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.
Register for MEED's guest program now to access this article.
Exclusive from Meed
-
Bahrain extends deadline for Hawar Island water station25 November 2025
-
November 2025: Data drives regional projects25 November 2025
-
Bahrain pursues reform amid strain25 November 2025
-
Chinese firms expand oil and gas presence25 November 2025
-
UK firm wins Saudi airport masterplan update deal25 November 2025
All of this is only 1% of what MEED.com has to offer
Subscribe now and unlock all the 153,671 articles on MEED.com
- All the latest news, data, and market intelligence across MENA at your fingerprints
- First-hand updates and inside information on projects, clients and competitors that matter to you
- 20 years' archive of information, data, and news for you to access at your convenience
- Strategize to succeed and minimise risks with timely analysis of current and future market trends
Related Articles
-
Bahrain extends deadline for Hawar Island water station
25 November 2025
Bahrain’s Electricity & Water Authority (Ewa) has extended the bid submission deadline for the main contract to build a new water distribution station on Hawar Island.
The deadline, initially set for 23 November, has been moved to 7 December.
The $15m project covers the construction of two steel ground storage tanks with a capacity of one million gallons each, pumping stations, motors, pipelines and associated facilities.
The scheme forms a key part of Bahrain’s wider plans to develop Hawar Island, which currently has limited utility infrastructure and relies on water transported from the mainland.
The government is advancing tourism-led investment on the island, including eco-resorts and hospitality developments that require reliable potable water supplies.
The tender is linked to Ewa’s ongoing procurement for a new seawater reverse osmosis (SWRO) desalination plant on Hawar.
The engineering, procurement and construction contract for the SWRO facility, designed to produce one million imperial gallons a day, is currently out to tender, with bids due on 30 November.
According to Ewa, the desalination plant will connect with two related contracts.
One of these covers the construction of the new water distribution station, while the second covers offshore seawater intake and outfall systems.
The main desalination contractor will be required to ensure its design and construction align with these works so that all three components function together as one integrated system.
https://image.digitalinsightresearch.in/uploads/NewsArticle/15149229/main.jpg -
November 2025: Data drives regional projects
25 November 2025
Click here to download the PDF
Includes: Top 10 global contractors | Brent Spot Price | Construction output
MEED's 2025 EPC contractor ranking
MEED’s December 2025 report on Bahrain includes:
> COMMENT: Manama pursues reform amid strain
> GVT & ECONOMY: Bahrain’s cautious economic evolution
> BANKING: Mergers loom over Bahrain’s banking system
> OIL & GAS: Bahrain remains in pursuit of hydrocarbon resources
> POWER & WATER: Bahrain advances utility reform
> CONSTRUCTION: Bahrain construction faces major slowdown
> TRANSPORT: Air Asia aviation deal boosts connectivityTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/15149339/main.gif -
Bahrain pursues reform amid strain
25 November 2025
Commentary
John Bambridge
Analysis editorCautious optimism defines Bahrain’s current economic moment as the country presses ahead with a broad agenda of diversification, reform and targeted investment. Yet the more assertively Manama moves to reshape its future, the more the tension between its ambition and its fiscal constraints becomes evident as the defining feature of its policymaking.
Bahrain’s projects sector, which has now been shrinking for the past seven years, is emblematic of the country’s constricted spending. This year, contract awards have fallen to their lowest value in a decade. This signals a decisive shift to a more disciplined investment strategy aligned with fiscal realities and a more selective approach to forward-looking capital spending.
The diminished projects market is in turn a challenge for the financial sector, which now faces a receding pool of project financing and other contracting loans. This is giving further impetus to the potential consolidation of local lenders in the overbanked market, which is also beset by thinning margins, rising compliance costs and pressure to scale amid financial system modernisation. While it could create short-term pain, consolidation should boost the financial health of legacy lenders and provide stability in a sector increasingly being defined by new digital banking models and innovation.
