Aramco $450m housing PPP reaches financial close
23 July 2024

The team that won the contract to develop and operate Saudi Aramco's public-private partnership (PPP) accommodation complexes at Haradh and Wudayhi in the Eastern Province of Saudi Arabia has reached financial close for the project.
Aramco first tendered the Haradh and Wudayhi PPP contract in 2019, before retendering it in 2022.
A team comprising local companies Lamar Holding and Asyad Group won the retendered contract, valued at about $450m, in December 2022.
MEED previously reported that local lenders led by Riyad Bank had agreed to provide debt for the project.
The complexes are expected to house up to 2,800 employees across 11 residential buildings. There are also two mosques and a clinic, as well as a refurbished recreational facility and an expanded medical facility at each complex.
The scope of the contract also includes the construction of a sewage treatment plant operations building and the installation of chiller plants, according to regional projects tracker MEED Projects.
US/India-based Synergy Consulting provided financial advisory services to the Lamar-Asyad team.
Saudi Aramco received three bids for the retendered contract on 25 August 2022. The other two bidding teams were led by Al-Rajhi Development Company and Yamama, both based in Saudi Arabia.
Retender
In November 2021, Aramco selected the local Al-Rajhi Development Company and India’s Shapoorji Pallonji to deliver the build-own-operate-transfer project.
Shapoorji Pallonji was to deliver construction works, with Al-Rajhi operating the project for a concession period of 20 years.
The ramp-up in construction activity in the kingdom, combined with global supply chain issues and increased interest rates, drove up costs and resulted in renegotiations, with Aramco deciding to reissue the tender, a source close to the project told MEED in 2022.
Aramco is procuring two other housing PPP schemes.
A team led by the local El-Seif Engineering Contracting Company was awarded the contract to develop and implement the Tanajib housing PPP project in early 2022. The project scope included the development of 2,500 housing units, in addition to a food court, parking facilities and infrastructure.
In January 2023, a team led by Lamar Holding is understood to have won the contract to develop Aramco's staff accommodation located on Abu Ali Island. The project is expected to house 700 employees and is valued at an estimated $250m.
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Abu Dhabi receives bids for 3.3GW Al-Nouf IPP10 March 2026

Two joint ventures have submitted bids for the development of the 3.3GW Al-Nouf independent power producer (IPP) project in Abu Dhabi.
Located within the newly established Al-Nouf complex, the facility will be the largest single-site, carbon-capture-ready, combined-cycle gas turbine plant in the UAE.
State utility and offtaker Emirates Water & Electricity Company (Ewec) issued a request for proposals for the project last August.
Ewec received statements of qualifications for the contract in April 2025.
The groups that submitted bids are:
- Aljomaih Energy & Water (Saudi Arabia) and China Energy Engineering Corporation
- Orascom (Egypt) and Sumitomo (Japan)
As MEED previosuly reported, the project will follow the model of Abu Dhabi’s IPP programme, in which developers enter into a long-term agreement with Ewec as the sole procurer.
This involves the development, financing, construction, operation, maintenance and ownership of the plant, with the successful developer or developer consortium owning up to 40% of the entity. The remaining equity will be held indirectly by the Abu Dhabi government.
The project site was selected for its ability to accommodate both seawater-cooled power generation and reverse osmosis desalination technologies.
The plant will have the capacity to support several utility-scale energy and desalination projects in the future.
The facility is scheduled to begin commercial operations in the third quarter of 2029.
Taweelah C IPP
Last year, the Taweelah C IPP became the first gas-fired power plant project to be procured by Abu Dhabi since 2020, when Ewec awarded Japan’s Marubeni Corporation the contract to develop the Fujairah 3 IPP.
Ewec is procuring the 2,500MW gas-fired IPP, which will be located in the Al-Taweelah power and desalination complex, approximately 50 kilometres to the northeast of Abu Dhabi.
