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Acquisition with a view to transition

24 October 2024

 

Adnoc International’s $16.3bn bid for German plastics group Covestro, signed on 1 October, has called fresh attention to the Middle East and North Africa (Mena) region as a source of merger and acquisition (M&A) activity.

The deal by the UAE state energy company’s overseas business arm, which is the largest Mena deal of the year, is just one of a string of acquisitions by regional energy companies seeking to diversify both sectorally and in terms of geography. And energy – notably the low-carbon variant – has emerged as a key focus for buyers.

Within the Mena region, the GCC remains the mainstay of deal flow, with its clutch of sovereign wealth funds (SWFs) and government-related entities (GREs) underpinning activity through transformative agendas that are shaped by government-led ambitions to shift away from oil and gas and embrace newer areas of the economy.

The figures underscore the Gulf bias in M&A deal flow. Ten of the Mena region’s highest-valued M&As in the first six months of 2024 were concentrated in the GCC region. 

The UAE and Saudi Arabia saw a combined 152 deals worth $9.8bn and were among the top Mena bidder countries in terms of deal volume and value, according to data from EY.

The largest transaction came in February, when private equity firms including Clayton Dubilier & Rice, Stone Point Capital and Mubadala Investment announced the acquisition of Truist Insurance Holdings, the US’s fifth-largest insurance brokerage, for $12.4bn – a sign that Gulf entities have the appetite and balance sheet to lock down opportunities in North America. 

Indeed, according to EY, the US remained the preferred target destination for Mena outbound investors in the first half of 2024, with 19 deals amounting to $16.6bn.

Meanwhile, Gulf-based SWFs dominate in regional M&A activity in terms of deal value. Consultancy Bain & Company says they represented 86% of deal value in 2023, either directly or through portfolio companies.

Industrial focus

Sector-specific drivers have come to the fore for some participants, and that is evident in the spread of M&A activity. Take Saudi Arabia’s Public Investment Fund (PIF), which acquired steel companies Al-Rajhi Steel and Hadeed last year, from Rajhi Invest and Saudi Basic Industries Corporation, respectively, creating a national champion in a domestic steel sector that has consolidated.

Similarly, Adnoc’s Covestro acquisition confirms the prominent role that national oil companies continue to play as they morph into energy companies with more diverse product slates, and in turn are required to grow inorganically at times. 

The Covestro deal represents a similar move to the PIF’s steel sector play last year. The German company would become a key plank in Adnoc’s ambition to create a speciality chemicals business. In a similar way, Borealis, in which Adnoc is a minority stakeholder, acquired Austrian chemicals group Integra Plastics in a deal announced in April 2024.

“The acquisitions from Adnoc are in line with a vision that they set out [in 2017], when the company restructured and broadened its scope to be a global business, looking actively for global opportunities to grow and diversify,” says Alice Gower, a partner at Azure Strategy.

She says that the interest in the European downstream sector is “a really smart move, because it not only ensures a market for their products, but it replaces Russian supplies and creates a dependency between Europe and, in this case, the Saudis or Emiratis”.

UAE companies’ interest in buying into European industrial firms has been evident this year. February saw Adnoc complete its long-running effort to acquire a 24.9% stake in Austrian petrochemicals firm OMV, and in May, state held Emirates Global Aluminium completed the acquisition of German aluminium recycling firm Leichtmetall Aluminium Giesserei Hannover. 

Another geographic theme has seen GCC firms target Asia and Africa – the latter increasingly a focus in terms of its resource opportunity, as well as its capacity to provide a growing consumer market with an emergent middle class.

Last year, Asia figured in some of the biggest deals involving Mena companies, such as the $2bn investment by the UAE’s Mubadala in Chinese fashion retail firm Shein, and Qatar Investment Authority’s purchase of a $1bn stake in India’s Reliance Retail Ventures.

Resources – particularly transition minerals – look set to remain a prominent theme for Mena dealmakers. In Africa, the UAE’s International Resource Holding, an affiliate of Sheikh Tahnoon Bin Zayed-headed International Holding Company, completed its acquisition of Zambia’s Mopani Copper Mine in March 2023, paying $1.1bn for a 51% stake. The UAE firm has moved into critical metals and sees this entity as playing a key role in developing the metal and mining supply chain.