Yet even as some sectors change, Bahrain’s government remains deeply reliant on hydrocarbons, which continues to drive exploration, including in the technically complex Khaleej Al-Bahrain basin. These activities reflect the practical need to maintain oil revenues in the medium term and, should additional recoverable reserves be discovered, a potent source of optimism.
Manana is meanwhile looking to overhaul the utilities sector by creating a dedicated regulator and new national operator. The reforms should make space for greater private participation, drawing more capital into power and water projects while improving efficiency and reducing state expenditure in an aspirationally positive step towards greater long-term sustainability.
Even as fiscal concerns narrow Manama’s policy options, it continues to secure strategic wins. A new aviation agreement with Air Asia establishes Bahrain as a regional hub for one of Asia’s largest low-cost carriers. This move opens new connectivity corridors and, alongside the renewal of direct Gulf Air routes to the US, reinforces Bahrain’s position as a gateway between regions, promising benefits for tourism, logistics and services.
Overall, Bahrain’s economic trajectory remains delicately balanced – marked by reform-driven progress yet tempered by fiscal constraint. But in threading this needle, Manama shows that cautious optimism can still be a powerful catalyst for change.
MEED’s December 2025 report on Bahrain includes:
> GVT & ECONOMY: Bahrain’s cautious economic evolution
> BANKING: Mergers loom over Bahrain’s banking system
> OIL & GAS: Bahrain remains in pursuit of hydrocarbon resources
> POWER & WATER: Bahrain advances utility reform
> CONSTRUCTION: Bahrain construction faces major slowdown
> AVIATION: Bahrain signs game-changer aviation deal with Air AsiaTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/15109785/main.gif -
Chinese firms expand oil and gas presence
25 November 2025
> This package also includes: Larsen & Toubro climbs EPC contractor ranking
Chinese contractors have been present in the oil and gas projects market in the Middle East and North Africa (Mena) region since the turn of this century, but largely remained on the fringes. In a hydrocarbons market that has traditionally been dominated by European and American contractors, and those from Japan and South Korea, Chinese firms have become a rising force, especially since the start of the decade.Economic competitiveness in bid battles, significant improvement in engineering and technological capabilities and commitment to execution schedules have been primary factors behind the success of Chinese contractors in the regional oil and gas projects market since 2020.
Competitive edge
Traditionally, Chinese engineering, procurement and construction (EPC) contractors have enjoyed a lower cost base than their international competitors. This comes from lower manpower costs, access to cheaper materials and equipment, and financial support from state banks.
In addition, Chinese firms have typically had a different attitude to risk than many other contractors. Instead of seeking to turn a profit on specific projects, Chinese firms have entered markets cautiously and, as their knowledge of the local market grew, built a commanding long-term position.More recently, the edge that Chinese contractors enjoy has come from the technical experience they have gained from delivering large-scale, complex projects in their domestic market. While in the past Chinese contractors were only considered capable of delivering basic construction work, they now have some of the best project references in the world.
Regional leaders
Chinese EPC contractors have strengthened their performance in the Mena oil and gas projects market, particularly since the end of the Covid-19 pandemic. Since 2023, the combined value of projects won by Chinese firms has consistently remained well over $13bn, with them winning key contracts on major projects.
The largest EPC scheme under execution by a Chinese contractor in the region is on a project to maintain and increase the oil production potential of the Bul Hanine offshore oil field development in Qatar. China Offshore Oil Engineering Company won contracts worth $4bn for the two main EPC packages of the project in the third quarter of 2025.Also this year, Abu Dhabi’s Taziz awarded the main EPC contract to build a complex of specialty chemicals plants in the Taziz Industrial Chemicals Zone at Ruwais Industrial City to China National Chemical Engineering & Construction Corporation Seven (CC7).
The EPC contract is valued at $1.99bn, with work expected to be completed by Q4 2028. The chemicals cluster, known as Project Salt, will produce 1.9 million tonnes a year of marketable polyvinyl chloride (PVC), ethylene dichloride (EDC), vinyl chloride monomer (VCM) and caustic soda.
