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• 
  Firms submit Qiddiya high-speed rail EPC prequalifications

  22 April 2026

  

   

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  Saudi Arabia’s Royal Commission for Riyadh City, in collaboration with Qiddiya Investment Company (QIC) and the National Centre for Privatisation & PPP, received bids on 16 April from firms for the engineering, procurement, construction and financing (EPCF) package of the Qiddiya high-speed rail project in Riyadh.

  Firms interested in bidding for the project on a public-private partnership (PPP) basis have been given until 30 April to submit their prequalification statements, as MEED reported earlier this month.

  The prequalification notice was issued on 19 January, and a project briefing session was held on 23 February at Qiddiya Entertainment City.

  The Qiddiya high-speed rail project, also known as Q-Express, will connect King Salman International airport and the King Abdullah Financial District (KAFD) with Qiddiya City. The line will operate at speeds of up to 250 kilometres an hour, reaching Qiddiya in 30 minutes.

  The line is expected to be developed in two phases. The first phase will connect Qiddiya with KAFD and King Khalid International airport.

  The second phase will start from a development known as the North Pole and travel to the New Murabba development, King Salman Park, central Riyadh and Industrial City in the south of the city.

  In November last year, MEED reported that more than 145 local and international companies had expressed interest in developing the project, including 68 contracting companies, 23 design and project management consultants, 16 investment firms, 12 rail operators, 10 rolling stock providers and 16 other services firms.

  In November 2023, MEED reported that French consultant Egis had been appointed as the technical adviser for the project. UK-based consultancy Ernst & Young is acting as the transaction adviser, and Ashurst is the legal adviser.

  Qiddiya is one of Saudi Arabia’s five official gigaprojects and covers a total area of 376 square kilometres (sq km), with 223 sq km of developed land. 

  

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  Yasir Iqbal
• 
  Qatar invites bids for major power grid expansion

  22 April 2026

  Qatar General Electricity & Water Corporation (Kahramaa) has invited bids for a major power transmission expansion project covering substations and extra-high-voltage cables.

  The bid submission deadline is 14 May.

  The engineering, procurement and construction (EPC) contract covers new substations at multiple voltage levels. It also includes the supply and installation of 400kV extra-high-voltage power cables.

  The project is divided into the following packages:

  • Substation packages S1 and S2 cover new 132/11kV substations  
  • Package S3 covers new 66/11kV substations
  • Package S4 includes a new 400/220/132kV substation, along with upgrades and modifications to existing 400kV and 220kV substations
  • Package S5 covers new 132/11kV substations and upgrades to existing 132kV and 66kV substations
  • Cable packages C1 and C2 cover 400kV cables

  The bid bond is set at QR7m ($1.9m) for the full tender, while bids for individual packages require a QR1m ($0.27m) bond per package. 

  Kahramaa stated that foreign companies not registered in Qatar may participate, subject to meeting specified conditions, including registration and certification requirements.

  It added that it may increase or decrease the scope during the contract period in line with Qatar’s Tenders & Auctions Law.

  Kahramaa procurement plan

  Kahramaa’s 2026 procurement plan includes 198 tenders with a total estimated value of QR21.4bn ($5.9bn).

  Electricity transmission projects account for QR8.9bn ($2.4bn) and include the construction of new 400/132kV substations in Al-Wukair and Al-Mashaf, as well as the expansion of 400kV substations at Ras Laffan.

  These also cover the installation of 132kV underground cables between Al-Sailiya and Al-Rayyan over a 24-kilometre route, as well as upgrades to the 400kV and 220kV networks.

  Additionally, there are 64 planned electricity distribution projects managed by the Electricity Distribution Department that cover the medium-voltage and low-voltage networks throughout Doha and the regional municipalities. 

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  Mark Dowdall
• 
  Riyadh awards Expo 2030 infrastructure work

  22 April 2026

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  Saudi Arabia’s Expo 2030 Riyadh Company (ERC), tasked with delivering the Expo 2030 Riyadh venue, has awarded two contracts for the next phase of infrastructure works at the site.

  The contracts were awarded to local firm Al-Yamama Company. Their scope covers the construction of road networks and infrastructure for water, sewage, electricity, telecommunications and electric vehicle charging.

  ERC did not disclose the contract values or project timelines.

  The awards follow ERC’s January award of an estimated SR1bn ($267m) contract for initial infrastructure works at the site to local firm Nesma & Partners. That scope covers about 50 kilometres of integrated infrastructure networks, including internal roads and essential utilities such as water, sewage, electrical and communication systems, and electric vehicle charging stations.

  The overall infrastructure works – covering the construction of main utilities and civil works at Expo 2030 Riyadh – is split into three packages:

  • Lot 1 covers the main utilities corridor
  • Lot 2 includes the northern cluster of the nature corridor
  • Lot 3 comprises the southern cluster of the nature corridor 

  The masterplan encompasses an area of 6 square kilometres, making it one of the largest sites designated for a World Expo event. Situated to the north of the Saudi capital, the site will be located near the future King Salman International airport, providing direct access to various landmarks within Riyadh.

  The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth vehicle, launched ERC, a wholly owned subsidiary, in June last year to build and operate facilities for Expo 2030.

