Meed | All systems set for Cop28

All systems set for Cop28

28 November 2023

Commentary
Jennifer Aguinaldo
Energy & technology editor

It's all systems go with little more than a day before the UAE rolls out the red carpet for close to 140 heads of state at the opening ceremony of the 28^th Conference of the Parties (Cop28) of the UN Framework Convention for Climate Change (UNFCCC).

The Cop28 opening day on 30 November will be followed by the two-day World Climate Action Summit, which will convene heads of state and government, civil society, business leaders, youth, indigenous peoples organisations, frontline communities, science and other sectors.

The initial two days will involve the first global stocktake of the progress countries have made towards their emissions reduction commitments, or nationally determined contributions (NDCs).

It is expected that many countries will report underachieving their goals, but Cop28 has indicated that the process is not a name-and-shame exercise.

The final negotiations will occur on the last two days of the summit, 11 and 12 December.

The key negotiating themes will involve money and how it flows to enable a just energy transition. The rich countries responsible for the highest carbon emissions will be pressured to meet their collective pledge to mobilise $100bn in annual climate finance, which will be used for climate change adaptation and mitigation measures.

There is also a widespread expectation that Cop28 will operationalise the Loss and Damage Fund, which will be made available to countries needing support to deal with the impact of climate change.

Related read: Lukewarm Cop27 ends

In late October, a declaration from the world’s 46 least-developed countries cited a “strong outcome operationalising the new Loss and Damage Fund” among their key expectations and priorities for Cop28.

Home to more than 14 per cent of the world’s population, these countries contribute about 1 per cent of emissions from fossil fuels and industrial processes and most are on the front line of the climate crisis.

The inclusion of loss and damage funding in the final Cop27 statement last year was considered a breakthrough milestone, and operationalising the fund – the final form and mechanisms of which remain unclear – will be a key achievement for Cop28.

Another key sticking point for a potential final agreement between the parties is the adoption and endorsement of phasing down or phasing out of fossil fuels, in particular unabated fossil fuels, which some observers say is going to be unlikely.

Of particular concern will be how a just energy transition will not disenfranchise some Global South countries keen to develop their hydrocarbons reserves to drive their economic development.

Most countries, companies and investors are also expected to sign up for the Tripling Initiative, or the agenda aiming to triple renewable energy capacity generation, to keep the 1.5 degrees Celsius cap on global warming within reach.

Thousands of meetings and engagements will focus on financing carbon abatement projects in key industries such as hydrocarbons, aluminium, steel and cement.

There will be plenty of talks and collaborations looking at climate technology innovations in sectors such as food and agriculture, transportation and mobility, buildings, power generation and petrochemicals.

The UAE’s leadership envisages that this year’s summit will be the most inclusive Cop ever, and plans to use it as a platform to spread its pro-climate and pro-growth agenda.

The UAE and other countries in the Middle East and North Africa region are expected to announce scores of projects and policies within the renewable energy, hydrogen, electric vehicles, carbon capture and technology sectors to boost their green credentials.

There is palpable excitement and pride everywhere as the Expo 2020 Dubai site transforms into a global epicentre for climate talks starting on Thursday, and prepares to host an estimated 70,000 visitors from around the world.

But there is also some trepidation, as the event is taking place at a time of heightened geopolitical tensions in the Middle East and elsewhere. As things stand, the presidents of the world’s two largest carbon-emitting countries, which are also waging a global policy war to assert influence over much of the Middle East and Southeast Asia, have decided to skip Cop28.

Photo: Pixabay

https://image.digitalinsightresearch.in/uploads/NewsArticle/11331328/main.jpg

Jennifer Aguinaldo

Exclusive from Meed

Firms submit King Salman airport project prequalifications
8 July 2026
WEBINAR: Saudi Giga Projects: Market Update for Q3 2026
8 July 2026
Genel Energy buys Egypt-focused oil company for $360m
8 July 2026
Axens signs Egypt refining deal
8 July 2026
Gulftainer commits to $2bn expansion plan
8 July 2026

Firms submit King Salman airport project prequalifications
8 July 2026

Register for MEED’s 14-day trial access

Saudi Arabia’s King Salman International Airport Development Company (KSIADC) received prequalification statements on 1 July from contractors for two new packages at King Salman International airport (KSIA) in Riyadh.

These include the construction of a permanent East-West corridor and landside access roads serving the North and South terminals.

The scope covers the construction of roads, bridges and tunnels.

The client is expected to float the tenders soon.

