meed-logo

line1 line2 line3
SIGN IN / REGISTER

Construction step change boosts order books

29 April 2024

Using data from regional projects tracker MEED Projects, the region’s most active contractor is Nesma & Partners, with $14.7bn of work at the execution stage. In 2023, the Saudi Arabia-based contractor topped the ranking with $5.3bn of work in execution, a total that would not even make the top 10 this year. Dubai-based Alec ranks 10th this year with $6bn of work under execution.

Five Saudi-based contractors are in the top 10, reflecting the volume of construction work under way in the kingdom. Four of them are the contractors that the Public Investment Fund (PIF) invested in – Al Bawani, Almabani, El Seif and Nesma. The other is Shibh Al Jazira Contracting. 

Two UAE-based companies, Trojan General Contracting and Alec, are in the top 10. While not as active as Saudi Arabia, the UAE market remains a crucial construction market, even though it is increasingly dominated by contractors with government or government-related shareholders.

The other three contractors are Turkiye’s Limak, which is working extensively in Kuwait; Italy’s Webuild, which has won a series of major orders in Saudi Arabia in the past three years; and Beijing-based China State Construction Engineering Corporation (CSCEC), which works across the GCC and is the world’s third most active contractor, according to GlobalData’s ranking of global construction companies.

Volume of work

With a clear shift in the volume of work being undertaken, only five of the companies from 2023 remain in the top 10 this year. They are Nesma, Limak, Almabani, Webuild and CSCEC. Dropping out the top 10 are Saudi Arabia’s Alfanar Construction, Saudi Binladin Group – which was consistently the region’s most active contractor for many years – India’s Shapooorji Pallonji, Beijing-based China Harbour Engineering Corporation and Saudi Arabian Baytur. 

With large contracts still being tendered in Saudi Arabia, it is likely that there will also be significant changes to next year’s ranking. The four contractors that the PIF invested in will likely continue to dominate, while other players will also look to take advantage of the work available in the kingdom and move up the rankings.

With large contracts still being tendered in Saudi Arabia, it is likely that there will also be significant changes to next year’s ranking

This will include other local players, as Shibh Al Jazira has demonstrated in 2024, and international companies that are looking to build their order books – just as Webuild has done in recent years. 

As contractors pick up more work, there are nascent concerns that you can have too much of a good thing. Companies that grow rapidly become more difficult to manage and experience has shown that when markets correct, organisations that tempered their ambitions are more manageable and resilient, and are the ones more likely to survive.

Bahrain

Bahrain’s contractor ranking has remained largely static this year. The top two contractors have not changed and only one company has joined the top 10 this year.

China Machinery Engineering Corporation maintains its lead position with $698m of work in the execution phase, thanks to its contract to build the East Sitra development for the housing ministry. Al Hamad Building Contracting is in second place, with $560m-worth of projects in the execution phase. 

Nass Contracting is in third place, having moved up from fifth last year. Kooheji Contractor, which was ranked third last year, is now fourth. 

The rest of the ranking remains largely the same, with Saleh Abdullah Al Muhanna & Partners replacing Al Taitoon Contracting in the top 10.

The relative lack of change to the Bahraini ranking reflects the quiet market conditions in the country when compared to the larger GCC markets. 

This is largely due to major projects such as the new terminal building at Bahrain International airport having been completed and tendering and contract awards not yet having started for major new projects, including the first phase of the Bahrain metro network and the second causeway connecting to Saudi Arabia. 

Kuwait

Turkiye’s Limak Holding has strengthened its position at the top of Kuwait’s ranking this year. The contractor has $5.6bn of construction work at the execution stage, according to MEED Projects. This is about $600m more than the $5bn it had when it headed the 2023 ranking. 

Limak’s work in execution was boosted last year when the Public Works Ministry awarded it more construction work at Kuwait International airport. It secured a contract for package three of the expansion of Terminal 2, which covers the construction of aircraft parking aprons, taxiways and service buildings.

In joint second place is Shapoorji Pallonji with $1.4bn of work at the execution stage. The Indian contractor is working on two healthcare projects and one education scheme in a joint venture with the local Al Sager General Trading & Contracting, which is also working on $1.4bn of projects at the execution stage.

The only other non-Kuwaiti contractor in the top 10 is China Gezhouba Group Corporation, which is in fourth place with $1.3bn of projects at the execution stage. Its largest project is the infrastructure works at South Saad Al Abdullah Residential City.