Energy transition

The energy transition will continue to push Gulf acquirers’ M&A agendas. 

Abu Dhabi’s Masdar, eyeing a target 100GW of clean energy by 2030, has become an active M&A player. In June, it acquired a 67% stake in Greek company Terna Energy for $2.9bn. 

Deal flow at Masdar has been brisk, with a deal struck in September to acquire renewable energy provider Saeta Yield from US investment firm Brookfield for $1.4bn, handing it significant power assets in Spain and Portugal and a 1.6GW development pipeline. 

Masdar has also been growing its US foothold, closing a deal in October for a 50% stake in US renewables company Terra-Gen, which boasts a wind, solar and battery storage portfolio of 3.8GW.

Meanwhile, with the PIF and Mubadala both committed to net-zero targets by 2050, in addition to working to decarbonise their existing portfolios, the funds are investing in green assets and in technologies that support decarbonisation, notes Bain & Company. 

Azure Strategy’s Gower cautions against reading too much into the professed diversification agenda, however. 

“Everybody talks about diversification, but if you actually look at what they’re investing in, it’s not that far from the fossil fuel industry,” she says. 

“There is a vertical integration logic: you’re upstream and you want to then become more involved in midstream and downstream – that makes sense. But the businesses that they are buying are pretty low-margin, so there has to
be a different reason behind this approach.”

Instead, defensive motivations are in play. “It is about capturing shares in assets across different markets in order to spread risk, and then diversifying revenue streams away from direct exports, given their geographic location,” she says. 

“Look at what is going on in the region at the moment, and the increase in shipping costs, the instability and insecurity risk.”

Banking mergers

M&A in the Mena banking sector has slowed down in the past five years, following a spate of deals that mainly reflected the reordering of state holdings in large Gulf banks.

In March 2024, the Egyptian subsidiary of Bahrain’s Bank ABC completed its merger with the Egyptian subsidiary of Lebanon’s Blom Bank, tripling Bank ABC’s market share in Egypt.

Market speculation is now centring on consolidation within Kuwait’s banking sector.

The proposed merger of Boubyan Bank and Gulf Bank – Kuwait’s third- and fifth-largest lenders – would create an Islamic lender with assets of about $53bn.

“GCC banks in general have been keeping their options open because these are small, concentrated economies and markets, and therefore international expansion will help diversify business models and improve profitability,” says Redmond Ramsdale, senior director for banks at Fitch Ratings.

M&A moves have taken Gulf banks into the wider region. 

“External growth is part of some GCC banks’ strategy to diversify business models and improve profitability,” says Ramsdale. “By deploying capital into high-growth markets, they may be able to compensate for weaker growth in their home markets.”

In the wider Mena region, M&A activity in 2025 will be driven by the big regional SWFs and GREs. The need to decarbonise their portfolios will shape inorganic growth strategies as they look to buy lower-carbon assets ‘off the shelf’ to meet net-zero and emission-reduction targets.

With sizeable acquisition budgets at their disposal, these players do not lack the financial firepower to target assets that will help them meet their goals.

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James Gavin

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  • Momentum builds in Oman construction

    3 December 2025

     

    The Omani construction and infrastructure projects market has maintained its momentum this year, with more than $3.3bn-worth of contracts awarded by late November.

    The outlook for the remainder of the year is promising, supported by a further $1bn-worth of schemes expected to be awarded before year-end.

    If achieved, this would mark the second consecutive year in which the market has exceeded $4bn in awards since 2015, continuing the steady growth Oman has experienced since emerging from the Covid-19 pandemic in 2021 and following the leadership transition in 2020, when Sultan Haitham Bin Tariq Al-Said succeeded Sultan Qaboos Bin Said.

    Transport contracts

    A major milestone for Oman’s construction sector came in May, when three contracts worth over RO258m ($670m) were awarded for packages three, four and five of the Adam-Thumrait Road dualisation project.

    The contracts were awarded to joint ventures comprising local and Saudi-based firms.

    In November, the Ministry of Transport, Communications & Information Technology awarded a $117m contract to the local subsidiary of Austria’s Strabag for the construction of Al-Mouj Road and its connection to 18 November Street in Muscat.

    Several major road projects are expected to be awarded imminently as tendering progresses. In October, 13 firms submitted bids for the design-and-build contract for a dual-carriageway in Sohar in North Al-Batinah Governorate.

