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• 
  Trump confirms UAE currency swap talks

  22 April 2026

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  US President Donald Trump has confirmed that Washington is considering a currency swap agreement with the UAE.

  During an interview with US broadcaster CNBC, Trump acknowledged that the arrangement is being considered. “It is [under consideration], but it’s been a good country. It’s been a good ally of ours,” Trump stated, noting that the request stems from a liquidity challenge rather than a solvency issue.

  Addressing the scale of the conflict’s impact on the federation, he added, “UAE got hit with 1,400 missiles. Now, fortunately, they had the Patriots, and they had a great defence … but they did get hit hard. They were hit the hardest of the group, actually.”

  The president also emphasised the strength of the bilateral economic relationship and his personal regard for the country’s leadership. “They’re really led by incredible people,” Trump told CNBC. “A year ago, I went there and I got them to invest $1tn in the United States. So, yeah, if I could help them, I would.”

  An early report by the Wall Street Journal said that high-level talks were initiated by UAE Central Bank governor Khaled Mohamed Balama, who recently met with Treasury secretary Scott Bessent and Federal Reserve officials in Washington.

  The UAE’s move is viewed as a precautionary effort to protect the dirham’s peg to the dollar and maintain its position as a global financial hub. The conflict has already inflicted significant damage on Emirati oil-and-gas infrastructure and disrupted tanker traffic through the Strait of Hormuz, which has historically been the primary source of the nation’s dollar revenues.

  While swap lines are traditionally managed by the Federal Reserve and reserved for major economies with deep ties to US markets, the Trump administration may look to the Treasury Department for a solution. Trump referenced a recent $20bn swap for Argentina facilitated by Secretary Bessent through the Exchange Stabilisation Fund as a potential model for the UAE.

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

  Economic 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 > LEGAL: Redefining the region’s arbitration landscape > QATAR LNG: Qatar’s new $8bn investment heats up global LNG race > INTERVIEW: Leyla Abdimomunova, National Development Division, PIF > LEADERSHIP: Shaping the future of passenger rail in the Middle East

  To see previous issues of MEED Business Review, please click here

   

  

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  Colin Foreman
• 
  Egyptian and Chinese firms sign green hydrogen deal

  22 April 2026

  A group of Egyptian companies and China’s UEG have signed a preliminary agreement to explore developing a Mediterranean green hydrogen hub in the port city of Alexandria.

  The memorandum of understanding was signed by:

  • Abu Qir Fertilisers & Chemicals Company (Egypt)
  • AlexFert (Egypt)
  • Orascom Construction (Egypt)
  • UEG Green Hydrogen Development Holding (China)

  In a joint statement, the companies said: “The collaboration marks a significant step toward advancing Egypt’s position as a regional leader in green hydrogen and sustainable energy solutions.

  “The proposed project aims to develop a large-scale green hydrogen production facility powered by renewable energy, with integration into existing ammonia production infrastructure.”

  Under the terms of the deal, UEG and Orascom Construction will lead feasibility studies for 500MW of renewable energy generation and 480 tonnes a day (t/d) of green hydrogen production.

  Abu Qir and AlexFert will evaluate the integration of green hydrogen into ammonia production processes and support access to local resources and infrastructure.

  The renewable energy will be a mix of wind and solar, according to the statement.

  Hany Dahy, the chairman of Abu Qir Fertilisers & Chemicals Company, said: “This partnership reflects Abu Qir’s commitment to leading the transition toward low-carbon ammonia production, leveraging our existing assets while integrating green hydrogen solutions.”

  Joe Williams, the chief executive of the Green Hydrogen Organisation, said: “The announcement of this project comes at a crucial time, as geopolitical tensions in the Middle East highlight the importance of diversifying energy and fuel supply chains.

  “Developing integrated green ammonia and fertiliser production in Alexandria supports local industrial value, and strengthens long-term energy and food security.

  “As green ammonia production scales in Egypt, it can also be used as a clean shipping fuel given Egypt’s strategic maritime location.”