Oman

The local Galfar Engineering & Contracting remains at the top of the Oman ranking in 2024, with about $900m of construction and transport projects at the execution stage, according to MEED Projects. The contractor’s total is slightly less than the $1.1bn it recorded last year. 

Several key changes have occurred in the Omani top 10 this year. Local contractor Saif Salim Essa Al Harasi & Company has moved into fourth place thanks to several major contract awards. 

In December last year, it secured a $118m contract for the construction of a hospital, and in October it was awarded a design-and-build contract for a cultural complex. The cultural complex was won as part of a joint venture with Turkish contractor Sembol Construction, which has also moved into the top 10 in seventh position.

Another contractor that has moved into Oman’s top 10 is China Communications Construction Company. In January, it secured a marine works contract at the Yiti Sustainable City project.

Qatar

Two contractors top the Qatar ranking in 2024 with $1.4bn of ongoing projects each. Turkish contractor TAV Construction and the local Midmac Contracting Company both lead, largely due to their ongoing work at Hamad International airport. 

Closely behind, in third position, is the local Generic Engineering Technologies, which is working on several projects in Qatar, including the upgrade of the Lusail Formula 1 and MotoGP race circuit.

Urbacon Trading & Contracting, which topped last year’s ranking with $1.8bn of projects at the execution stage, is in fifth place this year with $1.2bn of projects. The contractor has taken significant strides in the past year to win work in other markets, including Saudi Arabia.

Saudi Arabia

There has been a major shift in the level of construction activity undertaken by the 10 most active contractors in Saudi Arabia in 2024. 

This year, the total value of projects undertaken by the top 10 contractors is $71.5bn, more than a 130% increase from the $31bn recorded by the top 10 in 2023.

The local Nesma & Partners tops the Saudi ranking again this year with $14.7bn-worth of projects at the execution stage. The total, which is about 50% more than that of the second-ranked contractor, highlights Nesma’s leading position in the Saudi market, and the scale of the opportunities that the kingdom’s projects sector now offers. 

In second position is Italy’s Webuild with just short of $10bn of projects at the execution stage. Earlier this year, it secured a $4.7bn contract to construct dams at the Trojena mountain resort in Neom, adding to other major orders at Neom and Diriyah. 

The four contractors that received investment from the PIF in 2023 now occupy four out of the top six positions in the
Saudi Ranking. They are Nesma, El Seif, Al Bawani and Almabani.

UAE

The UAE’s construction market has grown strongly over the past year, and this is reflected in the 2024 contractor ranking. Like Saudi Arabia, the top 10 UAE contractors have more than doubled the total value of projects they have at the execution stage. This year, the top 10 have $27.6bn of work, which is a 123% increase from the $12.4bn last year.

The top-ranked contractor in the UAE this year is Trojan General Contracting, which is part of Alpha Dhabi. In April, Alpha Dhabi Holding agreed to sell a 49% stake in its construction subsidiary Alpha Dhabi Construction Holding (ADCH) to local investment firm ADQ. Trojan is part of ADCH.

With $6.2bn of projects at the execution stage, Trojan is ahead of National Marine Dredging Company (NMDC), which has $3.1bn of work. NMDC topped last year’s ranking with $2.3bn of projects. 

In third place is UK-headquartered Innovo, with $3bn of projects, followed by Dubai-based Alec with $2.6bn.

Contractors need to grow quickly to maintain their rankings. Al Amry Transport & General Contracting has moved down to fifth place from fourth, even though it more than doubled the value of its projects at the execution stage. China State Construction Engineering Corporation has also dropped in the ranking, from third to sixth place, despite increasing its value of projects to $2.4bn from $1.6bn.

 

https://image.digitalinsightresearch.in/uploads/NewsArticle/11721107/main.gif
Colin Foreman

Register for MEED's guest program now to access this article.

Click here to register
Exclusive from Meed
Related Articles
  • WEBINAR: Saudi gigaprojects 2026 and beyond

    7 November 2025

    Webinar: Saudi Gigaprojects 2026 & Beyond
    Tuesday 25 November 2025 | 11:00 GST  |  Register now

    Agenda:

    • Latest update to November 2025 on the gigaprojects programme and the Saudi projects market in general, with full data analysis for 2025 year-to-date
    • Latest assessment on the reprioritisation of the programme and views on which of the gigaprojects are being prioritised
    • Summary of key recent project developments and announcements 
    • Analysis of key contracts awarded this year to date
    • Highlights of key contracts to be tendered and awarded over the next six months
    • Key drivers and challenges going forward plus MEED’s outlook for the future short and long-term prospects of the gigaprojects programme
    • In-depth look at the recently announced King Salman Gate gigaproject and other planned, but unannounced PIF developments
    • Life beyond the gigaprojects – what other key project programmes are being implemented in the kingdom 
    • Q&A session

