Dubai invites metro extension interest
23 October 2023
Dubai’s Roads & Transport Authority (RTA) has invited contractors to express their interest by 24 November in bidding for the contract to expand the 90-kilometre Dubai Metro scheme.
The planned Blue Line will extend the existing Red and Green lines of the metro.
The Green Line extension will commence from its current terminus at Creek Station in the Jadaf area. It will cross over to the Dubai Creek Harbour development and continue through Ras al-Khor, International City, Dubai Silicon Oasis and Academic City before concluding near the Desert Rose project. The line will have 11 stations.
The Red Line extension will connect its existing terminus in Rashidiya to Mirdif City Centre and continue through Mirdif and Warqaa before joining the Green Line extension in International City.
The project was put on hold during the Covid-19 pandemic and was reactivated in early 2022, when UK-based Atkins and Grimshaw, US-based Parsons and France’s Egis restarted design work.
MEED previously reported that Dubai's RTA is expected to issue tender documents for the expansion of Dubai Metro in the fourth quarter of the year.
In October 2022, MEED reported that groups interested in bidding for the project had started to form. They included France’s Alstom with Spain’s FCC and Beijing-based China State Construction Engineering Corporation; Germany’s Siemens with India’s Larsen & Toubro, the local Alec and Belgium’s Besix; and China Railway Construction Corporation (CRCC) with China Civil Engineering Construction Company (CCECC).
Two billion commuters
Since its public launch on 9 September 2009, the number of riders that have used the Dubai Metro network has exceeded 2 billion, according to the RTA.
The Red Line has transported 1.342 billion commuters, while the Green Line has served 673.531 million passengers.
In 2022, the average daily number of riders on Dubai Metro exceeded 616,000.
The metro extension is part of Dubai’s plans to improve residents' quality of life by cutting journey times as outlined in its newly approved 20-minute city policy.
The last metro project to be completed in Dubai was Route 2020, which connected the Red Line to the Expo 2022 Dubai site. The AED10.6bn ($2.9bn) contract to design and build the line was awarded to a consortium of Alstom, Spain’s Acciona and Turkiye’s Gulermak.
Dubai Metro has also significantly impacted the real estate market, particularly properties within a 15-minute walking distance from metro stations. According to a recent report by CBRE, these properties tend to outperform the broader real estate market in terms of both property value and rental performance.
Further extensions are expected to create new opportunities for businesses and residents alike.
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OCP green ammonia plant approaches construction
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Oman eyes first green hydrogen offtake this year
5 February 2025
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Firms submit King Salman airport runway prequalification
5 February 2025
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Liquidity constraints force corporate banking shift
5 February 2025
Corporate lenders face a liquidity crunch as businesses struggle to maintain cash flow amid rising costs and tighter credit conditions. Credit constraints have worsened, with 5% of middle-market borrowers now heavily leveraged and unable to refinance, according to credit rating firm KBRA. At the same time, rising fraud and outdated payment infrastructures are compounding the liquidity challenge.
Payment fraud losses are expected to reach $26.4bn by 2028, according to GlobalData, making cash flow forecasting even more unpredictable. Increasing cyber threats, unauthorised fund transfers and fraudulent transactions directly impact liquidity buffers, forcing businesses to enhance treasury functions.
Slow settlement cycles and outdated infrastructure continue to choke liquidity, restricting businesses’ ability to manage cash flow. To stay competitive, lenders must rethink their support for corporate clients by ensuring faster access to funds, smarter risk controls and seamless financial integration.
The pressure to deliver faster, more secure and smarter financial solutions is increasing. Innovations such as real-time payments (RTPs), artificial intelligence (AI)-driven risk models and embedded finance address these needs by enhancing liquidity management, improving credit allocation and streamlining cross-border transactions. Lenders that fail to adapt risk losing corporate clients to more agile competitors.