  The preliminary agreement establishes a framework for cooperation while the parties conduct technical, commercial and regulatory assessments.

  Subject to the outcomes, the partners intend to negotiate definitive agreements for the project’s development, according to their statement.

  Abu Qir Fertilisers established North Abu Qir for Agricultural Nutrients in May 2023 to develop a major Egyptian fertiliser project designed to produce 2,400 t/d of ammonium nitrate.

  Located next to Abu Qir Fertilisers in Alexandria, on a site formerly occupied by the Rakta paper manufacturing facility, the project is a joint venture with a capital investment of £E10bn ($190m), of which Abu Qir Fertilisers holds a 45% stake.

  The state-owned companies Egyptian General Petroleum Corporation and Egyptian Petrochemicals Holding Company hold stakes of 45% and 10%, respectively.

  The project focuses on the production of ammonia and nitric acid.

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  Wil Crisp
• 
  Chinese company approves $68.5m biotech project in Egypt

  22 April 2026

  China’s Tongling Jieya Biotechnology is planning to develop a factory that will produce disposable sanitary products in Egypt, according to a stock market filing.

  As part of the plan to develop and operate the facility, the company is establishing a subsidiary in the North African country.

  The total investment in the project is estimated to be approximately RMB467,101,200 ($68.5m).

  In its statement, Tongling Jieya Biotechnology said that it would “implement the investment in stages based on market demand and business progress, adjusting the investment amount and method as needed, and fulfilling the corresponding review procedures and information disclosure obligations”.

  The facility is expected to produce up to 10 billion wet wipes a year, as well as 2 billion baby diapers and 100,000 tonnes of nonwoven fabrics.

  This is expected to generate about $270m in annual revenue and employ around 1,000 people when the facility is operating at full capacity.

  The plan to establish the subsidiary and develop the factory was approved at a company board meeting on 8 April 2026.

  In its statement, the company said: “The management was authorised to handle the signing of agreements and documents related to this investment and construction, and to apply for administrative permits or filings with the relevant authorities such as the Ministry of Commerce and the State Administration of Foreign Exchange.”

  The construction and implementation of the project still requires approval from Egyptian government departments.

  Under current plans, the factory will be developed in the China-Egypt TEDA Suez Economic and Trade Cooperation Zone, located within the wider Suez Canal Economic Zone (SC Zone).

  The land for the project has already been purchased, covering an area of 160,000 square metres.

  The scope of the project will include developing:

  • 14 production lines
  • Quality control facilities
  • Auxiliary equipment

  The statement from Tongling Jieya Biotechnology estimates a two-year construction period for the project.

  The contract for the land on which the project will be built was signed with TEDA Special Economic Zone Development Company on 23 December 2025, with a value of $8,465,400.

  Tongling Jieya Biotechnology said the planned facility in Egypt is important for the company’s “globalisation strategy”.

  It said: “Egypt is located at the crossroads of Asia, Africa and Europe, with a superior geographical location, and has signed a number of free trade agreements with major European and American markets, which is conducive to the company’s further expansion and coverage of global markets outside the United States.”

  Established in 2008, the China-Egypt TEDA Suez Economic and Trade Cooperation Zone has become one of the SCZone’s most prominent industrial hubs.

  By July last year, it had attracted 185 companies and over $3bn in cumulative investment.

  The land deal for this project was one of three agreements announced in December last year relating to the zone, with a total value of more than a billion dollars.

  At the time, SC Zone chairman Walid Gamal El-Din said that the largest was a project led by the Chinese chemical fibre specialist Xin Feng Ming.

  This will involve the construction of an integrated polyester fiber and polymer complex with investments exceeding $800m.

  The facility is expected to be built over about 400,000 square meters and developed in three phases, with a combined annual production capacity of 1.08 million tonnes.

  It is expected to create around 3,000 jobs.

  A second project with Chaoyang Langma will establish a $190m tyre manufacturing complex producing heavy-duty truck and passenger car tyres.

  The facility will span 200,000 square meters and employ about 1,400 workers.