    A contract award is also expected soon for the remaining works on parts one and three-A of the Adam-Thumrait dualisation project, for which local contractor Al-Hashemi Al-Rawas Trading & Contracting submitted the lowest bid of $116.5m in September.

    Airport development is also moving forward. In July, the Civil Aviation Authority (CAA) prequalified 20 local and international firms for a tender covering enabling works at Musandam airport.

    The CAA also tendered engineering and design contracts for the Jabal Akhdar, Masirah and Sohar airports.

    These projects fall under the National Aviation Strategy 2030, which aims to attract $3.6bn of investment in airport cities over the next two decades.

    According to MEED Projects, Oman has a pipeline of more than $20bn-worth of infrastructure schemes, the largest of which is the Muscat Metro.

    In November, it was reported that studies for the proposed Muscat Metro scheme had been completed. The scheme is expected to span 55 kilometres with 36 stations and cost around RO1bn ($2.6bn).

    Real estate

    Real estate development is also gaining pace, with several masterplanned projects advancing. Since assuming leadership, Sultan Haitham has pushed forward a number of major schemes.

    Among them is the New Smart City Salalah development, a 7.3-square-kilometre project on Oman’s southern coast. In October, 20 local and international engineering firms expressed interest in bidding for the detailed design contract.

    Progress is also evident on Sultan Haitham City, the most high-profile masterplanned development in the sultanate, overseen by the Ministry of Housing & Urban Planning (MHUP).

    Since last year, the ministry has signed multiple agreements for infrastructure works, including roads, electricity, water, sewage, irrigation, telecommunications and district cooling networks.

    Tendering has also resumed on the Grand Blue City project, also known as Al-Madina Al-Zarqa, located along the Al-Sawadi seafront about 100km northwest of Muscat. Originally launched in 2005, the scheme stalled during the global financial crisis.

    Preparatory works are now expected to begin soon for phase one, which includes 100 luxury villas, 202 lagoon villas, a five-star hotel, 130 serviced apartments (from studios to three-bedroom units) and 270 residential apartments.

    Another major development near the capital is Al-Khuwair Downtown, close to Muscat International airport and also led by MHUP. The contract for the marina infrastructure package is expected to be awarded soon following bid submissions in August.

    MHUP is also progressing the Omani Mountain Destination at Jabal Al-Akhdar, located 150km from Muscat. The $2.4bn project includes 2,537 housing units, 2,000 hotel rooms and a health and wellness village at an altitude of 2,400 metres.

    Other major upcoming MHUP-led schemes include Al-Thuraya City in Muscat and the Khor Grama project in Sur in the Ash Sharqiyah South Governorate.

    Investment avenues

    Foreign investors are playing a role. Egyptian developer Talaat Moustafa Group Holding (TMG) recently announced RO1.5bn ($4bn) of investment across two real estate projects in Muscat.

    Public-private partnerships (PPPs) are also supporting growth. In November, Oman tendered three key road schemes on a PPP basis: the Salalah-Thamrait road, the Muscat-Al-Dakhiliyah road (Al-Maabela–Thumayd section) and the Bausher-Al-Amerat tunnel road, alongside the Al-Amerat-Dima Wattayeen road.

    All these subsectors are expected to generate opportunities for construction companies over the coming years. The market also has the potential to grow far beyond its achievements last year. While that growth was positive, analysis of the historical numbers shows that the Oman market can achieve much more. In 2014, when the market peaked, there were over $9bn of awards – more than double the last year’s total. 

     

     

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  • LNG goals galvanise Oman’s oil and gas sector

    3 December 2025

     

    The Omani oil and gas sector, where large-scale, capital-intensive project investments are relatively rare, has been bolstered by progress on two major liquefied natural gas (LNG) developments.

    The government made headlines in July last year when it announced that majority state-owned Oman LNG would build a fourth train at its Qalhat LNG production complex in Sur.

    The new LNG train will have an output capacity of 3.8 million tonnes a year (t/y), increasing Oman LNG’s total capacity to 15.2 million t/y when it is commissioned in 2029.

