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  Read the March 2026 MEED Business Review

  3 March 2026

  Download / Subscribe / 14-day trial access

  Saudi Arabia’s priorities have shifted over the past decade, with officials at February’s Private Sector Forum confirming a reprioritisation since 2016 that includes postponing the 2029 Asian Winter Games in Trojena and scaling back projects such as The Line in response to global economic uncertainty.

  In 2026, the Public Investment Fund’s role as the main driver of development is shifting towards greater private sector involvement, a transition examined by MEED editor Colin Foreman in the latest issue of MEED Business Review.

  March’s market focus is on Egypt, where the country’s crisis mode is giving way to a cautious revival. 

  This edition also reports that the region’s downstream sector may face subdued project spending in 2026 due to flattening demand and weak margins.

  In the latest issue, we disprove the Ramadan slowdown story, present exclusive leadership insight from Jacobs on delivering Saudi Arabia’s next phase of rail growth and outline some important lessons learnt from a power plant decommissioning. We also talk to senior executives at Enersol, Lamar Holding and Metito. 

  We hope our valued subscribers enjoy the March 2026 issue of MEED Business Review. 

  

   

  Must-read sections in the March 2026 issue of MEED Business Review include:

  > AGENDA: Saudi Arabia’s private sector picks up the baton

  > RAMADAN: Data disproves the Ramadan slowdown story

  INDUSTRY REPORT: Downstream > Chemicals producers look to cut spending > Global petrochemical project capex set to rise until 2030

  > LEADERSHIP: Delivering Saudi Arabia’s next phase of rail growth

  > POWER: Lessons learnt from a power plant decommissioning

  > INTERVIEW: Abu Dhabi’s Enersol charts acquisitions path

  > INTERVIEW: Lina Noureddin, CEO of Lamar Holding, on the evolving PPP landscape

  > INTERVIEW: Contract award marks Metito’s return to municipal projects

  > MARKET FOCUS EGYPT: 
  > COMMENT: Egypt’s crisis mode gives way to cautious revival
  > GOVERNMENT: Egypt adapts its foreign policy approach
  > ECONOMY & BANKING: Egypt nears return to economic stability
  > OIL & GAS: Egypt’s oil and gas sector shows bright spots
  > POWER & WATER: Egypt utility contracts hit $5bn decade peak
  > CONSTRUCTION: Coastal destinations are a boon to Egyptian construction

  > MEED COMMENTS: 
  > Winter Games delay raises uncertainty for Saudi construction
  > Duqm petrochemicals revival provides fillip to Gulf projects market
  > Solar deals signal Saudi Arabia’s energy ambitions
  > Hydrogen bridge awaits bankable contracts

  > GULF PROJECTS INDEX: Gulf index leaps upward in 2026

  > JANUARY 2025 CONTRACTS: Middle East contract awards

  > ECONOMIC DATA: Data drives regional projects

  > OPINION: The war that (almost) no one wants

  > BUSINESS OUTLOOK: Finance, oil and gas, construction, power and water contracts

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

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  MEED Editorial
• 
  Diriyah awards Pendry superblock package

  3 March 2026

  

   

  Saudi Arabian gigaproject developer Diriyah Company has awarded an estimated SR2.5bn ($666m) contract to build the Pendry superblock package in the second phase of the Diriyah Gate development (DG2).

  The contract was awarded to the local firm Saudi Constructioneers.

  The Pendry superblock encompasses the construction of a hotel, known as the Pendry Hotel, along with residential and commercial assets.

  The project will cover an area of 75,365 square metres (sq m) and is located in the northwestern district of the DG2 area.

  Contractors had submitted final proposals for a contract in September last year, as MEED reported.

  The tender was issued in June last year.

  The latest contract follows the Diriyah Company’s award of a SR717m ($192m) contract for the construction of the One Hotel, located in the Diriyah Two area of the masterplan.

  The contract was awarded to the joint venture of local firm BEC Arabia and Indian contractor Ashoka Buildcon.

  The project has a gross floor area of over 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
• 
  Local firm to develop $598m Muscat tourism project

  3 March 2026

  Oman’s Ministry of Heritage & Tourism has signed an agreement with local firm Sorouh Al-Qurm Real Estate Company to build an integrated tourism complex in the Al-Qurm area of Muscat.

  The project will be developed with a total investment estimated at RO230m ($598m).

  Planned across more than 165,000 square metres (sq m), the development will include two four-star hotels offering over 400 rooms, alongside leisure components such as an indoor games hall and trampoline attractions.

  The site will also incorporate commercial spaces and freehold residential units, among other amenities.

  The agreement was signed by Sayyid Ibrahim Bin Said Al-Busaidi, minister of heritage and tourism, and Khaled Khudair Mashaan, chairman of Al-Argan International Real Estate Company, who signed as the authorised representative for Sorouh Al-Qurm Real Estate Company.

  GlobalData forecasts that the Omani construction industry will expand at an average annual growth rate of 4.2% from 2025 to 2028.

  Growth in the country will be supported by rising government investments in renewable energy and transport infrastructure, as well as in the housing sector, as part of the Oman Vision 2040 plan.

  

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  Yasir Iqbal
• 
  Firms to build Jeddah Islamic port logistics zone

  3 March 2026

  The Saudi Ports Authority (Mawani) has signed an agreement with Dammam-headquartered Sultan Logistics to develop a new logistics zone at Jeddah Islamic Port’s Al-Khumra site.

  According to a statement posted by Mawani on X, the project will cover about 200,000 square metres and represents an investment of SR250m ($66m).

  #موانئ توقّع عقد تأجير مع شركة "سلطان لوجستيك" لإنشاء منطقة لوجستية بقيمة استثمارية 250 مليون ريال؛ في #ميناء_جدة_الإسلامي بمنطقة الخُمرة، بما يسهم في رفع كفاءة الحركة التجارية، وتعزيز الميزة التنافسية للميناء كمحور رئيسي للتجارة على البحر الأحمر. pic.twitter.com/sswITiFIHb

  — مـوانـئ | MAWANI (@MawaniKSA) March 2, 2026

  Planned facilities include warehouses, designated areas for storing and servicing dry and refrigerated containers, and a re-export section.

  Mawani said the development is intended to strengthen the port’s position on the Red Sea by upgrading service quality, supporting private sector participation and contributing to Saudi Arabia’s broader economic diversification goals.

  Jeddah Islamic Port currently operates 62 multipurpose berths and can handle up to 130 million tonnes a year.

  The latest agreement follows Mawani’s April 2025 signing of more than SR500m ($133m) in agreements with local firms to develop two logistics parks at King Abdulaziz Port in Dammam, as reported by MEED.

  In a statement, Mawani said that in 2024, it launched and inaugurated eight logistics parks with an estimated investment of about SR3bn ($800m).

  The firm said: “These investments are part of the broader development of over 20 logistics centres under Mawani’s supervision across Saudi ports, with total investments over SR10bn ($2.6bn).”

  GlobalData expects the Saudi construction industry to record an annual average growth rate of 5.2% in 2025-28, supported by investments in transport, electricity, housing and tourism infrastructure projects, as well as the $850bn-plus gigaprojects programme.

  The infrastructure construction sector is expected to grow at an average rate of 6% in 2025-28, supported by government investments in rail, dams and road infrastructure projects.

  

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  Yasir Iqbal
• 
  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