Infrastructure projects support Riyadh’s logistics ambitions
12 September 2023
This package on Saudi Arabia’s transport sector also includes:
> Contractors bid to build Ceer car plant
> Spark logistics zone to start operations in 2024
> Neom awards mountain tunnel package for The Line
> Neom tenders The Line railway track works
> Neom invites revised bids for Oxagon project
> Gaca awards Riyadh airport cargo package
Saudi Arabia reiterated its ambition to become a global logistics hub in late August when Prince Mohammed bin Salman bin Abdulaziz al-Saud, Crown Prince, Prime Minister and Chairman of the Supreme Committee for Transport and Logistics, launched the Master Plan for Logistics Centres.
The logistics centres plan, which involves developing 59 hubs across the kingdom, is part of a package of ongoing initiatives to overhaul the transport and logistics sectors first outlined by Prince Mohammed when he launched the National Transport and Logistics Strategy (NTLS) in mid-2021.
The strategy’s ultimate goal is to raise the transport sector’s GDP contribution to 10 per cent from 6 per cent in 2021.
Airport ambitions
Developing infrastructure will be crucial for the success of the strategy. According to regional projects tracker MEED Projects, there are $195bn-worth of active transport projects in Saudi Arabia.
The most significant subsector is airports, for which $85bn of projects are planned or under way. This is about 43 per cent of the transport total.
The largest upcoming airport project is the development of King Salman International airport (KSIA), which will ultimately expand and replace the existing King Khaled International airport (KKIA).
Launched in November 2022, the Foster + Partners-designed masterplan for KSIA involves building the largest airport in the world for passenger capacity. It aims to accommodate up to 120 million passengers by 2030 and 185 million by 2050. For cargo, the goal is to process 3.5 million tonnes a year by 2050.
While design work proceeds on KSIA, the KKIA continues to be upgraded. In June, a joint venture of Turkey’s IC Ictas and the local Al-Rashid Trading & Contracting was awarded the contract to complete the renovation of Terminal 1 and Terminal 2.
The joint venture recently completed the renovation of Terminal 3 and Terminal 4 at the airport.
In August, local contractor First Fix secured a contract to construct a taxiway and apron for cargo, as well as civil and infrastructure works.
There are two other major airport projects planned in the kingdom. A design competition is expected to start later this year for a new Terminal 2 at Jeddah’s King Abdulaziz International airport (KAIA). It will be part of an estimated SR115bn ($31bn) expansion plan to make KAIA one of the world’s largest airports by increasing its capacity to 114 million passengers a year.
Jeddah plans $31bn airport expansion
The other major airport is planned for Neom. US firm Aecom confirmed in March that it had been awarded a contract to provide project management consultancy (PMC) services for the new airport project, which will be built close to Tabuk.
Although not confirmed, it is understood that the first phase of the airport will have the capacity to handle 25 million passengers a year. A second phase could take the capacity up to 50 million. There is an aspiration for the airport to become the largest in the world, with a capacity of 100 million passengers annually.
Smaller domestic airports are also being developed. In March this year, France’s Egis Group was appointed to provide technical support and project management services for 26 smaller regional airports across Saudi Arabia.
These airport projects will support Saudi Arabia’s new airlines. Riyadh Air, which will fly out of the Saudi capital, was launched earlier this year, and there are also plans to launch Neom Airlines.
Port projects
There are $16bn of port projects planned or under way in the kingdom.
The largest is the expansion of Duba Port at Neom’s industrial city development, Oxagon. That project, which is already under construction, involves turning a small regional port into a major international port that will initially support construction activity at Neom.
Other port schemes in Saudi Arabia that are planned or under way include the expansion and upgrade of Jeddah Islamic Port, Ras al-Khair Port, King Abdulaziz Port and King Fahd Port.
Mawani implements $950m of Saudi port projects
Rail renaissance
The ports will connect to Saudi Arabia’s growing rail network. Rail accounts for about 20 per cent of the transport projects total, with almost $40bn of active projects.