    Oman LNG has recently made key progress on the expansion project, having shortlisted three bidders for the main engineering, procurement and construction (EPC) contract: a consortium of Chiyoda and South Korea’s Samsung C&T; Japanese contractor JGC Corporation; and a consortium comprising Italy’s Saipem and South Korea’s Daewoo Engineering & Construction.

    Technical and commercial bids are due in February and March 2026, respectively. The EPC tender process began less than a year after Oman LNG awarded the front-end engineering and design (feed) contract to US-based consultancy KBR.

    Separately, France’s TotalEnergies is studying a potential expansion of its Marsa LNG bunkering and export terminal in Oman. The move is significant, given that the first phase of the project is currently under construction in the sultanate’s northern industrial city of Sohar and will have an output capacity of 1 million t/y.

    TotalEnergies reportedly began an initial study on a potential second phase earlier this year. The French energy major may consider doubling the LNG complex’s capacity, although the plan has yet to be confirmed, according to sources.

    Earlier in the year, TotalEnergies appointed Technip Energies – already the main EPC contractor on the under-construction Marsa LNG terminal – to perform concept and feasibility studies on the proposed expansion phase.

    With Oman LNG advancing its fourth train and TotalEnergies assessing a potential doubling of LNG output, the sultanate is positioning itself to become a major global LNG player by 2030.

    Upstream pursuits

    Petroleum Development Oman (PDO), meanwhile, continues to advance projects aimed at maintaining and enhancing the sultanate’s oil and gas production capacity.

    PDO operates Block 6, Oman’s largest and most prolific hydrocarbons concession, spanning 75,119 square kilometres onshore and containing 202 oil fields and 43 gas fields.

    The government holds a 60% stake in PDO, with the remaining shares held by UK-based Shell (34%), France’s TotalEnergies (4%) and Thailand’s PTTEP (2%).

    In September, PDO awarded the main contract for an integrated project to produce natural gas from the Budour and Tayseer fields. The project aims to expand the capacity of existing gas production and processing facilities at Tayseer as part of the field’s second development phase. PDO will also appraise, produce and process sweet gas from the Budour field, located about 50 kilometres west of Tayseer.

    Kuwait-based Spetco International Petroleum Company won the design, build, own, operate and maintain (DBOOM) contract for the combined Budour-Tayseer sour gas processing facility.

    PDO has also launched a solicitation of interest with contractors for feed work on the second phase of a project to increase oil production from the Rabab Harweel field in Oman’s southernmost Dhofar Governorate.

    PDO began production from the asset in 2019 following completion of the estimated $3bn Rabab Harweel Integrated Project (RHIP), on which UK-based Petrofac carried out the EPC works.

    The second tranche of the RHIP is an enhanced oil recovery project that involves raising miscible gas injection in additional reservoirs across several smaller fields within the wider development. Scheduled to come on-stream beginning in 2028, tranche two aims to expand oil production capacity and improve gas injection by utilising ullage at the existing Harweel Main Production Station (HMPS).

    The scope also includes sustaining condensate and gas supply by using ullage from the first phase of RHIP, installing a depletion compression facility by 2030, and expanding the off-plot gas supply network.

    According to the request for information document, PDO has yet to decide on the project execution model, with the majority state-owned company considering a feed-to-EPC approach. The scope of work on the RHIP tranche two project is primarily divided into an oil and a gas scope.

    Separately, PDO has begun prequalification for EPC works to develop key on-plot facilities as part of the early phase development of the Dhulaima onshore field.

    The Dhulaima Upper Shuaiba field, located in the Lekhwair cluster within Block 6, will be developed under an operations lease contract with a duration of five years.

    The project’s scope covers EPC activities and all associated civil, mechanical, piping, electrical, fabrication, instrumentation, control, testing, pre-commissioning, commissioning and de-commissioning works.

    PDO has also launched a prequalification exercise for a considerable scheme to appoint one or more contractors to build early production facilities for new appraisal exploration fields, enabling accelerated production and early monetisation.

    Boosting the energy value chain

    State energy conglomerate OQ Group is moving ahead with initiatives to expand natural gas liquids (NGL) production capacity, in line with trends across the Gulf’s national oil companies.

    OQ has launched prequalification for feed works on a project to build an NGL extraction facility in Saih Nihayda in central Oman, which will send condensates to Duqm for fractionation and export.