    Hosted by: Edward James, head of content and analysis at MEED

    A well-known and respected thought leader in Mena affairs, Edward James has been with MEED for more than 19 years, working as a researcher, consultant and content director. Today he heads up all content and research produced by the MEED group. His specific areas of expertise are construction, hydrocarbons, power and water, and the petrochemicals market. He is considered one of the world’s foremost experts on the Mena projects market. He is a regular guest commentator on Middle East issues for news channels such as the BBC, CNN and ABC News and is a regular speaker at events in the region. 

    Click here to register

    https://image.digitalinsightresearch.in/uploads/NewsArticle/15045990/main.gif
    Edward James
  • Bahrain advances utility reform

    7 November 2025

     

    In September, Bahrain’s government referred a draft law to parliament to restructure the kingdom’s electricity and water sector.

    This proposes dissolving the Electricity & Water Authority (Ewa) and transferring its assets and functions to a newly established National Electricity & Water Company, which will operate under the oversight of the Electricity & Water Regulatory Authority. 

    The reform marks the first full structural overhaul of Bahrain’s utilities sector in nearly two decades and signals a shift towards a more commercially driven model. 

    Regulatory and operational roles would be separated for the first time, allowing private sector participation under transparent licensing and tariff systems, aligning Bahrain with utility reforms seen in Saudi Arabia, Oman and the UAE.

    It comes amid a relatively subdued year for new contracts that broadly falls in line with 2024’s performance. Most significantly, Bahrain continues to move towards its two upcoming utility public-private partnership (PPP) schemes, the Sitra independent water and power project (IWPP) and the Al-Hidd independent water project (IWP).

    In August, a developer tender was issued for the main works package for the Sitra IWPP. This followed the prequalification of seven companies and consortiums, reflecting a wide range of international interest.

    The planned Sitra IWPP replaces the previously planned Al-Dur 3 and will be the first IWPP project to be awarded since the 1,500MW Al-Dur 2 IWPP was completed in 2021.

    The combined-cycle gas turbine (CCGT) plant is expected to have a production capacity of about 1,200MW of electricity, while the project’s seawater reverse osmosis (SWRO) desalination unit will have a production capacity of 30 million imperial gallons a day (MIGD) of potable water. The main contract is expected to be awarded by the end of the year, with commercial operations set for 2029. 

    A developer tender was also recently launched for Bahrain’s first independent, standalone SWRO plant following a prequalification process that shortlisted nine companies and consortiums.

    The Al-Hidd IWP is expected to have a production capacity of about 60MIGD of potable water and be completed in 2028. It is likely to be the last IWPP for Bahrain, which aims to reach net-zero carbon emissions by 2060.

    The imminent launch of the two projects boosts Bahrain’s projects pipeline, which has experienced muted growth in the aftermath of the Covid-19 pandemic, carried by relatively small-scale projects.

    Solar PV projects

    The creation of the National Electricity & Water Company as Bahrain’s new operational entity could also support the rollout of future renewable energy schemes. 

    As a corporatised offtaker, the company will be able to enter long-term power purchase agreements (PPAs) with private developers under a more bankable framework. Currently, these are negotiated by Ewa on a case-by-case basis.

    The government recently signed a 123MWp solar PPA with the UAE’s Yellow Door Energy, highlighting growing private sector interest in the market. The project includes the world’s largest single-site rooftop solar installation and will be developed at Foulath Holding’s industrial complex in Salman Industrial City.

    Bahrain has already set a target to source 20% of its energy from renewables by 2035 and reach net-zero emissions by 2060.

    In October, Ewa also issued a tender for the development of the Bilaj Al-Jazayer solar independent power project (IPP). The planned 100MW project will be developed on a build-own-operate basis with a 25-year contract term.

    In parallel, Bahrain is broadening its long-term energy strategy beyond solar. In July, the kingdom signed a cooperation agreement with the US on the peaceful use of nuclear energy, aimed at advancing research and potential deployment of small modular reactor (SMR) technology.

    For countries like Bahrain, which has limited land availability and high energy demand growth, SMRs could offer a way to produce low-carbon, reliable baseload power without requiring vast areas of land for solar or wind farms. 

