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.

 

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Colin Foreman
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    3 July 2025

     

    The GCC real estate market in 2025-26 is characterised by dynamic growth, largely propelled by ambitious government-led diversification strategies and large-scale masterplanned projects. 

    Robust sales and significant development pipelines have been interpreted as indomitable market fundamentals across the region, particularly in Saudi Arabia and the UAE. 

    This year, a more balanced perspective has emerged that reveals new challenges as markets cope with external threats including a weakening global economy and regional geopolitical tensions, combined with domestic challenges such as oversupply and affordability. 

    Concerns about potential oversupply in certain residential and retail segments, especially in Dubai and Riyadh, are notable, with ratings agencies such as Fitch forecasting price corrections. 

    With so many real estate projects planned in the GCC region, the construction sector is poised for continued expansion, yet concerns are growing over delivery as capacity is constrained and contractors are becoming increasingly risk averse as their orderbooks fill.   

    Balancing population growth with project pipelines and the delivery of national visions will be critical in shaping the market’s performance in the future. 

    Investors and developers will need to navigate these complexities if they are to continue enjoying the success they have achieved in the past four years.


    Bahrain

    Bahrain’s real estate sector performed steadily in 2024, led by the residential market, which benefitted from demographic growth, improved affordability and supportive government initiatives.

    Updated immigration policies such as the introduction of a Golden Visa programme have encouraged more expatriates to purchase properties, which has been stimulating demand. 

    The price of high-end apartments increased modestly year-on-year, with an increase of 1.4% in 2024, while villa prices remained stable, indicating strengthening demand for premium properties with modern amenities, according to real estate services company Savills. 

    There was an even greater increase in rental values, which rose by 23% across Bahrain in 2024, with the Capital Governorate accounting for 48% of rental transactions, Savills says. 

    The country’s commercial office market faced challenges in 2024, however, with limited demand and relatively flat rental growth, despite new developments such as SayaCorp Tower entering the market, Savills reports. 

    Conversely, Bahrain’s retail sector showed signs of recovery last year, driven by luxury brands opening new stores in Marassi Galleria, increasing foot traffic and demand.

    For industrial space, larger warehouses saw a slight increase in rental rates, with a 2.1% year-on-year growth, while rates for smaller units remained stable, Savills says. This sector remains integral to Bahrain’s economic diversification strategy, with further infrastructure investments expected to support demand.


    Kuwait 

    Kuwait’s residential prices have softened over the past year. Overall residential sales in the first quarter of 2025 declined by 24% quarter-on-quarter, marking the weakest growth since Q2 2024, but only dipped by 2% year-on-year despite an 11.7% rise in transactions, potentially indicating a shift towards smaller or lower-value units in outer areas, according to National Bank of Kuwait (NBK). 

    The residential price index remained negative, falling by 1.7% year-on-year in its eighth consecutive quarterly decline, although at a slower pace, suggesting abatement of downward pressure, NBK says.

    The slowdown in residential sales in Q1 2025 indicates potential market sensitivity to seasonal factors and a normalisation from strong previous levels. 

    The fiscal deficit for 2025 is expected to be -4.2% of GDP, up from -3.1% in 2024 on the back of declining oil revenue due to lower prices. 

    Fiscal pressures could impact government spending on projects if oil prices remain low or decline even further.


    Oman

    Oman’s real estate sector is experiencing steady growth, supported by the country’s broader economic expansion. 

    The residential market has registered a 3.6% increase in supply, adding about 38,400 new units in 2024. 

    Despite the increase, occupancy rates remained stable at 85.2%, with villas and houses experiencing higher demand. The growth in residential supply is essential to meet the projected housing demand gap by 2035, which underscores the need for proactive planning to avoid potential shortfalls.

    Oman’s tourism sector has also contributed positively to the real estate market, with guest arrivals at three- to five-star hotels up 3.6%, leading to a 6.1% rise in revenue. Hotel occupancy rates improved to 53.5%, indicating a gradual recovery in demand.

    Looking ahead, Oman’s real estate sector is expected to benefit from government initiatives under Vision 2040, which aims to attract investment and foster economic diversification. Anticipated population and workforce growth will drive demand for housing and commercial properties. 

    Challenges such as market dynamics and potential delays in project completions will require careful management. Overall, the outlook for Oman’s real estate sector remains stable, with opportunities for strong growth in both residential and tourism-
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    Qatar

    Qatar’s real estate market has continued to adapt to evolving demand patterns and macroeconomic conditions, according to real estate consultancy Knight Frank. While some sectors showed resilience, overall trends point to a period of moderation across the residential, commercial and retail segments.

    In the residential sales market, average villa and apartment prices declined by 5% year-on-year. Despite the fall, demand for homes in locations such as Pearl Island and West Bay Lagoon remains stable. Abu Hamour recorded the highest average villa sale price at QR8,587 ($2,359) a square metre (sq m), while the Waterfront led the apartment segment at QR14,300/sq m. 

    Mortgage activity rose sharply, with a 168% year-on-year increase in Q4 2024, partly attributed to declining interest rates.

    Rental rates in the villa segment dropped by 2.6% in 2024, averaging QR15,875 a month, although premium areas such as West Bay Lagoon continued to command higher rents. The apartment rental market remained relatively stable, with luxury developments such as Pearl Island seeing sustained demand and rents for three-bed properties averaging QR15,721 a month.

