meed-logo

line1 line2 line3
SIGN IN / REGISTER

GCC strives to reach real estate potential

27 June 2024

 

The real estate sector across the six states that make up the GCC has not yet achieved its full potential when it comes to attracting foreign investment.

This is best illustrated by the region’s largest economy, Saudi Arabia. The kingdom’s Vision 2030 economic diversification strategy includes ambitious targets to increase homeownership among citizens and attract international investors with its recently introduced Premium Residency Visa. The new visa is designed to open up the market to global investors, and while some gains are starting to be made, the market is still at the start of this journey.

Throughout the GCC, real estate markets have demonstrated a degree of resilience and stability following the Covid-19 pandemic, but challenges remain.

Rising borrowing costs and slow-paced reforms have affected the residential sector in the region, although the impact has not been universal. In Kuwait and Saudi Arabia, real estate sales have declined significantly, whereas in Dubai, sales continue apace.

For commercial real estate, the demand for high-quality, sustainable office spaces is a common trend. Businesses are increasingly favouring high-quality Grade A properties, leading to higher rental rates compared to mid- and low-end offices.

The retail sector has benefited from increased consumer activity, particularly during festive seasons. Malls and mixed-use developments have maintained stable rental rates, although some areas, like strip retail rentals, have seen slight declines. This reflects a broader trend of consumer preferences shifting towards more integrated and experiential shopping environments with a keen focus on entertainment.

Meanwhile, the industrial sector has shown robust demand, driven by manufacturing and logistics. High occupancy rates for large and medium-sized warehouses underline the sector’s resilience.

Bahrain 

Bahrain’s property market is performing steadily, driven by strategic homebuyers focusing on mid-range properties, as well as a growing demand for luxury waterfront homes. 

The market’s attractiveness has been enhanced by masterplanned developments such as Bahrain Bay and Diyar Al-Muharraq, which have achieved a critical mass that means they are now perceived as thriving communities rather than ongoing construction projects.

While project completions are important for confidence, in its Q1 2024 market report, property consultant Savills warns that key project completions such as Onyx Residences, Al-Nasseem Phase 2 Villas and Wadi Al-Riffa could lead to a short-term dip in capital values due to oversupply. 

Any possible fall could reverse recent gains. According to Savills, high-end apartment units registered modest 0.3% quarterly growth, averaging BD832 ($2,207.6) a square metre (sq m), while high-end villas have experienced a 4.5% year-on-year decline, averaging BD583/sq m.

Savills reports that the office sector has remained stable, with businesses favouring high-quality Grade A properties, leading to higher rental rates compared to mid- and low-end offices. Demand for Leed-certified spaces and co-working environments is increasing, reflecting environmental, social and governance (ESG) commitments. Grade A properties face mild value corrections due to new developments. 

Retail benefited from festive mall footfalls, keeping rental rates stable for malls and mixed-use developments, while strip retail rentals dropped slightly.

Kuwait

The Kuwait real estate sector continued its dismal performance in 2023 due to rising borrowing costs and the slow pace of ongoing reforms. The volume of transactions saw a significant downturn, according to a report by Marmore, a fully owned research subsidiary of Kuwait Financial Centre, Markaz.

Real estate sales dropped to KD2.1bn ($6.7bn) in the first nine months of 2023, reflecting a 26% year-on-year decline from KD2.8bn ($9.1bn). This downturn has affected all segments of the market.

In the residential sector, sales fell by 26% in Q3 2023, totalling KD1.1bn ($3.6bn), down from KD1.4bn ($4.7bn) in the same period of the previous year. The number of transactions also declined by 34% year-on-year. High house prices and borrowing costs have kept demand muted.

The residential rental segment also decreased by 20% year-on-year, reaching KD666m ($2.2bn) in Q3 2023, down from KD831m ($2.7bn) in Q3 2022. 

The commercial sector experienced a 37% year-on-year drop in sales, to KD321m ($1bn) in 2023, compared to KD511m ($1.6bn) in 2022. The number of transactions in this sector declined by 35% year-on-year. 

In July last year, Kuwait’s National Assembly approved the Housing Development Law and amendments to the Housing and Real Estate Affairs Law that enables private sector involvement – including foreign investment – in developing cities and residential areas, and aims to prevent land monopolies. These measures could positively influence the country’s real estate market this year.

