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• 
  Firms submit King Salman airport project prequalifications

  8 July 2026

  

   

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  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.

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  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

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  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

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  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
• 
  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.

  https://image.digitalinsightresearch.in/uploads/NewsArticle/17588407/main.jpg

  Colin Foreman
• 
  Saudi Arabia eyes investors for $136m ferris wheel project

  7 July 2026

  Saudi Arabia is seeking investors to fund a SR511m ($136m) ferris wheel project, known as the Hijaz Eye.

  The project will be located in Medina and will cover an area of more than 33,000 square metres (sq m).

  According to information listed on the Invest Saudi platform, a database of about 2,200 state investment opportunities, the project is expected to have a significant impact on the local economy, offering an internal rate of return (IRR) of over 25%, with a payback period of seven years.

  The tender prospectus does not disclose the ferris wheel's height.

  The pitch to investors describes it as "the best destination to get a bird's eye view of the city", and frames it as an attraction aimed at pilgrims, with the project designed to "enrich the experience of pilgrims" and address a "growing need to increase cultural communication among pilgrims".

  The Hijaz Eye project is part of a broader initiative to establish Saudi Arabia as a leading tourism hub in the Middle East, and reflects Riyadh's growing push to lean on private capital, rather than public financing, for large-scale tourism infrastructure.

  Ain Dubai parallels

  The Hijaz Eye would not be the first giant observation wheel to be built in the region. The UAE's Ain Dubai, on Bluewaters Island, is currently the world's tallest observation wheel, standing 250 metres high – nearly twice the height of the London Eye.

  It is designed to carry up to 1,750 visitors in 48 air-conditioned cabins.

  Ain Dubai's budget was originally estimated at about $272m. The attraction opened in October 2021, coinciding with Expo 2020 Dubai.

  The project used about 9,000 tonnes of steel, more than was used in the construction of the Eiffel Tower, and required some of the world's largest cranes to lift its 1,805-tonne hub and spindle assembly, which is comparable in weight to four Airbus A380 aircraft.

  Despite its scale, Ain Dubai's post-opening record has been uneven. The attraction has closed and reopened several times since its debut, including a widely publicised reopening in December 2024.

  For the Hijaz Eye, the experience of Ain Dubai underlines a message that operational reliability will be central to whether the project can deliver on its projected 25%-plus IRR.

  Project positioning

  The Hijaz Eye is being positioned as an anchor for a specific strategic gap, which includes extending the time and spending of religious visitors to Medina beyond prayer and pilgrimage.

  Domestic and religious tourism sit at the core of the kingdom's Vision 2030 strategy, and the numbers underline why Medina, rather than a leisure hub like Riyadh or Jeddah, is a logical testing ground for private-capital tourism infrastructure.

  In 2025, Saudi Arabia's Tourism Ministry recorded 14 million overseas visitors that visited the kingdom for religious purposes, roughly twice the number of leisure travellers and seven times that of business travellers.

  A further 14 million domestic tourists travelled for religious purposes, of which 6.5 million visited Medina specifically.

  Image credit: www.cranebriefing.com

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  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:

  > AGENDA: Gulf aviation ambitions face uncertain future > AIRPORTS: Dubai and Riyadh reaffirm airport ambitions > MARKET FOCUS: Levant recovers in three speeds  > INDUSTRY REPORT: Dubai eyes tourism sector recovery > INTERVIEW: EtihadWE prepares roadmap for future projects  > PROJECTS MARKET: Mena project momentum holds despite conflict  > DATA CENTRES: Big Tech falls short on data centre promise > SAVINGS: Retirement creates multibillion-dollar opportunity for region   > LEADERSHIP: Aramco’s citizen developers accelerate digital change

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

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  Yasir Iqbal