Prequalification begins for Al-Khazna scheme

8 January 2024

Interested companies have submitted their statements of qualifications (SOQs) to bid for the contract to develop and operate Abu Dhabi's fourth major solar photovoltaic (PV) independent power producer (IPP) project.

The planned Khazna solar IPP project, commonly referred to as PV4, will have a capacity of 1,500MW.

State utility Emirates Water & Electricity Company (Ewec) invited interested companies to submit their SOQs to bid for the contract in October last year.

According to industry sources, interested developers submitted their SOQs to Ewec on 5 December.

The solar PV IPP project will be located in Khazna, between Abu Dhabi and Al-Ain.  

MEED previously reported that Ewec's fourth solar IPP scheme is expected to reach commercial operations by 2027.

"The development of Ewec's new solar PV project aligns with the company’s strategic plan to build additional renewable energy plants that increase its total solar power generation capacity to 7.3GW by 2030," the firm said in September, when it issued the expression of interest request for the scheme.

Ewec refers to its first three utility-scale solar PV projects as PV1-3.

PV1, or Noor Abu Dhabi, has a capacity of 935MW and has been operational since 2019.

PV2, the 1,584MW Al-Dhafra solar IPP, was inaugurated in November last year. 

Ewec and its consultancy team are expected to award the contract to develop PV3, the 1,500MW Al-Ajban solar IPP, imminently.

PV3

Ewec qualified 19 companies to bid for the contract to develop the Al-Ajban solar PV IPP in September 2022. It issued the request for proposals to qualified developers in January 2023 and received proposals in June.

According to industry sources, the companies that submitted proposals for the contract are understood to include:

  • EDF (France) / Korea Western Power Company (South Korea): 5.1921 fils a kilowatt hour (kWh)
  • Marubeni Corporation (Japan): 5.3577 fils/kWh
  • Jera (Japan) / Jinko Power (China): 5.40597 fils/kWh
  • Acwa Power (Saudi Arabia): 6.14432 fils/kWh

When complete, the Al-Ajban solar IPP is expected to generate enough electricity to power about 160,000 homes across the UAE and reduce Abu Dhabi’s carbon dioxide emissions by more than 2.4 million metric tonnes a year.

Ewec aims to install 16GW of solar PV capacity by 2036, the firm’s executive director for strategy and planning, Bruce Smith, said in March last year.

The plan implies procuring about 1.5GW of capacity annually over the next 10 years.

Over the intervening period ending in 2030, Ewec envisages having an additional 5GW of solar capacity to reach a total solar installed capacity of 7.3GW by 2030.

UAE 2030 goal

The UAE published its updated national energy strategy in July last year, which included a plan to triple the nationwide renewable energy capacity to 19GW by 2030.

The total installed renewable energy capacity between Ewec and Dubai Electricity & Water Authority (Dewa) sits at 5.5GW as of this month.

https://image.digitalinsightresearch.in/uploads/NewsArticle/11417331/main.jpg
Jennifer Aguinaldo
Related Articles
  • Nakheel awards $143m Dubai Islands infrastructure deal

    20 April 2026

    Register for MEED’s 14-day trial access 

    Dubai-based developer Nakheel, now part of Dubai Holding, has awarded a AED527m ($143m) contract for the construction of the primary infrastructure and utilities works on Island B at the Dubai Islands development.

    The contract was awarded to local firm Al-Nasr Contracting Company.

    The scope covers the construction of roads, water networks, electrical and telecommunications networks, drainage and sewerage systems, and integration with the district cooling plant network at Island A.

    In October last year, Nakheel awarded Al-Nasr Contracting Company a AED169m ($46m) contract for the construction of the internal roads and utilities for the Bay Villas development at Dubai Islands.

    In August, MEED reported that Nakheel had awarded a AED2.6bn ($708m) contract to Abu Dhabi-based Fibrex Contracting to build the Bay Villas project at Dubai Islands. The contract includes the construction of 636 villas.

    The Dubai Islands development consists of five islands spanning 18.6 square kilometres. It features more than 59 kilometres (km) of waterfront and 20km of beaches, as well as parks, golf courses, promenades and cycling paths.

    The offshore island project gained renewed momentum in 2022, when Nakheel unveiled a new masterplan and rebranded it as Dubai Islands.

    The reclaimed islands were originally part of the Palm Deira project, which was partially completed before being put on hold in 2008.


    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:

    > GCC CONTRACTOR RANKING: Construction guard undergoes a shift
    To see previous issues of MEED Business Review, please click here

     

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16476987/main.jpg
    Yasir Iqbal
  • Borouge International appoints chief financial officer

    20 April 2026

    Newly formed chemicals giant Borouge Group International AG (Borouge International) has appointed Patrick Jany as chief financial officer (CFO). He will take office from 1 May, until which time Daniel Turnheim will continue to serve as interim CFO.