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  Wil Crisp
• 
  Populous wins Bahrain Sports City contract

  21 April 2026

  

   

  US-based engineering firm Populous has won a BD5m ($13.5m) contract for the Sports City development at Sakhir in Bahrain.

  The contract was awarded by Bahrain’s Ministry of Works, Municipalities Affairs & Urban Planning.

  The scope covers pre-contract consultancy services, including finalising the masterplan and internal infrastructure, completing phase 1A design works and preparing tender documents.

  Populous is a specialist sports venue designer that formerly operated as part of HOK Group.

  The contract was first tendered in 2021, when Populous emerged as the sole bidder.

  At the time, it was reported that Sports City would include Bahrain’s largest sports stadium and a multi-purpose indoor sports arena.

  The project is expected to provide renewed impetus to Bahrain’s construction and transport sector, which has struggled in recent years, with the total value of awarded contracts falling for a third consecutive year.

  According to regional project tracker MEED Projects, about $400m-worth of contracts had been awarded in Bahrain by the end of October last year – less than half the $1.2bn recorded during the same period the previous year.

  The sector has yet to return to pre-pandemic levels. Before 2020, Bahrain consistently awarded more than $2bn in contracts annually, peaking at nearly $4bn in 2016.

  Bahrain’s construction industry is forecast to record average annual growth of 4.9% in 2026-29, supported by investments in transport infrastructure and renewable energy projects aligned with Bahrain’s Economic Vision 2030.

  Vision 2030 includes the BD11.3bn ($30bn) Strategic Projects Plan, unveiled in October 2021, encompassing 22 national infrastructure projects. It also includes plans to create five new cities by 2030: Fasht Al-Jarm, Suhaila Island, Fasht Al-Azem, Bahrain Bay and the Hawar Islands.

  Growth over the forecast period is also expected to be driven by investments under the National Renewable Energy Action Plan, which targets a 30% reduction in carbon emissions by 2035, compared to 2015 levels, and aims to achieve net-zero emissions by 2060.

  ---

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

  Economic 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 > LEGAL: Redefining the region’s arbitration landscape > QATAR LNG: Qatar’s new $8bn investment heats up global LNG race > INTERVIEW: Leyla Abdimomunova, National Development Division, PIF > LEADERSHIP: Shaping the future of passenger rail in the Middle East

  To see previous issues of MEED Business Review, please click here

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  Yasir Iqbal
• 
  Entries now open for MEED Projects Awards 2026

  21 April 2026

  Enter the awards

  The MEED Projects Awards in association with Mashreq 2026 have officially opened for entries, inviting companies, developers, contractors and project teams to submit their projects for the region’s most prestigious construction awards.

  For over 15 years, the MEED Projects Awards have celebrated the Middle East and North Africa’s most ambitious and transformative projects, recognising technical excellence, innovation, sustainability and delivery impact. Past editions have highlighted landmark developments that set new benchmarks for the region’s built environment, including internationally recognised projects such as Burj Khalifa and Louvre Abu Dhabi.

  “The MEED Projects Awards are the gold standard for recognising outstanding achievements in construction across Mena, showcasing the region’s technical and design excellence while bringing the industry together to celebrate and connect over the very best projects of the year,” said Ed James, head of content and research at MEED.

  “As a long-standing partner of the MEED Projects Awards, Mashreq is proud to support a programme that is recognised for its independence, credibility and industry impact. These awards celebrate projects that set benchmarks for excellence and contribute meaningfully to the region’s development,” said Arun Mathur, executive vice-president and global head of contracting finance at Mashreq.

  Winners are chosen through a rigorous, independent judging process, led by a panel of more than 50 senior industry experts representing developers, contractors, engineers and project specialists. The awards celebrate projects across a wide range of sectors, including Building, Transport, Energy, Water, Healthcare, Education, Hospitality, Culture, Industrial, Power, Small Projects and Developments.

  Being shortlisted or winning a MEED Projects Award places a project among the region’s elite, offering regional recognition, global exposure and industry credibility.

  Submissions are now open, with full category details and entry guidelines available on the official entry platform.

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  MEED Editorial