Biden leaves a mixed legacy
23 October 2024
Commentary
Edmund O'Sullivan
Former editor of MEED
There’s no forecasting the winner of this year’s US presidential poll, but there is one certainty.
Joe Biden will exit the White House next January and be out of front-line politics for the first time in more than five decades.
History is rarely kind to presidents after they leave office. It is likely that, in due course, Biden will be remembered most for being the oldest person elected president. And he joins the small group of US presidents forced out of office, as he effectively was.
Biden’s fans will point to significant domestic achievements, including the decrease in the number of Americans without health insurance for the first time to under 10% of the population. Job growth in Biden’s first three years outperformed any previous president’s and unemployment in 2021-23 was below 4% for the first time since the 1960s. Wage growth has outstripped inflation, which has dropped sharply since hitting almost 10% in the summer of 2022. The stock market has boomed and violent crime is down.
History is rarely kind to presidents after they leave office
Biden’s big domestic negative is immigration. The number of encounters at America’s border with Mexico has soared and hit a record of 2.2 million in 2023.
Biden’s apologists blame the Republican majority in the House of Representatives for derailing reform legislation that was making its way through the Senate. But worries about immigration damaged his opinion poll ratings.
In a normal election, nevertheless, a presidential incumbent with this kind of record should have been a shoo-in. It is the main reason Biden resisted pressure to step down even after his cognitive decline was impossible to conceal. He believed he was doing a good job and should have been allowed to stay on.
Foreign policy
Outside the US, Biden’s reputation will mainly be shaped by his foreign policy.
The record there is baleful. The chaos of the withdrawal from Afghanistan in 2021 was followed by a refusal to negotiate with Russia about Ukraine in 2022 and the lamentable failure to constrain Israel since October 2023.
His Secretary of State Antony Blinken is widely viewed as the worst in US history.
Reliable friends including Jordan and most of the Gulf Arab states have been alienated, possibly permanently.
Biden’s legacy is objectively mixed. But that’s no longer his problem.
The US foreign policy mess will divert much of the initial energy of America’s next president. But the ultimate sadness of Biden’s lifetime of public service is that, whoever wins in November, they will almost certainly blame him for it.
Connect with Edmund O’Sullivan on X
More from Edmund O’Sullivan:
> Desperate days drag on
> The beginning of the end
> The death of political risk
> Italy at centre of new reduced Europe
> US foreign policy approach remains adrift
> Rainmaking in the world economy
> New shock treatment for Egypt’s economy
> Syria’s long march in from the cold
> Lebanon’s pain captured in a call from Beirut
> Troubled end to 2023 bodes ill for stability
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Saudi Arabia’s private sector steps up4 March 2026
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Read the March 2026 MEED Business Review3 March 2026
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Firms prepare Port of Duqm consultancy bids3 March 2026
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Diriyah awards Pendry superblock package3 March 2026
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Saudi Arabia’s private sector steps up
4 March 2026
Commentary
Colin Foreman
EditorRead the March issue of MEED Business Review
At the Future Investment Initiative (FII) in Riyadh in 2019, a head of a regional family business voiced a guarded concern. The worry was that the scale and speed of the Public Investment Fund’s (PIF’s) projects were crowding out the private sector, leaving little space for traditional players to compete.
Fast forward more than six years and much has changed. In 2026, the era of the PIF acting as the principal driver for development is giving way to a new phase where the private sector is taking a more active role.At February’s Private Sector Forum (PSF), officials acknowledged that the kingdom’s priorities have evolved since 2016. This has led to reprioritisation, including the indefinite postponement of the 2029 Asian Winter Games in Trojena and the scaling back of projects such as The Line – moves framed as strategic adjustments amid global economic uncertainty.
With the 2034 Fifa World Cup and Expo 2030 on the horizon, alongside the rapid ascent of artificial intelligence, Riyadh is right to realign its capital. It is far more reassuring to see a government adapt its strategy to a changing global economy than to blindly pursue an outdated plan. The PIF, now managing $913bn in assets, is seeking ‘escape velocity’, allowing sectors such as tourism and real estate to stand independently.
The private sector is beginning to respond. Recent agreements signed at the PSF – ranging from King Salman International airport’s mixed-use developments to Roshn’s logistics partnership with Agility – show that local and regional firms are rising to the challenge.
There is still work to be done. Some sectors are more ready for investment than others, and scaling back projects has dented the confidence of some investors.
But overall, the tide is turning. The crowding out fears of 2019 have been replaced by a drive to get the private sector more involved, and while it will take time for momentum to fully develop, the process of passing the baton has already begun.
READ THE MARCH 2026 MEED BUSINESS REVIEW – click here to view PDFRiyadh urges private sector to take greater role; Chemical players look to spend rationally; Economic uptick lends confidence to Cairo’s reforms.
Distributed to senior decision-makers in the region and around the world, the March 2026 edition of MEED Business Review includes:
> RAMADAN: Data disproves the Ramadan slowdown story> INDUSTRY REPORT: Chemicals producers look to cut spending> INDUSTRY REPORT: Global petrochemical project capex set to rise until 2030> MARKET FOCUS: Egypt’s crisis mode gives way to cautious revival> LEADERSHIP: Delivering Saudi Arabia’s next phase of rail growth> INTERVIEW: Abu Dhabi’s Enersol charts acquisitions pathTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/15842555/main.gif -
Read the March 2026 MEED Business Review
3 March 2026
Download / Subscribe / 14-day trial access Saudi Arabia’s priorities have shifted over the past decade, with officials at February’s Private Sector Forum confirming a reprioritisation since 2016 that includes postponing the 2029 Asian Winter Games in Trojena and scaling back projects such as The Line in response to global economic uncertainty.