    Separately, Oman Tank Terminal Company (OTTCO), an OQ subsidiary, and Netherlands-based Royal Vopak signed a shareholder agreement in November to establish a new company in the Special Economic Zone at Duqm (Sezad).

    OTTCO will hold a 51% stake and Vopak the remaining 49%, with the new company set to develop and operate world-class energy storage and terminal infrastructure at Duqm.

    In addition, Energy Development Oman (EDO) has entered into a joint venture with Japan’s Sumitomo Corporation to establish a supply chain management company in the sultanate.

    The entity – set to be the first of its kind in Oman – will be based in Duqm, located in Al-Wusta Governorate on the sultanate’s geopolitically strategic Indian Ocean coast.

    The new company aims to provide supply chain management services to Oman’s energy sector, beginning with oil country tubular goods and later expanding to other products and services across the hydrocarbons value chain, renewables and other energy segments.

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  • Oman prepares for wave of IPP awards

    3 December 2025

     

    Contract activity in Oman’s power sector slowed in 2025, yet the sultanate is entering the new year with its diversification plans advancing and procurement for independent power projects (IPPs) gathering pace.

    In the renewables segment, progress continued in September with the award of the sultanate’s fourth large-scale solar IPP. The 500MW Ibri 3 solar IPP was awarded to a consortium of Abu Dhabi Future Energy Company (Masdar), Korea Midland Power and local firms Al-Khadra Partners and OQ Alternative Energy.

    The project also incorporates a 100MWh battery system, making it Oman’s first utility-scale solar-and-storage development.

    Ibri 3 accounted for almost 60% of the power contract awards in 2025. While this reflects a quieter year for investment, it also highlights the transition taking place in the market, with attention shifting towards grid reinforcement and preparations for a series of IPPs expected to advance over the coming period.

    The inauguration of the 500MW Manah 1 and Manah 2 solar IPPs earlier in the year added further capacity, building on the operational Ibri 2 plant, which came online in 2021.

    Wind procurement also continues to advance. In November, Nama Power & Water Procurement Company (Nama PWP) signed a 20-year power purchase agreement with a joint venture of Singapore’s Sembcorp Utilities and OQ Alternative Energy for the Dhofar 2 wind IPP.

    The 125MW plant is scheduled to begin operations in the third quarter of 2027 and will add capacity to the Dhofar Power System (DPS), where Oman’s first commercial wind farm, the 50MW Dhofar project, already operates.

    In the DPS, peak demand is anticipated to grow by 5% a year, from 612MW in 2022 to 837MW in 2029. The Sadah wind IPP, which will add around 99MW to the system once operational, is expected to move forward in the coming months.

    Overall, the direction of the sector remains aligned with national plans to increase renewable energy’s share of electricity generation to 30% by 2030 and expand steadily thereafter.

    Oman’s renewable energy programme is expected to expand considerably by 2030, with about 4.5GW of solar IPPs and around 1GW of wind farms planned across multiple sites.

    Increasing wind power

    The wider wind programme includes the Duqm and Mahoot wind IPPs, which are moving forward and will have a combined generation capacity of more than 600MW. In October, Nama PWP issued a supervisory consultancy services tender for the Duqm project.

    Several awards are expected in the near term. Jalan Bani Bu Ali, a wind IPP of about 100MW, and the 280MW Al-Kamil Wal Wafi solar photovoltaic IPP are among four IPPs currently under bid evaluation.

    While Oman continues to scale up renewable capacity, the need for firm generation remains. Peak demand in Oman’s Main Interconnection System (MIS) is expected to grow at an average of 3.4% a year over the current planning period, reaching about 8,350MW in 2029, up from 6,628MW in 2022. 

    Demand in the MIS is likely to continue rising through the decade, supported by industrial growth, population increases and development in economic zones such as Duqm.

    Nama PWP aims to meet this requirement with two major thermal schemes: the $1.53bn gas-fired Misfah IPP and the $753m Duqm IPP. The state offtaker has received three bids for the development and operation of the plants, which together will supply 2,400MW and are scheduled to begin delivering early power by April 2028.

    Developing the grid

    Similar to previous planning cycles, grid development remains a priority. In September, the GCC Interconnection Authority signed a $500m interim financing agreement with Sohar International Bank to support the development of the direct Oman-GCC electricity interconnection.