    Officials have indicated that SMRs, along with floating solar solutions, are being studied as part of a broader push to diversify energy sources and expand renewable generation capacity.

    Water and waste

    Bids for four Ewa-owned projects are currently being evaluated. This includes the construction of a new SWRO desalination plant on Hawar Island and rehabilitation works for the Ras Abu Jarjur water treatment plant in Askar. Contracts for both projects are expected to be awarded this year.

    Bahrain’s Ministry of Works (MoW) is the other client for the island-state’s power and water infrastructure-related projects. It has awarded three smaller sewage-related contracts this year.

    It is also preparing to tender the construction of a $130m sewage treatment plant in Khalifa City, which will be developed in two phases. Meanwhile, the construction of MoW’s sewerage scheme phase 2 network in Bahrain remains in the early design stage with no further updates.

    As Bahrain moves ahead with these projects, the new electricity and water law could define how future investments are structured, regulated and financed. This could reshape the kingdom’s utilities landscape for decades to come.

    MEED's December special report on Bahrain also includes:

    > ECONOMY: Bahrain’s cautious economic evolution
    > BANKING: Mergers loom over Bahrain’s banking system
    > OIL & GAS: Bahrain remains in pursuit of hydrocarbon resources
    > CONSTRUCTION: Bahrain construction faces major slowdown
    > TRANSPORT: Bahrain signs game-changer aviation deal with Air Asia

    https://image.digitalinsightresearch.in/uploads/NewsArticle/15044915/main.gif
    Mark Dowdall
  • Masdar and OMV sign 140MW green hydrogen plant deal

    7 November 2025

    Register for MEED’s 14-day trial access 

    Abu Dhabi Future Energy Company (Masdar) has signed a binding agreement with Austrian energy company OMV to develop and operate a major green hydrogen production plant in Austria.

    The 140MW green hydrogen electrolyser plant will be Europe's fifth-largest hydrogen plant, according to Masdar chairman, Sultan Ahmed Al-Jaber.

    It will be built in Bruck an der Leitha, about 40 kilometres southeast of Vienna.

    The facility will be developed under a newly established joint venture, in which Masdar owns 49% and OMV holds the majority 51% stake.

    The agreement was signed at the Abu Dhabi International Petroleum Exhibition and Conference (Adipec), in the presence of Al-Jaber; Austria’s Federal Minister of Economy, Energy and Tourism, Wolfgang Hattmannsdorfer; OMV CEO Alfred Stern; and Masdar CEO Mohamed Jameel Al-Ramahi.

    It is expected that the project will reach financial close in early 2026, subject to final documentation, shareholder consent and regulatory approvals.

    Construction began in September, with operations scheduled to start in 2027.

    OMV, which already operates a 10MW electrolyser in Schwechat, will procure renewable electricity for hydrogen production and retain ownership of the output.

    Several large-scale hydrogen facilities across Europe are currently under construction.

    In 2024, Germany's Siemens Energy signed a deal with German utility EWE to build a 280MW green hydrogen electrolysis plant. This is expected to begin operations in 2027.

    Masdar and OMV previously signed a letter of intent to cooperate on green hydrogen, synthetic sustainable aviation fuels (e-SAF) and synthetic chemicals in both the UAE and central and northern Europe.

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

    Mena players up the ante in global LNG production race; Investment takes UAE non-oil economy from strength to strength; Project finance activity draws international lenders back to market

    Distributed to senior decision-makers in the region and around the world, the November 2025 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/15040802/main0933.jpg
    Mark Dowdall
  • Firms submit Saudi customs warehouses PPP bids

    7 November 2025

     

    Three Saudi-based firms submitted bids on 29 September for a contract to build new customs warehouses in Saudi Arabia.

    The project is being tendered as a public-private partnership (PPP) on a design, build, finance, operate, maintain and transfer basis, with a contract duration of 15 years, including the construction period.

    The bidders include:

    • Al-Drees Petroleum & Transport Services Company
    • Lamar Holding
    • Mada International Holding

    The contract scope covers the development of 13 warehouses – including the design and construction of 12 new facilities and the renovation of one – across 13 different points of entry in the kingdom, along with the maintenance of all sites.

    The contract also includes the supply of equipment, as well as logistical support and cleaning services, for all new and existing warehouses at 38 points of entry across the kingdom.

    In January, the Zakat, Tax and Customs Authority (Zatca), through the National Centre for Privatisation and PPP (NCP), prequalified five companies to bid, MEED reported.

