Meed | Local firms rise in GCC Power Developer Ranking

Local firms rise in GCC Power Developer Ranking

24 September 2024

Two Saudi Arabia-headquartered firms have joined Acwa Power in the top 10 of MEED’s 2024 GCC Power Developer Ranking.

Aljomaih Energy & Water Company and Ajlan & Bros have entered the list, occupying the sixth and ninth spots, respectively.

The latest developer ranking included a survey of 109 privately owned and financed power generation plants in the six GCC states, including those with attached water desalination facilities. These plants have a collective gross electricity generation capacity of approximately 112,400MW.

These projects include seven solar, two wind and two gas-fired plants, as well as one industrial steam and cogeneration facility, with a total combined gross capacity of 19,635MW, for which contracts were awarded between September 2023 and August 2024.

Of the total capacity awarded during the 12-month period, solar photovoltaic (PV) and wind capacity accounted for 58%, or 11,400MW. Three solar PV contracts with a total capacity of 5,500MW, directly negotiated between Saudi Arabia’s Public Investment Fund (PIF) and a team led by Riyadh-headquartered Acwa Power, comprised nearly half of the awarded renewable IPP capacity.

These three contracts, along with a fourth for the development and operation of the 3,800MW Taiba 1 and Qassim 1 combined-cycle gas turbine (CCGT) IPP, helped boost Acwa Power’s dominance over its competitors.

Acwa Power's 35.1% stake in the 2,000MW Haden, the 2,000MW Muwayh and 1,500MW Al-Khushaybi solar PV projects, and its 40% share in Taiba 1 and Qassim 1, increased the company's total net capacity by 3,200MW, up 23% from last year’s 13,340MW. This figure takes into account the dilution of its shares in Rabigh Arabian Water & Electricity Company. As a result of the contracts it won, Acwa Power’s gross capacity also rose by 8,800MW to reach a total of 45,150MW.

Acwa Power has occupied the top spot in MEED’s GCC Power Developer Ranking in terms of net capacity since 2021, but it overtook its main rival, French utility developer and investor Engie, in terms of gross capacity only the following year.

Excluding the capacity of the directly negotiated solar IPP contracts that Acwa Power secured with the PIF in the past
three years does not change the company’s dominant position in the ranking, although it decreases its net and gross capacities by 25% and 24%, respectively.

Contenders

With no new contracts won, Engie still managed to retain second place in the ranking, with a net capacity of close to 8,000MW.

The successful bids of a team comprising Japan’s Marubeni Corporation and Ajlan & Bros for the contracts to develop and operate the 600MW Al-Ghat and 500MW Waad Al-Shamal wind schemes in Saudi Arabia increased Marubeni’s net capacity to 4,257MW, up 555MW compared to the previous year.

As with Engie, Japan’s Mitsui did not win any new contracts but retained its fourth place in the ranking, just above EDF, which climbed two positions to claim this year’s fifth spot and registered a net capacity that nearly doubled to reach 2,047MW.

EDF’s impressive performance accrued from its equities in three contracts: the 1,100MW Hinakiyah solar PV and the 3,960MW Taiba 2 and Qassim 2 CCGT projects in Saudi Arabia, and Abu Dhabi’s 1,500MW Al-Ajban solar PV scheme.

EDF knocked Japanese developer Sumitomo down the ranking; it landed in the seventh spot this year. Saudi Arabia’s Aljomaih Energy & Water Company – which was not part of the top 10 last year – rose past Sumitomo to claim sixth position.

Aljomaih’s 30% shareholding in the Taiba 2 and Qassim 2 IPP increased its net capacity by close to 1,200MW from just 775MW in the previous 12-month period.

Previously ranked sixth, Japan’s Jera fell to eighth place, despite having won the contract to develop the Najim cogeneration plant catering to Saudi Arabia’s Amiral petrochemicals complex, which it secured along with Abu Dhabi National Energy Company (Taqa).

Below Jera in the ranking is Ajlan & Bros, which is Marubeni’s partner for the contract to develop the Al-Ghat and Waad Al-Shamal wind IPPs. Ajlan is also understood to have taken a 30% stake in the consortium that won the contract to develop the Taiba 2 and Qassim 2 CCGT project.

China’s Jinko Power rounded out the top 10. It led the team that won the contract to develop the 400MW Tubarjal solar IPP in Saudi Arabia in November last year.