ENTRIES CLOSING SOON: MENA Banking Excellence Awards 2025: Corporate & Investment
AI reshapes liquidity strategy
AI is transforming liquidity management, shifting from a compliance and fraud detection tool to a key driver of treasury optimisation. Lenders are using AI-powered forecasting to improve treasury operations, helping businesses anticipate cash flow needs, automate funding decisions and optimise capital allocation.
HSBC’s AI-driven treasury solutions have improved forecasting accuracy by 92%, reducing liquidity risk for businesses operating across multiple markets. JP Morgan has also adopted AI-driven liquidity forecasting, enabling clients to optimise cash reserves and enhance working capital efficiency.
AI optimises liquidity management while strengthening security, helping lenders counter fraud and financial crime in an increasingly digital landscape. Lenders are leveraging AI’s predictive power to detect anomalies and security threats before they escalate.
Fraud detection remains a key priority as financial crime becomes more sophisticated. Many lenders are deploying AI to enhance fraud detection and risk mitigation. For instance, Mastercard and Stripe use AI-driven risk models, analysing over 1,000 transaction data points per second to detect fraud in real time.
Integrating AI into treasury services not only enhances operational efficiency but also positions lenders as strategic partners, offering data-driven insights that strengthen corporate client relationships.
Real-time payments drive liquidity optimisation
RTPs are now central to working capital strategies, not just a speed upgrade. Corporate clients increasingly expect instant settlements and real-time liquidity visibility as standard banking features.
The global RTP market is projected to surpass $700tn by 2028, according to GlobalData, as demand grows for seamless cross-border transactions, reduced credit dependency and faster cash conversion cycles. This shift is critical for treasury and finance teams, which require greater control over cash positions to navigate fluctuating market conditions.
Payment infrastructure providers such as Swift GPI and Visa B2B Connect have already streamlined high-value international transactions, reducing settlement times from days to minutes. These advancements are reshaping corporate banking priorities, with lenders expected to embed real-time payment capabilities within their broader treasury services.
ENTRIES CLOSING SOON: MENA Banking Excellence Awards 2025: Corporate & Investment
Embed finance or lose relevance
Corporate banking is shifting away from traditional, bank-led services as embedded finance transforms how businesses access payments, liquidity and credit directly within their operational platforms. By integrating financial products within enterprise platforms and enterprise resource planning (ERP) software, companies reduce dependence on external bank portals.
GlobalData forecasts that corporate embedded finance will exceed $7tn by 2030, driven by demand for frictionless cash flow management, instant access to financing and automated treasury functions. Businesses are embedding banking services within their digital ecosystems, integrating payments, lending and cash management into their core platforms.
Major banks are already adapting. Goldman Sachs and Citi have developed embedded lending and treasury tools that integrate directly into ERP systems, enabling businesses to initiate payments, access credit and manage liquidity without switching platforms.
Banks that fail to embed financial solutions risk losing visibility over corporate transactions. Institutions that successfully integrate embedded finance into their offerings will strengthen corporate relationships and secure long-term revenue streams. Conversely, delaying digital integration may result in businesses managing financial operations independently within their own platforms, reducing banks’ role in liquidity management.
How lenders must adapt to the liquidity shift
The future of corporate banking is being shaped by AI-driven treasury solutions, real-time payments and embedded finance—all of which are rapidly transitioning from competitive advantages to industry standards.
For banking leaders, this shift demands immediate action.
Corporate clients are no longer just looking for lenders – they need strategic partners who can provide seamless liquidity management, intelligent forecasting and embedded financial solutions.
Banks that embrace these innovations will strengthen corporate relationships, drive new revenue models and maintain relevance in a shifting financial landscape. Those that hesitate risk being replaced by more agile, tech-driven competitors offering faster, smarter and more integrated financial services.
