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Algeria’s industrial strategy builds momentum

8 July 2025

 

Project activity across Algeria’s energy, industrial and manufacturing sectors is steadily building as the country focuses on a vertically integrated strategy that leverages the exploitation of its natural resources.

The country is making steady progress on projects to extract deposits of gas, lithium, iron and phosphates.

At the same time, it is progressing projects that use these natural resources to produce high-value products within the country, rather than simply exporting the raw materials.

The projects utilising raw materials within Algeria include a wide range of iron and steel processing facilities, fertiliser plants and factories to produce cars.

Upstream gas

Last month, Algeria awarded five out of the six oil and gas exploration licences it offered during its 2024 bidding round, a move viewed as a success by stakeholders in the country’s energy sector.

The companies that were awarded blocks included France’s TotalEnergies, state-owned QatarEnergy, Italy’s Eni and PTTEP of Thailand.

Commenting on the licensing round, one industry source said: “Successfully engaging with large international oil companies that have significant technical and financial resources is a big step forward for Algeria’s oil and gas sector.”

The latest bid round was the first to be held under Law 13-19, Algeria’s current oil and gas investment law, which was issued on 11 December 2019.

The 2019 law replaced a previous law created in 2005, which governed the last bid round in 2014.

During the previous bid round, only four blocks were awarded out of the 31 offered.

If the 2024 bidding round had been unsuccessful like the 2014 bidding round, this would have been a major setback to the country’s oil and gas strategy and raised significant concerns about the suitability of the 2019 law that governs licensing deals.

The latest licensing round was followed by meetings between Algeria’s President Abdelmadjid Tebboune and delegations from US-based oil and gas companies ExxonMobil and Chevron.

Awarding the licences and holding talks with Exxon and Chevron sets the scene for further upstream development projects in Algeria and will potentially boost domestic gas production in the country.

Successfully engaging with large international oil companies that have significant technical and financial resources is a big step forward for Algeria’s oil and gas sector
Industry source

Phosphates push

Extractive projects in Algeria’s mining sector are also making steady progress.

One of the biggest mining projects in the country is the Bled El-Hadba phosphate project, which is estimated to be worth $7bn.

The Bled El-Hadba phosphate mine has over 1.2 billion tonnes of estimated total reserves, including 800 million tonnes of estimated exploitable reserves, making it one of the biggest mines of its kind in the world.

A joint venture deal to develop the project was signed in March 2022 between four Algerian and Chinese companies.

The resulting joint-stock company is called Algerian Chinese Fertilisers Company (ACFC) and the project is expected to ultimately produce 5.4 million tonnes of fertilisers a year from the Bled El-Hadba phosphate mine in the eastern Algerian region of Tebessa.

ACFC was established by the Algerian companies Asmidal and Manadjim El-Djazair (Manal), which own a 56% stake in the company, and the Chinese groups Wuhuan and Tianan, which hold the remaining 44% stake.

Since the deal was signed, the project has seen good progress.

Last month, Saipem was awarded the front-end engineering and design (feed) contract related to the project.

Additionally, the Oued Keberit phosphate production and processing complex, which forms part of the $7bn project and will process phosphates extracted from the mine, is on track to come online in 2027, according to industry sources.

Iron mining

Another key mining project in the country is the Gara Djebilet iron ore mine in Algeria’s western Tindouf province.

The Gara Djebilet mine was commissioned in July 2022, with plans to produce 2 million tonnes a year (t/y) by 2026.

Officials have said they want to boost this to 50 million tonnes of iron ore annually by 2040.

It is expected that boosting production at the facility could require between $7bn and $10bn in investment.

Gara Djebilet is understood to hold the world’s largest iron ore reserves, with an estimated 3.5 billion tonnes at the location, of which around 1.7 billion tonnes are available for exploitation.

The mine is expected to bolster Algeria’s steel industry by reducing the need for iron imports.

Car manufacturing

Low-cost steel is expected to support the country’s expanding automotive sector, which uses steel to produce parts.

In March 2025, Great Wall Motor, one of China’s top 10 car manufacturers, announced plans to build its first factory in Algeria, joining other companies in the country, including Fiat, Peugeot and Kia.

Last November, the Algerian Ministry of Industry & Pharmaceutical Production announced that it had granted permits for six new vehicle manufacturing factories in the country.

