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  Aldar launches Al-Ghadeer Gardens project

  19 May 2026

  Abu Dhabi-based real estate developer Aldar Properties has launched the Al-Ghadeer Gardens project, located on the Abu Dhabi-Dubai border.

  The new residential development will feature 437 villas and townhouses, offering two-, three- and four-bedroom homes.

  Al-Ghadeer Gardens will include more than 30,000 square metres of landscaped open space, supporting a pedestrian-friendly layout and outdoor-focused living.

  As part of its sustainability and wellbeing approach, the project is targeting Estidama Pearl 2 and Fitwel 2-star certifications.

  Earlier this month, Aldar announced its Q1 financial results, reporting a 20% year-on-year increase in net profit after tax to AED2.3bn ($626m).

  Aldar Development recorded a 14% year-on-year rise in revenue to $1.7bn, while earnings before interest, taxes, depreciation and amortisation (Ebitda) increased 23% to $599m.

  UAE revenue backlog rose to $17bn at the end of March from $16.6bn at the end of December, with an average duration of 29 months.

  The group attributed its performance to revenue from its development backlog and steady income from its investment properties.

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  Yasir Iqbal
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  Iraq trucks oil from the south to Kurdish pipeline

  19 May 2026

  

   

  Iraq is trucking crude from Basra to the north of the country to be exported via the Iraq-Turkiye Pipeline (ITP), according to industry sources.

  The oil is being loaded into trucks at fields in Basra before being driven to the north, where it is injected into the pipeline network at Khurmala Dome, in the northern section of the Kirkuk field.

  Once it has entered the network at Khurmala Dome, it is transported to the main ITP export pipeline and eventually to the port of Ceyhan in Turkiye, where it can be loaded onto ships.

  The volumes of crude being transported using trucks have surged in Iraq since the US and Israel attacked Iran on 28 February, starting a regional conflict that has disrupted shipping through the Strait of Hormuz.

  One source said: “Most of the crude that is being trucked out of Iraqi oil fields at the moment is going to Syria, but some is being trucked to the north where it is being funnelled through the pipeline.”

  Even with the additional volumes being trucked from the south, Iraq is struggling to boost exports using the ITP.

  At the end of March, Amer Khalil, the director-general of Iraq’s state-run North Oil Company, said that Iraq was exporting 200,000 barrels a day (b/d) through the ITP.

  At the time, he said that the pipeline, which runs from Kirkuk in Iraqi Kurdistan to the port of Ceyhan in Turkiye, was expected to start transporting 300,000 b/d “in the near future”.

  As of early May, the pipeline was still exporting about 200,000 b/d, despite having a nameplate capacity of 1.4 million b/d.

  One of the factors said to be stopping increased volumes from being shipped through the pipeline is that several key oil fields in northern Iraq evacuated staff and stopped production after the US and Israel started their war with Iran.

  Another factor is that Iraq has not invested in domestic pipeline infrastructure to pipe production from Basra to Kurdistan, where it could be exported via the Kurdish ITP route.

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

  Global energy sector forced to recalibrate; Conflict hits debt issuance and listings activity; UAE’s non-oil sector faces unclear recovery period amid disruption.

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

  > AGENDA: War in the Middle East recalibrates global energy markets > REGIONAL LNG: War undermines business case for Middle East LNG > CAPITAL MARKETS: Damage avoidance frames debt issuance > IPOs: Regional IPO market dries up amid war  > MARKET FOCUS: Conflict tests UAE diversification > INTERVIEW: Desalination holds steady amid tensions, says Veolia CEO > LEGAL: Force majeure will not cure pre-existing construction industry breaches > BANKS:  GCC banks to feel the strain despite strong buffers > PIF STRATEGY: Public Investment Fund approves 2026-30 strategy

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

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  Wil Crisp
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  Emirates awards $5bn engineering complex deal

  18 May 2026

  Register for MEED’s 14-day trial access 

  Emirates Airline has awarded a AED19bn ($5bn) contract to build one of the world's largest engineering complexes in Dubai South.

  The contract was awarded to Beijing-headquartered China Railway Construction Corporation (CRCC).

  CRCC is being supported by French firm Artelia, as the project consultant.

  The complex will cover over 1 million square metres (sq m).

  It will comprise 77,000 sq m of dedicated workshop space for maintenance and repairs, 380,000 sq m of storage and logistics capacity, a 50,000 sq m administrative building for Emirates Engineering and 15,000 sq m of training facilities.

  It will be the world's only complex with a capacity to service 28 wide-body aircraft simultaneously.

  The airline officially broke ground on the project on 18 May. 

  The groundbreaking ceremony was attended by Sheikh Ahmed Bin Saeed Al-Maktoum, chairman and CEO of Emirates Group; Tim Clark, president of Emirates Airline; Khalifa Al-Zaffin, executive chairman of Dubai Aviation City Corporation and Dubai South; and Dai Hegen, chairman of CRCC.

  The facility will enable large-scale retrofits, cabin redesigns and structural modifications to be performed in-house, thereby reducing turnaround times.