The port at Oxagon will be connected to Neom’s rail network, which will link developments including The Line and the airport.
Nationally, the largest upcoming rail scheme is the long-awaited Saudi Landbridge project, which involves building railways to connect ports and industrial areas on the Red Sea coast in the west with Riyadh in the centre of the kingdom and the Gulf coast in the east.
Other rail projects planned include high-speed connections between Riyadh and other GCC capitals, including Doha and Kuwait City, urban rail projects in Riyadh and the Saudi sections of the GCC railway network.
Completing the transport infrastructure roll-out is expanding the Saudi road network. There are $54bn of road projects under development in the kingdom, which accounts for about 28 per cent of the transport total. These highways will provide vital links between the new and expanded airport and ports and the other projects under development in the kingdom.
More related reads:
> National champion Saudi Logistics Services is helping the kingdom meet its ambitious targets
> Neom seeks firms for Oxagon light rail
> Neom concludes air taxi tests
> Gigaproject seeks firms for Riyadh rail link
> Riyadh Air signs Boeing engines deal
Exclusive from Meed
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Taqa caps 2024 with $1.9bn net income
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Jafurah cogeneration plant expansion talks start
13 February 2025
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Ewec invites Al-Sila wind bids
13 February 2025
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Firms submit Saudi Lenovo production plant bids
13 February 2025
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Ninety express interest for Taif airport PPP
13 February 2025
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Taqa caps 2024 with $1.9bn net income
13 February 2025
Abu Dhabi National Energy Company (Taqa) completed its full 2024 fiscal year with a net income of AED7.1bn ($1.9bn) on the back of revenues that reached AED55.2bn.
The previous year’s net income is only 1.5% higher compared to the prior year, excluding one-off items worth AED10.8bn related to the acquisition of a 5% stake in Adnoc Gas and AED1.1bn deferred tax charge due to the introduction of the UAE corporate tax.
The company’s ebitda rose 5.9%, to AED21.4bn, in 2024. However, this declined by 31% compared to the prior year if the AED10.8bn acquisition of a 5% stake in Adnoc Gas is considered.
The firm’s capital expenditure rose by 63.8% due to the construction of the Mirfa 2 and Shuweihat 4 seawater reverse osmosis (SWRO) plants, as well as the “timing and phasing of project execution” within its transmission and distribution (T&D) division and the inclusion of Taqa Water Solutions, formerly known as SWS Holding before its acquisition by Taqa last year.
Taqa’s free cash flow generation dipped from AED13.9bn in 2023 to AED2.6bn last year, reflecting “increased investments in Masdar, capital investment across generation, T&D and water solutions, and the acceleration of decommissioning activities within oil and gas”.
Gross debt rose from AED61.7bn at the end of 2023 to AED64.1bn due to the issuance of an aggregate AED6.4bn in seven-year and 12-year dual-tranche corporate bonds, consolidation of AED1.5bn in project debt from the acquisition of SWS Holding and AED1.4bn for the construction of the Mirffa 2 and Shuweihat 4 desalination projects.
This was offset by the repayment of AED3.5bn in matured corporate bonds, AED2.9bn in scheduled loan repayments and AED500m of other minor movements.
Some of the firm’s highlights in 2024 included merging Abu Dhabi Distribution Company (ADDC) and Al-Ain Distribution Company (AADC) into one brand, known as Taqa Distribution.
Taqa also continued to focus on Saudi Arabia, having reached financial close with its partners last year for the Juranah independent strategic water reservoir project and the Najim cogeneration plant project.
Along with partners Japan’s Jera and the Saudi firm Albawani, Taqa signed two 25-year power-purchase agreements with the Saudi principal buyer last year for the Rumah 2 and Nairiyah 2 combined-cycle gas turbine power plants, which have a combined generation capacity of 3.6GW.