Oman

After a couple of tough years during and immediately following the Covid-19 pandemic, Oman is again capitalising on its real estate potential, with new projects attracting interest from residents and investors.

The sultanate’s real estate market in 2024 is buoyed by a combination of increasing expatriate populations, attractive pricing and favourable government policies. 

A recent report by property consultancy Cavendish Maxwell highlights the contribution of the government’s strategic reforms and investments in infrastructure as critical drivers for the growth of the real estate sector in the country. These have included the easing of foreign ownership restrictions, the introduction of new real estate laws and enhanced regulatory frameworks that have created a more transparent and attractive market for investors.

Longer term, Muscat has set targets for the economy that will support the real estate sector. Under Oman’s Vision 2040 plan, the government aims to attract 11 million visitors annually by 2040, which will boost the tourism industry. Investments in economic zones, renewable energy, manufacturing and tourism projects will contribute to the growth of the construction industry, including the real estate sector.

Oman is developing new projects in response to the long-term opportunities that this growth will create. These include the Sultan Haitham City project to the west of Muscat and a masterplanned mountain development on Jebel Akhdar, launched earlier this year.

Qatar

Following a period of fluctuation around the 2022 Fifa World Cup, Qatar’s real estate market is showing signs of stability, according to Cushman & Wakefield. The number of real estate sales transactions surged by 17.3% in January and February this year compared to the same period in 2023, with an overall value increase of 4.1%.

The declining trend in residential sales transactions seen in 2023, when a drop of 16.2% was recorded compared to 2022, has been reversed in the first two months of this year. Residential sales transactions have increased by 30% compared to the same period last year, reflecting a significant 46% rise in transaction value.

In the rental segment, the early months of 2024 have highlighted a growing disparity between newly constructed residential projects and those built over a decade ago. Tenants are increasingly drawn to modern, well-managed serviced appartments.

Office leasing activity declined in the first quarter of 2024, following a good run at the end of 2023. Over the past six months, more than 70,000 sq m of Grade A office space has been reserved, leading to a decrease in availability in areas including Lusail and Msheireb.

In the first quarter of 2024, hotel room supply in Qatar reached 38,000, which marks a 45% increase in supply over the past five years.

Despite initial concerns of oversupply, Qatar’s hotel industry has experienced a significant boost due to a rise in tourist arrivals since January. Hotel occupancy rates also soared to 84% in January and 85% in February, reaching their highest levels since 2015.

Saudi Arabia

Saudi Arabia’s real estate sector is moving into a new phase as it aims to build on its recent successes and targets foreign investment more proactively.

Real estate forms a key part of the kingdom’s Vision 2030, which aims to increase homeownership by Saudi nationals to 70% by 2030, from 63.7% in 2023. 

The residential real estate market in Saudi Arabia is experiencing robust demand, especially in the major cities of Riyadh, Jeddah and Dammam. In Q1 2024, Riyadh recorded a 77% year-on-year increase in sales transactions, while Jeddah saw a 92.9% rise. This surge in activity underscores the strong appetite for residential properties in these urban centres.

Despite this growth, the market faces challenges such as affordability and a shortage of appropriately priced homes. 

Historically, foreign ownership restrictions have limited international investment in Saudi real estate. However, the new visa scheme signifies a pivotal shift, encouraging a diverse pool of global talents and investors to contribute to the local economy. This move is expected to drive up property values in premium segments and spur the development of luxury real estate projects.

“The real estate market in Saudi Arabia has long anticipated a change in the foreign ownership rules. A significant milestone was reached at the start of the year when a raft of new Premium Residency Visa options were unveiled, including a real estate ownership-linked visa, which is likely to pave the way for international buyers and investors,” says real estate consultancy Knight Frank in its recent Destination Saudi Report.

This move is expected to create supplemental demand from foreign investors that have been waiting for changes in the kingdom’s ownership laws.

Saudi Arabia’s new Premium Residency Visas include a real estate ownership-linked option that is designed to attract foreign investment by allowing non-Saudis to own property worth at least SR4m ($1.1m). 

This policy shift marks a strategic opening up of the market to international investors and affluent expatriates and could potentially boost high-value transactions and increase the demand for luxury residential properties in the kingdom.

One of the early focus areas for new investment inflows could be the holy cities of Mecca and Medina. 

