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
  • Emirates awards $5bn engineering complex deal

    18 May 2026

    Register for MEED’s 14-day trial access 

    Emirates Airline has awarded a AED19bn ($5bn) contract to build one of the world's largest engineering complexes in Dubai South.

    The contract was awarded to Beijing-headquartered China Railway Construction Corporation (CRCC).

    CRCC is being supported by French firm Artelia, as the project consultant.

    The complex will cover over 1 million square metres (sq m).

    It will comprise 77,000 sq m of dedicated workshop space for maintenance and repairs, 380,000 sq m of storage and logistics capacity, a 50,000 sq m administrative building for Emirates Engineering and 15,000 sq m of training facilities.

    It will be the world's only complex with a capacity to service 28 wide-body aircraft simultaneously.

    The airline officially broke ground on the project on 18 May. 

    The groundbreaking ceremony was attended by Sheikh Ahmed Bin Saeed Al-Maktoum, chairman and CEO of Emirates Group; Tim Clark, president of Emirates Airline; Khalifa Al-Zaffin, executive chairman of Dubai Aviation City Corporation and Dubai South; and Dai Hegen, chairman of CRCC.

    The facility will enable large-scale retrofits, cabin redesigns and structural modifications to be performed in-house, thereby reducing turnaround times.

    The engineering complex is scheduled for completion in 2030 and will be located at Al-Maktoum International airport.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16895218/main.jpg
    Yasir Iqbal
  • Contractors submit King Salman Bay project interest

    18 May 2026

     

    Contractors submitted expressions of interest in April for a contract to undertake marine infrastructure works at King Salman Bay, on the Red Sea coast north of Jeddah.

    The scope includes dredging and earthworks, as well as quay wall and edge protection works spanning about 11 kilometres (km).

    The project client is gigaproject developer Red Sea Global (RSG).

    The invited firms include:

    • Archirodon (Greece)
    • Boskalis (Netherlands)
    • China Harbour Engineering Company (China)
    • Jan de Nul (Netherlands)
    • Modern Building Leaders (local)
    • Nesma & Partners (local)
    • NMDC Group (UAE)

    King Salman Bay is expected to be a waterfront development aimed at reshaping the city’s northern Red Sea frontage into a mixed-use destination anchored by public realm improvements and leisure-led development.

    The update follows RSG’s award of an estimated SR100m ($27m) contract to construct a solid waste management centre at its Red Sea Project. The scope includes four buildings: a material recycling facility, a transfer station, an administration building and a vehicle maintenance building.

    In October last year, MEED reported that RSG had secured a SR6.5bn ($1.7bn) credit facility to further develop Amaala, its luxury tourism destination on Saudi Arabia’s northwestern Red Sea coast.

    According to an official statement, “The funding is led by Riyad Bank as the sole underwriter, along with Saudi Investment Bank and Bank Al-Bilad as mandated lead arrangers.

    “The loan arrangement comprises a mix of conventional and Islamic financing and adheres to RSG’s Green Loan Framework, which was first established when it secured private funding from a consortium of four banks for the Red Sea destination in 2021,” the statement added.

    The announcement followed RSG’s opening of its first properties for sale at Amaala, including branded residential communities and a five-bedroom villa on a private island.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16894122/main.jpg
    Yasir Iqbal
  • Saudi Arabia tenders Mecca metro design

    18 May 2026

     

    The Royal Commission for Makkah City & Holy Sites (RCMC) has tendered a contract inviting firms to undertake initial design studies for its long-planned metro network in the holy city.

    The scope includes the review of existing studies, preparing a concept design, land acquisition studies, future phases integration concept and other related studies.

    The notice was issued earlier this month, with a submission deadline of 5 August.

    The latest development follows RCMC’s invitation to contractors to attend an early market engagement meeting for the project in September last year, as MEED reported.

    In an explanatory document inviting companies to attend the event, the RCMC’s General Transport Centre said it was seeking to gauge market interest in the multibillion-dollar project and obtain feedback on its proposed procurement approach.

    MEED exclusively reported in June last year that the project was restarting. Current plans envisage a four-line network, named lines A-D, with 89 stations and three depots, to be implemented over three phases between 2032 and 2045.

    Project scope

    Stage 1 focuses on lines B and C, involving 2.4 kilometres of tunnelling under the Masar project and integration with the existing Mashaer line.

    The network will run just over 62km and comprise 31 stations, 21 of which will be underground, including three iconic stations. A total of 19.5km will run through tunnels, while 41.2km will be elevated, with the remainder at grade.

    The 66 required trainsets are projected to provide a daily passenger capacity of about 450,000, equating to annual ridership of 171 million.

    The 84.7km-long second phase, due to be operational by 2038, will extend the two lines towards the outskirts of Mecca and includes construction of the initial inner and central segments of lines A and D.

    Comprising 61.1km elevated and 18.6km underground, Phase 2 is planned to add 45 stations serving the two new lines, as well as two depots and a potential interconnection with the planned Saudi Landbridge. The 59 trainsets for Phase 2 will increase the network’s projected total annual passenger capacity to more than 500 million.

