Related Articles

• 
  Wood leadership change holds promise for future

  20 October 2025

  Commentary
  Indrajit Sen
  Oil & gas editor

  UK energy engineering consultancy Wood Group’s announcement of a new CEO taking charge later this year is a positive signal, indicating the company is positioning itself for the future.

  The announcement also suggests that the proposed takeover of Wood by Dubai-based Dar Al-Handasah Consultants Shair & Partners Holdings (Sidara) is nearly a done deal. Wood’s board has already accepted a $292m conditional takeover bid from Sidara, with a shareholder vote scheduled for 12 November expected to be a formality.

  New ownership would naturally initiate a strategic reset and establish new priorities and goals. Iain Torrens, currently Wood’s interim group chief financial officer, will take over as CEO from Ken Gilmartin and lead the company towards these new goals.

  Despite financial difficulties in recent years, Wood has been largely successful in winning key consultancy and engineering contracts on critical oil and gas projects in the Middle East and North Africa (Mena) region. This year alone, the company has secured project contracts in Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the UAE, as well as in other international markets.

  Wood’s track record of delivering major Mena energy projects, combined with its strong regional presence, is the key factor that attracted Sidara, and the reason it has been pursuing an acquisition for the past two years.

  In addition to the takeover bid, Sidara has offered to assume $1.6bn of Wood’s debt and inject $450m in cash into the company, demonstrating its confidence in Wood’s capabilities.

  With a new owner committed to addressing the company’s financial challenges and a new CEO preparing to take the helm, Wood appears poised to enter a period of renewed stability and growth.

   Wood takeover could boost Sidara profits

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  Indrajit Sen
• 
  Chinese firm wins Emaar Address Zabeel contract

  17 October 2025

  

  Register for MEED’s 14-day trial access 

  Beijing-headquartered China State Construction Engineering Corporation has been awarded a contract by UAE-based developer Emaar Properties to build a multi-tower complex in Dubai’s Zabeel area called Address Residences Zabeel.

  The development will comprise four towers offering more than 1,700 one- to four-bedroom residential units, 2,600 square metres of retail space and parking for 2,000 cars. The towers will be 50, 58, 52 and 54 storeys high.

  The project is expected to be completed in 2027.

  The latest contract award from Emaar follows the start of construction activity at the Dubai Square mall, which will be connected to the upcoming Dubai Creek Harbour tower within Emaar's Dubai Creek Harbour development.

  MEED recently reported that Dubai-based contractor Dutco Construction had started mobilising for the main works on the project.

  Dubai’s heightened real estate activity has led to record-breaking announcements from several UAE-based real estate firms. 

  In February this year, Emaar reported a total revenue of AED19.1bn ($5.2bn) in 2024, a 61% increase from 2023. It said it recorded a net profit before tax of about AED10.2bn ($2.8bn), a 20% rise compared to 2023.

  According to data published earlier this year by the Emirates News Agency (Wam), the total value of real estate transactions in the UAE reached AED893bn, with more than 331,300 transactions recorded last year.

  UK analytics firm GlobalData forecasts that the UAE construction industry will register an annual growth of 3.9% in 2025-27, supported by investments in infrastructure, renewable energy, oil and gas, housing, industrial and tourism projects.

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  READ THE OCTOBER 2025 MEED BUSINESS REVIEW – click here to view PDF

  Private sector takes on expanded role; Riyadh shifts towards strategic expenditure; MEED’s 2025 power developer ranking

  Distributed to senior decision-makers in the region and around the world, the October 2025 edition of MEED Business Review includes:

  > AGENDA 1: A new dawn for PPPs > AGENDA 2: GCC pushes PPPs to deliver $70bn pipeline > CHINA: China’s Belt and Road initiative surges in Middle East  > TUNISIA: Tunisia’s president faces growing challenge from unions > POWER DEVELOPER RANKING: Acwa Power consolidates power sector dominance > IPPs: GCC enters pivotal year for IPPs > ACQUISITION: Wood takeover could boost Sidara profits > INTERVIEW: SLB strives to boost regional standing  > ALEC: IPO is chance for Alec to showcase its capabilities > SAUDI MARKET FOCUS: Riyadh strives for sustainable growth

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

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  Yasir Iqbal
• 
  Chinese company to build tyre plant in Morocco

  17 October 2025

  Chinese tyre manufacturer Shandong Yongsheng Rubber has launched a $675m project to build a tyre factory in Morocco.