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  MEED’s April 2026 report on Saudi Arabia includes:

  > COMMENT: Risk accelerates Saudi spending shift
  > GVT &: ECONOMY: Riyadh navigates a changed landscape
  > BANKING: Testing times for Saudi banks
  > UPSTREAM: Offshore oil and gas projects to dominate Aramco capex in 2026
  > DOWNSTREAM: Saudi downstream projects market enters lean period
  > POWER: Wind power gathers pace in Saudi Arabia
  > WATER: Sharakat plan signals next phase of Saudi water expansion
  > CONSTRUCTION: Saudi construction enters a period of strategic readjustment
  > TRANSPORT: Rail expansion powers Saudi Arabia’s infrastructure push

  To see previous issues of MEED Business Review, please click here

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  Yasir Iqbal
• 
  Trump confirms UAE currency swap talks

  22 April 2026

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  US President Donald Trump has confirmed that Washington is considering a currency swap agreement with the UAE.

  During an interview with US broadcaster CNBC, Trump acknowledged that the arrangement is being considered. “It is [under consideration], but it’s been a good country. It’s been a good ally of ours,” Trump stated, noting that the request stems from a liquidity challenge rather than a solvency issue.

  Addressing the scale of the conflict’s impact on the federation, he added, “UAE got hit with 1,400 missiles. Now, fortunately, they had the Patriots, and they had a great defence … but they did get hit hard. They were hit the hardest of the group, actually.”

  The president also emphasised the strength of the bilateral economic relationship and his personal regard for the country’s leadership. “They’re really led by incredible people,” Trump told CNBC. “A year ago, I went there and I got them to invest $1tn in the United States. So, yeah, if I could help them, I would.”

  An early report by the Wall Street Journal said that high-level talks were initiated by UAE Central Bank governor Khaled Mohamed Balama, who recently met with Treasury secretary Scott Bessent and Federal Reserve officials in Washington.

  The UAE’s move is viewed as a precautionary effort to protect the dirham’s peg to the dollar and maintain its position as a global financial hub. The conflict has already inflicted significant damage on Emirati oil-and-gas infrastructure and disrupted tanker traffic through the Strait of Hormuz, which has historically been the primary source of the nation’s dollar revenues.

  While swap lines are traditionally managed by the Federal Reserve and reserved for major economies with deep ties to US markets, the Trump administration may look to the Treasury Department for a solution. Trump referenced a recent $20bn swap for Argentina facilitated by Secretary Bessent through the Exchange Stabilisation Fund as a potential model for the UAE.

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

  Economic shock threatens long-term outlook; Riyadh adjusts to fiscal and geopolitical risk; GCC contractor ranking reflects gigaprojects slowdown.

  Distributed to senior decision-makers in the region and around the world, the April 2026 edition of MEED Business Review includes:

  > AGENDA: Gulf economies under fire > GCC CONTRACTOR RANKING: Construction guard undergoes a shift > MARKET FOCUS: Risk accelerates Saudi spending shift > LEGAL: Redefining the region’s arbitration landscape > QATAR LNG: Qatar’s new $8bn investment heats up global LNG race > INTERVIEW: Leyla Abdimomunova, National Development Division, PIF > LEADERSHIP: Shaping the future of passenger rail in the Middle East

  To see previous issues of MEED Business Review, please click here

   

  

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  Colin Foreman
• 
  Egyptian and Chinese firms sign green hydrogen deal

  22 April 2026

  A group of Egyptian companies and China’s UEG have signed a preliminary agreement to explore developing a Mediterranean green hydrogen hub in the port city of Alexandria.

  The memorandum of understanding was signed by:

  • Abu Qir Fertilisers & Chemicals Company (Egypt)
  • AlexFert (Egypt)
  • Orascom Construction (Egypt)
  • UEG Green Hydrogen Development Holding (China)

  In a joint statement, the companies said: “The collaboration marks a significant step toward advancing Egypt’s position as a regional leader in green hydrogen and sustainable energy solutions.

  “The proposed project aims to develop a large-scale green hydrogen production facility powered by renewable energy, with integration into existing ammonia production infrastructure.”

  Under the terms of the deal, UEG and Orascom Construction will lead feasibility studies for 500MW of renewable energy generation and 480 tonnes a day (t/d) of green hydrogen production.

  Abu Qir and AlexFert will evaluate the integration of green hydrogen into ammonia production processes and support access to local resources and infrastructure.

  The renewable energy will be a mix of wind and solar, according to the statement.

  Hany Dahy, the chairman of Abu Qir Fertilisers & Chemicals Company, said: “This partnership reflects Abu Qir’s commitment to leading the transition toward low-carbon ammonia production, leveraging our existing assets while integrating green hydrogen solutions.”

  Joe Williams, the chief executive of the Green Hydrogen Organisation, said: “The announcement of this project comes at a crucial time, as geopolitical tensions in the Middle East highlight the importance of diversifying energy and fuel supply chains.

  “Developing integrated green ammonia and fertiliser production in Alexandria supports local industrial value, and strengthens long-term energy and food security.

  “As green ammonia production scales in Egypt, it can also be used as a clean shipping fuel given Egypt’s strategic maritime location.”

  The preliminary agreement establishes a framework for cooperation while the parties conduct technical, commercial and regulatory assessments.

  Subject to the outcomes, the partners intend to negotiate definitive agreements for the project’s development, according to their statement.

  Abu Qir Fertilisers established North Abu Qir for Agricultural Nutrients in May 2023 to develop a major Egyptian fertiliser project designed to produce 2,400 t/d of ammonium nitrate.

  Located next to Abu Qir Fertilisers in Alexandria, on a site formerly occupied by the Rakta paper manufacturing facility, the project is a joint venture with a capital investment of £E10bn ($190m), of which Abu Qir Fertilisers holds a 45% stake.

  The state-owned companies Egyptian General Petroleum Corporation and Egyptian Petrochemicals Holding Company hold stakes of 45% and 10%, respectively.

  The project focuses on the production of ammonia and nitric acid.

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  Wil Crisp