    The client issued the expressions of interest (EOI) and request for qualifications (RFQ) notices for the project in October last year.

    PPP plans

    In April 2023, Saudi Arabia announced a privatisation and public-private partnership (P&PPP) pipeline comprising 200 projects across 16 sectors.

    The P&PPP pipeline aims to attract both local and international investors and ensure their readiness to participate in the schemes tendered to the market.

    The initiative supports the kingdom’s efforts to enhance the attractiveness of its economy and increase the private sector’s contribution to GDP.

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

    Mena players up the ante in global LNG production race; Investment takes UAE non-oil economy from strength to strength; Project finance activity draws international lenders back to market

    Distributed to senior decision-makers in the region and around the world, the November 2025 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/15040496/main.gif
    Yasir Iqbal
  • KBR selected for Iraq gas project

    7 November 2025

    Register for MEED’s 14-day trial access 

    US-based KBR has been selected by Turkiye’s Enka to provide detailed design services for its part of the broader $27bn Gas Growth Integrated Project (GGIP) masterplan.

    KBR was selected to provide the detailed design services after successfully completing the front-end engineering and design (feed) work for Enka’s central processing facility (CPF) package, according to a statement issued by the company.

    The wider GGIP project is being developed by France’s TotalEnergies along with its partners Basra Oil Company (BOC) and Qatar Energy.

    In September, Enka signed a contract to develop a CPF at Iraq’s Ratawi oil field as part of the second phase of the field’s development.

    Enka did not give a value for the contract, but it is believed to be worth more than $1bn.

    The contract covers engineering, procurement, supply, construction and commissioning (EPSCC) of the CPF for the project known as ‘Associated Gas Upstream Project Phase 2 (AGUP2)’.

    The aim of the AGUP2 project, due to start in 2028, is to process oil and associated gas from the Ratawi oil field to increase production capacity to 210,000 barrels a day of oil and 154 million standard cubic feet a day of gas.

    GGIP masterplan

    The GGIP programme is being led by TotalEnergies, which is the operator and holds a 45% stake.

    Basra Oil Company and QatarEnergy hold 30% and 25% stakes, respectively. The consortium formalised the investment agreement with the Iraqi government in September 2021.

    The four projects that comprise the GGIP are:

    • The Common Seawater Supply Project (CSSP)
    • The Ratawi gas processing complex
    • A 1GW solar power project for Iraq’s electricity ministry
    • A field development project at Ratawi, known as the Associated Gas Upstream Project (AGUP)

    The CSSP is designed to support oil production in Iraq’s southern oil and gas fields – mainly Zubair, Rumaila, Majnoon, West Qurna and Ratawi – by delivering treated seawater for injection, a method used to boost crude recovery rates and improve long-term reservoir performance.

    China Petroleum Engineering & Construction Corporation (CPECC) won a $1.61bn contract in May to execute EPC works to build the gas processing complex at the Ratawi field development.

    CPECC’s project team based in its office in Dubai is performing detailed engineering works on the project.

    In August last year, TotalEnergies awarded China Energy Engineering International Group the EPC contract for the 1GW solar project at the Ratawi field. A month later, QatarEnergy signed an agreement with TotalEnergies to acquire a 50% interest in the project.

    The 1GW Ratawi solar scheme will be developed in phases that will come online between 2025 and 2027. It will have the capacity to provide electricity to about 350,000 homes in Iraq’s Basra region.

    The project, consisting of 2 million bifacial solar panels mounted on single-axis trackers, will include the design, procurement, construction and commissioning of the photovoltaic power station site and 132kV booster station.

    Separately, in June, TotalEnergies awarded CPPE an EPC contract worth $294m to build a pipeline as part of a package known as the Ratawi Gas Midstream Pipeline.

    Also, TotalEnergies awarded UK-based consultant Wood Group a pair of engineering framework agreements in April, worth a combined $11m, under the GGIP scheme.

    The agreements have a three-year term under which Wood will support TotalEnergies in advancing the AGUP.

    One of the aims of the AGUP is to debottleneck and upgrade existing facilities to increase production capacity to 120,000 b/d of oil on completion of the first phase, according to a statement by Wood.

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

    Mena players up the ante in global LNG production race; Investment takes UAE non-oil economy from strength to strength; Project finance activity draws international lenders back to market

    Distributed to senior decision-makers in the region and around the world, the November 2025 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/15040492/main.png
    Wil Crisp