    In the office market, Grade A rents dipped by 2.3%, settling at QR90/sq m. Prime areas like West Bay and Marina District remain in demand, although vacancy rates in secondary locations are contributing to downward rental pressure.

    Retail rents declined by 1.5% amid increasing supply and shifting consumer behaviour. Lifestyle and experiential retail developments outperformed, while secondary malls faced growing competition. 

    E-commerce also continued to gain ground, with online sales surging 32% year-on-year in December 2024.

    The outlook for Qatar’s real estate market will depend on the pace of economic diversification … and broader regional stability

    Qatar’s hospitality sector saw marked improvements, supported by a 25% rise in tourist arrivals in 2024. Key performance indicators, including occupancy rates and revenue per available room, recorded double-digit growth, reflecting the country’s appeal as a leisure and business destination.

    The outlook for Qatar’s real estate market will depend on the pace of economic diversification, infrastructure investment and broader regional stability. While high-end residential and hospitality sectors appear well positioned, other segments may find the outlook more challenging.


    Saudi Arabia

    Saudi Arabia’s real estate market has displayed a mixed performance across all sectors, with momentum in residential and tourism-led hospitality markets counterbalanced by slower activity in the office and retail segments, according to real estate agency CBRE’s latest market review.

    In Riyadh, residential sales remained resilient, underpinned by population growth, ongoing reforms and increased demand from Saudi nationals and expatriates. Despite high mortgage rates, key developments such as Diriyah and King Salman Park continue to attract investor attention. 

    Demand in Jeddah is more subdued, with price growth stabilising after recent surges. Supply constraints and the government’s focus on increasing home ownership to 70% by 2030 remain influential drivers.

    The hospitality sector showed significant growth, particularly in the religious and leisure tourism segments. Strong visitor numbers to Mecca and Madina supported high hotel occupancy rates, while developments in Al-Ula and the Red Sea contributed to the expansion of the kingdom’s tourism offering. 

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    Retail sector performance varied, with experiential and lifestyle-focused retail formats gaining traction, while traditional malls faced ongoing pressure from e-commerce growth and shifting consumer behaviours. Developments in Riyadh and Jeddah reflect a broader industry shift towards mixed-use destinations with entertainment and leisure at the core.

    Looking ahead, Saudi Arabia’s real estate outlook remains cautiously optimistic. Continued progress on gigaprojects such as Neom, Qiddiya and the Red Sea developments are expected to support long-term demand across several asset classes. 

    However, affordability challenges, financing constraints and evolving global economic conditions could temper short-term momentum.


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    After four strong years, Dubai’s residential market has shown signs of plateauing in 2025. 

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    Register for MEED’s 14-day trial access 

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    In November last year, the government approved the kingdom’s 2025 budget, which includes a total expenditure of SR1.3tn ($342.7bn) for this year.

    The commercial construction sector is expected to grow by 3.7% in real terms in 2025, before registering an annual average growth rate of 3.7% in 2026-29, supported by investments in leisure and hospitality, retail, data centres and sports infrastructure projects. 

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    Register for MEED’s 14-day trial access 

    India-based ITD Cementation India has announced winning a contract worth $67.7m for jetty construction work on Abu Dhabi National Oil Company’s (Adnoc) upcoming liquefied natural gas (LNG) processing terminal at Ruwais in Abu Dhabi.

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    The complex will also feature process units, storage tanks and an export jetty for loading cargoes and LNG bunkering, as well as utilities, flare handling systems and associated buildings.

    The planned LNG facility will run on electric-powered rotary equipment and compressors instead of gas-fired units. Adnoc awarded a $400m contract in October 2023 to US-based Baker Hughes for the supply of all-electric compression systems for the project. The LNG trains will run on energy-efficient Baker Hughes technology, including compressors driven by 75MW electric motors.

    Separately, Adnoc has also signed agreements with international energy companies to divest a total stake of 40% in the Ruwais LNG project.

    UK energy producer BP, Japan's Mitsui & Co, London-headquartered Shell and French energy producer TotalEnergies will each hold 10% stakes in the Ruwais LNG terminal project, with Adnoc retaining the majority 60% stake in the facility.

    Adnoc Group subsidiary Adnoc Gas will acquire its parent company’s 60% stake in the Ruwais LNG facility at cost in the second half of 2028, when first production from the complex is due.

    ALSO READ: Adnoc to supply LNG to Mitsui from Ruwais project

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  • Firm wins $27m Dubai Ras Al-Khor wildlife sanctuary work

    2 July 2025

     

    Austrian firm Waagner Biro, part of French engineering group Egis, has won a AED100m ($27m) contract for the first phase of the Ras Al-Khor wildlife sanctuary development project in Dubai.

    Dubai Municipality awarded the contract.

    The project’s first phase covers an area of over 6.4 square kilometres (sq km) and is expected to be completed by 2026.

    The scope involves rehabilitating mangrove habitats and increasing mangrove coverage from 40 hectares to 65 hectares. This includes adding new irrigation channels, rehabilitating mangrove forests, creating new habitats such as the mangrove lake, north edge lake and reed ponds, and adding a green spine.

    According to an official statement, the first phase also involves increasing the water bodies by 144%, expanding their total area to 74 hectares. Additionally, 10 hectares of mudflats will be added.

    Ras Al-Khor Wildlife Sanctuary was established in 1985 and is on the list of wetlands of international importance under the Ramsar Convention 2007, making it the first Ramsar site in the UAE. Birdlife International has also declared it an important bird area.

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