Aramco’s $450m PPP heads for financial close
23 January 2024
The team that won the contract to develop and operate Saudi Aramco's public-private partnership (PPP) accommodation complexes at Haradh and Wudayhi in the Eastern Province of Saudi Arabia has signed the lease agreement for the project.
It also expects to reach financial close for the project soon, according to a source close to the scheme.
MEED understands local lenders led by Riyad Bank have agreed to provide debt for the project.
Saudi Aramco first tendered the Haradh and Wudayhi PPP contract in 2019, before retendering it in 2022.
A team comprising local companies Lamar Holding and Asyad Group won the retendered contract, valued at about $450m, in December 2022, as MEED reported.
The complexes are expected to house up to 2,800 employees across 11 residential buildings. There are also two mosques and a clinic, as well as a refurbished recreational facility and an expanded medical facility at each complex.
The scope of the contract also includes the construction of a sewage treatment plant operations building and the installation of chiller plants, according to regional projects tracker MEED Projects.
Saudi Aramco received three bids for the retendered contract on 25 August 2022. The other two bidding teams were led by Al-Rajhi Development Company and Yamama, both based in Saudi Arabia.
Retender
In November 2021, Aramco selected the local Al-Rajhi Development Company and India’s Shapoorji Pallonji to deliver the build-own-operate-transfer project.
Shapoorji Pallonji was to deliver construction works, with Al-Rajhi operating the project for a concession period of 20 years.
The ramp-up in construction activity in the kingdom, combined with global supply chain issues and increased interest rates, drove up costs and resulted in renegotiations, with Aramco deciding to reissue the tender, a source close to the project told MEED in 2022.
Aramco is procuring two other housing PPP schemes.
A team led by El-Seif was awarded the contract to develop and implement the Tanajib housing PPP project in early 2022. The project scope includes the development of 2,500 housing units, in addition to a food court, parking facilities and infrastructure.
In January 2023, a team led by Lamar Holding is understood to have won the contract to develop Aramco's staff accommodation located on Abu Ali Island. The project is expected to house 700 employees and is valued at an estimated $250m.
MEED's October 2023 special report on Saudi Arabia includes:
> COMMENT: Riyadh reshapes its global role
> POLITICS: Saudi Arabia looks both east and west
> SPORT: Saudi Arabia’s football vision goes global
> ECONOMY: Riyadh prioritises stability over headline growth
> BANKS: Saudi banks track more modest growth path
> UPSTREAM: Aramco focuses on upstream capacity building
> DOWNSTREAM: Saudi chemical and downstream projects in motion
> POWER: Riyadh rides power projects surge
> WATER: Saudi water projects momentum holds steady
> GIGAPROJECTS: Gigaproject activity enters full swing
> TRANSPORT: Infrastructure projects support Riyadh’s logistics ambitions
> JEDDAH TOWER: Jeddah developer restarts world’s tallest tower
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Safety and security matters
3 April 2026
Commentary
Colin Foreman
EditorRead the April issue of MEED Business Review
Employment and investment opportunities in a low or no-tax environment have been key attractions for people and businesses located in the GCC for decades. Another crucial factor has been safety and security.
That reputation has been tested by the missile and drone attacks that began on 28 February. Whether the GCC’s safe haven status has been damaged depends on perspective.
For some, the fact that attacks occurred fundamentally changes how the region is viewed. For others, the ability to absorb a serious shock, respond quickly, and keep daily life and businesses functioning demonstrates resilience.Any assessment of safety is also relative. Many people and businesses that relocate in the GCC do so not only for opportunity, but because of dissatisfaction elsewhere. Common reasons include limited economic prospects, high taxation, distrust in political leadership and concerns about personal safety. Even with the recent conflict, the GCC may still compare favourably for those considering these factors.
There is no doubt that missile and drone attacks are extremely dangerous, and the fear of further incidents can linger. Even if attacks are infrequent, the uncertainty matters. It can influence personal decisions, travel advice, and the cost of insurance and risk management. These perceptions will shape the region’s attractiveness.
Safety concerns vary. In many parts of the world, higher levels of crime are an everyday worry for residents and businesses. For some, the GCC may still feel like the better option, provided the current tensions do not become the new normal.