The latest development follows KSIADC's selection of three groups to deliver the Terminal 6 apron, taxiways and other airfield infrastructure at KSIA.

KSIADC, which is backed by Saudi sovereign wealth vehicle the Public Investment Fund, will initially deliver the project on an early contractor involvement basis.

In March, MEED exclusively reported that KSIADC had selected three groups for the construction of Terminal 6.

In November last year, MEED reported that KSIADC was targeting mid-2026 to award the contract for the construction of Terminal 6.

MEED reported in May 2025 that US firm Bechtel Corporation had been appointed as the delivery partner for the terminals at KSIA.

According to local media reports, KSIADC’s acting CEO, Marco Mejia, said the project developer has completed the project’s masterplan.

The reports added that Terminal 6 will boost the airport’s capacity by 40 million passengers.

The project is expected to be delivered before the start of Expo 2030 Riyadh.

https://image.digitalinsightresearch.in/uploads/NewsArticle/17588533/main.jpg

Yasir Iqbal
WEBINAR: Saudi Giga Projects: Market Update for Q3 2026
8 July 2026
Webinar: Saudi Giga Projects: Market Update for Q3 2026
Tuesday 21 July 2026 | 11:00 AM GST | Register now

Agenda:
- Saudi projects market outlook and giga projects update
- 2026 contract awards, project activity and market performance
- Giga project reprioritisation, funding allocation and delivery progress
- Key project announcements, milestones and market developments to watch
- Major contracts awarded across construction, infrastructure and utilities
- Upcoming tenders and contract award opportunities over the next 6–12 months
- Geopolitical risks and their impact on project execution and investment
- Progress across NEOM, The Red Sea, Diriyah, Qiddiya and New Murabba
- Major non-giga project opportunities and growth sectors across Saudi Arabia
- Short-, medium- and long-term outlook for the Saudi projects market
- Audience Q&A
Hosted by: Yasir Iqbal, MEED's construction editor

Click here to register
https://image.digitalinsightresearch.in/uploads/NewsArticle/17588750/main.jpg

Yasir Iqbal
Genel Energy buys Egypt-focused oil company for $360m
8 July 2026

Register for MEED’s 14-day trial access

UK-listed Genel Energy has agreed to acquire Egypt-focused Capricorn Energy in a $360m all-cash deal.

Genel said the acquisition will combine its Kurdistan production base with Capricorn’s portfolio of Egyptian oil and gas assets.

The company also said the deal will allow it to obtain production in a country with a “well-established regulatory regime, stable contracts and attractive fiscal terms”.

Several approvals are still required before the acquisition can be finalised.

In a statement, Genel said: “Genel’s strategy is to build a business with resilient diversified cash flows that deliver sustainable value to shareholders.

“The Genel board and Genel management are resolute in their belief that this can best be achieved through strategic acquisitions, which add substantial high-quality producing assets to its existing portfolio.”

Genel’s existing oil and gas assets include its 25% non-operated working interest in the Tawke PSC in the Kurdistan Region of Iraq.

The company said this asset generated working interest production averaging 17,520 barrels a day (b/d) of oil in 2025 and had operating costs of around $4 a barrel.

The combined group is expected to hold reserves of 117 million barrels of oil equivalent and production of 41,003 b/d.

Capricorn is headquartered in Edinburgh and has been listed on the London Stock Exchange for more than 30 years.

Its core operations are in Egypt’s Western Desert region, where it holds onshore development and production assets.

In May 2025, Capricorn agreed with Egyptian General Petroleum Corporation to consolidate eight of its 50:50 jointly owned concessions into a single integrated licence with enhanced commercial terms. Capricorn announced in March 2026 that it had received formal parliamentary ratification of the agreement.

The deal has been announced at a time when Genel is seeing frequent disruption to operations at its assets in Iraqi Kurdistan.

Production was temporarily suspended at the Tawke field in February after the US and Israel attacked Iran, increasing security concerns in the wider region.

While the security situation is understood to have improved in the Iraqi Kurdistan region and many oil companies have resumed operations, there are now concerns that the Iraq-Turkiye Pipeline could be shut due to an agreement between the two countries expiring later this month.

If the pipeline does stop operations, it will negatively impact Genel as it is the main route through which the company’s Iraqi oil is exported.

https://image.digitalinsightresearch.in/uploads/NewsArticle/17587599/main.jpg

Wil Crisp
Axens signs Egypt refining deal
8 July 2026

Register for MEED’s 14-day trial access

France’s Axens has signed a long-term agreement with the Egyptian Refining Company (ERC) that covers product supply, digital transformation and refinery performance optimisation.