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Read the February 2025 MEED Business Review
5 February 2025
Download / Subscribe / 14-day trial access Donald Trump’s return to the US presidency on 20 January 2025 is anticipated to have profound impacts on the Middle East. In the February issue of MEED Business Review, we provide an in-depth look at the major geopolitical challenges that the region presents, particularly in terms of US relations with Iran, and the interrelationship between the US, Israel and other regional actors.
What's more, we examine how the Trump 2.0 administration's focus on areas such as artificial intelligence (AI) regulation, data sovereignty and cryptocurrency – not to mention the ever-escalating US-China tech war – offers an opportunity for Middle East players to assert themselves in the global tech economy. Trump’s America First policies could slow the region’s AI ambitions, however, and to stay competitive, GCC states must step up investments in education, infrastructure and innovation.
Indeed, for the UAE, investing in and developing AI infrastructure and applications is now a priority. Abu Dhabi recently launched a $6bn project that combines 5,200MW of solar and 19 gigawatt-hours of battery energy storage capacity to deliver 1,000MW of round-the-clock renewable power capacity, which will help to support the government's AI ambitions.
Our latest issue also includes a comprehensive report on the GCC's water and wastewater sector, where Riyadh-headquartered utility developer and investor Acwa Power has improved its lead as the pace of independent water project contract awards slows.
This month’s exclusive 15-page market report focuses on Qatar. Doha has played an instrumental role in negotiations between Israel and Hamas in recent months, placing it front and centre of regional mediation, while efforts to ensure post-World Cup economic progress led to a strong project awards performance for the country in 2024.
In this issue, the team also examines how the long-awaited ceasefire in Gaza has brought relief to the fraught situation in Palestine; finds that the appointment of jurist Nawaf Salam as prime minister holds the prospect of political and economic rehabilitation for Lebanon; and looks at how the development of Wynn's integrated resort in Ras Al-Khaimah is supporting an ongoing boom in the emirate's real estate sector.
The February issue is packed with exclusive insight, too. Omran’s CEO Hashil Al-Mahrouqi explains how the agency's tourism development and hospitality projects will support Oman's Vision 2040; we round up the record signings that made 2024 the best year yet for contract awards in the region; and the latest edition of MEED's Economic Activity Index reveals that the UAE is maintaining its edge as 2025 gets under way.
We hope our valued subscribers enjoy the February 2025 issue of MEED Business Review.
Must-read sections in the February 2025 issue of MEED Business Review include:
> AGENDA:
> Trump 2.0 targets technology
> Trump’s new trial in the Middle East
> Unlocking AI’s carbon conundrum> CURRENT AFFAIRS:
> Gaza ceasefire goes into effect
> New Lebanese PM raises political hopesINDUSTRY REPORT:
Water and wastewater
> Acwa Power improves lead as IWP contract awards slow
> Water projects require innovation> INTERVIEW: Omran’s tourism strategies help deliver Oman 2040
> PROJECTS RECORD: 2024 breaks all project records
> REAL ESTATE: Ras Al-Khaimah's robust real estate boom continues
> ACTIVITY INDEX: UAE maintains regional economic edge
> QATAR MARKET REPORT:
> COMMENT: Doha works to reclaim spotlight
> GOVERNMENT & ECONOMY: Qatar economy rebounds alongside diplomatic activity
> BANKING: Qatar banks look to calmer waters in 2025
> UPSTREAM: QatarEnergy strives to raise gas and oil production capacity
> DOWNSTREAM: Qatar chemicals projects take a step forward
> POWER & WATER: Facility E award jumpstarts Qatar’s utility projects
> CONSTRUCTION: Qatar construction shows signs of recovery> MEED COMMENTS:
> Damac founder Sajwani puts America first with Trump’s second presidency
> Dubai’s largest-ever contract award is vital for its future
> AI underpins 5GW Abu Dhabi solar project
> Saudi-Turkiye relationship could bolster projects market> GULF PROJECTS INDEX: Gulf projects market enters 2025 in state of growth
> DECEMBER 2024 CONTRACTS: Monthly haul cements record-breaking total for 2024
> ECONOMIC DATA: Data drives regional projects
> OPINION: Between the extremes as spring approaches
> BUSINESS OUTLOOK: Finance, oil and gas, construction, power and water contracts
To see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/13356922/main2802.gif -
OCP green ammonia plant approaches construction
5 February 2025
Moroccan phosphate specialist OCP is in the advanced stages of studying a project to produce 1 million tonnes of green ammonia annually by 2027.