    Jany joins Borouge International with more than three decades of international finance leadership across industrial, logistics and chemical businesses. “With 20 years’ CFO experience in publicly listed companies, he brings deep financial expertise and a disciplined approach to capital management,” Borouge International said in a statement.

    Most recently, Jany served as executive vice-president and CFO of Danish shipping company A P Moller-Maersk, where he joined the executive board in 2020 and played a central role in strengthening financial discipline, portfolio management and value creation during a period of major strategic transformation.

    Prior to Maersk, he spent 25 years at Swiss specialty chemicals company Clariant AG, holding a range of senior finance, general management and corporate development roles across Europe, Asia and the Americas, eventually becoming group CFO. Earlier in his career, he held finance leadership roles at Sandoz AG, Clariant’s predecessor.

    Jany holds a Master of Business Administration degree from ESCP Business School.

    “As CFO, he will be part of a strong management team, leading and shaping Borouge International into a global industrial leader with scale, reach and financial discipline, supporting its long-term growth ambitions,” the company said in its statement.

    Chemicals giant

    Abu Dhabi National Oil Company’s (Adnoc Group) overseas investment arm XRG and Austrian energy major OMV completed the creation of Borouge International, a global chemicals giant with the fourth-largest polyolefins production capacity in the world, on 31 March.

    The new entity was formed by the merger of Adnoc Group and OMV’s respective shareholdings in Abu Dhabi chemicals producer Borouge and Austria-based Borealis, as well as the acquisition of Canada-based Nova Chemicals.

    Adnoc and OMV started the transaction to merge their interests in Borouge and Borealis, as well as acquire Nova Chemicals, in March last year. In July, Adnoc announced it would transfer its stake in Borouge International to XRG upon completion of the transaction.

    Borouge International is headquartered and tax-domiciled in Austria, with regional headquarters in Abu Dhabi, UAE. The new company will operate corporate hubs across North America, Europe and Asia, with innovation centres in the UAE, Austria, Canada, Finland and Sweden.

    Financial prospects

    Borouge International will benefit from a superior resilient margin profile and well over $500m in identified earnings before interest, taxes, depreciation, and amortisation (ebitda) run-rate synergies per annum, with 75% expected to be realised within the first three years, XRG said at the time of creation of the entity.

    “The company’s global reach, combined with long-term shareholders and a robust capital structure, will deliver resilience throughout the business cycle and an enhanced ability to drive consistent performance and sustainable value for shareholders,” XRG said in its statement.

    The new company has also secured credit ratings of A (Negative) / Baa1 (Stable) / A- (Stable) ratings from S&P, Moody’s and Fitch, respectively, “confirming its robust financial position and capital structure and ability to access a range of long-term financing options”.

    “XRG and OMV are committed to maintaining investment-grade credit ratings for Borouge International,” they said.

    Additionally, Adnoc and OMV plan to tender an offer to convert Borouge Plc shares to Borouge International AG shares, thereby “creating a simplified structure that will enable value creation from the new global growth platform”.

    The tender offer is expected to take place in 2027, subject to market conditions and approval by the UAE Capital Market Authority, with its timing “aligning with the new company’s future equity raise, to maximise value for all shareholders”.

    Until then, Borouge International will be privately held, and Borouge Plc shares will remain listed on the Abu Dhabi Securities Exchange (ADX). The recently received credit ratings factor in the impact and flexibility on timing of both the future equity raise and the planned acquisition of Borouge 4 at cost by Borouge International.

    Borouge International also recently announced a dividend payment of $1.32bn for 2025, “reflecting the company’s strong operational performance and record sales”.

    The final shareholder-approved dividend payment for 2025 amounts to $658m (8.1 fils per share), bringing the total 2025 dividend to approximately $1.32bn (16.2 fils per share). The dividend will be paid on or around 7 May to all shareholders of record as of 17 April.

    Including this dividend, Borouge Plc will have distributed $4.89bn in dividends since listing, one of the largest payout levels on the ADX over this period.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16476909/main.gif
    Indrajit Sen
  • Dubai’s RTA opens Hessa Street upgrade

    20 April 2026

    Dubai’s Roads & Transport Authority (RTA) has opened Hessa Street for public traffic after announcing that the construction of the road’s expansion has been completed.

    The scope of the project included expanding Hessa Street from two to four lanes in each direction and developing four intersections with Sheikh Zayed Road, First Al-Khail Street, Al-Asayel Street and Al-Khail Road. 

    The project increases the road’s capacity from 8,000 to 16,000 vehicles an hour in both directions.