It is understood that three groups have submitted bids for the developer contract. These are:
- Sumitomo (Japan) / Korean Midland Power / Korea Overseas Infrastructure & Urban Development Corporation
- Aljomaih Energy & Water (Saudi Arabia) / Sembcorp (Singapore)
- Etihad Water & Electricity (UAE) / Korea Western Power (Kowepo) / Kyuden (Japan)
A team of UK-based Alderbrook Finance and US-based Sargent & Lundy is providing financial and technical advisory services to Ewec for the Taweelah C IPP
The power purchase agreement for the project was previously expected to be signed by the end of 2025, with the project scheduled to begin commercial operations in the fourth quarter of 2028.
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Eighty-nine firms express Qassim airport interest10 March 2026
Eighty-nine local and international firms have expressed interest in a contract to develop Prince Naif Bin Abdulaziz International airport in Qassim, Saudi Arabia.
The project is being developed by Saudi Arabia’s Civil Aviation Holding Company (Matarat), through the National Centre for Privatisation & PPP (NCP).
In a statement, NCP said the list includes 55 local companies and 34 international firms comprising 19 developers; 33 engineering, procurement and construction (EPC) contractors; 13 operators; 11 advisors; nine equity investors; three financial institutions and one in the other category.
These are:
Developers
- Ports Projects Management & Development Company (local)
- Tamasuk Holding (local)
- Makyol (Turkiye)
- Al-Gihaz Holding (local)
- Alfanar Company (local)
- Nesma Infrastructure & Technology (local)
- Plenary (Australia)
- WCT International (Malaysia)
- Al-Bawani (local)
- Egis (France)
- Mada International Holding (local)
- Vision Invest (local)
- Almutlaq Real Estate Investment Company (local)
- Samsung C&T (South Korea)
- Sarh Developments (local)
- IC Ictas (Turkiye)
- Kalyon (Turkiye)
- Saudi Binladin Group (local)
- Lamar Holding (Bahrain)
EPC Contractors
- SkyBridge (US)
- Avic (China)
- Saudi Pan Kingdom Company (local)
- Fas Energy & Infrastructure (local)
- Alghanim International (Kuwait)
- Abdul Ali Al-Ajmi (local)
- Technical Development Company for Contracting (local)
- China Civil Engineering Construction Corporation (China)
- Almansouryah General Contracting (local)
- Al-Fahd Company (local)
- YDA Insaat (Turkiye)
- China Harbour Engineering Company (China)
- Rowad Modern Engineering (Egypt)
- Abdullah Fahad Al-Khaledi Company for General Contracting (Saudi Arabia)
- Shade Corporation (local)
- Al-Ayuni Investment & Contracting (local)
- Setec (France)
- International Hospitals Construction Company (local)
- Arkad Engineering & Construction Company (local)
- Alrawaf Trading & Contracting (local)
- Abdulrahman Saad Alrashid & Sons (local)
- Mistacoglu Holding (Turkiye)
- Al-Jaber Contracting (Qatar)
- Mobco Construction (local)
- Sateaa Al-Tameer for Real Estate Development & Investment (local)
- China State Construction Engineering Corporation Ltd (China)
- China Construction Excellence Company (China)
- Safari Company (Saudi Arabia)
- Al-Sharif Group Holdings (local)
- Nayef Abdulkarim Company Al-Rakhis Contracting Company (local)
- Al-Yamama (local)
- Almabani (local)
- Buna Al-Khaleej Contracting (local)
Operators
- Annasban Group (local)
- Indiza Airport Management (South Africa)
- GMR Airports (India)
- Flynas (local)
- Bangalore International Airport Limited (India)
- Idemia Public Security (France)
- Saudi Ground Services (local)
- Oman Airports Management Company (Oman)
- Al-Qussie International (local)
- Serco Saudi Arabia (local)
- Al-Shams National Global Energy (local)
- DAA International (Ireland)
- TAV Airports (Turkiye)
Advisors
- Contrax International (UAE)
- Typsa (Spain)
- Ghesa Ingenieria Y Tecnologia (Spain)
- Pini Group (Switzerland)
- Hill International (United States)
- Walter P Moore Engineering Consultants (United States)
- Foster + Partners (UK)
- Arabtech Jardaneh (Jordan)
- Currie & Brown (UK)
- Meinhardt (Singapore)
- Populous (UK)
Equity Investors
- Namaya International Investment Company (local)
- Zamil Group Investment Company (local)
- Buhur for investment (local)
- Asyad Holding (local)
- IDS Consulting (local)
- Al-Gassim Investment Holding (local)
- Erada Advanced Projects (local)
- Sumou Global Investment (local)
- Abrdn Investcorp Infrastructure Partners (Bahrain)
Financial Institutions
- Bank Aljazira (local)
- Arab National Bank (local)
- Piper Sandler Companies (United States)
Other
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The project scope includes the redevelopment of the passenger terminal as well as other associated facilities such as airside infrastructure, including runway, taxiways and aprons.