The planned facility, which will cater to export markets, will include a 200,000 tonne-a-year (t/y) green hydrogen production plant and 4,000MW of renewable energy plants.
It will also include an electrolyser plant with a capacity of 2,000MW.
The project will be executed in two phases across two locations, according to Samir Rachidi, director-general at Iresen, who presented at the ongoing Mena World Hydrogen summit in Dubai.
“OCP is conducting advanced studies, and currently testing 10-megawatt electrolysers,” Rachidi said.
At least seven other green hydrogen or ammonia projects are under study or in the pre-front-end engineering and design stage in the North African state.
In April 2023, a team led by China Energy International Construction Group signed a memorandum of cooperation to develop a green hydrogen project in a coastal area in southern Morocco.
A year earlier, Serbia-headquartered renewables developer and investor CWP Global appointed US firm Bechtel to support the development of large-scale green hydrogen and ammonia facilities in Morocco and Mauritania.
The Amun green hydrogen project, which CWP Global plans to develop in Morocco, is understood to require 15GW of renewable energy and has an estimated budget of between $18bn and $20bn.
READ THE FEBRUARY MEED BUSINESS REVIEW
Trump unleashes tech opportunities; Doha achieves diplomatic prowess and economic resilience; GCC water developers eye uptick in award activity in 2025.
Published on 1 February 2025 and distributed to senior decision-makers in the region and around the world, the February MEED Business Review includes:
> AGENDA 1: Trump 2.0 targets technology> AGENDA 2: Trump’s new trial in the Middle East> AGENDA 3: Unlocking AI’s carbon conundrum> GAZA: Gaza ceasefire goes into effect> LEBANON: New Lebanese PM raises political hopes> WATER DEVELOPERS: Acwa Power improves lead as IWP contract awards slow> WATER & WASTEWATER: Water projects require innovation> INTERVIEW: Omran’s tourism strategies help deliver Oman 2040> PROJECTS RECORD: 2024 breaks all project records> REAL ESTATE: Ras Al-Khaimah’s robust real estate boom continues> QATAR: Doha works to reclaim spotlight> GULF PROJECTS INDEX: Gulf projects market enters 2025 in state of growth> CONTRACT AWARDS: Monthly haul cements record-breaking total for 2024> ECONOMIC DATA: Data drives regional projects> OPINION: Between the extremes as spring approacheshttps://image.digitalinsightresearch.in/uploads/NewsArticle/13365699/main.gif -
Oman eyes first green hydrogen offtake this year
5 February 2025
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One of the consortiums that won Oman’s green hydrogen land block auctions is expected to reach an offtake agreement sometime this year.
“We are expecting to announce an offtake agreement hopefully sometime this year,” said Rumaitha Al-Busaidi, business development manager at Hydrogen Oman (Hydrom), the main orchestrator of Oman’s green hydrogen programme.
Hydrom has signed land concession agreements with teams led by Denmark’s Copenhagen Infrastructure Partners, South Korea’s Posco and France’s Engie, Japan’s Marubeni, France’s EDF, and a team comprising London-based Actis and Australia’s Fortescue in the first two rounds of its land auctions.
Oman has also signed what it refers to as legacy projects with other teams led by Belgium’s Deme, BP and Shell.
A long-term offtake agreement for the products produced by these facilities is the main requirement for reaching a financial investment decision (FID), which the majority of the consortiums aim to achieve by 2027, except for the Deme-led Hyport Duqm, which aims to reach FID in 2026.