    The project involves constructing a 400-kilovolt double-circuit line stretching approximately 530km between the Al-Sila station in the UAE and a new Ibra substation in Oman.

    Once completed, the link will enhance regional power exchange capability, improve reserve margins and support the integration of intermittent renewable power.

    These regional works complement domestic transmission upgrades, including the continued expansion of the Rabt North-South Interconnection. The first phase, completed in 2023, connected the MIS with the Duqm Power System.

    Construction works are ongoing on the second phase, which is expected to reinforce the 400kV backbone southwards toward Dhofar.

    New technologies are also emerging in Oman’s power programme. Ibri 3 represents the first deployment of utility-scale battery storage in the sultanate, setting a precedent for integrating storage with future renewable projects. 

    In parallel, Nama PWP and Oman Environmental Services Holding Company (Beah) are preparing to tender the main contract for a 100MW waste-to-energy (WTE) project in Barka.

    Estimated to cost almost $1bn, the scheme would be Oman’s first major WTE facility and reflects broader efforts to embed circular-economy principles into the national infrastructure programme.

    Water sector

    The water sector recorded a solid year, with about $1bn in contract awards, although activity remained below 2024 levels.

    In March, China National Electric Engineering Corporation (CNEEC) won the main contract for a $200m deep-sea desalination project, heading a list of smaller wastewater and transmission packages awarded across 2025.

    Following the commissioning of the Barka 5 independent water project (IWP) and continued construction on the Ghubrah 3 IWP, planning attention has shifted to the next cycle of capacity.

    The next major scheme expected to move forward is a $150m desalination plant in Dhofar, with a planned capacity of 22 million imperial gallons a day.

    Rising water demand in Sharqiyah and Dhofar continues to guide long-term planning with more than $800m-worth of water transmission and treatment schemes set to be awarded in the near to medium terms.

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    Mark Dowdall
  • Local contractor wins Saudi substation deal

    3 December 2025

    Saudi Arabia-based Nesma Infrastructure & Technology has signed a contract with state-owned utility Saudi Electricity Company (SEC) to replace the Jubail Southeast 230/115/34.5kV substation.

    The project includes overhead transmission line (OHTL) works and is valued at more than SR840m ($224m). It is scheduled to be delivered within 20 months.

    The award forms part of SEC’s ongoing programme to upgrade ageing substations and reinforce network capacity in the Jubail industrial area.

    In September, local contractor Al-Fanar Projects was appointed to replace the Jubail Southwest 230/115KV substation, one of several transmission assets in the region undergoing phased renewal.

    As MEED recently reported, SEC has plans to invest SR220bn ($58.7bn) in power projects by 2030. This includes SR135bn ($36bn) and SR85bn ($22.7bn) for transmission and distribution, respectively.

    According to the utility, its planned upgrades will cover 130 high-voltage substations, 135,000 MVA of capacity, 12,900 kilometres of overhead transmission lines and 1,100km of underground cables.

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    Mark Dowdall
  • SEC signs $347m power works deal for Soudah Peaks

    3 December 2025

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    Saudi Electricity Company (SEC) has announced that its transmission subsidiary, National Grid, has signed a SR1.3bn ($347m) agreement with Soudah Development to deliver the electrical infrastructure for Saudi Arabia’s Soudah Peaks project.

    Soudah Peaks is a major high-altitude tourism and real estate development in the Asir mountains, led by Soudah Development, a wholly owned Public Investment Fund (PIF) company.

    The $7.7bn project includes hotels, resorts, residential units, entertainment facilities and outdoor activity zones at elevations of up to 3,000 metres. It will be developed over three phases, with full completion scheduled for 2033.

    Under the agreement, National Grid will develop a full integrated electrical network to support the project’s phased construction.

    The scope includes a central 380/132kV transmission substation with a capacity of 500MVA and two 13.8/132kV substations. The company will also build the electrical interconnection needed to supply all stages of the development.

    The first phase of the initiative will see the development of 454 residential units, 1,010 hotel keys and retail space with a gross leasable area of 20,625 square metres by 2027.

    The overall project includes the development of six main areas: Red Rock Mountain, Tahlal gateway to Soudah Peaks, Sahab, Sabrah, Jareen and Rijal.

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    Mark Dowdall