Related Articles

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  Diriyah confirms $490m museum construction contract

  27 April 2026

  Saudi gigaproject developer Diriyah Company has formally announced the award of a SR1.84bn ($490m) construction contract for its Saudi Arabia Museum of Contemporary Art (SAMoCA) within the Diriyah development in Riyadh.

  The contract has been awarded to a consortium comprising Egyptian contractor Hassan Allam Construction and Saudi Arabia’s Albawani.

  In February, MEED exclusively reported that the contractors were preparing to start construction work on the project. MEED understands Diriyah Company awarded the contract to the consortium in December last year.

  The announcement follows Diriyah Company’s award of an estimated SR2.5bn ($666m) contract to build the Pendry superblock package in the DG2 area.

  The Pendry superblock includes the construction of the Pendry Hotel alongside residential and commercial assets. The package will cover 75,365 square metres and is located in the northwestern district of the DG2 area.

  In February, Diriyah Company also awarded a SR717m ($192m) contract for the construction of the One Hotel, located in the Diriyah Two area of the masterplan, with a gross floor area of more than 31,000 sq m.

  The Diriyah masterplan envisages the city as a cultural and lifestyle tourism destination. Located northwest of Riyadh city centre, it will span 14 square kilometres and combine 300 years of history, culture and heritage with hospitality facilities.

  

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  Yasir Iqbal
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  UAE mandates In-Country Value for state firms

  27 April 2026

  The UAE Cabinet, chaired by Sheikh Mohammed Bin Rashid Al-Maktoum, Vice President, Prime Minister and Ruler of Dubai, has approved an update to the National In-Country Value (ICV) programme that will shift it from an incentive-based framework to a mandatory requirement.

  The mandate will apply to all federal entities and companies in which the UAE government holds a stake of 25% or more. The decision aims to steer government procurement and institutional demand towards national products, leveraging state spending to localise critical industries and strengthen national industrial security.

  The cabinet also approved the establishment of the National Industrial Resilience Fund with a capital of AED1bn ($272m) to support the development of local industries. The fund will support the localisation of critical industries and strengthen supply chain resilience, focusing on improving industrial readiness for vital products and securing continuity of supply by leveraging artificial intelligence for forecasting and risk management.

  Resources will be allocated based on national priorities, with a focus on food security, manufacturing, primary metals, and mechanical, electrical and chemical industries. Further investment will target pharmaceuticals and active pharmaceutical ingredients, medical supplies, advanced technology and the construction sector.

  “Our target is clear: fully localise more than 5,000 critical products,” said Sheikh Mohammed. “We are launching an AED1bn fund to strengthen resilience, expand local production, secure supply chains, and scale the use of artificial intelligence across production and operations.”

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  MEED’s May 2026 report on the UAE includes:

  > COMMENT: Conflict tests UAE diversification
  > GVT &: ECONOMY: UAE economy absorbs multi-sector shock
  > BANKING: UAE banks ready to weather the storm
  > ATTACKS: UAE counts energy infrastructure costs
  > UPSTREAM: Adnoc builds long-term oil and gas production potential
  > DOWNSTREAM: Adnoc Gas to rally UAE downstream project spending
  > POWER: Large-scale IPPs drive UAE power market
  > WATER: UAE water investment broadens beyond desalination
  > CONSTRUCTION: War casts shadow over UAE construction boom
  > TRANSPORT: UAE rail momentum grows as trade routes face strain

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

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  Colin Foreman
• 
  UAE GDP projection corrects on conflict

  24 April 2026

  Download the PDF

  

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  MEED’s May 2026 report on the UAE includes:

  > COMMENT: Conflict tests UAE diversification
  > GVT &: ECONOMY: UAE economy absorbs multi-sector shock
  > BANKING: UAE banks ready to weather the storm
  > ATTACKS: UAE counts energy infrastructure costs
  > UPSTREAM: Adnoc builds long-term oil and gas production potential
  > DOWNSTREAM: Adnoc Gas to rally UAE downstream project spending
  > POWER: Large-scale IPPs drive UAE power market
  > WATER: UAE water investment broadens beyond desalination
  > CONSTRUCTION: War casts shadow over UAE construction boom
  > TRANSPORT: UAE rail momentum grows as trade routes face strain

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

  https://image.digitalinsightresearch.in/uploads/NewsArticle/16554417/main.gif

  MEED Editorial
• 
  April 2026: Data drives regional projects

  24 April 2026

  Click here to download the PDF

  Includes: Commodity tracker | Top 10 global contractors | Brent spot price | Construction output

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  MEED’s May 2026 report on the UAE includes:

  > COMMENT: Conflict tests UAE diversification
  > GVT &: ECONOMY: UAE economy absorbs multi-sector shock
  > BANKING: UAE banks ready to weather the storm
  > ATTACKS: UAE counts energy infrastructure costs
  > UPSTREAM: Adnoc builds long-term oil and gas production potential
  > DOWNSTREAM: Adnoc Gas to rally UAE downstream project spending
  > POWER: Large-scale IPPs drive UAE power market
  > WATER: UAE water investment broadens beyond desalination
  > CONSTRUCTION: War casts shadow over UAE construction boom
  > TRANSPORT: UAE rail momentum grows as trade routes face strain

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

  https://image.digitalinsightresearch.in/uploads/NewsArticle/16553627/main.gif

  MEED Editorial
• 
  Boutique Group tenders Tuwaiq Palace hotel in Riyadh

  24 April 2026

  

   

  Saudi Arabia’s Boutique Group, backed by the sovereign wealth vehicle Public Investment Fund (PIF), has retendered a contract to convert Tuwaiq Palace in Riyadh into a hotel.

  Contractors have been given a deadline of 31 May to submit proposals.

  The scheme comprises 40 hotel rooms and suites and 56 one- and two-bedroom villas.

  According to regional projects tracker MEED Projects, the contract was first tendered in 2022.

  In January of that year, Crown Prince Mohammed Bin Salman launched Boutique Group to manage and convert historic and cultural Saudi palaces into ultra-luxury hotels.

  Boutique Group’s first phase covers three palaces, two of which are under construction. Al-Hamra Palace in Jeddah is being converted to include 33 suites and 44 villas. In July 2023, MEED reported that Jeddah-based Al-Redwan Contracting was appointed the main contractor for the Al-Hamra Palace conversion.

  The other project is the Red Palace in Riyadh, which will feature 46 suites and 25 guest rooms. In 2023, local contractor Mobco won the contract to undertake the project.

  In 1957, the Red Palace became the headquarters of the Council of Ministers for 30 years, and later served as the main office for the Board of Grievances until 2002.

  Jordan-headquartered Dar Al-Omran is acting as supervision consultant on all three projects.

  Photo credits: Omrania

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  MEED’s April 2026 report on Saudi Arabia includes:

  > COMMENT: Risk accelerates Saudi spending shift
  > GVT &: ECONOMY: Riyadh navigates a changed landscape
  > BANKING: Testing times for Saudi banks
  > UPSTREAM: Offshore oil and gas projects to dominate Aramco capex in 2026
  > DOWNSTREAM: Saudi downstream projects market enters lean period
  > POWER: Wind power gathers pace in Saudi Arabia
  > WATER: Sharakat plan signals next phase of Saudi water expansion
  > CONSTRUCTION: Saudi construction enters a period of strategic readjustment
  > TRANSPORT: Rail expansion powers Saudi Arabia’s infrastructure push

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

  https://image.digitalinsightresearch.in/uploads/NewsArticle/16549695/main.jpg

  Yasir Iqbal