Al-Busaidi also said they expect to launch the third round of Oman’s green hydrogen land auctions before the end of the first quarter of 2025.
They are fine-tuning the next auction process and considering several options, including one similar to the first two auctions, where land parcels were auctioned for the production of green hydrogen and derivatives, including ammonia, methanol and sustainable aviation fuels, among others.
The other option being considered is auctioning land parcels for downstream industries that offtake green hydrogen and its derivatives, including green steel, fertilisers and other sectors.
A final option is a so-called double-sided auction to facilitate contracts between domestic green hydrogen producers and downstream offtakers.
In December, MEED reported that Oman was making good progress compared to other states in the Middle East and North Africa (Mena) region that are looking to establish green hydrogen hubs to help decarbonise key industries in fossil fuel-scarce jurisdictions globally.
“We are doing very well,” Abdulaziz Al-Shidhani, managing director of Hydrogen Oman (Hydrom), told MEED, noting that Oman has signed legally binding, 47-year project development agreements with eight consortiums under the Hydrom public auction and its legacy programme.
Each consortium is understood to have aligned with the sultanate’s goal of having a green hydrogen production capacity of 1.4 million tonnes a year (t/y) by 2030 by committing to deliver a capacity of 150,000 t/y by the end of the decade.
Alternative derivatives
Hydrom is exploring a liquid hydrogen collaboration with another European-based entity, the Port of Amsterdam, to deliver liquid hydrogen to the Netherlands and other perceived demand centres in Europe, as well as to markets in Asia – primarily Japan, South Korea and Singapore.
While most of the project development agreements signed by Hydrom and the developer consortiums expect ammonia to be the primary derivative, Al-Shidhani says liquid hydrogen has recently been emerging as a viable alternative, with potential uses for the product including applications in the mobility sector and as a maritime fuel.
“Developers and end-users are exploring all technologies and assessing the feasibility of other alternative derivatives,” he says. He adds that cracking ammonia back to hydrogen, as originally envisaged by most projects, involves high costs.
Creating local demand
While the assumed markets for the output of the planned multibillion-dollar projects in Dhofra and Duqm are overseas, Oman’s long-term objective includes attracting foreign direct investments in the entire green hydrogen supply chain, including solar and wind turbine production and manufacturing.
“We will enable the platform to foster a sustainable supply chain and it will be up to the private sector to determine suitable strategies, which we are assuming will be export-focused in the early phases of the projects,” Al-Shidhani says.
MEED understands that the 2030 green hydrogen production target will require up to $50bn of investment, including 18GW of electrolyser capacity and 35GW of renewable energy capacity.
READ THE FEBRUARY MEED BUSINESS REVIEW
Trump unleashes tech opportunities; Doha achieves diplomatic prowess and economic resilience; GCC water developers eye uptick in award activity in 2025.
Published on 1 February 2025 and distributed to senior decision-makers in the region and around the world, the February MEED Business Review includes:
> AGENDA 1: Trump 2.0 targets technology> AGENDA 2: Trump’s new trial in the Middle East> AGENDA 3: Unlocking AI’s carbon conundrum> GAZA: Gaza ceasefire goes into effect> LEBANON: New Lebanese PM raises political hopes> WATER DEVELOPERS: Acwa Power improves lead as IWP contract awards slow> WATER & WASTEWATER: Water projects require innovation> INTERVIEW: Omran’s tourism strategies help deliver Oman 2040> PROJECTS RECORD: 2024 breaks all project records> REAL ESTATE: Ras Al-Khaimah’s robust real estate boom continues> QATAR: Doha works to reclaim spotlight> GULF PROJECTS INDEX: Gulf projects market enters 2025 in state of growth> CONTRACT AWARDS: Monthly haul cements record-breaking total for 2024> ECONOMIC DATA: Data drives regional projects> OPINION: Between the extremes as spring approacheshttps://image.digitalinsightresearch.in/uploads/NewsArticle/13365445/main.gif -
Firms submit King Salman airport runway prequalification
5 February 2025
Register for MEED’s 14-day trial access
King Salman International Airport Development Company (KSIADC), backed by Saudi Arabia’s Public Investment Fund, has received prequalification forms from firms for a contract to develop the third runway and taxiways at King Salman International airport (KSIA) in Riyadh.