Chinese contractors have also enjoyed success in Saudi Arabia, with Aramco having awarded several key EPC contracts to Chinese firms since 2023. China Petroleum Engineering & Construction Company, Sepco and Sinopec Petroleum Services are executing EPC works on four out of the 17 packages of the third expansion phase of Aramco’s Master Gas System project.
Sinopec Group has played a significant role in Aramco’s Jafurah unconventional gas development in Saudi Arabia. In a consortium with Spanish contractor Tecnicas Reunidas, in 2024 Sinopec won packages one and two of the Riyas natural gas liquids scheme, part of the second Jafurah unconventional gas expansion phase. The combined value of the two EPC contracts was $3.2bn.
Just weeks after securing these EPC contracts, the consortium also won the contract to deliver the entire scope of work on the scheme’s third expansion phase, valued at $2.24bn.
In Iraq, China Petroleum Engineering (CPE) won a major contract in August to carry out EPC works on a package covering a major seawater transmission pipeline to be built in Basra as part of the larger Common Seawater Supply Project, which is one of four main components of the estimated $10bn Gas Growth Integrated Project masterplan.
Work on the $2.52bn contract will be carried out by CPE’s engineering arm, China Petroleum Pipeline Engineering.
China has built up extensive resources, from skilled personnel to technical know-how. As the domestic market shows signs of slowing, these resources are being deployed internationally, supporting the growing presence of Chinese contractors in the Mena region.
https://image.digitalinsightresearch.in/uploads/NewsArticle/15149182/main.gif -
Ineco appointed for Spain-Morocco tunnel study25 November 2025
Spanish engineering firm Ineco has been commissioned to conduct an exploratory tunnel study to validate the feasibility of the railway connection linking Spain and Morocco.
According to reports in Spanish media, the $1m contract will establish a detailed technical roadmap for the project.
Ineco’s scope of work includes the preliminary design of the exploratory tunnel, revisions to previous studies, and a comprehensive update of the route, geology, geotechnical conditions, security systems, terminals and associated installations.
Ineco will validate the critical geological conditions of the Strait, particularly in the areas where the project’s greatest risks are located.
The study is expected to be completed by August next year.
The latest development comes after German company Herrenknecht completed its study in October. Herrenknecht said it found the project feasible to undertake due to the availability of the technology needed to execute it.
The media reports added that clients will further study the project and make a final decision in 2027 regarding tendering.
Recent developments
MEED reported in August that Ineco had secured an estimated €350,000 ($409,000) contract to carry out a financial feasibility study for the proposed infrastructure.
UK-based Vodafone also won a contract to provide advanced telecommunications support to teams working on the project.
These developments followed the appointment of Herrenknecht in January for a €296,400 ($307,483) contract to conduct a drilling feasibility study.
The Spanish government revived the Morocco-Spain undersea rail link in June last year, after allocating about $2.5m for a renewed design study.
Project background
The project, originally launched in 2003, was put on hold following the 2008 financial crisis. It has undergone several rounds of feasibility studies, but remains in the planning phase after nearly two decades of funding-related delays.
The proposed design includes a double-track railway and a service tunnel extending 38.5 kilometres (km) between Tarifa in Spain and Tangier in Morocco. Of this, 28km will run beneath the Mediterranean Sea at a maximum depth of 475 metres.
Each single-track tunnel will have an inner diameter of 7.9 metres, while the service gallery will be 6 metres in diameter.
The project is being jointly developed by Morocco’s National Society for Strait of Gibraltar Studies and Spain’s Sociedad Espanola de Estudios para la Comunicacion Fija a Traves del Estrecho de Gibraltar.
In 2006, Swiss engineering firm Lombardi Engineering was selected to design the tunnel. Preliminary studies were completed two years later.
https://image.digitalinsightresearch.in/uploads/NewsArticle/15148660/main.jpg