  The engineering complex is scheduled for completion in 2030 and will be located at Al-Maktoum International airport.

  https://image.digitalinsightresearch.in/uploads/NewsArticle/16895218/main.jpg

  Yasir Iqbal
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  Contractors submit King Salman Bay project interest

  18 May 2026

  

   

  Contractors submitted expressions of interest in April for a contract to undertake marine infrastructure works at King Salman Bay, on the Red Sea coast north of Jeddah.

  The scope includes dredging and earthworks, as well as quay wall and edge protection works spanning about 11 kilometres (km).

  The project client is gigaproject developer Red Sea Global (RSG).

  The invited firms include:

  • Archirodon (Greece)
  • Boskalis (Netherlands)
  • China Harbour Engineering Company (China)
  • Jan de Nul (Netherlands)
  • Modern Building Leaders (local)
  • Nesma & Partners (local)
  • NMDC Group (UAE)

  King Salman Bay is expected to be a waterfront development aimed at reshaping the city’s northern Red Sea frontage into a mixed-use destination anchored by public realm improvements and leisure-led development.

  The update follows RSG’s award of an estimated SR100m ($27m) contract to construct a solid waste management centre at its Red Sea Project. The scope includes four buildings: a material recycling facility, a transfer station, an administration building and a vehicle maintenance building.

  In October last year, MEED reported that RSG had secured a SR6.5bn ($1.7bn) credit facility to further develop Amaala, its luxury tourism destination on Saudi Arabia’s northwestern Red Sea coast.

  According to an official statement, “The funding is led by Riyad Bank as the sole underwriter, along with Saudi Investment Bank and Bank Al-Bilad as mandated lead arrangers.

  “The loan arrangement comprises a mix of conventional and Islamic financing and adheres to RSG’s Green Loan Framework, which was first established when it secured private funding from a consortium of four banks for the Red Sea destination in 2021,” the statement added.

  The announcement followed RSG’s opening of its first properties for sale at Amaala, including branded residential communities and a five-bedroom villa on a private island.

  

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  Yasir Iqbal
• 
  Saudi Arabia tenders Mecca metro design

  18 May 2026

  

   

  The Royal Commission for Makkah City & Holy Sites (RCMC) has tendered a contract inviting firms to undertake initial design studies for its long-planned metro network in the holy city.

  The scope includes the review of existing studies, preparing a concept design, land acquisition studies, future phases integration concept and other related studies.

  The notice was issued earlier this month, with a submission deadline of 5 August.

  The latest development follows RCMC’s invitation to contractors to attend an early market engagement meeting for the project in September last year, as MEED reported.

  In an explanatory document inviting companies to attend the event, the RCMC’s General Transport Centre said it was seeking to gauge market interest in the multibillion-dollar project and obtain feedback on its proposed procurement approach.

  MEED exclusively reported in June last year that the project was restarting. Current plans envisage a four-line network, named lines A-D, with 89 stations and three depots, to be implemented over three phases between 2032 and 2045.

  Project scope

  Stage 1 focuses on lines B and C, involving 2.4 kilometres of tunnelling under the Masar project and integration with the existing Mashaer line.

  The network will run just over 62km and comprise 31 stations, 21 of which will be underground, including three iconic stations. A total of 19.5km will run through tunnels, while 41.2km will be elevated, with the remainder at grade.

  The 66 required trainsets are projected to provide a daily passenger capacity of about 450,000, equating to annual ridership of 171 million.

  The 84.7km-long second phase, due to be operational by 2038, will extend the two lines towards the outskirts of Mecca and includes construction of the initial inner and central segments of lines A and D.

  Comprising 61.1km elevated and 18.6km underground, Phase 2 is planned to add 45 stations serving the two new lines, as well as two depots and a potential interconnection with the planned Saudi Landbridge. The 59 trainsets for Phase 2 will increase the network’s projected total annual passenger capacity to more than 500 million.

  Phase 3 covers the elevated 36km extension of lines A and D and involves procurement of a further 72 trainsets, increasing the network’s ultimate passenger capacity to 1.2 million daily and 642 million annually by completion in 2045.

  Associated development

  The metro plan also envisages several transit-oriented developments (TODs) at different points on the route. These will typically comprise commercial, residential and retail elements to maximise the investment case.

  The client’s proposed procurement approach involves three distinct packages: civil and systems works, TODs, and operations and maintenance.

  The initial concept calls for some of the project to be delivered on a public-private partnership (PPP) basis, wherein the private sector, through special purpose vehicles, will part-finance, build, operate and then transfer commercially viable elements of the scheme.

  The then-called Mecca Mass Rail Transit Company (MMRTC) first launched the metro project in 2013; however, the scheme has faltered for more than a decade due to funding issues, land acquisition challenges and scope changes.

  The relaunch of the procurement process raises hopes that the project will now come to fruition, although it is likely to be at least 18 months before any definitive works are expected to start.

  Mecca is home to Saudi Arabia’s first metro, the nine-station, 18km-long Mashaer line, which opened in 2010. It operates only seven days a year during Hajj, but carries more than 2 million pilgrims during that time.

  Some 30 million pilgrims visit the city each year, with this number set to grow. The presence of a known, quantifiable and growing demand base will help facilitate the use of a PPP mechanism should the framework be adopted.

  https://image.digitalinsightresearch.in/uploads/NewsArticle/16893520/main.jpg

  Yasir Iqbal