid Island Parkway tunnelling deal
10 July 2025
Register for MEED’s 14-day trial access
Beijing-headquartered China Railway Tunnel Engineering Group has won a $60m subcontract for the tunnelling works on package 1B of the Mid Island Parkway project in Abu Dhabi.
Package 1B entails the construction of a cut-and-cover tunnel to cross the Khor Laffan Channel, which is the area between the Saadiyat and Um-Yifeenah islands.
The tunnel, which will be between 900 metres and 1 kilometre (km) long, is being constructed on a design-and-build basis and will tie in to packages 1A and 1C.
The project is being jointly constructed by a joint venture of local firm Yas Projects (Alpha Dhabi Holding) and Beijing-based China Railway International Group.
In June last year, MEED exclusively reported that Abu Dhabi's Department of Municipality & Transport had awarded contracts for three packages for phase one of the Mid Island Parkway Project (MIPP), as part of the Plan Capital urban evolution programme.
Phase one will start at the existing Saadiyat Interchange, which will connect the E12 road to the MIPP, and will end with the recently constructed Um-Yifeenah Highway.
It comprises a dual main road with a total length of 8km, including four traffic lanes in each direction, two interchanges, a tunnel and associated infrastructure works.
MIPP phase one is further divided into packages 1A, 1B and 1C, which were awarded separately.
The project ownership has been transferred from Aldar Properties to Abu Dhaibi's Department of Municipalities & Transport.
Previously, it was transferred from Abu Dhabi General Services Company (Musanada) to Aldar Properties, and the project was included in the Abu Dhabi Investment Office's public-private partnership project pipeline.
READ THE JULY 2025 MEED BUSINESS REVIEW – click here to view PDF
UAE and Turkiye expand business links; Renewed hope lies on the horizon for trouble-beset Levant region; Gulf real estate momentum continues even as concerns emerge
Distributed to senior decision-makers in the region and around the world, the July 2025 edition of MEED Business Review includes:
> AGENDA: UAE-Turkiye trade gains momentum> INTERVIEW 1: Building on UAE-Turkiye trade> INTERVIEW 2: Turkiye's Kalyon goes global> INTERVIEW 3: Strengthening UAE-Turkiye financial links> INTERVIEW 4: Turkish Airlines plans further growth> CURRENT AFFAIRS: Middle East tensions could reduce gas investments> GCC REAL ESTATE: Gulf real estate faces a more nuanced reality> PROJECTS MARKET: GCC projects market collapses> INTERVIEW 5: Hassan Allam eyes role in Saudi Arabia’s transformation> INTERVIEW 6: Aseer region seeks new investments for Saudi Arabia> LEADERSHIP: Nuclear power makes a global comeback> LEVANT MARKET FOCUS: Levant states wrestle regional pressures> GULF PROJECTS INDEX: Gulf projects index continues climb> CONTRACT AWARDS: Mena contract award activity remains subdued> ECONOMIC DATA: Data drives regional projects> OPINION: A farcical tragedy that no one can endTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/14238039/main3047.gif -
Firms submit PPP bids for worker accommodation
9 July 2025
Saudi Arabian Mining Company (Maaden) has received bids from companies for a contract to develop accommodation for over 4,500 workers at its new gold mine and processing facility in the Al-Rjum region of Saudi Arabia.
MEED understands that the bids for the package were submitted in late June.
Maaden is developing the project on a public-private partnership (PPP) basis under a build, own, operate and transfer model. The concession period is 15 years.
The bidders include:
- Saudi Arabian Trading & Construction Company
- Lamar Holding
- NextGen Infra
- Al-Mutlaq Group
Maaden is at the forefront of Riyadh’s strategy to expand the kingdom’s metals and mining sector. By 2040, the company, which is majority-owned by sovereign wealth vehicle the Public Investment Fund, aims to build its upstream mining capabilities, gain exposure to future minerals and form partnerships with global mining companies.
The company’s efforts align with Crown Prince Mohammed Bin Salman Al-Saud’s strategy to establish mining as a third economic pillar, alongside oil and petrochemicals.
In January, Maaden revealed plans to form a joint venture with state-controlled oil company Saudi Aramco, focusing on the exploration and mining of metals that are crucial to the energy transition.
At the Future Minerals Forum 2025, Maaden shared updates on its exploration activities, highlighting gold and copper intercepts at the Wadi Al-Jaww and Jabal Shayban exploration areas in the Arabian Shield. These findings suggest the emergence of a new gold and copper district.
READ THE JULY 2025 MEED BUSINESS REVIEW – click here to view PDF
UAE and Turkiye expand business links; Renewed hope lies on the horizon for trouble-beset Levant region; Gulf real estate momentum continues even as concerns emerge
Distributed to senior decision-makers in the region and around the world, the July 2025 edition of MEED Business Review includes:
> AGENDA: UAE-Turkiye trade gains momentum> INTERVIEW 1: Building on UAE-Turkiye trade> INTERVIEW 2: Turkiye's Kalyon goes global> INTERVIEW 3: Strengthening UAE-Turkiye financial links> INTERVIEW 4: Turkish Airlines plans further growth> CURRENT AFFAIRS: Middle East tensions could reduce gas investments> GCC REAL ESTATE: Gulf real estate faces a more nuanced reality> PROJECTS MARKET: GCC projects market collapses> INTERVIEW 5: Hassan Allam eyes role in Saudi Arabia’s transformation> INTERVIEW 6: Aseer region seeks new investments for Saudi Arabia> LEADERSHIP: Nuclear power makes a global comeback> LEVANT MARKET FOCUS: Levant states wrestle regional pressures> GULF PROJECTS INDEX: Gulf projects index continues climb> CONTRACT AWARDS: Mena contract award activity remains subdued> ECONOMIC DATA: Data drives regional projects> OPINION: A farcical tragedy that no one can endTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/14230483/main.jpg -
Parsons to project manage Dubai Metro Blue Line
9 July 2025
US-based engineering firm Parsons Corporation has announced that it has been selected by Dubai’s Roads & Transport Authority (RTA) as the project management consultant for the Dubai Metro Blue Line extension project.
In an official statement, Parsons said that its scope encompasses comprehensive project management services, including design review, procurement support, construction supervision, testing and commissioning oversight, and project handover management.
The Blue Line will connect the existing Red and Green lines. It will be 30 kilometres (km) long, with 15.5km underground and 14.5km above ground.
The line will have 14 stations, seven of which will be elevated. There will be five underground stations, including one interchange station, and two elevated transfer stations connected to the existing Centrepoint and Creek stations.
In December last year, the RTA awarded a AED20.5bn ($5.5bn) main contract for the construction of the project.
The main contractor’s consortium is responsible for all civil works, electromechanical works, rolling stock and rail systems. After completing the project, the contractor will assist with maintenance and operations for an initial three-year period.
According to an official statement, the Blue Line will have a capacity of 46,000 passengers an hour in both directions.
The project is scheduled for completion in September 2029.
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