    Phase 3 covers the elevated 36km extension of lines A and D and involves procurement of a further 72 trainsets, increasing the network’s ultimate passenger capacity to 1.2 million daily and 642 million annually by completion in 2045.

    Associated development

    The metro plan also envisages several transit-oriented developments (TODs) at different points on the route. These will typically comprise commercial, residential and retail elements to maximise the investment case.

    The client’s proposed procurement approach involves three distinct packages: civil and systems works, TODs, and operations and maintenance.

    The initial concept calls for some of the project to be delivered on a public-private partnership (PPP) basis, wherein the private sector, through special purpose vehicles, will part-finance, build, operate and then transfer commercially viable elements of the scheme.

    The then-called Mecca Mass Rail Transit Company (MMRTC) first launched the metro project in 2013; however, the scheme has faltered for more than a decade due to funding issues, land acquisition challenges and scope changes.

    The relaunch of the procurement process raises hopes that the project will now come to fruition, although it is likely to be at least 18 months before any definitive works are expected to start.

    Mecca is home to Saudi Arabia’s first metro, the nine-station, 18km-long Mashaer line, which opened in 2010. It operates only seven days a year during Hajj, but carries more than 2 million pilgrims during that time.

    Some 30 million pilgrims visit the city each year, with this number set to grow. The presence of a known, quantifiable and growing demand base will help facilitate the use of a PPP mechanism should the framework be adopted.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16893520/main.jpg
    Yasir Iqbal
  • Montage launches Ras El-Hekma hotel and residences project

    18 May 2026

    Abu Dhabi-listed Modon Holding has partnered with US-based hotel operator Montage Hotels & Resorts to launch Montage Ras El-Hekma, a new project within the Ras El-Hekma master development on Egypt’s Mediterranean coast.

    The Montage development will be situated in Wadi Yemm, the first of 17 planned precincts to move into active delivery.

    Wadi Yemm is a mixed-use cultural and hospitality district, anchored by the Ras El-Hekma Lighthouse and a 10,000-seat amphitheatre designed to host cultural and entertainment programming.

    Montage Ras El-Hekma is expected to feature approximately 200 guestrooms and suites, along with 96 branded villas.

    The villas will range from three to six bedrooms and will mark the first branded residences available for purchase at Ras El-Hekma, according to Modon.

    No construction budget or project handover timeline was provided.

    Ras El-Hekma is on a spur of land on Egypt’s northern Mediterranean coastline, about 240 kilometres west of Alexandria.

    Abu Dhabi-based holding company ADQ appointed Modon Holding as the master developer for the Ras El-Hekma project in 2024.

    Modon will act as the master developer for the entire development, covering more than 170 million sq m. 

    Modon Holding will develop the first phase of the project, which will cover 50 million sq m.

    The remaining 120 million sq m will be developed in partnership with private developers under the supervision of the recently established ADQ subsidiary Ras El-Hekma Urban Development Project Company and Modon Holding.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16893415/main.jpg
    Yasir Iqbal
  • Bahrain completes repairs to chemical plant after Iran strike

    18 May 2026

    Repair and remediation work has been completed at the Gulf Petrochemical Industries Company (GPIC) facility in Bahrain, according to a statement from the country’s Ministry of Interior.

    The repairs and clean-up operation were focused on damage caused by an Iranian drone strike on 5 April, the ministry said.

    It also said that the strike was an act of aggression that constituted a war crime.

    Prior to the repair works, an Iranian drone was lodged inside an ammonia storage tank at the facility, which had become a “grave and ongoing risk”, according to the ministry statement.

    The ministry noted that, were it not for the swift pre-emptive measures taken by Bahrain’s government as part of its broader efforts to strengthen civil protection, the consequences could have been catastrophic.

    It said that an ammonia leak would have spread across several kilometres, causing mass casualties and threatening the lives of civilians in the surrounding areas.

    The ministry commended GPIC for its proactive decision to drain the ammonia tank prior to intervention — a critical step given the tank’s location in a densely populated area.

    All residents evacuated from the surrounding area have now returned to their homes.

    The evacuation, which covered a two-kilometre radius, was carried out on a voluntary basis, with temporary alternative housing provided as a precautionary measure.

    GPIC manufactures ammonia, methanol and urea.

    It operates as a joint venture equally owned by Bapco Energies of Bahrain, Saudi Basic Industries Corporation (Sabic) of Saudi Arabia and Kuwait’s Petrochemical Industries Company (PIC).

    The facility that was attacked is located in the Sitra region of Bahrain.

    READ THE MAY 2026 MEED BUSINESS REVIEW – click here to view PDF

    Global energy sector forced to recalibrate; Conflict hits debt issuance and listings activity; UAE’s non-oil sector faces unclear recovery period amid disruption.

    Distributed to senior decision-makers in the region and around the world, the May 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/16892300/main.png
    Wil Crisp