The demand for real estate in Saudi Arabia is also being driven by high-net-worth individuals (HNWI), particularly those from Muslim-majority countries. Surveys indicate that 82% of international HNWI buyers are keen to own real estate in the kingdom, with significant interest in the two holy cities.

These buyers view Saudi Arabia as a good investment opportunity, with cultural and religious reasons also playing a crucial role in their decision-making, Knight Frank says in its Destination Saudi report.

UAE

The UAE’s real estate market started 2024 on a robust note, showing increased activity levels across all sectors during the first quarter, according to the latest report by property consultant CBRE.

The report shows that the total transaction volumes in Dubai’s residential market reached 35,310 in Q1 2024. This is the highest total ever recorded in the first quarter of the year, marking an increase of 20.5% from the previous year. 

Off-plan transactions in Dubai also increased by 23.9%, whereas secondary market transactions rose by 15.2% during the same period.

The CBRE report also outlined that in the first quarter of 2024, Dubai’s residential market witnessed an increase in average prices of 20.7% by March 2024 compared to the previous year.

In Abu Dhabi, average apartment prices rose by 4.3% and villa prices saw an increase of 2.3% during the same period. 

In the commercial sector, the total number of rental registrations in the office sector increased to 46,850, a hike of 35.8% compared to the previous year, according to data from Dubai Land Department.

In Abu Dhabi, an increased activity level in the commercial space sector has taken the occupancy rate to 94% in the first quarter of 2024, up from the 92.5% registered in the same period last year. The increased occupancy levels have led to a growth in rentals, where Prime, Grade A and Grade B rents posted average growth rates of 6.6%, 3.4% and 9.7%, respectively.

The hospitality sector also noted improvement. The number of international visitors to Dubai totalled 5.2 million in the period from January to March 2024, up by 10.2% from a year earlier. The total number of hotel guests in Abu Dhabi stood at 1.3 million, a growth of 22% compared to Q1 2023.

In the retail sector, leasing activity lagged in Abu Dhabi as 7,779 rental contracts were registered in the first quarter of 2024, marking a decline of 8.1% compared to Q1 2023. Dubai witnessed a marginal increase of 0.2% in retail registrations compared to same period last year, recording a total of 23,139.

Finally, the UAE’s industrial and logistics sector also recorded positive leasing activity, with the total number of rental registrations in Abu Dhabi and Dubai increasing by 4.7% and 3.2%, respectively, compared to the same period last year.

Additional reporting by Yasir Iqbal

https://image.digitalinsightresearch.in/uploads/NewsArticle/11985437/main.gif
Colin Foreman

Register for MEED's guest program now to access this article.

Click here to register
Exclusive from Meed
Related Articles
  • Twenty-eight firms interested in $1.5bn Morocco airport

    4 June 2025

    Twenty-eight local and international firms have expressed interest in a contract to build a new terminal at Morocco’s largest airport, Mohammed V International airport in Casablanca.

    The estimated MD15bn ($1.6bn) expansion will increase the airport’s capacity to 30 million passengers a year.

    The new terminal will span an area of about 450,000 square metres.

    Morocco’s Office National Des Aeroports (ONDA) issued the expression of interest notice in mid-April, with a submission deadline of 16 May.

    The firms that have expressed interest include:

    • TAV Airports Holding (Turkiye)
    • Makyol Insaat (Turkiye)
    • Sinohydro Corporation (China)
    • Jet Contractors (local)
    • China Civil Engineering Construction Corporation (China)
    • China State Construction Engineering Corporation (China)
    • China International Water & Electric (China)
    • Acciona (Spain)
    • Shandong High-Speed Group Company (China)
    • China Railway 20 Bureau Group Corporation (China)
    • China Railway Construction Corporation (China)
    • Orascom Construction (Egypt)
    • Limak Insaat (Turkiye)
    • IC Ictas (Turkiye)
    • China Gezhouba Group (China)
    • Serka Taahut Insaat (Turkiye)
    • China Harbour Engineering Corporation (China)
    • Sichuan Road & Bridge Group (China)
    • China Road & Bridge Corporation (China)
    • Kalpataru Projects International (India)
    • China Overseas Engineering Group (China)
    • Bymaro (local)
    • Consolidated Contractors Company (Greece)
    • Societe Generale des Travaux du Maroc / Travaux Generaux de Construction de Casablanca (local/local)
    • Beijing Urban Construction Group (China)
    • Sogea Maroc (local)
    • Mabetex Group / Mabco (local/local)

    The terminal is expected to be ready in time for the 2030 Fifa World Cup, which Morocco is co-hosting alongside Portugal and Spain.

