meed-logo

line1 line2 line3
SIGN IN / REGISTER

MEED’s 2023 top 10 GCC contractors

28 March 2023

> Improved outlook for the Gulf region’s construction market is not reflected in the 2023 contractor ranking

> Nesma & Partners retains its position as the most active GCC contractor, but its total value of work this year is down 22 per cent on 2022

> Part two of this report, Top 10 GCC contractors by country, can be accessed here

 

The GCC’s construction market is back. After enduring half a decade of low oil prices and capital spending cuts, the region is back with a new generation of ambitious projects that are attracting global attention. 

Dubai may have led previous boom periods with its palm-shaped islands and record-breaking towers, but this time it is Saudi Arabia that is taking the lead with 170-kilometre-long mirrored structures, 400-metre-cubed buildings and, if the plans are approved, a 2-kilometre-tall tower that will be more than twice the height of the current world’s tallest building, Dubai’s Burj Khalifa. 

As the hype builds, the excitement is yet to be reflected in MEED’s contractor ranking for 2023. 

Using data from regional projects tracker MEED Projects, the region’s most active contractor, based on contracts under execution, is Nesma & Partners. While the Saudi firm has retained its position as the most active contractor, its total value of work in 2023 is $5.3bn, down 22 per cent on the $6.8bn of work under execution that it topped the ranking with in 2022.

Further falls

Last year’s second-ranked contractor has fallen even further. Saudi Binladin Group was working on $6.5bn of projects at the execution stage in 2022. In 2023, this has dropped to $4bn, and as the firm’s work on the expansion of the Grand Mosque in Mecca is completed, it may not figure in the ranking in the future.

Last year’s third-ranked contractor has also slid down the rankings. In 2022, India’s Shapoorji Pallonji was working on $5.6bn of projects at the execution stage. This year it is working on $2.9bn. 

Altogether five of the top 10 contractors in the GCC this year have less work than they did last year. If an average of the top 10 is taken, then the number in 2023 has fallen 18 per cent to $3.6bn from $4.4bn last year. 

The five firms that have grown their totals are newcomers to the top 10 this year, the highest-ranked of which is Turkiye’s Limak. 

The contractor’s main project in the GCC is the new terminal building at Kuwait International airport, and a Turkish firm’s presence at number two may be a sign of things to come. After settling political differences with Saudi Arabia and the UAE in 2022, Turkish companies are expected to play a key role in delivering Saudi Arabia’s growing roster of major projects. 

Riyadh, like Neom, will be an important market for contractors over the coming decade

The other newcomers to the top 10 are three Saudi firms, Alfanar, Almabani and Saudi Baytur; and China Harbour Engineering Construction.

Alfanar’s position in the ranking is mostly due to the contract it won to deliver and operate five clusters of community villages on a public-private partnership basis at Neom. That project shows the scale of the Neom schemes that are moving into construction and signals that firms working on the development will perform well in future rankings.

Almabani has been able to secure major contracts on projects in its domestic market. The most recent is the estimated $1.9bn contract that it won this year to deliver the Zone 6 infrastructure works for the Sports Boulevard project that is being developed by the Royal Commission of Riyadh City. 

Riyadh, like Neom, will be an important market for contractors over the coming decade. The city has plans to double in size and major projects that have been launched so far include King Salman airport, New Murraba, Dirriyah Gate, Prince Mohammed bin Salman Nonprofit City, Sports Boulevard, King Salman Park and Qiddiya Entertainment City. 

China Harbour has built its orderbook with project wins in Saudi Arabia and the UAE and is now the second Chinese firm in the top 10. 

The final newcomer is Saudi Arabian Baytur. While it has historical Turkish links, it has been operating as a wholly-Saudi-owned company since 2016.

A significant trend in the GCC ranking is the meagre showing from western contractors

Ranking departures

The five companies that have left the top 10 this year are Qatar’s Urbacon Trading & Contracting Company, Saudi Arabia’s ABV Rock, Kuwait’s Sayed Hamid Behbehani & Sons, Beijing-based China Railway Construction Company and Kuwait’s Mohammed Abdulmohsin al-Kharafi & Sons.

Urbacon’s departure may be short-lived. The firm has experienced a sharp decline in the total value of its projects at the execution stage this year following the completion of projects in the domestic Qatari market ahead of last year’s World Cup.

As construction activity remains slow in Qatar the firm has begun expanding overseas and this year has secured significant orders from Saudi Entertainment Ventures (Seven) for the construction of entertainment centres in Saudi Arabia. 

China Railway’s departure may also be temporary. It has completed work on the UAE’s federal Etihad Rail network, which resulted in it dropping out of the top 10 this year. It may return if it is able to secure work on the raft of regional rail projects that are moving towards the construction phase.  

One other significant trend in the GCC ranking is the meagre showing from western contractors. The only western firm in the top 10 this year is Italy’s Webuild, which has $4.5bn of work at the execution stage. 

With most western contractors continuing to exercise caution when approached to bid on projects in the GCC, it is unlikely that this trend will change in the near future.