The project will be developed on a design, finance, construction, operations, maintenance and transfer basis.
The clients issued an expression of interest notice for the project on 9 February, and companies were given until 23 February to submit responses.
The latest development follows Matarat Holding and NCP prequalifying five teams to bid for a contract to develop the new Taif international airport project in Mecca Province in January.
According to local media reports, four consortiums and one standalone company have been prequalified to proceed to the next stage of the project.
The new Taif International airport will be located 21 kilometres southeast of the existing Taif airport, with a capacity to accommodate 2.5 million passengers by 2030.
The clients opted for a 30-year build-transfer-operate (BTO) contract model, including the construction period.
Previous tenders
The Taif, Hail and Qassim airport schemes were previously tendered and awarded as public-private partnership (PPP) projects using a BTO model.
Saudi Arabia’s General Authority of Civil Aviation (Gaca) awarded the contracts to develop four airport PPP projects to two separate consortiums in 2017.
A team of Tukiye’s TAV Airports and the local Al-Rajhi Holding Group won the 30-year concession agreement to build, transfer and operate airport passenger terminals in Yanbu, Qassim and Hail.
A second team, comprising Lebanon’s Consolidated Contractors Company, Germany’s Munich Airport International and local firm Asyad Group, won the BTO contract to develop Taif International airport.
However, these projects stalled following the restructuring of the kingdom’s aviation sector.
Saudi Arabia has already privatised airports, including the $1.2bn Prince Mohammed Bin Abdulaziz International airport in Medina, which was developed as a PPP and opened in 2015.
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Egypt brings new gas wells online10 March 2026
Egypt has brought new wells online in the Mediterranean Sea and the country’s Western Desert region, according to a statement from Egypt’s Petroleum & Mineral Resources Ministry.
In the Mediterranean, the second well in the West El-Burullus (WEB) offshore field was brought online, increasing the field’s output from about 25 to 37 million cubic feet a day (cf/d).
The project is being developed and produced through a joint‑venture vehicle known as PetroWeb, in which the lead partner is US-based Cheiron.
The production is forecast to exceed 70 million cf/d following the connection of the third well in the coming days, while the drilling of the fourth well has been completed with promising results, according to the ministry.
The development plan includes drilling two additional wells on the Papyrus platform, linked to WEB, to maximise the utilisation of the concession area's resources and accelerate production.
The well in the Western Desert has been brought on by Badr El-Din Petroleum Company (Bapetco), which is a joint venture of London-headquartered Shell and state-owned Egyptian General Petroleum Corporation.
Production tests showed rates of 10-15 million cf/d, in addition to 300–650 b/d of condensate, according to Egypt’s Petroleum & Mineral Resources Ministry.
The latest well has increased the confirmed reserves in the area from 15 billion cubic feet to 25 billion cubic feet.
Four more production wells are planned for in the Badr El-Din concession as Bapetco continues its push to ramp up production from the field.