Local developers

The rise of Aljomaih and Ajlan & Bros, which led to South Korea’s Korea Electric Power Corporation (Kepco) and Singapore’s Sembcorp dropping out of the power developer ranking’s top 10 this year, confirms the improving profile of regional utility developers.

The resurgence of gas-fired power generation IPPs – in part due to Saudi Arabia’s liquid fuel displacement programme and the overall demand for baseload to address rising renewable energy capacity – is helping local developers to strengthen their footing.

“The reduced interest from European and Japanese contractors in bidding for gas-fired power generation projects could present an opportunity for local developers and investors,” says a senior executive with an international developer.

“As these firms are less constrained by their 2040-50 net-zero targets, they might focus on efficiency and quick deployment rather than on adhering to decarbonisation timelines, allowing for more flexibility in CCGT projects.”

The fact that only two teams submitted bids for the contracts to develop the next pair of CCGT IPPs in Saudi Arabia supports this observation. Similarly, Qatar’s General Electricity & Water Corporation (Kahramaa) received only one bid from a team led by Sumitomo for the contract to develop the Facility E independent water and power producer (IWPP) project earlier this year.

Conscious of its own net-zero targets, and those of its partners, Abu Dhabi state utility Emirates Water & Electricity Company (Ewec) is adopting a slightly different approach for its next CCGT project in Taweelah by announcing that a carbon-capture facility will be installed as part of the project once such solutions become commercially viable.

In addition, the power-purchase agreement (PPA) for Taweelah C is expected to expire by 2049, making it several years shorter than previous PPAs and in line with the UAE's plan to reach net-zero carbon emissions by 2050.

So far, the market has responded positively, with nine companies having met Ewec’s prequalification requirements for Taweelah C.

However, the scale and volume of gas and renewable energy projects planned by Saudi Arabia, which has said it could procure up to 20GW of renewable energy capacity annually starting this year, is expected to continue to boost the net capacity of local developers and their less net-zero-constrained counterparts for the foreseeable future.

There is also an expectation that the exclusion of Acwa Power from the latest round of tenders for Saudi Arabia’s National Renewable Energy Programme (NREP) could further open up opportunities for other companies, regardless of their origin and net-zero targets.

Tariffs

There are mixed expectations in terms of how levelised electricity costs (LCOE) will behave over the next 12 months. Compared to the preceding decade, when unsubsidised renewable energy production costs consistently and sharply declined, tariffs have become less predictable since 2022.

In the region, solar PV tariffs in particular have trended upward since Acwa Power offered to develop the Shuaibah 1 solar IPP scheme for $cents 1.04 a kilowatt-hour (kWh) in 2020-21.

These tariffs have remained highly competitive relative to those seen in other, less renewable energy-intense regions, however, disincentivising some developers that felt they could not compete on price.

The next six to 12 months could prove decisive, according to one industry expert.

“It is possible that the surge in renewable projects could limit the availability of competent engineering, procurement and construction (EPC) contractors. The combination of aggressive national targets and competition for EPC services may drive up prices and slow project timelines,” the Dubai-based executive tells MEED.

“With raw materials and commodity prices trending downward, it's feasible that renewable energy tariffs could remain low in the short term. However, sustained record-low tariffs will also depend on the availability of financing, local regulations and grid integration costs.”

The LCOE trend for gas-fired power generation schemes seems more predictable.

According to the executive, the limited capacity of original equipment manufacturers, particularly for turbines and other key components of CCGT plants, will likely push tariffs up over the next 12 months.

“Limited availability of high-efficiency equipment will increase procurement costs and construction timelines, influencing the overall project cost.”

This extends to CCGTs incorporating carbon capture, where the LCOE will likely increase due to additional capital and operational expenses. “Whether these costs are absorbed through renegotiation or passed on to the state offtaker will depend on the power-purchase agreement structure,” he says.

Brisk pace of IPP awards set to continue

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Jennifer Aguinaldo

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Ongoing political turmoil in the region may be prompting Abu Dhabi to review its approach to key diplomatic issues, not least its relations with its larger neighbour, Saudi Arabia.

In late September, UAE Vice-President Sheikh Mansour Bin Zayed Al-Nahyan travelled to Riyadh for talks with Crown Prince Mohammed Bin Salman and Defence Minister Prince Khalid Bin Salman. Such visits may have been commonplace in the past, but over the past year they have been relatively rare, given the friction between the two Gulf powers over issues such as the conflict zones of Yemen and Sudan, relations with Israel and economic rivalry.