Global expansion
Last year, Taqa acquired a 50% stake in US-based Terra-Gen Power Holdings II, while in Europe and through Abu Dhabi Future Energy Company (Masdar), it completed the acquisition of Saeta Yield from Brookfield Renewable.
Masdar and Spain’s Endesa finalised a partnership agreement last year, with Masdar acquiring a 49.99% stake in EGPE Solar, an Endesa subsidiary. Masdar also acquired Greece’s Terna Energy, which had an operating capacity of 1.2GW at the time of acquisition and is targeting 6GW of operational renewable capacity by 2029.
Oil and gas
In terms of the firm’s oil and gas business, it concluded the sale of its stake in the Atrush oil field in the Kurdish Region of Iraq in 2024.
The firm said it is also making “significant progress” in the UK, transitioning its focus towards safe and efficient decommissioning.
The firm ended production in the Northern North Sea with the cessation of production at its North Cormorant, Cormorant Alpha, Eider and Tern platforms.
Onshore gas production in the Netherlands also ceased in 2024, 50 years after the start of production in the Dutch Alkmaar region, said Taqa.
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Jafurah cogeneration plant expansion talks start
13 February 2025
Saudi Aramco and Korea Electric Power Corporation (Kepco) are understood to be undertaking talks to expand the capacity of the $500m Jafurah cogeneration independent steam and power plant (ISPP) in Saudi Arabia.
The construction of the facility is nearing completion and negotiations have started for phase 2 of the project, a source close to the project tells MEED.
At the time of its procurement, the plant's first phase was to have a power capacity of 270-320MW, and a low-pressure (LP) steam demand of 77-166 thousand pounds an hour (klb/hr) and high-pressure (HP) steam demand of 29-126 klb/hour by 2023.
The LP and HP steam demand will increase to 283-373 klb/hr and 66-321 klb/hr, respectively, by 2027.
The oil giant issued the letter of award to Kepco for the contract to develop the Jafurah ISPP scheme in July 2022.
The South Korean utility developer and investor saw off competition from two Saudi-headquartered firms, Acwa Power and Al-Jomaih, to win the contract.
Kepco subsequently awarded South Korea’s Doosan Heavy Industries & Construction the project’s engineering, procurement and construction (EPC) contract.
US/India-based Synergy Consulting provided financial advisory services to Kepco on its bid.
Sumitomo Mitsui Banking Corporation (SMBC) served as the client's financial adviser for the project. Germany’s Fichtner Consulting Engineers is technical consultant, while the UK’s Wood Group is project management consultant.
Unconventional programme
The Jafurah gas development is part of Aramco’s $3.2bn unconventional resources programme, which aims to develop shale gas in three areas. Jafurah lies southeast of Ghawar, the world’s largest conventional oil field.
As part of the Vision 2030 masterplan, Riyadh aims to ensure the kingdom remains self-sufficient in gas supply in the face of rising demand from the residential and industrial power sectors.
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Ewec invites Al-Sila wind bids
13 February 2025
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Abu Dhabi state offtaker Emirates Water & Electricity Company (Ewec) has invited prequalified developers to submit their proposals for a contract to develop a 140MW wind power project in Abu Dhabi.
The Al-Sila wind independent power project is a greenfield renewable energy project with a generation capacity of up to 140MW. When fully operational, it will more than double the existing wind generation capacity in the UAE.
Ewec said it expects to receive bids by Q2 2025.
Companies understood to have expressed interest in bidding for the contract include Japan’s Marubeni Corporation and Jera, France’s Engie and EDF Renewables, Saudi Arabia’s Acwa Power and Alfanar, and Beijing-based PowerChina, among others.
Ewec has not disclosed the list of prequalified bidders, but industry sources say most of the companies that expressed interest also passed the prequalification phase.
The Al-Sila wind project will involve the development, financing, construction, operation, maintenance and ownership of the wind farm and associated infrastructure.
