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  Daewoo pulls out of Libya upstream tender

  3 March 2026

  

   

  South Korea’s Daewoo has pulled out of the tender process for Libya’s 6J North Gialo oil field development project, increasing uncertainty over its future, according to industry sources.

  Daewoo had formed a partnership with Egypt’s Petrojet to participate in the tender process.

  The only other company to submit a bid for the project was UK-based Petrofac, which filed for administration in October last year.

  In September last year, MEED revealed that two bids had been submitted for the project and were under evaluation.

  Contractors now believe that the client on the project, Libya’s Waha Oil Company, may cancel the existing tender and retender the project due to problems with the two bidders.

  Waha is a joint venture of Libya’s National Oil Corporation (NOC), France’s TotalEnergies and US-based ConocoPhillips.

  The 6J North Gialo field development project is part of a series of tenders that are collectively expected to be worth $1bn.

  The three projects are:

  • NC98
  • Gialo 3
  • 6J North Gialo

  All three projects will develop Libyan reservoirs that have not yet been tapped.

  The 6J North Gialo project was the first to be tendered and it is expected to be followed by NC98, with the Gialo 3 project likely to be tendered last.

  Together, the projects are expected to double Waha’s production from about 300,000 barrels a day (b/d) of oil to 600,000 b/d. The Waha concession covers 13 million acres.

  

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  Wil Crisp
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  Iraq oil field stops production due to Israel-Iran conflict

  3 March 2026

  The Shaikan field in northern Iraq’s semi-autonomous Kurdistan region has stopped production due to security concerns related to the US and Israel’s conflict with Iran.

  The field is operated by London-listed Gulf Keystone Petroleum, which has said in a statement that it had “temporarily shut-in production operations and has taken measures to protect staff in light of the developing regional security environment”.

  The company also said that it was closely monitoring the situation and would provide updates as appropriate.

  Shaikan is one of Iraqi Kurdistan’s largest producing fields and produced more than 41,500 barrels a day in 2025.

  The production stoppage at Shaikan comes days after gas production was halted at Iraqi Kurdistan’s Khor Mor field on 28 February.

  UAE-based Dana Gas stopped supplying power plants from the field due to the “abnormal situation and war taking place in the area”, according to a joint statement from the Kurdistan region’s natural resources and electricity ministries.

  The gas halt is expected to cut electricity generation capacity by 2,500-3,000MW, with authorities seeking alternative supply to limit the shortfall, the ministries said.

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  Wil Crisp
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  Saudi Arabia’s private sector picks up the baton

  2 March 2026

  

   

  Ten years of ambitious construction project launches ended on 25 January 2026, when the Olympic Council of Asia and the Saudi Olympic & Paralympic Committee released a joint statement saying that they had agreed to indefinitely postpone the 2029 Asian Winter Games. In early February, it was announced that Almaty in Kazakhstan will host the event.

  The Trojena mountain resort at Neom in northwest Saudi Arabia was selected in 2022 as the venue for the games, and despite significant construction work on the project, rumours had been circulating throughout most of 2025 that the greenfield venue would not be ready by the 2029 deadline.

  Project reprioritisation

  Trojena is not the only project in the kingdom that has been subject to scrutiny. There have been reports of other projects, including The Line and the Mukaab, either being scaled back, delayed or put on hold as Riyadh reassesses its priorities. This has created an air of uncertainty over Saudi Arabia’s upcoming project pipeline.

  Speaking at the Private Sector Forum (PSF), held in Riyadh in early February, Khalid Al-Falih, then Saudi Arabia’s investment minister and now minister of state, said that much has changed since Vision 2030 was launched in 2016, and that this has naturally warranted a reprioritisation. 

  Al-Falih, who also sits on the Public Investment Fund’s (PIF’s) board of directors, said that with Saudi Arabia having been chosen to host football’s Fifa World Cup in 2034 and Expo 2030 Riyadh – and as the global economy is evolving rapidly with the rise of artificial intelligence (AI) – some projects such as The Line at Neom have slowed down. However, other projects related to the World Cup, Expo 2030, technology and AI have accelerated. 

  PIF strategy

  In his speech at the PSF, Yasir Al-Rumayyan, governor of the PIF, also alluded to changing priorities and said that this is a pivotal moment for Saudi Arabia’s economy. 