At the start of the year, the UAE retreated from Yemen under pressure from Riyadh, after the UAE-backed Southern Transitional Council made rapid territorial gains at the expense of Saudi-backed groups and advanced close to the kingdom’s southern border.

Since then, against the backdrop of the Iran war, relations have shown further signs of strain, with cross-border financial transactions reportedly being blocked or delayed.

However, there have been intermittent attempts to present a more collegial relationship, such as in July, when a photo emerged on social media of Sheikh Mansour and Prince Khalid posing with their arms around each other, reportedly while on holiday in Europe.

Yemen dynamics

Gains by another group in Yemen may lie behind the latest rapprochement between Riyadh and Abu Dhabi. The visit by Sheikh Mansour on 29 September came in the wake of significant advances by the Houthis, who had recently captured Mokha port and strategically significant areas of land overlooking the Bab El-Mandeb Strait – heightening their ability to menace passing ships.

Saudi Arabia has been leaning on its allies – particularly Pakistan and Turkiye – to support its campaign against the Houthis. It is unclear whether the UAE would be willing to get involved militarily in Yemen again, or whether Riyadh would be happy for it to do so, but it could still be a useful ally in the fight. Analysts have noted that UAE-backed forces have, over the years, had a far greater record than anyone else of scoring battleground victories against the Houthis.

It is also notable that Mansour’s delegation to Riyadh included several senior security officials, including Ali Bin Hammad Al-Shamsi, secretary general of the Supreme Council for National Security; Ali Saeed Matar Al-Neyadi, chairman of the National Emergency, Crisis and Disaster Management Authority; and Nasser Humaid Al-Nuaimi, secretary general of the Tawazun Council for Defence Enablement.

The visit was a surprise, given the GCC states’ lack of unified action this year amid the crises in Yemen and Iran. Speaking at an event in Washington in mid-September, Bernard Haykel, professor of Near Eastern Studies at Princeton University, noted that: “Despite the fact that [the GCC states] all face a common threat in Iran and its proxies, you still don’t see real coordination between them. You still have these differences between the Saudis and the UAE, for instance; you have differences between the Qataris and the UAE. If anything would have united them, this would be it. And you don’t see that kind of unity.”

Writing for the Arab Gulf States Institute in early October, Kristian Coates Ulrichsen, a Baker Institute fellow for the Middle East at Rice University, said Mansour’s visit to Riyadh in late September was “likely meant to signal that the thaw [in bilateral relations] was real” and “designed to enable a more coordinated approach to managing the forces ranged against the Houthis in southern and central Yemen”.

Further signs of warming ties came on 8 October, when UAE Investment Minister Mohamed Hassan Alsuwaidi signed a memorandum of understanding with Saudi Industry and Mineral Resources Minister Prince Abdulaziz Bin Salman covering power grid interconnections, trade in electricity and freight rail connectivity.

On the same day, the Saudi ambassador to the UAE invited President Sheikh Mohamed Bin Zayed Al-Nahyan to attend a GCC-EU Summit in Saudi Arabia later in the month.

Sheikh Mansour was not the only senior Emirati on diplomatic manoeuvres in recent weeks. The day after the vice-president was in Riyadh, national security adviser Sheikh Tahnoun Bin Zayed Al-Nahyan was in Muscat for talks with Sultan Haitham Bin Tariq Al-Said.

Oman is a critical partner for the UAE in several areas. Omani ports have provided a trade lifeline for Emirati importers and exporters at a time when ports in Dubai and Abu Dhabi have been sidelined by Iran’s threats against shipping through the Strait of Hormuz. Muscat’s approach of maintaining dialogue with all actors means it is also able to mediate with both Iran and Yemen’s Houthis.

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Speaking at the UN General Assembly in New York on 28 September, Minister of State Khalifa Shaheen Al-Marar reviewed the crises in Iran, Sudan, Gaza, Ukraine and elsewhere and said “the importance of developing and reforming regional and international multilateral institutions … remains paramount” – but while he name-checked the UN, he did not mention the GCC.

It is also notable that the UAE has not yet joined either of the two security initiatives launched by Saudi Arabia during the summer: a maritime defence alliance designed to protect shipping in the Red Sea, or a mutual defence pact that Riyadh signed with Turkiye and Pakistan.