MEED understands that firms submitted the statements on 18 January.
KSIADC received interest from firms on 18 December for the package.
It is understood that the third runway will add to the two existing runways at Riyadh’s King Khalid International airport, which will eventually become part of KSIA.
KSIADC prequalified firms in September for the main engineering, procurement and construction (EPC) packages, early and enabling works, specialist systems and integration, specialist systems, materials and equipment, engineering and design, professional services, health, safety, security, environment and wellbeing, modular installation and prefabrication, local content and environmental, social and governance (ESG), and other services.
The entire scheme is divided into eight assets. These include:
- Iconic Terminal
- Terminal 6
- Private aviation terminal
- Central runway and temporary apron
- Hangars
- Landside transport
- Cargo buildings
- Real estate
In August, KSIADC confirmed signing up several architectural and design firms for the various elements of the project.
KSIADC confirmed that it signed up UK-based Foster + Partners to design the airport’s masterplan, including the terminals, six runways and a multi-asset real estate area.
US-based engineering firm Jacobs will provide specialist consultancy services for the masterplan and the design of the new runways.
The client also confirmed the appointment of UK-based engineering firm Mace for the delivery partner role on the project.
The airspace design consultancy contract was awarded to the local firm Nera.
Project scale
The project covers an area of about 57 square kilometres (sq km), allowing for six parallel runways, and will include the existing terminals at King Khalid International airport. It will also include 12 sq km of airport support facilities, residential and recreational facilities, retail outlets and other logistics real estate.
If the project is completed on time in 2030, it will become the world’s largest operating airport in terms of passenger capacity, according to GlobalData.
The airport aims to accommodate up to 120 million passengers by 2030 and 185 million by 2050. The goal for cargo is to process 3.5 million tonnes a year by 2050.
Saudi Arabia plans to invest $100bn in its aviation sector. Riyadh’s Saudi Aviation Strategy, announced by the General Authority of Civil Aviation (Gaca), envisages tripling Saudi Arabia’s annual passenger traffic to 330 million travellers by 2030.
It also aims to increase air cargo traffic to 4.5 million tonnes and raise the country’s total air connections to more than 250 destinations.
READ THE FEBRUARY MEED BUSINESS REVIEW
Trump unleashes tech opportunities; Doha achieves diplomatic prowess and economic resilience; GCC water developers eye uptick in award activity in 2025.
Published on 1 February 2025 and distributed to senior decision-makers in the region and around the world, the February MEED Business Review includes:
> AGENDA 1: Trump 2.0 targets technology> AGENDA 2: Trump’s new trial in the Middle East> AGENDA 3: Unlocking AI’s carbon conundrum> GAZA: Gaza ceasefire goes into effect> LEBANON: New Lebanese PM raises political hopes> WATER DEVELOPERS: Acwa Power improves lead as IWP contract awards slow> WATER & WASTEWATER: Water projects require innovation> INTERVIEW: Omran’s tourism strategies help deliver Oman 2040> PROJECTS RECORD: 2024 breaks all project records> REAL ESTATE: Ras Al-Khaimah’s robust real estate boom continues> QATAR: Doha works to reclaim spotlight> GULF PROJECTS INDEX: Gulf projects market enters 2025 in state of growth> CONTRACT AWARDS: Monthly haul cements record-breaking total for 2024> ECONOMIC DATA: Data drives regional projects> OPINION: Between the extremes as spring approacheshttps://image.digitalinsightresearch.in/uploads/NewsArticle/13365119/main.jpg