    It will reduce the travel time from Sheikh Zayed Road to Hessa Street from 15 minutes to just four minutes.

    The Sheikh Zayed Road intersection will have a two-lane road heading from Sheikh Zayed Road to Hessa Street, eastwards to Emirates Road.

    The upgrade of the First Al-Khail intersection includes increasing the number of lanes from three to four in each direction on the existing Hessa Street Bridge.

    The third improvement covers upgrading the Hessa Street and Al-Asayel Street intersection by increasing the number of lanes from two to four in each direction.

    The Hessa Street and Al-Khail Road intersection upgrade includes the construction of a two-lane road to serve traffic travelling northwards to Al-Khail Road in the direction of Sharjah.

    The project mainly serves residential areas, including Al-Sufouh 2, Al-Barsha and Jumeirah Village Circle.

    In February 2024, MEED exclusively reported that the RTA had awarded a AED689m ($187.5m) contract to Turkiye’s Gunal Construction for the first phase of the Hessa Street improvement project.

    The RTA recently started the construction works on the second phase of the project.

    The scope covers upgrade works on three intersections, including the construction of bridges totalling 8.8 kilometres (km), a 480-metre tunnel, and enhancements to access points on surrounding roads to improve entry and exit flow on a 3km stretch between Al-Khail Road and Sheikh Mohammed Bin Zayed Road.


    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:

    > GCC CONTRACTOR RANKING: Construction guard undergoes a shift
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/16475593/main.jpg
    Yasir Iqbal
  • Kuwait LNG project expected to be worth about $200m

    20 April 2026

     

    The planned Kuwaiti project to develop a reliquefaction unit at the Al-Zour LNG import terminal is expected to be worth about $200m, according to industry sources.

    The client on the project is state-owned Kuwait Integrated Petroleum Industries Company (Kipic).

    The project is focused on the development of a boil-off-gas unit at the import terminal, according to a report in Kuwait’s Al-Anba newspaper.

    The project scope includes engineering, procurement and construction works, along with pre-commissioning, commissioning and performance testing services.

    The list of prequalified companies is:

    • Fluor (US)
    • GS Engineering & Construction (South Korea)
    • Tecnicas Reunidas (Spain)
    • Larsen & Toubro (India)
    • Hyundai Engineering (South Korea)
    • CTCI Corporation (Taiwan)
    • Daewoo Engineering & Construction (South Korea)
    • Hyundai Engineering & Construction (South Korea)
    • Saipem (Italy)
    • Samsung Engineering (South Korea)
    • Sinopec Engineering (China)
    • JGC Holdings (Japan)
    • KBR (US)
    • China National Petroleum Corporation (China)
    • Technip (France)

    Kuwait’s LNG import terminal is currently not operating due to disruption caused by the US and Israel’s war with Iran.


    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:

    > GCC CONTRACTOR RANKING: Construction guard undergoes a shift
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/16445370/main1228.jpg
    Wil Crisp
  • Saudi Arabia’s Misk tenders residential package

    17 April 2026

     

    Saudi Arabia’s Mohammed Bin Salman Foundation (Misk Foundation) has floated two tenders for the construction of a residential community in District 5 of Prince Mohammed Bin Salman Nonprofit City in Riyadh.

    The first tender is split into two packages, one that covers the construction of 237 villas and the other covering 223.

    The second tender covers the construction of a community centre, swimming pool, mosque and school.

    The bid submission deadline for both tenders is 27 April.

    Misk Foundation is jointly developing the project in collaboration with local real estate developer Kinan.

    The estimated SR900m ($240m) project will span an area of about 121,692 square metres.

    In March 2022, the Misk Foundation released the masterplan for Prince Mohammed Bin Salman Nonprofit City.

    Saudi Crown Prince Mohammed Bin Salman Bin Abdulaziz Al-Saud said in November 2021 that the Misk Foundation development in Riyadh will be the world’s first non-profit city.

    “Prince Mohammed Bin Salman Nonprofit City, which implements the digital twin model, will host academies; colleges; Misk schools; a conference centre; a science museum; and a creative centre offering a space to support the ambitions of innovators in sciences and new-generation technology, such as AI [artificial intelligence], IoT [Internet of Things] and robotics,” he said.  

    “It will also feature an arts academy and art gallery, a performing arts theatre, a play area, a cooking academy and an integrated residential complex.

    “In addition, the city will host venture capital firms and investors to support and incubate innovative enterprises to drive community contributions from around the world.”

    The consultants working on the project include Germany’s Albert Speer + Partner as master planner and architect, and UK-based Buro Happold as the engineer. The project manager for the first phase of construction is UK-based Mace.


    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
    https://image.digitalinsightresearch.in/uploads/NewsArticle/16440697/main.png
    Yasir Iqbal