In his speech to the UN, Al-Marar listed what he saw as the main pillars of the UAE’s national strength: “strategic independence” was the first item in his list.

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Abu Dhabi mends fences with Riyadh
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Ongoing political turmoil in the region may be prompting Abu Dhabi to review its approach to key diplomatic issues, not least its relations with its larger neighbour, Saudi Arabia.

In late September, UAE Vice-President Sheikh Mansour Bin Zayed Al-Nahyan travelled to Riyadh for talks with Crown Prince Mohammed Bin Salman and Defence Minister Prince Khalid Bin Salman. Such visits may have been commonplace in the past, but over the past year they have been relatively rare, given the friction between the two Gulf powers over issues such as the conflict zones of Yemen and Sudan, relations with Israel and economic rivalry.

At the start of the year, the UAE retreated from Yemen under pressure from Riyadh, after the UAE-backed Southern Transitional Council made rapid territorial gains at the expense of Saudi-backed groups and advanced close to the kingdom’s southern border.

Since then, against the backdrop of the Iran war, relations have shown further signs of strain, with cross-border financial transactions reportedly being blocked or delayed.

However, there have been intermittent attempts to present a more collegial relationship, such as in July, when a photo emerged on social media of Sheikh Mansour and Prince Khalid posing with their arms around each other, reportedly while on holiday in Europe.

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Gains by another group in Yemen may lie behind the latest rapprochement between Riyadh and Abu Dhabi. The visit by Sheikh Mansour on 29 September came in the wake of significant advances by the Houthis, who had recently captured Mokha port and strategically significant areas of land overlooking the Bab El-Mandeb Strait – heightening their ability to menace passing ships.

Saudi Arabia has been leaning on its allies – particularly Pakistan and Turkiye – to support its campaign against the Houthis. It is unclear whether the UAE would be willing to get involved militarily in Yemen again, or whether Riyadh would be happy for it to do so, but it could still be a useful ally in the fight. Analysts have noted that UAE-backed forces have, over the years, had a far greater record than anyone else of scoring battleground victories against the Houthis.

It is also notable that Mansour’s delegation to Riyadh included several senior security officials, including Ali Bin Hammad Al-Shamsi, secretary general of the Supreme Council for National Security; Ali Saeed Matar Al-Neyadi, chairman of the National Emergency, Crisis and Disaster Management Authority; and Nasser Humaid Al-Nuaimi, secretary general of the Tawazun Council for Defence Enablement.

The visit was a surprise, given the GCC states’ lack of unified action this year amid the crises in Yemen and Iran. Speaking at an event in Washington in mid-September, Bernard Haykel, professor of Near Eastern Studies at Princeton University, noted that: “Despite the fact that [the GCC states] all face a common threat in Iran and its proxies, you still don’t see real coordination between them. You still have these differences between the Saudis and the UAE, for instance; you have differences between the Qataris and the UAE. If anything would have united them, this would be it. And you don’t see that kind of unity.”

Writing for the Arab Gulf States Institute in early October, Kristian Coates Ulrichsen, a Baker Institute fellow for the Middle East at Rice University, said Mansour’s visit to Riyadh in late September was “likely meant to signal that the thaw [in bilateral relations] was real” and “designed to enable a more coordinated approach to managing the forces ranged against the Houthis in southern and central Yemen”.

Further signs of warming ties came on 8 October, when UAE Investment Minister Mohamed Hassan Alsuwaidi signed a memorandum of understanding with Saudi Industry and Mineral Resources Minister Prince Abdulaziz Bin Salman covering power grid interconnections, trade in electricity and freight rail connectivity.

On the same day, the Saudi ambassador to the UAE invited President Sheikh Mohamed Bin Zayed Al-Nahyan to attend a GCC-EU Summit in Saudi Arabia later in the month.

Sheikh Mansour was not the only senior Emirati on diplomatic manoeuvres in recent weeks. The day after the vice-president was in Riyadh, national security adviser Sheikh Tahnoun Bin Zayed Al-Nahyan was in Muscat for talks with Sultan Haitham Bin Tariq Al-Said.

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The flurry of diplomatic activity may be a sign of closer coordination between the UAE and its neighbours on some critical issues, but that does not necessarily herald a sea change in its approach.

Speaking at the UN General Assembly in New York on 28 September, Minister of State Khalifa Shaheen Al-Marar reviewed the crises in Iran, Sudan, Gaza, Ukraine and elsewhere and said “the importance of developing and reforming regional and international multilateral institutions … remains paramount” – but while he name-checked the UN, he did not mention the GCC.