ERC operates Egypt’s $4.4bn Mostorod refinery, which was inaugurated in September 2020.

In a statement about the deal, Axens said that it will “leverage its comprehensive and integrated portfolio of technologies, equipment, catalysts and services to support ERC’s operational, economic and sustainability objectives”.

It added: “With its end-to-end expertise across the entire refining value chain, Axens is uniquely positioned to support ERC from early-stage project studies through engineering, unit start-up, operational optimisation and long-term technical follow-up.

“This fully integrated approach will help ensure reliability, operational excellence and environmental performance across the refinery’s life cycle.”

Quentin Debuisschert, the chief executive and chairman of Axens, said: “This long-term agreement marks an important milestone in the relationship between Axens and ERC.

“It reflects our ability to support customers beyond technology licensing by delivering a fully integrated offering that combines all process and catalyst technologies a modern refinery needs, services, digital solutions, operational expertise and training.

“We are committed to supporting ERC’s ambitions in operational excellence, digital transformation and sustainability while helping maximise the long-term value and competitiveness of its assets.

“We are proud and motivated to continue supporting ERC in ensuring the economic and operational success of its refinery."

Mohamed Saad, the president of ERC, said: “ERC values its strong partnership with Axens and the confidence this agreement brings for the future.

"This collaboration will help us continue enhancing refinery performance, maximising operational efficiency and delivering high-quality products to support Egypt’s energy needs.”

The Mostorod refinery is located 10 kilometres north of Cairo and has the capacity to produce about 4.7 million tonnes of petroleum products annually.

It sells all of its output directly to the national oil company Egyptian General Petroleum Corporation under a 25-year agreement.

When the refinery was brought online and reached full capacity, it boosted Egypt’s capacity to produce diesel by 30% and increased gasoline production by 15%.

Operations started at the refinery in November 2019.

Qatar Petroleum is a stakeholder in the project. It owns 38.1% of the Arabian Refinery Company, which in turn owns 66.6% of ERC.

The Mostorod refinery mainly produces Euro 5 refined products, including diesel and jet fuel, which are intended for consumption primarily in Cairo and surrounding areas.

https://image.digitalinsightresearch.in/uploads/NewsArticle/17587498/main.jpg

Wil Crisp

Gulftainer commits to $2bn expansion plan

8 July 2026

Gulftainer has unveiled a $2bn strategy to transform from a ports and terminals operator into an integrated global trade infrastructure company, a long-horizon commitment made at a port that was struck three months ago and in a region where the shipping lanes it depends on are under renewed attack.

The strategy restructures the company around four platforms: container terminals and maritime gateways, inland logistics and multimodal transport, logistics parks and industrial ecosystems, and regional maritime services connecting strategic trade corridors.

At the centre of the strategy is Khorfakkan Port, the UAE's deepwater gateway on the Gulf of Oman. Expansion works will raise annual handling capacity from 3.5 million twenty-foot equivalent units (TEUs) to 5 million TEUs, a 43% uplift, with a long-term master plan targeting more than 10 million TEUs. Planned integration with Etihad Rail will turn the port into a fully multimodal gateway linking sea, road and rail.

The commitment comes despite the port's recent exposure to the conflict in the region. On 5 April, a fire broke out at Khorfakkan after debris fell on the facility following the interception of an unidentified object. In a post on X, the Sharjah media office said the incident injured four people, one Nepalese national seriously and three Pakistani nationals with minor to moderate injuries. The strait through which Khorfakkan-bound traffic passes has come under further attack in recent days, with merchant vessels struck near the Strait of Hormuz.

Inland, Al-Dhaid Logistics Park and Sajaa Logistics Park will together provide 2.3 million TEUs of annual inland capacity, extending Gulftainer's reach.

The company positions itself as a key enabler of the India-Middle East-Europe Economic Corridor and the UAE's role in China's Belt and Road Initiative, linking ports, shipping services, inland logistics networks and digital platforms across major global trade routes. The transformation follows nearly five decades of operation and is being implemented under the New Gulftainer strategy.

Gulftainer's partnership with the Sharjah Ports, Customs & Free Zones Authority underpins the Khorfakkan expansion. The port sits within an integrated maritime network spanning both the Arabian Gulf and the Gulf of Oman, offering shippers several routing options across the two waterways.

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