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
  • AD Ports to potentially operate Kuwait’s Shuaiba port

    16 December 2025

    Abu Dhabi Ports Group (AD Ports) has signed a memorandum of understanding (MoU) with Kuwait Ports Authority (KPA) to explore developing and operating the container terminal at Kuwait’s Shuaiba port under a concession agreement.

    Established in the 1960s, Shuaiba is Kuwait’s oldest port. It covers 2.2 million square metres (sq m) and has 20 berths. According to KPA’s website, the container terminal has a storage area of 318,000 sq m.

    Located about 60km south of Kuwait City, the port handles commercial cargo, heavy equipment, raw materials and chemicals used across multiple industries.

    KPA said the MoU is a preliminary first step towards a concession contract, subject to completion of the required studies.

    Under the agreement, AD Ports will prepare the technical, environmental and financial studies needed for the project, including infrastructure requirements.

    For its part, KPA will designate the project site at Shuaiba port and collaborate with AD Ports to complete the required studies. It will also facilitate obtaining all necessary licences and approvals from the relevant Kuwaiti authorities.

    The proposed partnership is strategically significant for Abu Dhabi Ports Group, as it would extend its footprint in a major Gulf market and strengthen its regional network of ports and logistics assets.

    AD Ports’ presence at Shuaiba would position the group along key Gulf trade lanes and support its broader strategy of building end-to-end maritime and logistics corridors by linking port operations with shipping, industrial zones and supply chain services.

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

    Prospects widen as Middle East rail projects are delivered; India’s L&T storms up MEED’s EPC contractor ranking; Manama balances growth with fiscal challenges

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

    > BAHRAIN MARKET FOCUS: Manama pursues reform amid strain
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/15254300/main4910.jpg
    Yasir Iqbal
  • DP World launches new UAE-Iraq sea route

    16 December 2025

    UAE-based port operator DP World has launched a new 36-hour maritime service linking Dubai’s Mina Rashid with Iraq’s Umm Qasr Port.

    The new service, called DP World Express, offers a faster option than overland trucking, with a capacity to carry up to 145 accompanied trailers per sailing.

    The service was inaugurated at Mina Rashid, and a dedicated RoRo vessel was assigned to the route.

    The vessel was recently upgraded at Drydocks World and is scheduled to begin operations in December 2025.

    DP World Express will transport non-containerised, full-trailer units with drivers on board, delivering a direct, secure, door-to-door solution between the UAE and Iraq. The service will also support onward movement to neighbouring countries, improving reliability while reducing cross-border delays and administrative complexity.

    The new route responds to demand for quicker, more controlled trailer movements by lowering handling needs and simplifying planning across key trading sectors.

    This corridor strengthens access to Iraq’s main commercial centres and enhances connectivity to Jordan and Syria via established inland routes, supporting regional trade growth. On the return leg, the vessel will carry Iraqi export cargo to the UAE, helping expand two-way trade and improving efficiency across regional supply chains.

    The service further develops DP World’s integrated logistics offering by expanding direct maritime connectivity for non-containerised cargo. It is also expected to support sustainability goals by reducing CO2 emissions compared with alternative transport and logistics options.

    The launch event was attended by senior officials from the UAE and Iraq, including Muzaffar Mustafa Al-Jubouri, Iraqi ambassador to the UAE, and Sultan Ahmed Bin Sulayem, group chairman and CEO of DP World, among others.

    DP World is a global provider of end-to-end supply chain and logistics solutions, specialising in port operations, economic zones, maritime services and digital trade platforms. The company operates more than 60 marine and inland terminals in over 30 countries, handling around 88 million twenty-foot equivalent units of containerised cargo annually.

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

    Prospects widen as Middle East rail projects are delivered; India’s L&T storms up MEED’s EPC contractor ranking; Manama balances growth with fiscal challenges

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

    > BAHRAIN MARKET FOCUS: Manama pursues reform amid strain
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/15251327/main.JPG
    Yasir Iqbal
  • Local firm wins key road intersection deal in Dubai

    16 December 2025

     

    Dubai-based firm DBB Contracting has won a contract from Dubai’s Roads & Transport Authority (RTA) for the development of the Sheikh Zayed Bin Hamdan Al-Nahyan Street intersection with Al-Awir Road and Al-Manama Street.

