Related Articles

• 
  Diriyah awards $727m Waldorf Astoria superblock deal

  17 June 2026

  Saudi gigaproject developer Diriyah Company has awarded a SR2.7bn ($727m) contract for the main construction works on the development’s Waldorf Astoria superblock.

  The contract was awarded to the joint venture of Hassan Allam Construction Saudi and UCC Saudi, the local branch of Qatar’s Urbacon Holding.

  The Waldorf Astoria superblock is a mixed-use development comprising a Waldorf Astoria hotel, Waldorf Astoria-branded residences, commercial and residential facilities, and office space.

  The Waldorf Astoria hotel will feature 200 keys, while the residential component will comprise 47 branded residences.

  The project is located on the Grand Boulevard South and Northern Arterial Road in the Boulevard Northwestern district at Diriyah Gate 2. 

  Diriyah Company tendered the contract in November last year, with submissions due in January, as MEED reported.

  Diriyah Company Group CEO Jerry Inzerillo said: “We are delighted to announce this latest major construction contract for the Waldorf Astoria superblock as we continue to progress at pace across the Diriyah development area. The Waldorf Astoria will be a world-class addition to our growing portfolio of globally renowned hospitality brands, further strengthening Diriyah’s appeal as a globally significant destination that offers world-class hospitality and lifestyle experiences.

  “Together with our partners, we look forward to delivering another landmark development that supports the kingdom’s Vision 2030 ambitions and contributes to the continued growth and success of Diriyah.”

  Hassan Allam, chairman and CEO of Hassan Allam Holding, said: “We are proud to support the development of one of the kingdom’s most ambitious and transformative destinations and to continue our partnership with Diriyah Company in bringing its vision to life.

  “Drawing on more than 90 years of experience across the Mena region, we remain committed to delivering the highest standards of quality and excellence on landmark projects that are helping shape the kingdom’s future.”

  Ramez Al-Khayyat, UCC Holding president and group CEO, said: “Being awarded this contract by Diriyah Company marks another important milestone in our growing partnership and reinforces our shared commitment to delivering world-class developments across the kingdom. This project builds on our ongoing collaboration in Diriyah, including the delivery of four luxury hotels and the Royal Diriyah Equestrian and Polo Club in Wadi Safar.

  “We value the opportunity to contribute once again to one of Saudi Arabia’s most ambitious and prestigious urban development destinations, supporting the vision of creating a world-class cultural, hospitality and lifestyle hub.”

  The latest award follows Diriyah Company’s award of an estimated SR730m ($195m) construction contract for civic quarter buildings within the Diriyah development to local contractor Al-Rashid Trading & Contracting Company (RTCC).

  In April, Diriyah announced a SR1.84bn ($490m) construction contract to build the Saudi Arabia Museum of Contemporary Art (SAMoCA) within the Diriyah development. The contract was awarded to a consortium of Egyptian contractor Hassan Allam Construction and Saudi Arabia’s Albawani.

  In March, Diriyah Company awarded an estimated SR2.5bn ($666m) contract to build the Pendry superblock in the DG2 area.

  The Pendry superblock includes the construction of the Pendry Hotel alongside residential and commercial assets. The package will cover 75,365 square metres and is located in the northwestern district of the DG2 area.

  The previous month, Diriyah Company also awarded a SR717m ($192m) contract for the construction of the One Hotel, located in the Diriyah Two area of the masterplan, with a gross floor area of more than 31,000 sq m.

  The Diriyah masterplan envisages the city as a cultural and lifestyle tourism destination. Located northwest of Riyadh’s city centre, it will cover 14 square kilometres and combine 300 years of history, culture and heritage with hospitality facilities.

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  Yasir Iqbal
• 
  AHS Properties acquires Shangri-La hotel for $300m

  17 June 2026

  Dubai-based real estate developer AHS Properties has announced the acquisition of the Shangri-La hotel for AED1.1bn ($300m), marking one of the largest single-asset real estate transactions in recent years.

  AHS Properties acquired the hotel from local firm Mismak Asset Management.

  The Shangri-La Hotel is a 43-storey, 200-metre tower located on Sheikh Zayed Road. Completed in 2003, it was among the first five-star hotels to open along the corridor.

  The acquisition expands AHS Properties’ portfolio, which includes AHS Tower, a Grade A commercial development on Sheikh Zayed Road, and AHS City, the company’s master-planned mixed-use community on the same corridor.

  In a statement, AHS Properties said that AHS Tower, AHS City and the Shangri-La hotel form a strategic “vertical corridor” platform, representing a significant portion of the company’s AED50bn development pipeline through the end of 2026.

  “The transaction reflects AHS Properties’ strategy of deploying capital into high-quality, supply-constrained assets,” the statement added.

  According to the Dubai Land Department, Dubai’s real estate sector recorded AED252bn in transactions in Q1 2026.

  https://image.digitalinsightresearch.in/uploads/NewsArticle/17310101/main.jpg

  Yasir Iqbal
• 
  UAE moves to clear the path for recovery

  17 June 2026

  Commentary
  Colin Foreman
  Editor

  More than three months after the conflict began to disrupt business across the Gulf, the UAE is moving to resolve the technical challenges that the economy faces as it shifts towards recovery.