In March 2023, the carmaker Stellantis announced plans to spend more than €200m ($213m) to manufacture several Fiat models in Algeria.

The plans involved the construction of a plant, which is yet to come online.

Stellantis stated that it anticipates the plant will generate nearly 2,000 local jobs and have an annual production capacity of 90,000 vehicles upon completion.

Petrochemicals production

Algeria’s growing automotive industry is also expected to use plastics derived from petrochemicals that are produced in the country using Algerian natural gas as a feedstock.

UK-based engineering contractor Petrofac and its partner China Huanqiu Contracting & Engineering Corporation (HQCEC) are currently executing a petrochemicals project in Algeria, which is valued at approximately $1.5bn.

Petrofac and HQCEC signed the engineering, procurement and construction (EPC) contract for the Algerian petrochemicals project in June 2023.

The project is being developed in the Arzew Industrial Zone to the west of Algiers and the contract was signed with STEP Polymers, a wholly owned subsidiary of Algeria’s state-owned oil and gas company Sonatrach.

When the contract was signed, Petrofac said that its portion of the project was valued at about $1bn.

The project’s scope includes designing and building two major integrated processing units.

It includes the delivery of a new propane dehydrogenation (PDH) unit and polypropylene production unit, as well as associated utilities and infrastructure for the site.

It is expected to produce 550,000 tonnes of polypropylene a year.

Additionally, plans are being developed for zinc production projects in the country.

In November last year, Western Mediterranean Zinc (WMZ), an Algerian-Australian joint venture, signed a $336m contract with Sinosteel Equipment & Engineering Company (Sinosteel MECC) to develop the Tala Hamza zinc project in Algeria’s Bejaia Province.

WMZ is a joint venture of Australian Securities Exchange (ASX)-listed Terramin, which has a 49% stake, and Algerian state-owned companies Enterprise Nationale des Produits Miniers Non-Ferreux et des Substances Utiles, which owns 48.5%, and Office National de Recherche Geologique et Miniere, which owns 2.5%.

The project scope included the development of a mine with the capacity to produce two million tonnes a year of zinc and a processing plant with the capacity to process the same volume of material.

It is expected that the production of zinc will support the country’s battery manufacturing industry, which in turn will support the production of electric cars.

Fertiliser focus

The country’s fertiliser sector is expected to expand as phosphate production is ramped up.

Earlier this month, MEED revealed that Sonatrach was developing a project that will expand the country’s fertiliser plant located in Arzew.

Sonatrach has not publicly said when it expects to issue the invitation to bid for the main contract for the project.

The original $2.4bn contract to develop the Arzew fertiliser complex was executed by a joint venture of South Korea’s Daewoo E&C and Japan’s Mitsubishi Corporation.

The joint venture won the contract in April 2008 and completed the facility in April 2013.

Steady development

By making steady progress with an integrated strategy that leverages the exploitation of raw materials to support the production of higher-value exports, Algeria is creating an industrial environment that presents significant opportunities for companies across multiple sectors.

If the country’s relative political stability continues, more foreign investors will likely become involved in projects within the country, and the country’s project market will continue to expand.

MEED’s August 2025 report on the Maghreb also includes:

> ECONOMY: Maghreb economies battle trading headwinds
> POWER & WATER: Slow year for Maghreb power and water awards

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Wil Crisp

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  • GCC banks prove resilient amid turmoil

    27 July 2026

     

    Gulf banks are proving adept at navigating the economic and geopolitical turbulence that comes with operating in the region. These skills have come to the fore this year, as regional lenders draw on stable funding profiles and ample capital and liquidity buffers that protect them from near-term credit risks. 

    GCC banks’ fundamentals have proved remarkably resilient to the Iran-related turmoil, assuming the intensity of the February-April stage of the military conflict does not resume.

    There have not been any significant outflows of external funding. While anecdotal evidence suggests some depositors briefly moved funds out of the region at the start of the war, ratings agency S&P Global notes that their return reflects confidence that the war will prove short-lived.

    Funding strength

    Metrics for the early part of the year revealed a robust picture. Domestic deposits held up strongly in the first quarter of 2026, total GCC domestic deposits rising by 16.9% in year-on-year terms, compensating for the decline in interbank funding. 

    State-linked deposits grew at a particularly rapid pace, led by the UAE and Kuwait, which offset decelerating private-sector deposit growth in those countries. 

