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.
Exclusive from Meed
-
WEBINAR: Mena Oil & Gas Projects Market 2025-26
10 July 2025
-
-
Chinese firm wins Mid Island Parkway tunnelling deal
10 July 2025
-
Iraq tenders Baghdad airport PPP project
9 July 2025
-
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
-
WEBINAR: Mena Oil & Gas Projects Market 2025-26
10 July 2025
Date & Time: Tuesday 29 July 2025 | 11:00 AM GST
Agenda:
1. Summary of the Mena oil, gas and petrochemicals projects market
2. Summary description of the main megaprojects, including project programmes
3. Analysis of active contracts and spending to date
4. Analysis of top contracts by work already awarded
5. Long-term capital expenditure outlays and forecasts
6. Highlights of key contracts to be tendered and awarded over the next 18 months
7. Top contractors and clients
8. Breakdown of spending by segment, ie, oil, gas, petrochemicals – upstream, downstream, onshore and offshore
9. Q&A session
https://image.digitalinsightresearch.in/uploads/NewsArticle/14241705/main.gif -
New Murabba signs up South Korean firm for design works
10 July 2025
Register for MEED’s 14-day trial access
Saudi Arabia’s New Murabba Development Company (NMDC) has signed a memorandum of understanding (MoU) with South Korea’s Heerim Architects & Planners to explore further design works on assets at the 14 square-kilometre New Murabba downtown project.
According to an official statement: “Heerim Architects & Planners will explore distinctive architectural plans that complement the development’s masterplan, with special focus on anchor assets, linear parks and smart city features.”
New Murabba CEO Michael Dyke signed the agreement last week during the company’s Investment and Partnership Forum in Seoul.
At the event, NMDC also signed an MoU with South Korea’s Naver Cloud Corporation to explore technological solutions for delivering the New Murabba downtown project.
According to an official statement: “The three-year agreement covers exploring innovative technology and automation to support the delivery of New Murabba, including robotics, autonomous vehicles, a smart city platform and digital solutions for monitoring construction progress.”
NMDC is in Seoul to examine technological offerings, assess financing options and showcase the investment opportunities available for the New Murabba downtown development.
The statement added that the excavation works for The Mukaab, the centrepiece of the overall development, have now been completed.
The Mukaab is a Najdi-inspired landmark that will be one of the largest buildings in the world. It will be 400 metres high, 400 metres wide and 400 metres long. Internally, it will have a tower on top of a spiral base and a structure featuring 2 million square metres (sq m) of floor space designated for hospitality. It will feature commercial spaces, cultural and tourist attractions, residential and hotel units, and recreational facilities.
Downtown destination
The New Murabba destination will have a total floor area of more than 25 million sq m and feature more than 104,000 residential units, 9,000 hotel rooms and over 980,000 sq m of retail space.
The scheme will include 1.4 million sq m of office space, 620,000 sq m of leisure facilities and 1.8 million sq m of space dedicated to community facilities.
The project will be developed around the concept of sustainability and will include green spaces and walking and cycling paths to promote active lifestyles and community activities.
The living, working and entertainment facilities will be developed within a 15-minute walking radius. The area will use an internal transport system and will be about a 20-minute drive from the airport.
The downtown area will feature a museum, a technology and design university, an immersive, multipurpose theatre, and more than 80 entertainment and cultural venues.
READ THE JULY 2025 MEED BUSINESS REVIEW – click here to view PDF
UAE and Turkiye expand business links; Renewed hope lies on the horizon for trouble-beset Levant region; Gulf real estate momentum continues even as concerns emerge
Distributed to senior decision-makers in the region and around the world, the July 2025 edition of MEED Business Review includes:
> AGENDA: UAE-Turkiye trade gains momentum> INTERVIEW 1: Building on UAE-Turkiye trade> INTERVIEW 2: Turkiye's Kalyon goes global> INTERVIEW 3: Strengthening UAE-Turkiye financial links> INTERVIEW 4: Turkish Airlines plans further growth> CURRENT AFFAIRS: Middle East tensions could reduce gas investments> GCC REAL ESTATE: Gulf real estate faces a more nuanced reality> PROJECTS MARKET: GCC projects market collapses> INTERVIEW 5: Hassan Allam eyes role in Saudi Arabia’s transformation> INTERVIEW 6: Aseer region seeks new investments for Saudi Arabia> LEADERSHIP: Nuclear power makes a global comeback> LEVANT MARKET FOCUS: Levant states wrestle regional pressures> GULF PROJECTS INDEX: Gulf projects index continues climb> CONTRACT AWARDS: Mena contract award activity remains subdued> ECONOMIC DATA: Data drives regional projects> OPINION: A farcical tragedy that no one can endTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/14239016/main.jpg -
Chinese firm wins Mid Island Parkway tunnelling deal
10 July 2025
Register for MEED’s 14-day trial access
Beijing-headquartered China Railway Tunnel Engineering Group has won a $60m subcontract for the tunnelling works on package 1B of the Mid Island Parkway project in Abu Dhabi.
Package 1B entails the construction of a cut-and-cover tunnel to cross the Khor Laffan Channel, which is the area between the Saadiyat and Um-Yifeenah islands.
The tunnel, which will be between 900 metres and 1 kilometre (km) long, is being constructed on a design-and-build basis and will tie in to packages 1A and 1C.