It is also notable that the UAE has not yet joined either of the two security initiatives launched by Saudi Arabia during the summer: a maritime defence alliance designed to protect shipping in the Red Sea, or a mutual defence pact that Riyadh signed with Turkiye and Pakistan.

In his speech to the UN, Al-Marar listed what he saw as the main pillars of the UAE’s national strength: “strategic independence” was the first item in his list.

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ALSO READ: Adnoc signs energy agreements with Japan and South Korea

Separately, Adnoc has secured offtake commitments covering approximately 90% of the 9.6 million-t/y capacity planned for its low-carbon Ruwais LNG project.

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Indrajit Sen

Fibrex wins $217m Abu Dhabi Seamont residences contract

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Abu Dhabi-based contractor Fibrex Construction Group has won an AED800m ($217m) contract to build the Seamont Autograph Collection Residences project, located on Al-Reem Island in the UAE capital.

Abu Dhabi-based real estate developer Royal Development Holding, a subsidiary of Emirates Stallion Group, and local firm Saas Properties awarded the contract.

The development comprises two 22-storey towers offering 497 residences, ranging from one- to four-bedroom apartments.

The construction programme is scheduled to run for 27 months, with completion due in December 2028.

Fibrex will begin mobilisation immediately, following the completion of enabling works this month, which were undertaken by Sharjah-based Swiss Pro Foundations.

Dubai-based architectural firm Dewan Architects & Engineers is the project consultant.

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That contract includes the construction of 636 villas.

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

Industry and logistics drive development at Neom; Saudi Arabia’s investment priorities realign amid conflict; MEED’s 2026 power developer ranking.

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

> AGENDA: Oxagon takes centre stage at Neom

> MARKET FOCUS: Saudi projects hold steady

> INDUSTRY REPORT: MEED’s 2026 GCC power developer ranking

> POWER: AI is creating a grid capacity problem

> LEGAL: What IFAD’s wind-down means for Gulf commodity markets

> OIL: Oil companies focus on North Africa amid Hormuz crisis

> LEADERSHIP: The future city does not need to hang above the ground

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

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Dubai picks contractor for Al-Maktoum airport terminal

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Dubai Aviation Engineering Projects (DAEP) has selected a contractor for an estimated AED10bn ($2.7bn) substructure package for the West Terminal, as part of the first phase of the $35bn expansion of Al-Maktoum International airport.

A joint venture of Beijing-headquartered China Civil Engineering Construction Corporation (CCECC) and Abu Dhabi-based Tristar Engineering & Construction will execute the contract.

According to a description on DAEP’s website, the expanded airport’s West Terminal will be a seven-level facility spanning 800,000 square metres, with annual capacity for 45 million passengers.

The terminal will be the second of three planned terminals at Al-Maktoum International airport. It will connect to the airside via a 14-station automated people-mover (APM) system.

In July, MEED exclusively reported that DAEP had awarded an estimated $1.5bn contract to a joint venture of Japan’s Mitsubishi Corporation and Indian contractor Larsen & Toubro for the APM system.

The APM will run beneath the apron and terminal areas, using multiple tracks to transport passengers between terminals and concourses. Four underground stations are planned in the first phase, while the full airport development is expected to include 14 stations.

The latest awards form part of a wider programme of contracts recently signed by DAEP, covering enabling works, the second runway, initial structural foundations for passenger terminals and concourse substructures.

Upcoming awards

In June 2026, DAEP said it will award construction contracts worth over AED55bn ($15bn) for Al-Maktoum International airport by the end of the year.

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DAEP also plans to award façade and roofing packages in 2026.

The Dubai Government approved updated designs and timelines for its largest construction project in April 2024. In September 2024, MEED exclusively reported that a team comprising Austria’s Coop Himmelb(l)au and Lebanon’s Dar Al-Handasah had been confirmed as lead masterplanning and design consultants for the Al-Maktoum International airport expansion.

Construction of the airport is planned in three phases. Once complete, the airport will cover 70 square kilometres south of Dubai and include five parallel runways and 430 aircraft gates.

It will be five times the size of Dubai International airport and is planned to have a passenger-handling capacity of 260 million passengers a year – the largest in the world. For cargo, it is planned to have the capacity to handle 12 million tonnes a year.