    Domestic deposits accelerated in April, a pointer to GCC governments’ proactive stances in shielding their banking systems from undue stress. The inflow of public deposits accelerated quite significantly in this period, although that pace will likely subside as conditions gradually normalise. 

    Such deposits continue to underpin GCC banks’ wider performances. “Funding and liquidity is generally a strength for the region. Government deposits typically make up 20%-30% of the banking sector deposits. That is really important as these are sticky deposits,” says Redmond Ramsdale, head of Middle East ratings at Fitch Ratings.

    Funding and liquidity is generally a strength for the region

    Gulf states’ heavy reliance on public sector and government-related deposits has proved valuable in the current environment, anchoring banks’ funding profiles and helping reduce potential risks.

    Fund outflows have not materialised to any significant degree. “We had some anecdotal evidence of funds being withdrawn, but they returned in the following weeks,” says Ramsdale.

    Solid fundamentals

    GCC banks entered the conflict period in strong shape. According to S&P, domestic private sector credit growth in the region remained robust in the first quarter – the annualised growth rate was 8% at the end of March. 

    Core capital buffers are about 15%-16% – higher still for the top lenders – ensuring total loss-absorbing capacity stays below 9% of equity. Regulatory ratios exceed relevant thresholds, providing a significant buffer, according to ratings agency Moody’s.

    “If you look at the whole region, the proportion of the lending book that is non-performing, on a weighted average basis, sits around 2%,” says Badis Shubailat, a senior analyst at Moody’s. 

    “Against this solid level of asset quality, you have a cushion of provisions for expected losses that more than covers the existing stock of problem loans, which provides a strong first line of defence.”

    Then, as a second line of defence, are core capital buffers that remain high by global standards, with levels around 15%-16%. Put together, this explains why the banks are sitting on comfortable positions in terms of loss-absorption capacity.

    At the end of Q1 2025, the top 45 GCC banks reported an average Tier 1 capital ratio of 17%, with coverage ratios of 155.8%, according to S&P. 

    “Credit losses are at historical lows of 50 basis points (bps) for the region, and there are very good provisioning buffers – all of which helps to mitigate the negative consequences of the expected asset quality deterioration,” says Tatjana Lescova, director and lead analyst at S&P.

    According to Shubailat, the fact that the conflict impact on GCC banks has not been as pronounced as on other sectors reflects that over the past three years – and until right before the conflict started – the region as a whole, and its banking systems, had demonstrated remarkable resilience. In contrast, major advanced economies were struggling with inflationary pressures and subdued economic growth. 

    “This was visible in Saudi Arabia and the UAE, the two largest economic diversification engines in the region, which happen to also represent more than two-thirds of total banking system assets,” says Shubailat.

    Limited exposure

    Gulf banks have also been helped by the fact that those economic sectors most impacted by conflict – tourism, hospitality, energy – do not generally form a large part of their collective loans books. 

    “There will be weaker performance of borrowers in the most obvious affected sectors like infrastructure, tourism, logistics, transport and real estate, but tourism is actually a pretty small exposure for the banks – less than 3% of loan books,” says Ramsdale. “There might be a bit of pressure on small and medium-sized enterprises (SMEs), which are less able to cope with the pressures than the larger corporates, but again, for banks, SME lending is not very big.” 

    Banks’ exposure to the real estate and construction sectors is highest in Qatar – 31% of total credit at the end of March – while the exposure in Kuwait stands at 25%, with Saudi Arabia at 16% and Bahrain at 12%, notes S&P. UAE banks have been consistently reducing their exposure to these sectors, down to 13% at the end of March, compared to 21% at year-end 2020. 

    Moody’s Shubailat says that developers in the UAE sit on solid balance sheets and strong revenue backlogs, while banks’ exposure to the construction sector has declined. “So the quantum is lower, the credit quality of the exposure is better, and the banks are sitting on higher capital and provisioning buffers,” he notes.

    Gulf bankers are not resting on their laurels. They know that even if bad loans have been limited, they cannot forestall the possibility of problem exposures further down the road. 

    “Asset quality deterioration is a risk that we expect to materialise later in the year. This is because of weaker macro expectations, and negative impact on some of the corporate sectors, albeit varying across different GCC countries,” says Lescova.

    On average, for the region, S&P expects 20 bps of increases in credit losses for this year. When it comes to asset quality, the regulatory forbearance measures announced by three central banks will help alleviate the impact.