  Launched in 2016, Saudi Arabia’s Vision 2030 is described as “a transformative and ambitious blueprint to unlock the potential of its people and create a diversified, innovative and world-leading nation”. 

  The agency charged with delivering many of the objectives outlined in the strategy is the PIF. Established in 1971, it was moved from the Finance Ministry in 2015 to the Council of Economic & Development Affairs, where it was given a more active mandate. It then grew from a staff of about 50 in 2015 to almost 3,000 in 2024, according to the most recently published annual report.

  Over the past 10 years, the PIF has helped drive the development of key sectors with direct capital spending on projects. The Red Sea Project and the Qiddiya entertainment city development aim to position the kingdom as a leisure tourism destination, while Roshn’s portfolio of residential communities has helped transform the housing market.

  The PIF had $913bn of assets under management in 2024. Its activities are too varied to list, but they include developing the kingdom’s five official gigaprojects; holding investments in Saudi companies including Saudi Aramco and Maaden; owning stakes in electric vehicle manufacturers Lucid and Ceer, and gaming companies Nintendo and Electronic Arts; and owning UK Premier League football team Newcastle United.

  In 2026, the role of the PIF is changing. Speaking at the PSF, Al-Rumayyan extended an invitation to the private sector to play a bigger role in achieving the kingdom’s economic ambitions. 

  “Today, in line with the objectives of the third phase of Saudi Vision 2030 and the PIF’s strategy for the coming five years, we are moving from building sectors to integrating ecosystems, and from launching opportunities to accelerating growth – through an open invitation to the private sector to invest and partner in shaping a diversified and resilient economy,” he said.  

  Having raised the bar, PIF officials say that sectors such as tourism and real estate are now ready for the private sector to take over. They describe sectors reaching what they call ‘escape velocity’, which is the point where a sufficient level of maturity has been reached for the private sector to come in and take the lead.

  [In 2026, the PIF is] moving from building sectors to integrating ecosystems, and from launching opportunities to accelerating growth

  Financial considerations

  The decision to pass the baton to the private sector comes at a time when Saudi Arabia’s ability to finance all its project commitments directly has been questioned amid lower-than-desired oil prices. 

  Reflecting the constrained backdrop, the Ministry of Finance’s final budget statement for 2026 projects a deficit of SR165bn ($44bn), equivalent to about 3.3% of GDP. 

  The private sector has a tough act to follow. While the PIF has embarked on some of the world’s most ambitious projects in recent years, it has also introduced international standards that it hopes will lead to ways of doing business in Saudi Arabia that are more in tune with international best practices. 

  “The fund will continue to enable ecosystems and lay the foundations for growth. At the same time, the next phase requires a higher level of readiness and ambition from the private sector, alongside the ability to scale and innovate – a phase in which the role of the private sector evolves from execution to contributing to economic building and value creation,” Al-Rumayyan said. 

  Whether the private sector is ready to take over is the critical question in 2026. 

  According to PIF subsidiary development companies (devcos) that engage with private sector investors, the tide is turning. They say that five years ago, the appetite to invest was limited and devcos had to step in and deliver a greater proportion of project masterplans. As these investors complete their first projects, however, confidence is building.

   

  Deals signed

  This growing appetite could be seen at the PSF, where agreements were signed by private sector investors and devcos. 

  Rua Al-Madinah, which is responsible for Medina’s tourism and cultural development, signed a memorandum of understanding (MoU) with Indonesian sovereign wealth fund, Danantara Indonesia. It covers identifying and assessing investment opportunities in the Rua Al-Madinah and Dar Al-Hijrah projects.

  King Salman International Airport Development Company signed several MoUs with local firms to develop mixed-use projects within its airport masterplan. The agreements were signed with Sumou Holding, Mohammed Al-Habib Investment, Kinan, Ajdan, Retal, Urjuan and Osus and comprise residential, commercial, retail, hospitality, entertainment and other related projects.

  Roshn Group also signed an agreement with Kuwait’s Agility Logistics Parks to establish a joint venture that will develop a Grade A logistics hub.