The project will follow Abu Dhabi’s independent power project (IPP) model, where developers enter into a long-term power-purchase agreement with Ewec as the sole procurer of electricity.
Ewec expects the project to generate enough clean electricity to power 36,000 homes, displacing 190,000 tonnes of carbon dioxide annually.
It will also directly contribute to Abu Dhabi’s Clean Energy Strategic Target 2035, which calls for 60% of electricity production to be generated by renewable and clean sources.
Together with the existing UAE wind assets, the new project will increase the UAE’s wind generation capacity to approximately 240MW, laying the foundation for further wind energy expansion, according to Ewec’s Statement of Future Capacity Requirements report.
In October last year, Ewec and Abu Dhabi Future Energy Company (Masdar) signed a power-purchase agreement for several wind power plants in Abu Dhabi and Fujairah, with a combined capacity of over 100MW.
Their locations and capacities are:
- Sir Baniyas Island (Abu Dhabi): 45MW
- Delma Island (Abu Dhabi): 27MW
- Al-Sila Abu Dhabi: 27MW
- Al-Halah (Fujairah): 4.5MW
Masdar developed the 103.5MW wind power projects, which use “the latest technology and innovation to capture low wind speeds at utility scale, adopting advances in material science and aerodynamics to make wind power possible in the country”.
The Al-Sila wind farm takes the total number of IPPs under various procurement stages in Abu Dhabi to six. The other schemes are:
- Taweelah C combined-cycle gas turbine plant: 2,500MW
- Madinat Zayed open-cycle gas turbine plant: 1,500MW
- Al-Khazna solar IPP: 1,500MW
- Al-Zarraf solar IPP: 1,500MW
- Battery energy storage system (Bess) 1: 400MW
These IPPs have a total combined capacity of over 7,000MW.
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Firms submit Saudi Lenovo production plant bids
13 February 2025
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Contractors have submitted proposals to build a manufacturing facility in Riyadh for Chinese computer maker Lenovo.
MEED understands that the proposals for the project, known as the Oasis Project, were submitted on 10 February.
The tender notice was issued on 3 January.
The manufacturing facility will be constructed on a 200,000 square-metre site at the Special Integrated Logistics Zone at King Khalid International airport in Riyadh.
The plan is for the construction works to be undertaken in two phases, both of which are expected to be operational by 2026.
The project’s first phase involves the construction of the first plant building, main office building, warehouses, other buildings and associated infrastructure. Completion is expected by January 2026.
The second phase covers the construction of the second plant building and other associated buildings. The second phase is expected to be completed by August 2026.
According to local media reports, Alat, a subsidiary of Saudi Arabia’s Public Investment Fund (PIF), and Lenovo broke ground on the manufacturing facility on 9 February.
Lenovo secured a $2bn investment deal with Alat to manufacture computer devices in the kingdom in January.
In May 2024, Lenovo signed a collaboration agreement with Alat to set up a manufacturing facility in Saudi Arabia.
The funding will also support Lenovo in establishing a regional headquarters for the Middle East and Africa market in Riyadh. The headquarters will include customer centres, research and development centres, and manufacturing facilities for personal computers and servers.
In February last year, the PIF unveiled its $100bn capital-backed company Alat, which aims to transform Saudi Arabia into a global hub for electronics and advanced industries.
The company aims to create 39,000 direct jobs and achieve a direct non-oil GDP contribution of $9.3bn in Saudi Arabia by 2030.
It was reported that Alat would have seven business units focusing on areas such as semiconductors, artificial intelligence, next-generation infrastructure, and smart appliances and smart buildings.
According to the PIF, Alat will manufacture more than 30 product categories, including robotic systems, communications systems, advanced computers and digital entertainment products, as well as advanced heavy machinery used in construction, building and mining.
Alat is expected to focus on providing sustainable manufacturing solutions for international companies by accessing clean energy resources in Saudi Arabia to reach carbon-neutral goals by 2060, while the PIF’s own goal is to be carbon-neutral by 2050.