    Policy support

    Central bank moves have added another layer of support. Forbearance measures from the UAE, Kuwait and Qatar central banks have allowed additional headroom.

    For example, in mid-March, the Central Bank of the UAE launched a five-pillar resilience package that relaxed capital buffer stipulations, representing more than $272bn in support. 

    Kuwait eased liquidity requirements, raised maximum lending limits and released a portion of the capital conservation buffer to expand refinancing and credit quality absorption capacity. Qatar, meanwhile, has cut the reserve requirement from 4.5% to 3.5% for deposits.

    Forbearance measures from the UAE, Kuwait and Qatar central banks have allowed additional headroom

    Such measures were not a response to a banking crisis, says Ramsdale. “Some of the support packages that we have seen coming out of the central banks, in the UAE, Qatar and Kuwait, were preventative support measures,” he says.

    “They were designed to boost confidence and limit that pass through from temporary deposit volatility. It was not to do with acute banking stress.”

    Market confidence

    Larger banks are better positioned to cope with straitened economic times. They are generally more geographically diversified beyond their domestic markets, and international operations have historically been a growth driver for them. 

    “When there is increased market uncertainty, larger banks may benefit from a flight-to-quality movement, with deposits moved away from smaller banks. Based on Q1 results, only a few smaller banks have reported a contraction in the customer deposits,” says Lescova.

    The GCC’s largest banks, including Al-Rajhi Banking & Investment Corporation, Saudi National Bank, First Abu Dhabi Bank, Qatar National Bank, Abu Dhabi Commercial Bank and Emirates NBD, remain highly profitable, although they may not perform as strongly as they would have had the conflict not occurred.

    “We already expected some softening in profitability before the conflict, because of the normalisation of the cost of risk upwards from incredibly low levels over the last three years, [which] were driven by a very strong recovery performance from the banks,” says Shubailat. 

    “In turn, this current situation adds a layer of pressure to the normalising profitability story by increasing provisioning needs in light of the recent economic shocks,” he adds.  

    Confidence in GCC banks was evident from the outset of the conflict. In early April, Emirates NBD priced a $750m AT1 capital issuance, the first international debt capital markets transaction by a GCC issuer since late February.

    “The first ceasefire saw things like private placements start happening again, and that slowly translated into the opening up of public markets. 

    “Emirates NBD was one of the first banks to open up that market, and we are seeing the largest banks issuing again,” says Ramsdale.

    The operating environment for Saudi Arabia is ranked BBB+ – a strong position, all things considered. Ramsdale notes that Riyadh’s reprioritisation of large projects associated with Vision 2030 “means growth will probably be slightly slower in Saudi Arabia”, but adds: “That is actually a good thing, because growth was so strong it was beginning to pressure funding, liquidity and capitalisation. 

    “Taking off some of that pressure is a positive for banks.”

    Growth prospects

    Stronger earnings performances will allow banks to bankroll mergers and acquisitions (M&A), building on inorganic routes to growth. Within the past year, the National Bank of Bahrain and Bank of Bahrain & Kuwait (BBK) have agreed to explore a merger, while BBK has also absorbed HSBC’s retail banking business.

    Emirates NBD is reported to be looking to acquire HSBC’s business in Turkiye, a country where the Dubai bank already has a presence through its takeover of DenizBank in 2019. It also grew its stake in India’s RBL Bank this year to 60%. 

    “Certainly the big banks will remain opportunistic over M&A – where the value comes at the right price, then they are interested. And if the big international banks are going to pull out, they tend to have some of the best-quality assets, so you can understand why regional players might be interested in them,” says Ramsdale.

    Such moves should provide reassurance that, despite recent challenges, GCC banks are well placed to ride out the remainder of 2026 and resume the positive trajectory  that was evident before the Iran war shook the region. 

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  • Firms submit Jebel Ali sewage PPP prequalifications

    24 July 2026

     

    Dubai Municipality received statements of qualification on 23 July from firms interested in delivering phase three of the Jebel Ali sewage treatment plant (STP) expansion project.

    Known as DS150/3, the project will be delivered under a public-private partnership (PPP) model on a design, build, finance, own, operate and transfer basis.

    The project involves the development of a new water resource recovery facility with an ultimate treatment capacity of up to 1 million cubic metres a day (cm/d).