The project is being jointly constructed by a joint venture of local firm Yas Projects (Alpha Dhabi Holding) and Beijing-based China Railway International Group.
In June last year, MEED exclusively reported that Abu Dhabi's Department of Municipality & Transport had awarded contracts for three packages for phase one of the Mid Island Parkway Project (MIPP), as part of the Plan Capital urban evolution programme.
Phase one will start at the existing Saadiyat Interchange, which will connect the E12 road to the MIPP, and will end with the recently constructed Um-Yifeenah Highway.
It comprises a dual main road with a total length of 8km, including four traffic lanes in each direction, two interchanges, a tunnel and associated infrastructure works.
MIPP phase one is further divided into packages 1A, 1B and 1C, which were awarded separately.
The project ownership has been transferred from Aldar Properties to Abu Dhaibi's Department of Municipalities & Transport.
Previously, it was transferred from Abu Dhabi General Services Company (Musanada) to Aldar Properties, and the project was included in the Abu Dhabi Investment Office's public-private partnership project pipeline.
READ THE JULY 2025 MEED BUSINESS REVIEW – click here to view PDF
UAE and Turkiye expand business links; Renewed hope lies on the horizon for trouble-beset Levant region; Gulf real estate momentum continues even as concerns emerge
Distributed to senior decision-makers in the region and around the world, the July 2025 edition of MEED Business Review includes:
> AGENDA: UAE-Turkiye trade gains momentum> INTERVIEW 1: Building on UAE-Turkiye trade> INTERVIEW 2: Turkiye's Kalyon goes global> INTERVIEW 3: Strengthening UAE-Turkiye financial links> INTERVIEW 4: Turkish Airlines plans further growth> CURRENT AFFAIRS: Middle East tensions could reduce gas investments> GCC REAL ESTATE: Gulf real estate faces a more nuanced reality> PROJECTS MARKET: GCC projects market collapses> INTERVIEW 5: Hassan Allam eyes role in Saudi Arabia’s transformation> INTERVIEW 6: Aseer region seeks new investments for Saudi Arabia> LEADERSHIP: Nuclear power makes a global comeback> LEVANT MARKET FOCUS: Levant states wrestle regional pressures> GULF PROJECTS INDEX: Gulf projects index continues climb> CONTRACT AWARDS: Mena contract award activity remains subdued> ECONOMIC DATA: Data drives regional projects> OPINION: A farcical tragedy that no one can endTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/14238039/main3047.gif -
Iraq tenders Baghdad airport PPP project
9 July 2025
Register for MEED’s 14-day trial access
Iraq’s Ministry of Transport and the General Company for Airport & Air Navigation Services have released a tender inviting firms to bid for a contract to develop Baghdad International airport on a public-private partnership (PPP) basis.
The notice was issued in July, and the submission deadline is in September.
According to an official statement posted on its website, Iraq’s Ministry of Transport said that 10 out of 14 international consortiums that expressed interest in the project earlier this year have been prequalified to compete for the tender.
The scope of the estimated $400m-$600m project involves rehabilitating, expanding, financing, operating and maintaining the airport. It is the first airport PPP project to be launched in Iraq.
The initial capacity of the airport is expected to be around 9 million passengers, which will be gradually increased to 15 million passengers.
The International Finance Corporation (IFC), a member of the World Bank Group, is the project’s lead transaction adviser.
Iraq is already developing the Baghdad and Najaf-Karbala metro projects using a similar PPP model.
Earlier this month, MEED reported that Iraq intends to retender the contract to develop and operate the Baghdad Metro project, following the award of the estimated $2.5bn contract last year.
According to local media reports, Nasser Al-Assadi, adviser to Prime Minister Mohammed Sudani, stated that the previous developers had overestimated the project budget; therefore, the government will relaunch the entire process to implement the project.
https://image.digitalinsightresearch.in/uploads/NewsArticle/14229008/main.jpg -
Contractors prepare revised bids for Roshn stadium
9 July 2025
Register for MEED’s 14-day trial access
Saudi gigaproject developer Roshn has invited firms to submit revised commercial proposals by 24 July for a contract to build a new stadium adjacent to the National Guard facilities to the southwest of Riyadh.
Known as the National Guard Stadium, it will be delivered on an early contractor involvement (ECI) basis. It will cover an area of over 450,000 square metres and be able to accommodate 46,000 spectators.
The scope of work also covers the construction of auxiliary facilities, including training academy offices and two hotels, as well as retail and food and beverage outlets.
The firms had initially submitted bids on 8 April for the contract.
The stadium is scheduled to host 32 Fifa World Cup tournament games in 2034.
In August last year, MEED reported that Saudi Arabia plans to build 11 new stadiums as part of its bid to host the 2034 Fifa World Cup.
Eight stadiums will be located in Riyadh, four in Jeddah and one each in Al-Khobar, Abha and Neom.
The proposal outlines an additional 10 cities that will host training bases. These are Al-Baha, Jazan, Taif, Medina, Al-Ula, Umluj, Tabuk, Hail, Al-Ahsa and Buraidah.
The bid proposes 134 training sites across the kingdom, including 61 existing facilities and 73 new training venues.
The kingdom was officially selected to host the 2034 Fifa World Cup through an online convention of Fifa member associations at the Fifa congress on 11 December 2024.
https://image.digitalinsightresearch.in/uploads/NewsArticle/14228507/main.jpg