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.
Register for MEED's guest program now to access this article.
Exclusive from Meed
-
-
-
-
Axens signs Egypt refining deal8 July 2026
-
Gulftainer commits to $2bn expansion plan8 July 2026
All of this is only 1% of what MEED.com has to offer
Subscribe now and unlock all the 153,671 articles on MEED.com
- All the latest news, data, and market intelligence across MENA at your fingerprints
- First-hand updates and inside information on projects, clients and competitors that matter to you
- 20 years' archive of information, data, and news for you to access at your convenience
- Strategize to succeed and minimise risks with timely analysis of current and future market trends
Related Articles
-
Firms submit King Salman airport project prequalifications
8 July 2026
Register for MEED’s 14-day trial access
Saudi Arabia’s King Salman International Airport Development Company (KSIADC) received prequalification statements on 1 July from contractors for two new packages at King Salman International airport (KSIA) in Riyadh.
These include the construction of a permanent East-West corridor and landside access roads serving the North and South terminals.
The scope covers the construction of roads, bridges and tunnels.
The client is expected to float the tenders soon.
The latest development follows KSIADC's selection of three groups to deliver the Terminal 6 apron, taxiways and other airfield infrastructure at KSIA.
KSIADC, which is backed by Saudi sovereign wealth vehicle the Public Investment Fund, will initially deliver the project on an early contractor involvement basis.
In March, MEED exclusively reported that KSIADC had selected three groups for the construction of Terminal 6.
In November last year, MEED reported that KSIADC was targeting mid-2026 to award the contract for the construction of Terminal 6.
MEED reported in May 2025 that US firm Bechtel Corporation had been appointed as the delivery partner for the terminals at KSIA.
According to local media reports, KSIADC’s acting CEO, Marco Mejia, said the project developer has completed the project’s masterplan.
The reports added that Terminal 6 will boost the airport’s capacity by 40 million passengers.
The project is expected to be delivered before the start of Expo 2030 Riyadh.
https://image.digitalinsightresearch.in/uploads/NewsArticle/17588533/main.jpg -
WEBINAR: Saudi Giga Projects: Market Update for Q3 2026
8 July 2026
Webinar: Saudi Giga Projects: Market Update for Q3 2026
Tuesday 21 July 2026 | 11:00 AM GST | Register now
Agenda:
- Saudi projects market outlook and giga projects update
- 2026 contract awards, project activity and market performance
- Giga project reprioritisation, funding allocation and delivery progress
- Key project announcements, milestones and market developments to watch
- Major contracts awarded across construction, infrastructure and utilities
- Upcoming tenders and contract award opportunities over the next 6–12 months
- Geopolitical risks and their impact on project execution and investment
- Progress across NEOM, The Red Sea, Diriyah, Qiddiya and New Murabba
- Major non-giga project opportunities and growth sectors across Saudi Arabia
- Short-, medium- and long-term outlook for the Saudi projects market
- Audience Q&A
Hosted by: Yasir Iqbal, MEED's construction editor
https://image.digitalinsightresearch.in/uploads/NewsArticle/17588750/main.jpg -
Genel Energy buys Egypt-focused oil company for $360m
8 July 2026
Register for MEED’s 14-day trial access
UK-listed Genel Energy has agreed to acquire Egypt-focused Capricorn Energy in a $360m all-cash deal.
Genel said the acquisition will combine its Kurdistan production base with Capricorn’s portfolio of Egyptian oil and gas assets.
The company also said the deal will allow it to obtain production in a country with a “well-established regulatory regime, stable contracts and attractive fiscal terms”.
Several approvals are still required before the acquisition can be finalised.
In a statement, Genel said: “Genel’s strategy is to build a business with resilient diversified cash flows that deliver sustainable value to shareholders.
“The Genel board and Genel management are resolute in their belief that this can best be achieved through strategic acquisitions, which add substantial high-quality producing assets to its existing portfolio.”
Genel’s existing oil and gas assets include its 25% non-operated working interest in the Tawke PSC in the Kurdistan Region of Iraq.
The company said this asset generated working interest production averaging 17,520 barrels a day (b/d) of oil in 2025 and had operating costs of around $4 a barrel.
The combined group is expected to hold reserves of 117 million barrels of oil equivalent and production of 41,003 b/d.
Capricorn is headquartered in Edinburgh and has been listed on the London Stock Exchange for more than 30 years.
Its core operations are in Egypt’s Western Desert region, where it holds onshore development and production assets.
In May 2025, Capricorn agreed with Egyptian General Petroleum Corporation to consolidate eight of its 50:50 jointly owned concessions into a single integrated licence with enhanced commercial terms. Capricorn announced in March 2026 that it had received formal parliamentary ratification of the agreement.
The deal has been announced at a time when Genel is seeing frequent disruption to operations at its assets in Iraqi Kurdistan.
Production was temporarily suspended at the Tawke field in February after the US and Israel attacked Iran, increasing security concerns in the wider region.
While the security situation is understood to have improved in the Iraqi Kurdistan region and many oil companies have resumed operations, there are now concerns that the Iraq-Turkiye Pipeline could be shut due to an agreement between the two countries expiring later this month.