According to GlobalData, China is the largest producer of laptops, manufacturing a significant portion of the world’s supply. In recent years, it has faced challenges due to supply chain disruptions, including the impact of the Covid-19 pandemic and geopolitical tensions, particularly affecting markets like Ukraine and Russia.
Following China, the US also plays a crucial role in laptop production, with major companies like Dell and HP operating extensively within the country. South Korea, Japan and Taiwan are also notable players in the laptop manufacturing sector.
South Korea is reported to produce about 20% of the global supply of semiconductors, which are essential for laptop production, while Taiwan is recognised for its advanced semiconductor manufacturing capabilities. Additionally, India is working to enhance its domestic laptop production, although it currently imports over 80% of the laptops in use.
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Published on 1 February 2025 and distributed to senior decision-makers in the region and around the world, the February MEED Business Review includes:
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Ninety express interest for Taif airport PPP
13 February 2025
Some 90 firms have expressed interest in bidding for a contract to develop and operate a new international airport in Taif in the kingdom’s Mecca province.
Saudi Arabia’s Matarat Holding, through the National Centre for Privatisation & PPP (NCP), invited firms to express interest in bidding for the contract in early December.
The international and local firms that expressed their interest are:
- Abdul Ali Al-Ajmi Company (local)
- Abrdn Investcorp Infrastructure Investments (UK)
- Aeroporti Di Roma (Italy)
- Algihaz Holding (local)
- Al-Jaber Contracting (local)
- Al-Modon Al-Arabia Company (local)
- Al-Rashid Trading & Contracting Company (local)
- Al-Sharif Contracting & Commercial Development (local)
- Al-Yamama Company for Trading & Contracting (local)
- Al-Ayuni Investment & Contracting Company (local)
- Alghanim International General Trading & Contracting (Kuwait)
- Almabani General Contractors (local)
- Almansouryah Company General Contracting (local)
- AlMozaini Real Estate (local)
- Almutlaq Real Estate Investment Company (local)
- Alternative Resources Investment
- Annasban Group (local)
- Asyad Holding Company (local)
- AVIC-KDN Airport Engineering (China)
- Bangalore International Airport (India)
- Binladin International (local)
- Bouygues Batiment (France)
- CACC International Engineering
- China Harbour Engineering Company (China)
- Surbana Consultants (Singapore)
- Buna Al-Khaleej Contracting (local)
- China National Aero-Technology International Engineering Corporation (China)
- China Railway Construction Corporation (China)
- Clavrix (US)
- Consolidated Contractors Company (Greece)
- Contrax International (UAE)
- Corporacion America Airports (Luxembourg)
- Currie & Brown (UK)
- DAA International (Dublin Airport Authority, Ireland)
- Dar Al-Handasah Consultants (Shair & Partners, Lebanon)
- DG Jones & Partners (UAE)
- EB Cornerstone (UK)
- Edgenta Arabia (Malaysia)
- Egis Project (France)
- Enzar Company for Operation & Maintenance (local)
- Erada Advanced Projects (local)
- EXP Arabia (Canada)
- FAS Energy (local)
- Ghesa Ingeniera Technologia (Spain)
- GMR Airports (India)
- Gulf Investment Corporation (Kuwait)
- Haji Abdullah AliReza & Company (local)
- IC Ictas (Turkiye)
- Indiza Airport Management (South Africa)
- Innovative Contractors for Advanced Dimensions (ICAD, local)
- International Energy (local)
- Kalyon Insaat (Turkiye)
- Kolin Insaat (Turkiye)
- Korea Airports Corporation (South Korea)
- Koushan Real Estate Development Company (local)
- Lamar Holding (local)
- Limak Insaat (Turkiye)
- Lynx Contracting Company (local)
- Mada International Holding Company (local)
- Makyol Insaat (local)
- Manchester Airport Group (UK)
- Middle East Tasks (local)
- Modern Airports (local)
- Mota-Engil (Portugal)
- Mowah Company (local)
- Munich Airport International (Germany)
- Namaya Investment Company (local)
- Nasser Abdullah Abu Sarhad (local)