    In May, MEED reported that ONDA had awarded an estimated MD294m ($29m) deal for enabling works on the new terminal.

    According to local media reports, the contract was awarded to local firm Societe de Travaux Agricoles Marocaine.

    In January, Morocco’s Transport & Logistics Minister, Abdessamad Kayouh, said that the study to expand the airport’s capacity was nearing completion.

    The project is part of Morocco’s MD42bn ($4.3bn) plan to expand key airports in anticipation of increased passenger flow for the 2030 football World Cup.

    In April, Morocco announced that it will also build a new airport in Casablanca in preparation for the tournament. 

    Morocco plans to upgrade several airports, including those in Tangier, Marrakech and Agadir, increasing their respective capacities to 7 million, 16 million and 7 million passengers annually.

    There are also plans to add a new terminal at Rabat-Sale airport, raising its capacity to handle 4 million passengers, and to increase the capacity of Fez airport to 5 million passengers annually. 

    The new terminal at Mohammed V International airport will be connected to a high-speed train network that will link Kenitra to Marrakech.

     

     

    https://image.digitalinsightresearch.in/uploads/NewsArticle/14011602/main.jpg
    Yasir Iqbal
  • Read the June 2025 MEED Business Review

    4 June 2025

    Download / Subscribe / 14-day trial access

    The GCC states are playing an increasingly important role in developing future technologies. Governments are accelerating their artificial intelligence (AI) and data centre strategies and the region now boasts a compelling combination of low-cost energy, advanced infrastructure and decisive policy support, positioning it as a hub for data-driven innovation.

    The region is rapidly scaling up its data centre capacity. As of May, there were more than $78bn-worth of planned data centre construction projects, according to regional projects tracker MEED Projects, with a further $680m in active bids and $6.5bn already under construction. 

    With digital infrastructure investments hitting an all-time high, Saudi Arabia and the UAE are overhauling their electricity systems in line with their energy diversification, economic expansion and net-zero targets, as they strive to secure national competitiveness in the AI economy.

    The June edition of MEED Business Review explores the implications of this rapid growth in data centre investment, and what it means for the long-term technological leadership of the Gulf states in the fields of digital innovation and AI.

    MEED's latest issue also includes a 13-page market report on Iraq, which is facing economic challenges as lower oil prices threaten Baghdad's spending plans. While the country's oil, gas and chemicals project market has surged to its highest value in a decade and the revival of a Syrian oil export route could provide a large economic boost, Baghdad is spending heavily on housing and infrastructure construction projects, and on its efforts to address the country's significant power deficit. The hope is that the strong projects activity will set the country on a more positive growth trajectory.

    In addition, this month's issue features a report on the region's banking sector, where structural evolution is taking place in the areas of retail, digital and small and medium-sized enterprise banking. Through a series of case studies, we look at the financial institutions that are leading the way when it comes to innovation in these domains.

    Meanwhile, this month's ranking of the Top 100 regional listed companies reveals that although the valuations of regional listed oil sector companies has fallen, other sectors are holding up well despite volatile global conditions and lower oil prices. Despite the oil sector weighing on the overall performance of MEED's top 100, a total of 54 initial public offerings in the Middle East and North Africa (Mena) region raised $12.6bn in 2024. 

    This issue, the team also assesses the potential impact of the snap decision by US President Donald Trump to lift sanctions on Syria; looks at how the planned Disney theme park on Yas Island is a major boost to Abu Dhabi's tourism offering; and examines how the uptick in investment activity throughout the Middle East-Asia corridor is set to continue alongside the recently announced multibillion-dollar Gulf-US investments in sectors such as defence, energy and AI.

    In the June issue, we also examine what Saudi Arabia's 19% first-quarter 2025 cut in government capital expenditure – and the coinciding drop in contract awards – means for the kingdom; and speak exclusively to Estelle Brachlianoff, Veolia Group CEO, about the French water and waste-treatment firm's plans for expansion in the Mena region.

    We hope our valued subscribers enjoy the June 2025 issue of MEED Business Review. 