    The scope includes the construction of 2.3 kilometres (km) of bridges, lane expansion, and the provision of entrances and exits serving the surrounding areas.

    The project will increase the street’s capacity from 5,200 vehicles to 14,400 vehicles per hour in each direction.

    It will reduce travel time from 20 minutes to five minutes.

    The project will serve areas with a combined population of over 600,000 residents and visitors.

    The mobilisation works are ongoing. The project is slated for completion by 2028.

    Planning for growth

    In March 2021, the government launched the Dubai 2040 Urban Master Plan. Its launch referenced studies indicating that the emirate’s population will reach 5.8 million by 2040, up from 3.3 million in 2020. The daytime population is set to increase from 4.5 million in 2020 to 7.8 million in 2040.

    In December 2022, Sheikh Mohammed Bin Rashid Al-Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, approved the 20-Minute City Policy as part of the second phase of the Dubai 2040 Urban Master Plan. 

    In addition to the road projects, the RTA’s Dubai Metro Blue Line extension forms part of Dubai’s plans to improve residents’ quality of life by cutting journey times, as outlined in the policy.

    The policy aims to ensure that residents can meet 80% of their daily needs within a 20-minute walk or bike ride. This goal will be achieved by developing integrated service centres with all necessary facilities and by increasing population density around mass transit stations.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/15251261/main.jpg
    Yasir Iqbal
  • Spetco completes clarification process for Kuwait oil contract

    16 December 2025

     

    Local contractor Spetco International has completed the clarification process with state-owned upstream operator Kuwait Oil Company (KOC) for a contract to develop the planned Mutriba remote boosting facility in Kuwait.

    In October, Ahmadi-based Spetco submitted the lowest bid for the contract, valued at KD88.2m ($288.7m).

    KOC tendered the project earlier this year and set a bid submission deadline of 29 June. The deadline was extended several times before three Kuwait-based companies submitted bids.

    The full list of the bids submitted was:

    • 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)

    One source said: “The large price gap between the lowest bid and the other bids that were submitted meant that KOC sought to revalidate the quote form Spetco and ensure that the company was conforming to the tender requirements and specifications.”

    The project uses the build-own-operate-transfer (BOOT) contract model.

    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 broader strategy to expand its 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.

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

    Prospects widen as Middle East rail projects are delivered; India’s L&T storms up MEED’s EPC contractor ranking; Manama balances growth with fiscal challenges

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

    > BAHRAIN MARKET FOCUS: Manama pursues reform amid strain
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/15249101/main0844.png
    Wil Crisp
  • Kuwait awards oil pipeline contract

    16 December 2025

    State-owned upstream operator Kuwait Oil Company (KOC) has awarded a contract to East Ahmadi-based Mechanical Engineering & Contracting Company (MECC) to build an oil pipeline network.

    The project scope includes installing group manifolds and trunk lines in North Kuwait, according to a statement from Kuwait’s Central Agency for Public Tenders (CAPT).

    The contract was awarded on 8 December and has a value of KD34.7m ($113.1m).

    MECC outbid three other companies, who were:

    • Combined Group Contracting Company – KD35.4m
    • Sayed Hamid Behbehani & Sons Company – KD39.8m
    • Heavy Engineering Industries & Shipbuilding Company (Heisco) – KD40.1m

    The project will install infrastructure to transport liquids from oil wells to gathering centers 29, 30m and 31.

    Kuwait is set to record its highest total annual value for oil, gas and chemicals contract awards since 2017, according to data from regional project tracker MEED Projects.

    Earlier in December, MEED reported that 19 contracts totalling $1.9bn had been awarded so far in 2025.

    This is more than four times the value of contract awards in the same sectors last year, when they totalled just $436m.

    It is also above the $1.7bn peak recorded in 2021, but it remains far lower than the values of contract awards seen in 2014-17, when several large-scale, multibillion-dollar projects were awarded in the country.

    The surge in the value of contract awards has come after Kuwait’s emir indefinitely dissolved parliament and suspended some of the country’s constitutional articles in May 2024.

    Prior to the suspension of parliament, Kuwait experienced very low levels of project awards for several years amid political gridlock and infighting between the cabinet and parliament.

    This meant that important project decisions could not be made, which was seen as a major obstacle to the progress of strategic oil projects.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/15249103/main.png
    Wil Crisp