- National Transportation Solution Company (local)
- Nesma & Partners (local)
- Nesma Company (local)
- Pini Group (Switzerland)
- Ports Projects Management & Development Company (local)
- Salso & Associates (Greece)
- Samsung C&T Corporation (South Korea)
- Sarh Developments (local)
- Saudi Arabian Trading & Construction Company (local)
- Saudi Binladin Group (local)
- Saudi Building Technic Maintenance Company (local)
- Skilled Engineers Contracting (local)
- Sumou Real Estate Company (local)
- Tamasuk Holding Company (local)
- Tatweer Buildings Company (local)
- Tav Airports Holding (Turkiye)
- Technical Development Company for Contracting (local)
- Terminal Yapi Ve Ticaret (Turkiye)
- Vantage Group (Australia)
- Vision International Investment Company (local)
- WCT International (Malaysia)
- Zamil Group (local)
The new Taif International airport will be located 21 kilometres southeast of the existing Taif airport, with a capacity to accommodate 2.5 million passengers by 2030.
The clients opted for a 30-year build-transfer-operate (BTO) contract model, including the construction period.
In addition to a new airport terminal, the proposed design features a runway with a full-length parallel taxiway connecting to a single commercial apron.
The scope includes facility buildings, utility networks, car parks and access roads, as well as provisions for additional expansions to meet future subsystem requirements.
The new Taif International airport is expected to meet the projected increase in demand by 2055 and contribute to the economic development of Taif city and its surrounding areas, in line with the kingdom’s National Aviation Strategy.
It is also expected to meet the needs of Umrah pilgrims as a viable alternative within the region’s multi-airport system, which includes King Abdulaziz Airport in Jeddah, Prince Mohammed Bin Abdulaziz Airport in Medina and Prince Abdulmohsen Bin Abdulaziz Airport in Yanbu.
Other airport PPPs
In addition to the Taif International project, three other airports comprise the first stage of Saudi Arabia’s latest plan to modernise and privatise its international and domestic airports.
The other planned airport public-private partnership (PPP) schemes are in Abha, Hail and Qassim.
Matarat and NCP recently tendered the contract to develop and operate a new passenger terminal building and related facilities at Abha International airport. They expect to receive bids by April.
Located in Asir province, the first phase of the Abha International airport PPP project is set for completion in 2028. It will increase the airport terminal area from 10,500 square metres (sq m) to 65,000 sq m.
The contract scope includes a new rapid-exit taxiway on the current runway, a new apron to serve the new terminal, access roads to the new terminal building and a new car park area. The scope also includes support facilities such as an electrical substation expansion and a new sewage treatment plant.
The transaction advisory team for the client on the Abha airport PPP scheme comprises UK-headquartered Deloitte and Ashurst as financial and legal advisers, respectively, and ALG as technical adviser.
Previous tenders
The Taif, Hail and Qassim airport schemes were previously tendered and awarded as PPP projects using a BTO model.
Saudi Arabia’s General Authority of Civil Aviation (Gaca) awarded the contracts to develop four airport PPP projects to two separate consortiums in 2017.
A team of Tukey’s TAV Airports and the local Al-Rajhi Holding Group won the 30-year concession agreement to build, transfer and operate airport passenger terminals in Yanbu, Qassim and Hail.
A second team, comprising Lebanon’s Consolidated Contractors Company, Germany’s Munich Airport International and local firm Asyad Group, won the BTO contract to develop Taif International airport.
However, these projects stalled following the restructuring of the kingdom’s aviation sector.
Saudi Arabia has already privatised airports, including the $1.2bn Prince Mohammed Bin Abdulaziz International airport in Medina, which was developed as a PPP and opened in 2015.
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