In 2026, the Public Investment Fund’s role as the main driver of development is shifting towards greater private sector involvement, a transition examined by MEED editor Colin Foreman in the latest issue of MEED Business Review.March’s market focus is on Egypt, where the country’s crisis mode is giving way to a cautious revival.
This edition also reports that the region’s downstream sector may face subdued project spending in 2026 due to flattening demand and weak margins.
In the latest issue, we disprove the Ramadan slowdown story, present exclusive leadership insight from Jacobs on delivering Saudi Arabia’s next phase of rail growth and outline some important lessons learnt from a power plant decommissioning. We also talk to senior executives at Enersol, Lamar Holding and Metito.
We hope our valued subscribers enjoy the March 2026 issue of MEED Business Review.
Must-read sections in the March 2026 issue of MEED Business Review include:
> AGENDA: Saudi Arabia’s private sector picks up the baton> RAMADAN: Data disproves the Ramadan slowdown story
INDUSTRY REPORT:
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> Chemicals producers look to cut spending
> Global petrochemical project capex set to rise until 2030> LEADERSHIP: Delivering Saudi Arabia’s next phase of rail growth
> POWER: Lessons learnt from a power plant decommissioning
> INTERVIEW: Abu Dhabi’s Enersol charts acquisitions path
> INTERVIEW: Lina Noureddin, CEO of Lamar Holding, on the evolving PPP landscape
> INTERVIEW: Contract award marks Metito’s return to municipal projects
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> COMMENT: Egypt’s crisis mode gives way to cautious revival
> GOVERNMENT: Egypt adapts its foreign policy approach
> ECONOMY & BANKING: Egypt nears return to economic stability
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Firms prepare Port of Duqm consultancy bids
3 March 2026
Oman’s Port of Duqm has issued tender notices inviting consultants to bid for two packages by mid-March.
The scope of the first tender covers the consultancy services for inspection, scope preparation and supervision of the sewage treatment plant.
The bid submission deadline is 18 March.
The scope of the other tender includes the consultancy services for port marine traffic assessment/simulation and impact study.
The bid submission deadline for this package is on 17 March.
Both tenders were floated late last month.
The Port of Duqm is a deepwater, multipurpose port on Oman’s Arabian Sea coast, developed within the Special Economic Zone at Duqm (Sezad).
Its location outside the Strait of Hormuz is a key advantage, positioning Duqm as a strategic alternative gateway for cargo moving between the Gulf, the Indian subcontinent and East Africa, and supporting Oman’s push to grow non-oil trade and port-led industry.
Designed to handle a mix of cargoes, including containers, dry bulk, breakbulk and liquid bulk, the port forms part of a wider Duqm complex that also includes a major dry dock and large industrial land allocations for energy, manufacturing and logistics projects.
As the port and SEZ expand in phases, consultancy tenders typically reflect the next steps in delivery and operations, covering engineering and technical studies, commercial assessments, and readiness planning tied to new terminals and industrial tie-ins.
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Diriyah awards Pendry superblock package
3 March 2026
Saudi Arabian gigaproject developer Diriyah Company has awarded an estimated SR2.5bn ($666m) contract to build the Pendry superblock package in the second phase of the Diriyah Gate development (DG2).
The contract was awarded to the local firm Saudi Constructioneers.
The Pendry superblock encompasses the construction of a hotel, known as the Pendry Hotel, along with residential and commercial assets.
The project will cover an area of 75,365 square metres (sq m) and is located in the northwestern district of the DG2 area.
Contractors had submitted final proposals for a contract in September last year, as MEED reported.
The tender was issued in June last year.
The latest contract follows the Diriyah Company’s award of a SR717m ($192m) contract for the construction of the One Hotel, located in the Diriyah Two area of the masterplan.
The contract was awarded to the joint venture of local firm BEC Arabia and Indian contractor Ashoka Buildcon.
The project has a gross floor area of over 31,000 sq m.
The Diriyah masterplan envisages the city as a cultural and lifestyle tourism destination. Located northwest of Riyadh’s city centre, it will cover 14 square kilometres and combine 300 years of history, culture and heritage with hospitality facilities.
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Local firm to develop $598m Muscat tourism project
3 March 2026
Oman’s Ministry of Heritage & Tourism has signed an agreement with local firm Sorouh Al-Qurm Real Estate Company to build an integrated tourism complex in the Al-Qurm area of Muscat.
The project will be developed with a total investment estimated at RO230m ($598m).
Planned across more than 165,000 square metres (sq m), the development will include two four-star hotels offering over 400 rooms, alongside leisure components such as an indoor games hall and trampoline attractions.
The site will also incorporate commercial spaces and freehold residential units, among other amenities.
The agreement was signed by Sayyid Ibrahim Bin Said Al-Busaidi, minister of heritage and tourism, and Khaled Khudair Mashaan, chairman of Al-Argan International Real Estate Company, who signed as the authorised representative for Sorouh Al-Qurm Real Estate Company.
GlobalData forecasts that the Omani construction industry will expand at an average annual growth rate of 4.2% from 2025 to 2028.
Growth in the country will be supported by rising government investments in renewable energy and transport infrastructure, as well as in the housing sector, as part of the Oman Vision 2040 plan.
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