     

    Must-read sections in the June 2025 issue of MEED Business Review include:

    > AGENDA: 
    > Data centres churn investments
    > Gulf seizes AI opportunities

    > CURRENT AFFAIRS:
    > US announces lifting of Syria sanctions

    INDUSTRY REPORT:
    2025 Top 100 Listed Companies 
    > Middle East stocks defy lower oil prices

    > TOURISM: Abu Dhabi hopes bigger is better with Disney theme park

    > TRADE: Emerging Gulf-Asia corridor grows despite headwinds

    > SAUDI ARABIA: Riyadh confirms capital expenditure cuts

    > INTERVIEW:
    > Mena crucial to Veolia’s growth plan

    > IRAQ MARKET REPORT: 
    > COMMENT: Iraq maintains its pace, for now
    > GOVERNMENT & ECONOMY: Iraq’s economy faces brewing storm
    > OIL & GAS: Iraqi energy project value hits decade-high level
    > PIPELINES: Revival of Syrian oil export route could benefit Iraq
    > POWER: Iraq power sector turns a page
    > CONSTRUCTION: Iraq pours billions into housing and infrastructure projects
    > DATABANK: Iraq forecast dips on lower oil prices

    > MEED COMMENTS: 
    >     Adnoc takes a leap forward in becoming a chemicals giant
    > Timing is ripe for Aramco to enter India
    > US-Gulf AI deals usher in new era
    > Saudi construction needs more clarity

    > GULF PROJECTS INDEX: Gulf projects index leaps 4.3%

    > APRIL 2025 CONTRACTS: Region sees $8bn of project signings in third straight month of weaker awards activity

    > ECONOMIC DATA: Data drives regional projects

    > OPINION: Dealmaking trumps the Truman Doctrine

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

    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/14001235/main.gif
    MEED Editorial
  • Dubai plans Al-Wasl Road overhaul

    4 June 2025

    Dubai’s Roads & Transport Authority (RTA) has announced plans to upgrade Al-Wasl Road.

    The Al-Wasl Road development project will span 15 kilometres, stretching from the intersection with Umm Suqeim Street in the south to the junction with 2nd December Street in the north.

    Key features of the project include the upgrade of six intersections and the construction of five tunnels, totalling 3,850 metres.

    The road will be widened from two to three lanes in each direction, with the project expected to reduce travel times by 50% and increase capacity from 8,000 to 12,000 vehicles per hour in both directions.

    The six intersections that will be upgraded are at Al-Thanya, Al-Manara, Umm Al-Sheif, Umm Amara, Al-Orouba and Al-Safa streets.

    The intersection with Al-Manara Street involves the construction of a unidirectional tunnel with a capacity of 4,500 vehicles an hour, branching into two routes leading to Jumeirah Street and Umm Suqeim Street.

    The Al-Wasl Road project announcement followed recently launched plans for the enhancement of Umm Suqeim Street. That project involves building six intersections and constructing four bridges and three tunnels.

    Dubai focuses on infrastructure

    MEED’s May 2025 report on the UAE includes:

    > COMMENT: UAE is poised to weather the storm
    > GOVERNMENT & ECONOMY: UAE looks to economic longevity
    > BANKING: UAE banks dig in for new era
    > UPSTREAM: Adnoc in cruise control with oil and gas targets
    > DOWNSTREAM: Abu Dhabi chemicals sector sees relentless growth
    > POWER: AI accelerates UAE power generation projects sector
    > CONSTRUCTION: Dubai construction continues to lead region
    > TRANSPORT: UAE accelerates its $60bn transport push
    > DATABANK: UAE growth prospects head north

    https://image.digitalinsightresearch.in/uploads/NewsArticle/14010655/main.jpg
    Colin Foreman
  • NMDC LTS completes majority acquisition of Emdad

    4 June 2025

    Register for MEED’s 14-day trial access 

    Abu Dhabi government-owned industrial conglomerate NMDC Group has announced that its newly-created subsidiary NMDC LTS has completed the acquisition of a majority 70% stake in local oil and gas services firm Emdad.

    The transaction was financed through debt and equity, Abu Dhabi Securities Exchange-listed NMDC Group said in a statement on 4 June.

    NMDC Group first announced the expansion of its business portfolio through the creation of NMDC LTS, along with the transaction to acquire a 70% equity stake in Emdad, in December.

    The acquisition enables NMDC Group to provide services such as operations and maintenance and complement its existing offerings in engineering, procurement, construction and installation services.