    It is being procured through Dubai Municipality’s sewerage and recycled water projects department and will be delivered via a two-stage operational approach over a 30-year concession period.

    It is understood that the following firms are among those likely to qualify for the project:

    • Acciona (Spain)
    • Alkhorayef (Saudi Arabia)
    • Besix (Belgium)
    • Etihad WE (UAE)
    • GS Inima (Spain)
    • Metito (UAE)
    • Miahona (Saudi Arabia) 
    • Samsung E&A (South Korea)
    • Saur (France)
    • Suez (France)
    • Taqa Water Solutions (UAE)
    • Veolia (France)

    The municipality issued a request for qualifications notice in May with an intial bid submission deadline of 18 June. UK-headquartered Deloitte is acting as financial adviser, Aecom is the project's technical adviser and CMS is the legal adviser.

    Dubai Municipality said the project will also include additional land uses and community-focused amenities as part of broader sustainability and urban integration objectives.

    Phase one and two expansion

    On 9 July, firms submitted bids for an engineering, procurement and construction contract covering the expansion of the Jebel Ali STP phases one and two.

    Located on a 670-hectare site in Jebel Ali, the original wastewater facility has a treatment capacity of about 675,000 cm/d, following the completion of phase two in 2019, combining approximately 300,000 cm/d from phase one and 375,000 cm/d from phase two.

    The upgraded facility will be capable of treating an additional sewage flow of 100,000 cm/d, with the expansion estimated to cost $300m.

    UK-headquartered KPMG and UAE-based Tribe Infrastructure are serving as financial advisers on the project.

    READ THE JULY 2026 MEED BUSINESS REVIEW – click here to view PDF

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    Distributed to senior decision-makers in the region and around the world, the July 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/17735401/main.jpg
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  • Contractors submit interest for Riyadh Expo substructure

    24 July 2026

     

    Contractors have submitted expressions of interest on 23 July for a contract to deliver the early works and substructure works for several assets at the Expo 2030 Riyadh site.

    Expo 2030 Riyadh Company (ERC) is tasked with delivering the Expo 2030 Riyadh venue. Saudi sovereign wealth vehicle, the Public Investment Fund, launched ERC – a wholly owned subsidiary – in June 2025 to build and operate facilities for the event.

    The assets include the Icon; the convention centre; and thematic pavilions, including the Culture of Wisdom, Place & Planet and Adaptation & Innovation pavilions.

    The Icon will be located at the entrance of the Expo 2030 Riyadh site, within the Collaboration Precinct.

    The structure will be connected to the metro station and will serve as a gateway to the event.

    It will be 66 metres tall and will comprise an observation platform, food and beverage (F&B) outlets and other features.

    The convention centre will cover about 22,000 square metres. It will be the first point of arrival for visitors to the expo.

    The Culture of Wisdom pavilion will be a 25-metre-tall building that will feature exhibition galleries, innovation laboratories and conference and learning spaces.

    The Place & Planet building will also be 25 metres tall, and will include indoor and outdoor exhibition spaces, F&B and retail facilities and support areas.

    The Adaptation & Innovation pavilion will be located within the Loop of Nations precinct and will comprise a 29-metre-tall building.

    Construction progress

    The tendering of the pavilion structures followed progress on the site’s infrastructure development works.

    In April, ERC awarded two contracts for the next phase of infrastructure works at the site to local firm Al-Yamama Company.

    The scope covered the construction of road networks and infrastructure for water, sewage, electricity, telecommunications and electric vehicle charging.

    These awards followed ERC’s January award of an estimated SR1bn ($267m) contract for initial infrastructure works at the site to local firm Nesma & Partners. That scope covered about 50 kilometres of integrated infrastructure networks, including internal roads and essential utilities such as water, sewage, electrical and communications systems, and electric vehicle charging stations.

    The overall infrastructure works – covering the construction of main utilities and civil works at Expo 2030 Riyadh – are split into three packages:

    • Lot 1 covers the main utilities corridor;
    • Lot 2 includes the northern cluster of the Nature Corridor;
    • Lot 3 comprises the southern cluster of the Nature Corridor. 

    The masterplan encompasses an area of 6 square kilometres, making it one of the largest sites ever designated for a World Expo event. Situated to the north of the Saudi capital, the site will be located near the future King Salman International airport and will provide direct access to landmarks within Riyadh.