If the pipeline does stop operations, it will negatively impact Genel as it is the main route through which the company’s Iraqi oil is exported.
https://image.digitalinsightresearch.in/uploads/NewsArticle/17587599/main.jpg -
Axens signs Egypt refining deal
8 July 2026
Register for MEED’s 14-day trial access
France’s Axens has signed a long-term agreement with the Egyptian Refining Company (ERC) that covers product supply, digital transformation and refinery performance optimisation.
ERC operates Egypt’s $4.4bn Mostorod refinery, which was inaugurated in September 2020.
In a statement about the deal, Axens said that it will “leverage its comprehensive and integrated portfolio of technologies, equipment, catalysts and services to support ERC’s operational, economic and sustainability objectives”.
It added: “With its end-to-end expertise across the entire refining value chain, Axens is uniquely positioned to support ERC from early-stage project studies through engineering, unit start-up, operational optimisation and long-term technical follow-up.
“This fully integrated approach will help ensure reliability, operational excellence and environmental performance across the refinery’s life cycle.”
Quentin Debuisschert, the chief executive and chairman of Axens, said: “This long-term agreement marks an important milestone in the relationship between Axens and ERC.
“It reflects our ability to support customers beyond technology licensing by delivering a fully integrated offering that combines all process and catalyst technologies a modern refinery needs, services, digital solutions, operational expertise and training.
“We are committed to supporting ERC’s ambitions in operational excellence, digital transformation and sustainability while helping maximise the long-term value and competitiveness of its assets.
“We are proud and motivated to continue supporting ERC in ensuring the economic and operational success of its refinery."
Mohamed Saad, the president of ERC, said: “ERC values its strong partnership with Axens and the confidence this agreement brings for the future.
"This collaboration will help us continue enhancing refinery performance, maximising operational efficiency and delivering high-quality products to support Egypt’s energy needs.”
The Mostorod refinery is located 10 kilometres north of Cairo and has the capacity to produce about 4.7 million tonnes of petroleum products annually.
It sells all of its output directly to the national oil company Egyptian General Petroleum Corporation under a 25-year agreement.
When the refinery was brought online and reached full capacity, it boosted Egypt’s capacity to produce diesel by 30% and increased gasoline production by 15%.
Operations started at the refinery in November 2019.
Qatar Petroleum is a stakeholder in the project. It owns 38.1% of the Arabian Refinery Company, which in turn owns 66.6% of ERC.
The Mostorod refinery mainly produces Euro 5 refined products, including diesel and jet fuel, which are intended for consumption primarily in Cairo and surrounding areas.
https://image.digitalinsightresearch.in/uploads/NewsArticle/17587498/main.jpg -
Gulftainer commits to $2bn expansion plan
8 July 2026
Gulftainer has unveiled a $2bn strategy to transform from a ports and terminals operator into an integrated global trade infrastructure company, a long-horizon commitment made at a port that was struck three months ago and in a region where the shipping lanes it depends on are under renewed attack.
The strategy restructures the company around four platforms: container terminals and maritime gateways, inland logistics and multimodal transport, logistics parks and industrial ecosystems, and regional maritime services connecting strategic trade corridors.
At the centre of the strategy is Khorfakkan Port, the UAE's deepwater gateway on the Gulf of Oman. Expansion works will raise annual handling capacity from 3.5 million twenty-foot equivalent units (TEUs) to 5 million TEUs, a 43% uplift, with a long-term master plan targeting more than 10 million TEUs. Planned integration with Etihad Rail will turn the port into a fully multimodal gateway linking sea, road and rail.
The commitment comes despite the port's recent exposure to the conflict in the region. On 5 April, a fire broke out at Khorfakkan after debris fell on the facility following the interception of an unidentified object. In a post on X, the Sharjah media office said the incident injured four people, one Nepalese national seriously and three Pakistani nationals with minor to moderate injuries. The strait through which Khorfakkan-bound traffic passes has come under further attack in recent days, with merchant vessels struck near the Strait of Hormuz.
Inland, Al-Dhaid Logistics Park and Sajaa Logistics Park will together provide 2.3 million TEUs of annual inland capacity, extending Gulftainer's reach.
The company positions itself as a key enabler of the India-Middle East-Europe Economic Corridor and the UAE's role in China's Belt and Road Initiative, linking ports, shipping services, inland logistics networks and digital platforms across major global trade routes. The transformation follows nearly five decades of operation and is being implemented under the New Gulftainer strategy.
Gulftainer's partnership with the Sharjah Ports, Customs & Free Zones Authority underpins the Khorfakkan expansion. The port sits within an integrated maritime network spanning both the Arabian Gulf and the Gulf of Oman, offering shippers several routing options across the two waterways.
READ THE JULY 2026 MEED BUSINESS REVIEW – click here to view PDFStress test for Gulf aviation; Mixed performance as country outlooks diverge in the Levant; GCC tourism sector pivots from crisis to recovery mode.
Distributed to senior decision-makers in the region and around the world, the July 2026 edition of MEED Business Review includes:
> AIRPORTS: Dubai and Riyadh reaffirm airport ambitions> INDUSTRY REPORT: Dubai eyes tourism sector recovery> DATA CENTRES: Big Tech falls short on data centre promise> LEADERSHIP: Aramco’s citizen developers accelerate digital changeTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/17588407/main.jpg