  The insurance gap has been a key obstacle to the recovery of aviation and tourism. Several countries continue to maintain advisories against travel to the Gulf, making it difficult or impossible for visitors to obtain conventional cover for trips to or through the region. The concern is twofold: one, becoming stranded should hostilities resume, and two, not being able to secure medical insurance. Both Emirates and Etihad have now moved to address that directly, offering insurance to passengers flying to or through their respective home hubs. The Etihad scheme, backed by DCT Abu Dhabi and underwritten by Daman, will run from July to December and covers eligible visitors for up to 15 days.

  The second area of concern is real estate. Anecdotally, buyers in sectors economically exposed to the conflict have found it increasingly difficult to obtain mortgage financing, a problem that has become especially acute at the point of handover. The recently signed partnership between Dubai Holding Real Estate and Commercial Bank of Dubai is designed to ease that pressure. The programme opens financing from the 30% construction stage once buyers have met a 50% payment threshold, giving purchasers earlier visibility of their borrowing capacity and reducing uncertainty during the off-plan purchase process.

  Taken together, the two initiatives show that the UAE is proactively addressing the technical hurdles as and when they arise. As the recovery gathers momentum, more challenges will surface. The capacity and willingness to address them as they emerge will be crucial to a meaningful recovery.

  https://image.digitalinsightresearch.in/uploads/NewsArticle/17306586/main.jpg

  Colin Foreman
• 
  Libya signs three oil deals after licensing round

  17 June 2026

  Libya’s National Oil Corporation (NOC) has signed three production-sharing agreements with several international energy companies following the country’s first licensing round in nearly two decades.

  The three agreements have been signed with the following consortiums:

  • Block O1 – offshore – Eni (Italy; 60%) and QatarEnergy (40%)
  • Block O7 – offshore – Repsol (Spain; 40%), Turkiye Petrolleri A O (TPAO; Turkiye; 40%) and MOL Group (Hungary; 20%)
  • Block C3 – onshore – Repsol and TPAO

  The contracts are three of the five announced as awarded in February this year as part of the 2025 licensing round.

  The three contracts were signed on 15 June.

  It is not known why the remaining two awarded contracts have not been signed.

  The remaining two contracts are:

  • Block M1 – onshore – Aiteo (Nigeria)
  • Block S4 – onshore – Chevron (US)

  Libya is seeking to attract investment and raise oil production capacity to 2 million barrels a day (b/d) from around 1.4 million b/d currently.

  The chairman of NOC, Massoud Suleman, said that the agreements reflected growing confidence in Libya’s oil and gas sector and would support exploration, development and production growth.

  The 2025 licensing round was Libya’s first licensing round since 2007.

  https://image.digitalinsightresearch.in/uploads/NewsArticle/17297353/main.jpg

  Wil Crisp
• 
  Firms prepare offers for Bahrain’s Sitra IWPP

  17 June 2026

  

   

  At least three firms are preparing to submit offers for the 1.2GW Sitra independent water and power plant (IWPP), with bidding due to close on 17 June.

  The Sitra IWPP is a combined-cycle gas turbine plant expected to have a generation capacity of about 1,200MW of electricity. The project’s seawater reverse osmosis desalination facility will have a production capacity of 30 million imperial gallons a day (MIGD). 

  The build-own-operate project is being procured by Bahrain’s Electricity & Water Authority (EWA) under a public-private partnership framework for 20-25 years.

  According to sources, Abu Dhabi National Energy Company (Taqa), Acwa (Saudi Arabia) and Korea Electric Power Corporation (Kepco) are preparing to submit separate offers for the project, which has had several deadline extensions since the tender was released last year.

  Bids are scheduled to be opened on 18 June.

  Lebanon-headquartered Khatib & Alami was recently awarded a consulting contract for the project, worth $1.91m. This was despite the consultancy submitting only the third-lowest bid behind Spain’s Ayesa ($1.25m) and WSP Middle East Architectural & Engineering ($1.27m).

  MEED previously reported that six individual companies had prequalified to bid, including Gulf Investment Corporation (Kuwait), Jera (Japan) and Sumitomo Corporation (Japan).

  China Energy Engineering Corporation and China Datang (Overseas Hong Kong, China) prequalified as the only consortium. It is unclear if either of these will submit an offer.

  EWA’s transaction advisory team for the project comprises KPMG Fakhro as the financial consultant and Trowers & Hamlins as the legal consultant.

  Al-Hidd IWP

  Sitra is Bahrain’s fourth IWPP, replacing the previously planned Al-Dur 3. Bids for another EWA initiative, the planned Al-Hidd independent water plant, have been under evaluation since the beginning of the year.

  According to a source, a decision on the project’s development is currently awaiting “tender board approval”.

  The Al-Hidd seawater reverse osmosis plant is expected to have a production capacity of about 60 MIGD, equivalent to roughly 272,000 cubic metres a day of potable water.

  Acwa (Saudi Arabia) and a consortium of GS Inima (South Korea/Spain) / Lamar Holding (local) each submitted bids for the project.

  https://image.digitalinsightresearch.in/uploads/NewsArticle/17293750/main.jpg

  Mark Dowdall