Egypt is pushing to increase domestic production of gas amid soaring global prices due to the US and Israel’s war with Iran.
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Kuwait Oil Company running on 30% workforce10 March 2026
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State-owned upstream operator Kuwait Oil Company (KOC) is operating with just 30% of its total workforce in their normal workplaces, according to industry sources.
The policy is similar to one that was used during the Covid-19 pandemic and has been implemented as a precaution due to the US and Israel’s conflict with Iran.
The policy does not apply to staff that are working in what are considered to be essential positions, sources said.
“Effectively, what this means is that if you work in a building that is normally staffed by one person, only one person will be in that building at any time,” said one source.
“KOC is rotating the staff so fewer people are in the workplace. Senior executives believe that this is a sensible policy given the current security situation.”
State-owned Kuwait Petroleum Corporation (KPC), KOC’s parent company, recently announced that it had started reducing crude oil production and refining throughput.
It said that it had declared force majeure “in light of the ongoing aggression by Iran against the State of Kuwait, including Iranian threats against safe passage of ships through the Strait of Hormuz”.
Force majeure, a French term meaning “superior force”, is a clause included in many international commercial contracts. It allows companies to suspend contractual obligations when extraordinary events happen that are beyond their control.
KPC said the reduction in production and refining is precautionary and will be reviewed as the situation develops.
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Desalination plants hit amid escalating conflict10 March 2026
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Missile and drone attacks have damaged desalination infrastructure in the region amid the deepening conflict involving Iran and the US and Israel.
Bahrain’s Interior Ministry said three people were injured and a desalination plant was damaged after a drone attack on 8 March.
“As a result of the blatant Iranian aggression, three people were injured and material damage was inflicted on a university building in the Muharraq area after missile fragments fell,” the Bahrain Interior Ministry said in a statement.
“The Iranian aggression randomly bombs civilian targets and caused material damage to a water desalination plant following an attack by a drone,” it added.
Earlier, Tehran had accused the US of striking a freshwater desalination plant on Qeshm Island in southern Iran.
Iran’s Foreign Minister Seyed Abbas Araghchi said in a post on social media platform X on 7 March: “The US committed a blatant and desperate crime by attacking a freshwater desalination plant on Qeshm Island. Water supply in 30 villages has been impacted. Attacking Iran’s infrastructure is a dangerous move with grave consequences. The US set this precedent, not Iran.”
Iran’s parliament speaker also said on Saturday that the attack on the Qeshm Island desalination plant was carried out with support from an airbase in a southern neighbouring country. The claim has not been independently verified.
Later on 7 March, Iran’s Islamic Revolutionary Guard Corps (IGRC) said it had struck the United States’ Juffair base in Bahrain in response.
“In response to the aggression of American terrorists from the Juffair base against the Qeshm desalination plant, this American base was immediately struck by precision-guided solid-fuel and liquid-fuel missiles of the IRGC,” the Guards said on their website.
The reported attacks on desalination facilities have raised concerns about the risks to water security across the region.
Bahrain is almost completely dependent on desalination plants for its population of 1.6 million. According to regional project tracker MEED Projects, the country has several major desalination facilities in operation, including the Hidd complex, the Abu Jarjour desalination plant and the Durrat Al-Bahrain seawater reverse osmosis (SWRO) project.
The Hidd 3 complex is the largest desalination facility in Bahrain with a capacity of 227,124 cubic metres a day.
Unlike the GCC states, Iran obtains most of its water from dams, rivers and groundwater, with desaliantion accounting for only a small share of supply.
Despite this, Iran has completed over $1bn worth of desalination projects, according to MEED Projects.
Kaveh Madani, director of the UN University Institute for Water, Environment & Health, said in a post on X: “The reported strike on a desalination plant on Qeshm Island is deeply worrying. Millions depend on desalination across the Middle East.”
He added that “damage to water infrastructure, whether intentional or accidental, sets a dangerous precedent and risks depriving civilians of drinking water”.
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