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• 
  Saudi Arabia’s private sector steps up

  4 March 2026

  Commentary
  Colin Foreman
  Editor

  Read the March issue of MEED Business Review

  At the Future Investment Initiative (FII) in Riyadh in 2019, a head of a regional family business voiced a guarded concern. The worry was that the scale and speed of the Public Investment Fund’s (PIF’s) projects were crowding out the private sector, leaving little space for traditional players to compete.

  Fast forward more than six years and much has changed. In 2026, the era of the PIF acting as the principal driver for development is giving way to a new phase where the private sector is taking a more active role.

  At February’s Private Sector Forum (PSF), officials acknowledged that the kingdom’s priorities have evolved since 2016. This has led to reprioritisation, including the indefinite postponement of the 2029 Asian Winter Games in Trojena and the scaling back of projects such as The Line – moves framed as strategic adjustments amid global economic uncertainty.

  With the 2034 Fifa World Cup and Expo 2030 on the horizon, alongside the rapid ascent of artificial intelligence, Riyadh is right to realign its capital. It is far more reassuring to see a government adapt its strategy to a changing global economy than to blindly pursue an outdated plan. The PIF, now managing $913bn in assets, is seeking ‘escape velocity’, allowing sectors such as tourism and real estate to stand independently.

  The private sector is beginning to respond. Recent agreements signed at the PSF – ranging from King Salman International airport’s mixed-use developments to Roshn’s logistics partnership with Agility – show that local and regional firms are rising to the challenge.

  There is still work to be done. Some sectors are more ready for investment than others, and scaling back projects has dented the confidence of some investors.

  But overall, the tide is turning. The crowding out fears of 2019 have been replaced by a drive to get the private sector more involved, and while it will take time for momentum to fully develop, the process of passing the baton has already begun.

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

  Riyadh urges private sector to take greater role; Chemical players look to spend rationally; Economic uptick lends confidence to Cairo’s reforms.

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

  > AGENDA: Saudi Arabia’s private sector picks up the baton > RAMADAN: Data disproves the Ramadan slowdown story > INDUSTRY REPORT: Chemicals producers look to cut spending > INDUSTRY REPORT: Global petrochemical project capex set to rise until 2030 > MARKET FOCUS: Egypt’s crisis mode gives way to cautious revival > 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

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

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  Colin Foreman
• 
  Iraq’s Atrush and Sarsang oil fields stop production due to Iran conflict

  4 March 2026

  Production has stopped at the Atrush and Sarsang blocks in the Kurdistan Region of Iraq, and output has been slashed at key fields in the south of the country.

  Canada-based ShaMaran Petroleum Corporation, which holds stakes in Atrush and Sarsang, said that production had stopped at both fields as a precautionary measure due to “the deterioration in the regional security environment” related to the US and Israel’s conflict with Iran.

  ShaMaran holds a 50% working interest in the Atrush Block and an 18% working interest in the Sarsang Block.

  Erbil-headquartered HKN Energy is also a partner in both fields.

  Prior to the latest shutdown, in the company’s most recent quarterly report, it said that Atrush had produced an average of 29,400 barrels a day (b/d) over the three-month period, and Sarsang produced 18,200 b/d.

  Due to the field closures in Iraqi Kurdistan, it has been reported that exports to the Turkish port of Ceyhan via the Iraq-Turkiye pipeline have fallen to zero while all of the crude produced in the region is used domestically.

  Iraq’s Rumaila field, in the south of the country, is also being severely impacted by the ongoing conflict.

  On 3 March, the decision was taken to completely stop production at the South Rumaila field, after Iran’s Islamic Revolutionary Guard Corps declared the Strait of Hormuz closed.

  The Rumaila oil field, which is made up of North Rumaila and South Rumaila, is the second-biggest oil field in the world.

  The oil field normally has the capacity to produce around 1.2 million b/d, but has cut production by at least 700,000 b/d due to overloaded storage.

  Also in the south of the country, there have been cuts to production at the West Qurna-2 and Maysan fields.

  Several other Iraqi oil and gas fields have shut down recently amid the US and Israel’s ongoing war with Iran.

  The Shaikan field in northern Iraq’s semi-autonomous Kurdistan region has stopped production due to security concerns.

  The field is operated by London-listed Gulf Keystone Petroleum, which has said in a statement that it had “temporarily shut-in production operations and has taken measures to protect staff in light of the developing regional security environment”.

  Shaikan is one of Iraqi Kurdistan’s largest producing fields and produced more than 41,500 barrels a day in 2025.

  The production stoppage at Shaikan came days after gas production was halted at Iraqi Kurdistan’s Khor Mor field on 28 February.

  UAE-based Dana Gas stopped supplying power plants from the field due to the “abnormal situation and war taking place in the area”, according to a joint statement from the Kurdistan region’s natural resources and electricity ministries.

  The gas halt is expected to cut electricity generation capacity by 2,500-3,000MW, with authorities seeking alternative supply to limit the shortfall, the ministries said.

  

  https://image.digitalinsightresearch.in/uploads/NewsArticle/15853790/main.jpg

  Wil Crisp
• 
  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
• 
  Firms prepare Port of Duqm consultancy bids

  3 March 2026

  Oman’s Port of Duqm has issued tender notices inviting consultants to bid for two packages by mid-March.

  The scope of the first tender covers the consultancy services for inspection, scope preparation and supervision of the sewage treatment plant.

  The bid submission deadline is 18 March.

  The scope of the other tender includes the consultancy services for port marine traffic assessment/simulation and impact study.

  The bid submission deadline for this package is on 17 March.

  Both tenders were floated late last month.

  The Port of Duqm is a deepwater, multipurpose port on Oman’s Arabian Sea coast, developed within the Special Economic Zone at Duqm (Sezad).

  Its location outside the Strait of Hormuz is a key advantage, positioning Duqm as a strategic alternative gateway for cargo moving between the Gulf, the Indian subcontinent and East Africa, and supporting Oman’s push to grow non-oil trade and port-led industry.

  Designed to handle a mix of cargoes, including containers, dry bulk, breakbulk and liquid bulk, the port forms part of a wider Duqm complex that also includes a major dry dock and large industrial land allocations for energy, manufacturing and logistics projects.

  As the port and SEZ expand in phases, consultancy tenders typically reflect the next steps in delivery and operations, covering engineering and technical studies, commercial assessments, and readiness planning tied to new terminals and industrial tie-ins.

  

  https://image.digitalinsightresearch.in/uploads/NewsArticle/15840397/main.jpg

  Yasir Iqbal
• 
  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.

  

  https://image.digitalinsightresearch.in/uploads/NewsArticle/15778187/main.jpg

  Yasir Iqbal