  The plant will initially produce 6 million semi-steel radial tyres annually, with plans to gradually increase capacity to 12 million units per year, according to a company statement.

  The tyres manufactured will be primarily destined for export to European, African and American markets.

  Shandong Yongsheng Rubber also plans to capitalise on preferential tariffs offered through Morocco’s free trade agreements with numerous jurisdictions, including the European Union, the US and several West African countries, the company said.

  The factory, to be developed in Morocco’s Diouch province, will produce tyres that meet technical standards for developed markets.

  Preliminary administrative procedures, including regulatory registration, have already been completed for the project.

  Increased investment

  Chinese companies in the automotive sector have increased investments in Morocco and neighbouring Algeria in recent years.

  In August, Chinese automotive interior materials manufacturer Kuntai announced plans to establish a production facility in Morocco through its subsidiary Kuntai Hongjing.

  The project represents a total investment of RMB100m ($13.7m) and will focus on manufacturing car floor mats and carpets for vehicles.

  In March, Great Wall Motor, one of China’s top 10 car manufacturers, announced plans to build its first factory in Algeria, joining other companies in the country, including Fiat, Peugeot and Kia.

  Last November, the Algerian Ministry of Industry & Pharmaceutical Production announced that it had granted permits for six new vehicle manufacturing factories in the country.

  In March 2023, Dutch carmaker Stellantis announced plans to spend more than €200m ($213m) to manufacture several Fiat models in Algeria.

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  Wil Crisp
• 
  Two cement plants to be built in Egypt

  17 October 2025

  Egypt is planning to issue two new cement plant licences before the end of the year, with the aim of cubing rising prices in the country.

  The two new licences were approved during a recent meeting between local cement producers and Kamel El-Wazir, Egypt’s minister of trade and industry, according to a news report by Asharq Business, which cited an anonymous official.

  “The two permits are expected to be released before the end of the year, with each licence including its own production line,” the official said.

  The two new plants are expected to add 1.5-2 million tonnes a year of production to Egypt’s cement output.

  The cement project approvals from Egypt’s government come amid heightened concerns about the cost of construction projects in the country.

  Importing materials and equipment for projects has become increasingly expensive over recent years due to Egypt’s currency weakening. Over the past 12 months, the price of cement has increased by almost 50%.

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  Wil Crisp
• 
  Kuwaiti contractor submits lowest bid for oil project

  17 October 2025

  Ahmadi-based Spetco International has submitted a low bid of KD88.2m ($288.7m) for the contract to develop the planned Mutriba remote boosting facility in Kuwait.

  The project was originally tendered by Kuwait Oil Company (KOC) earlier this year, with a bid submission deadline of 29 June.

  The deadline was extended several times before three Kuwait-based companies submitted bids.

  The details of the bids submitted for the project are as follows:

  • Spetco International – KD88,209,236 ($288.7m)
  • Combined Group Contracting – KD123,000,000 ($402.5m)
  • Alghanim International General Trading & Contracting – KD129,450,000 ($423.7m)

  The project’s scope includes:

  • Development of the Mutriba oil field
  • Installation of the degassing station
  • Installation of manifolds
  • Installation of condensate facilities
  • Installation of wellhead separation units
  • Installation of the pumping system
  • Installation of wellhead facilities
  • Installation of oil and gas treatment plants
  • Installation of a natural gas liquids plant
  • Installation of a water and gas injection plant
  • Construction of associated utilities and facilities

  The onshore Mutriba oil field is located in northwest Kuwait and is being developed as part of Kuwait’s wider strategy to boost the country’s upstream capacity.

  Commercial output from Mutriba officially began on 15 June this year, after several wells were connected to KOC’s production facilities.

  The field, in a previously undeveloped part of Kuwait, covers more than 230 square kilometres and lies outside the area of fields already operated by KOC.

  In September, Kuwait’s Oil Minister Tareq Al‑Roumi said that the country’s oil production capacity had reached 3.2 million barrels a day (b/d), its highest level in more than 10 years.

  Despite the higher capacity, Kuwait says it will continue to abide by Opec+ agreements and will produce 2.559 million b/d.

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  Wil Crisp