  In mid-February, two further deals were signed. PIF-backed Smart Accommodation for Residential Complexes Company (Sarcc) signed an agreement with Dammam-based Tamimi Global Company to develop a 4,000-bed worker accommodation project in North Riyadh. The development is expected to cost over SR1.5bn ($400m).

  Sarcc also signed a separate agreement with Riyadh-based Mawref Company to develop another North Riyadh worker accommodation project. This deal involves building a 12,000-bed facility with a development cost of over SR669m ($178m). 

  The first phases of both projects are expected to be completed in 2029.

  While momentum continues to build and deals are signed, some private sector players remain to be convinced. In the kingdom’s real estate sector, for example, recent amendments to legislation, which include a white land tax and a rent freeze, have created a level of uncertainty that some potential investors say makes it difficult to sign off on investment commitments. 

  Much will depend on the success of the deals already signed. If these agreements result in positive outcomes, then the fear of missing out will kick in and other private sector players will be keen to invest. 

  The risk is that, should deals turn sour and fail to produce the expected results, then attracting future investments from the private sector will be challenging.

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  Main image: Yasir Al-Rumayyan, governor of the PIF, inaugurates the PSF 2026. Credit: Saudi Press Agency 

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  Colin Foreman
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  Algiers moves on new railway project

  2 March 2026

  

   

  Algeria’s state railway company Agence Nationale d’Etudes et de Suivi de la Realisation des Investissements Ferroviaires (Anesrif) has formally started the procurement process for its multibillion-dollar Laghouat-Ghardaia-El-Meniaa railway project.

  International and local firms have been given until 8 March to submit expressions of interest for the overall client’s engineer role on the 495-kilometre-long railway development.

  Consultancies have also been given until 12 March for two separate contracts covering the project supervision and control of the first 265km-long element between Laghouat and Ghardaia, and the 230km-long line between Ghardaia and El-Meniaa.

  This Laghouat-Ghardaia section, which is estimated to cost about $1.4bn, will comprise 21 viaducts, one tunnel, 55 pipe crossings and five stations.

  The 230km-long Ghardaia to El-Meniaa second section will start at Metlili station and extend south to El-Meniaa. It will comprise six viaducts, 35 railway structures and three stations, and have an estimated total construction cost of about $1.2bn.

  The speed of passenger trains on the railway will be 220 kilometres an hour (km/h) and 100km/h for freight trains.

  The solicitations of interest for the construction of the two sections were originally scheduled for February, but to date have not been released.

  READ MORE: Algeria prepares 495km railway construction tender

  

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  Edward James
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  Saudi developer Acwa names new CEO

  2 March 2026

  Saudi Arabia’s Acwa has appointed Samir J Serhan as CEO, effective 1 March 2026.

  Serhan joined Acwa, formerly Acwa Power, last year as president for Saudi Arabia and the Middle East. He previously served as chief operating officer of US-based Air Products, where he had global responsibility for operational business and project execution across the Americas, Asia, Europe, Africa, the Middle East and India.

  Earlier in his career, he was president of hydrogen at Praxair and held senior leadership roles at Linde Group in the US and Germany, including managing director of Linde Engineering.

  Outgoing CEO Marco Arcelli will remain as an adviser to the chairman to ensure continuity.

  Arcelli said: “Over the past three years, Acwa’s portfolio has doubled in size, and we are on track to double it again by 2030, scaling both our footprint and our impact. Acwa now produces around 25% of the world’s desalinated seawater.”

  He added: “We have expanded into new markets, including Azerbaijan, China, Kuwait and Senegal, while advancing energy export opportunities from Saudi Arabia.”

  Acwa recently extended its lead at the top of the GCC Water Developer Ranking, adding 265,925 cubic metres a day (cm/d) in net capacity from new contract awards in 2025.

  The biggest of these involves a contract to develop the Ras Mohaisen independent water plant, awarded by the Saudi Arabian state offtaker Sharakat, formerly Saudi Water Partnership Company.

  The project is located on the kingdom’s Red Sea coast and will have the capacity to treat 300,000 cm/d of seawater using reverse osmosis technology.

  MEED reported last September that Acwa’s net power generation capacity in the GCC was 28.1GW, with the company holding more equity than the rest of the region’s top 10 private power developers combined.

  

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  Mark Dowdall