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  • Indian firm wins 500kV transmission contract in Egypt

    24 July 2026

    Register for MEED’s 14-day trial access 

    India-headquartered Bajel Projects, part of Mumbai-based Bajaj Group, has signed a contract with Egyptian Electricity Transmission Company (EETC) to construct two sections of a 500kV overhead transmission line in Egypt.

    In a filing with India's National Stock Exchange, the company said the contract covers lots one and five of the project and is valued at approximately $46m.

    The agreement was signed at a ceremony in Cairo on 22 July, attended by Egyptian and Indian officials including India's ambassador to Egypt, Suresh Reddy.

    Bajel Projects will execute the engineering, procurement and construction works for the two transmission line sections.

    In October 2025, MEED reported that state-owned EETC had retendered a contract for the construction of the 500kV Ektsadiya overhead transmission line.

    The line will run from the El-Eqtesadia substation in Suez Governorate to the S4 substation, using quadruple-bundle all-aluminum alloy conductors and an optical ground wire.

    Egypt previously cancelled the original tender covering three separate lots, as MEED exclusively reported. Under the expanded scope, construction of a 187-kilometre (km) high-voltage overhead transmission was divided into five lots:

    • Lot 1 covers 37.5km
    • Lot 2 covers 37km
    • Lot 3 covers 37km
    • Lot 4 covers 38.5km
    • Lot 5 covers 36.5km

    EETC said at the time that the retender would allow bidders to submit offers for all lots rather than being restricted to a single package.

    MEED understands that at least nine firms submitted bids for the project in December 2025.

    The scheme will support the evacuation of 2.1GW of renewable energy from the Gulf of Suez region to the national grid.

    The development forms part of EETC’s wider grid‑reinforcement plan under Egypt’s National Water, Food and Energy initiative. EETC operates as a division of Egypt’s Electricity & Energy Ministry.

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  • Oil price rises above $100 a barrel after Red Sea attacks

    24 July 2026

    Oil prices rose to their highest level in nearly two months on 23 July after the latest escalation in the US-Iran conflict threatened severe new disruptions to global energy supplies.

    Global benchmark Brent crude closed 7% higher, at $100.69 a barrel on 23 July. Earlier in the trading day, it rose as high as $102 a barrel. That is its highest level in eight weeks, since the end of May.

    Brent was trading at over $100 a barrel in the early hours of 24 July, but later pared gains to settle around $99.63 a barrel as of 11am Gulf Standard Time (GST).

    The surge in the Brent price came after Iran-backed Houthi rebels claimed attacks on two Saudi oil tankers in the Red Sea following their announcement of a naval blockade on Saudi Arabia.

    It appeared to be the first time since the regional war began that attacks on oil tankers and other commercial ships had extended beyond the Strait of Hormuz, opening up a new front in the volatile conflict.

    The Houthi threat is unsettling to oil markets because millions of barrels a day pass through the Bab El-Mandeb Strait to reach global markets.

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    About 12%-15% of global maritime trade, worth more than $1tn, transits the waterway every year.

    It has also served as an alternative to the Strait of Hormuz, where traffic remains largely at a standstill, with ship crossings falling to single digits on 21 July.

    Since the start of July, oil prices have risen about 35%. Those prices are more than 60% higher than at the start of the year. This has erased much of the progress made in bringing prices down after the US and Iran signed a memorandum of understanding in mid-June.

    The interim peace deal has now collapsed, with US President Donald Trump threatening on 22 July to blow up an Iranian bridge or power plant for every vessel Tehran attacks.

    This was followed by the Houthi claim to have hit two tankers in the Red Sea.

    The UK’s Maritime Trade Office reported a tanker “struck by an unknown projectile” north of the Bab El-Mandeb Strait, and state-run Saudi Press Agency (Spa) reported that a vessel named Encelia was set ablaze by an attack while it was sailing overnight in the Red Sea, citing an unidentified source from the General Authority of Transport. Spa did not mention the other vessel, which is understood to be called Layla.

    READ THE JULY 2026 MEED BUSINESS REVIEW – click here to view PDF

    Stress test for Gulf aviation; Mixed performance as country outlooks diverge in the Levant; GCC tourism sector pivots from crisis to recovery mode.

    Distributed to senior decision-makers in the region and around the world, the July 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
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    Indrajit Sen