How this question is answered will play an important role in how the region’s economies perform in the period ahead. If confidence returns quickly and the risk is seen as contained and manageable, investment and hiring will likely rebound faster than many expect. If uncertainty persists or escalates, the road to recovery will be a long one.
READ THE APRIL 2026 MEED BUSINESS REVIEW – click here to view PDFEconomic shock threatens long-term outlook; Riyadh adjusts to fiscal and geopolitical risk; GCC contractor ranking reflects gigaprojects slowdown.
Distributed to senior decision-makers in the region and around the world, the April 2026 edition of MEED Business Review includes:
> AGENDA: Gulf economies under fire> GCC CONTRACTOR RANKING: Construction guard undergoes a shift> MARKET FOCUS: Risk accelerates Saudi spending shift> QATAR LNG: Qatar’s new $8bn investment heats up global LNG race> LEADERSHIP: Shaping the future of passenger rail in the Middle EastTo see previous issues of MEED Business Review, please click here
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Saudi forecast remains one of growth
3 April 2026
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Dubai seeks consultants for Al-Khawaneej stormwater project
3 April 2026
Dubai Municipality has issued a consultancy tender to assess and upgrade the stormwater drainage system serving the Al-Khawaneej First residential district in northeastern Dubai.
The project, listed as TF-22-E1, covers the upgrading and rehabilitation of the stormwater system in the area. The tender has been issued by the municipality’s Sewerage and Recycled Water Projects Department.
The bid submission deadline is 23 April.
The works form part of Dubai’s wider efforts to strengthen flood resilience and support sustainable urban infrastructure development.
Two separate consultancy tenders were issued in March as part of a broader review of the emirate’s water and wastewater infrastructure to support future population growth.
One involves a study to develop a sustainable urban drainage systems strategy across the emirate. The other covers a review of the emirate’s sewage treatment and recycled water distribution strategy.
The Al-Khawaneej First consultancy role will include data collection, site investigations and an assessment of existing drainage conditions.
Additionally, the consultant will be required to identify flooding hotspots and evaluate the performance of the current system.
The project covers the preparation of preliminary and detailed designs, tender documents and construction packages as well as construction supervision through to project handover.
The municipality added that integrated drainage solutions are to be developed as part of the package, including sustainable drainage systems (SuDS) and nature-based approaches to address current and future stormwater demand.
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Distributed to senior decision-makers in the region and around the world, the April 2026 edition of MEED Business Review includes:
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Developer plans two residential schemes in Saudi Arabia
3 April 2026
Saudi developer Alramz Real Estate is planning two new residential developments in Jeddah and Riyadh.
In a Tadawul filing on 31 March, Alramz said it had signed an agreement with Oud Capital to establish a sharia-compliant real estate investment fund to develop the Alramz Front project in Jeddah’s Al-Firdous district.
The fund is targeting approximately SR650m ($173m), with Alramz committing about SR81.6m. The company will also contribute land totalling around 47,800 square metres, valued at SR215m, as an in-kind contribution.
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Separately, Alramz said it had acquired mixed-use plots in Riyadh’s Al-Malqa district for SR94.6m. The 8,600 sq m site will be developed into a residential scheme comprising approximately 135 apartments.
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Oman’s Nama PWP tenders consultancy contract
3 April 2026
Oman’s Nama Power & Water Procurement Company (Nama PWP) has opened a tender for the provision of environmental, social and governance (ESG) reporting consultancy services.
The tender seeks proposals from interested parties to support the utility in assessing its ESG maturity and identifying gaps against the Oman Investment Authority’s ESG guidelines.
The deadline for firms to submit offers is 10 May.
According to the tender notice, the selected consultant will develop the required ESG policies, strategy, report and implementation roadmap.
Nama PWP, part of Nama Group, said the scope of work is intended to support the company’s wider ESG framework as it continues to procure new power and water capacity in Oman.
The utility also recently opened a tender seeking proposals from qualified law firms to provide legal consultancy services in Oman.
The selected firms will be included on a panel and engaged on an as-needed basis. They will deliver legal advisory services across a range of matters relevant to Nama PWP’s business.
The deadline for firms to submit offers is 21 April.
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The pipeline includes a series of large-scale independent power projects scheduled for delivery between 2027 and 2031.
Solar photovoltaic capacity in the sultanate is projected to rise from 1.54GW in 2024 to 23.26GW by 2031. Wind capacity is expected to grow from 120MW to 6.75GW,
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