    NMDC LTS will own and/or operate NMDC Group’s pool of marine support craft, technical capabilities, plant and equipment to enable the expansion of its services beyond the construction and industrial sectors.

    “This strategic acquisition enables NMDC Group to expand into the operational excellence segment of recurring revenues in the oil field services [sector], further diversifying its portfolio and strengthening its competitive advantage,” NMDC Group said in its statement.

    “In parallel, this acquisition will provide NMDC Group with a broader range of services and additional avenues for revenue growth, with Emdad’s offering spanning over an array of different services, including well intervention, waste management, shutdown/ turnaround, coil tubing, valves, among other services,” it added.

    A&O Shearman and PricewaterhouseCoopers (PwC) acted as the legal counsel and financial adviser, respectively, to NMDC Group on the transaction.

    On Emdad’s side, Clyde & Co. provided legal counsel, while KPMG Lower Gulf was the financial adviser.

    Emdad business

    Emdad reported revenues of more than $163m in 2024, and its equity stood at approximately $60m.

    Emdad’s clientele includes Adnoc, Borouge and Emirates Global Aluminum. The company delivers support across the oil and gas value chain – from well intervention and waste management to asset integrity management.

    Emdad’s operations are “further strengthened by its subsidiaries”, which provide specialised services in areas such as well construction, plant maintenance, catalyst handling and facility management.

    Key divisions include Emjel, specialising in coiled tubing and cementing; Emdad Services, focused on operational maintenance; and IGC, which handles civil and electrical facility management.

    ALSO READ: NMDC signs local manufacturing agreements
    https://image.digitalinsightresearch.in/uploads/NewsArticle/14010154/main2304.jpeg
    Indrajit Sen
  • Lukoil acquires OMV’s stake in Ghasha concession for $594m

    4 June 2025

    Register for MEED’s 14-day trial access 

    Russia’s Lukoil has signed an agreement with Austrian energy company OMV to acquire its 5% stake in the Ghasha offshore sour gas concession in Abu Dhabi waters. The value of the deal is $594m, minus a $100m transaction fee.

    Following the acquisition of OMV’s stake in the Ghasha concession, Lukoil’s interest in the offshore sour gas asset has doubled to 10%.

    Abu Dhabi National Oil Company (Adnoc Group) owns and operates the Ghasha concession, holding the majority 55% stake. Apart from Lukoil, the other stakeholders in the asset are Italian energy major Eni with a 25% stake, and Thailand’s PTTEP Holding, which holds a 10% interest.

    The Ghasha concession consists of the Hail and Ghasha fields, along with the Hair Dalma, Satah al-Razboot (Sarb), Bu Haseer, Nasr, Shuwaihat and Mubarraz fields.

    Adnoc expects total gas production from the concession to ramp up to more than 1.5 billion cubic feet a day (cf/d) before the end of the decade. This target will mainly be achieved through the Hail and Ghasha sour gas development project.

    ALSO READ: Adnoc and OMV agree $60bn Borouge-Borealis merger deal

    In October 2023, Adnoc and its partners awarded $16.94bn of engineering, procurement and construction (EPC) contracts for its Hail and Ghasha project – the biggest capital expenditure made by the Abu Dhabi energy company on a single project in its history.

    Adnoc awarded the onshore EPC package to Italian contractor Tecnimont, while the offshore EPC package was awarded to a consortium of Abu Dhabi’s NMDC Energy and Italian contractor Saipem.

    The $8.2bn contract relates to EPC work on offshore facilities, including facilities on artificial islands and subsea pipelines.

    The Hail and Ghasha development will also feature a plant that will capture and purify carbon dioxide (CO2) emissions for sequestration (CCS), in line with Adnoc’s committed investment for a carbon capture capacity of almost 4 million tonnes a year (t/y). The CO2 recovery plant will have a total capacity to capture and store 1.5 million t/y of emissions from the Hail and Ghasha scheme.

    Prior to reaching the final investment decision on the Hail and Ghasha project in 2023, the Ghasha concession partners, led by Adnoc, awarded two EPC contracts worth $1.46bn in November 2021 to execute offshore and onshore EPC works on the Dalma gas development project.

    ALSO READ: Adnoc marks steel cutting on Umm Shaif oil field project

    https://image.digitalinsightresearch.in/uploads/NewsArticle/14010077/main.jpg
    Indrajit Sen