Looking ahead to next year’s ranking, Nesma will be a strong contender for the top spot again. In February, the Public Investment Fund (PIF) confirmed that it has invested $1.3bn in four local construction companies to support the handling of projects in the kingdom. 

Nesma was one of the firms that the PIF acquired shares in, along with AlBawani Holding Company, Almabani General Contractors Company and El-Seif Engineering Contracting Company.

The PIF said the investment will allow the firms to scale up their capacity, adopt advanced technologies and improve local supply chains. 

At a time when many contractors in the region are still struggling with financial issues, these companies will now be well placed to play a leading role in the rapidly growing Saudi market. As major contract awards are secured over the next year, these firms will likely also be leading the ranking in 2024.

Top 10 GCC contractors by country 

MEED's April 2023 special report on Saudi Arabia includes:

> ECONOMY: Riyadh steps up the Vision 2030 tempo

> CONSTRUCTION: Saudi construction project ramp-up accelerates

> UPSTREAM: Aramco slated to escalate upstream spending

> DOWNSTREAM: Petchems ambitions define Saudi downstream

> POWER: Saudi Arabia reinvigorates power sector

> WATER: Saudi water begins next growth phase

> BANKING: Saudi banks bid to keep ahead of the pack

https://image.digitalinsightresearch.in/uploads/NewsArticle/10708379/main.gif
Colin Foreman

Register for MEED's guest program now to access this article.

Click here to register
Exclusive from Meed
Related Articles
  • Public Investment Fund backs Neom

    16 April 2026

    Commentary
    Colin Foreman
    Editor

    Register for MEED’s 14-day trial access 

    Saudi Arabia’s Public Investment Fund (PIF) has backed Neom by including it as one of six strategic ecosystems in its newly approved 2026-30 strategy.

    The future of the $500bn gigaproject had been thrown into doubt following the postponement of the 2029 Asian Winter Games at the Trojena mountain resort, the cancellation of construction contracts – such as the $5bn deal with Italian contractor Webuild for dam works at Trojena – and the slowdown of development at The Line, where tunnelling contracts were cancelled and staff left the project.

    The backing comes as Neom’s operational focus appears to be evolving in response to shifting regional dynamics and global economic conditions. For example, on 15 April Neom posted on its official X account about a new Europe-Egypt-Neom-GCC corridor, describing it as a faster route for time-sensitive goods. It said the corridor combines trucking and ferry services to move goods quickly into the Gulf, adding that importers from several European markets are already using it to reach the UAE, Kuwait, Iraq, Oman and beyond.

    Powered by Pan Marine, DFDS and regional RoPax services, the initiative is positioned as a way to add flexibility and resilience to regional supply chains. This emphasis on logistics and immediate trade utility suggests a shift away from the more speculative architectural announcements that characterised Neom’s early years, towards activity more directly tied to current market realities.

    PIF’s broader 2026-30 strategy places heavy emphasis on “delivering competitive domestic ecosystems to connect sectors, unlock the full potential of strategic assets, maximise long-term returns and continue to drive the economic transformation of Saudi Arabia”.

    The inclusion of Neom as a standalone ecosystem within the Vision Portfolio suggests that while the project remains part of the kingdom’s Vision 2030 goals, it will be subject to the fund's focus on working with the private sector.

    That means the long-term success of Neom will increasingly depend on its ability to attract external investment and function as a viable economic hub rather than just a state-funded construction site.

    MEED’s April 2026 report on Saudi Arabia includes:

    > COMMENT: Risk accelerates Saudi spending shift
    > GVT &: ECONOMY: Riyadh navigates a changed landscape
    > BANKING: Testing times for Saudi banks
    > UPSTREAM: Offshore oil and gas projects to dominate Aramco capex in 2026
    > DOWNSTREAM: Saudi downstream projects market enters lean period
    > POWER: Wind power gathers pace in Saudi Arabia
    > WATER: Sharakat plan signals next phase of Saudi water expansion
    > CONSTRUCTION: Saudi construction enters a period of strategic readjustment
    > TRANSPORT: Rail expansion powers Saudi Arabia’s infrastructure push

    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/16417262/main.jpeg
    Colin Foreman
  • Kuwait gas project worth $3.3bn put on hold

    16 April 2026

     

    State-owned Kuwait Gulf Oil Company’s (KGOC’s) planned tender for the development of an onshore gas plant next to the Al-Zour refinery has been put on hold due to uncertainty created by the US and Israel’s war with Iran, according to industry sources.

    The project budget is estimated to be $3.3bn, and the last meeting with contractors to discuss the project took place in Kuwait on 10 February.

    Previously, it was expected to be tendered in late March, but the tendering process was delayed due to the regional conflict and disruption to shipping through the Strait of Hormuz.

    One source said: “This tender is now effectively on hold while KGOC waits for increased stability in the region before it invites companies to bid for the contract.”

    Under current plans, the plant will have the capacity to process up to 632 million cubic feet a day of gas and 88.9 million barrels a day of condensates from the Dorra offshore field, located in Gulf waters in the Saudi-Kuwait Neutral Zone.

    Ownership of the field is disputed by Iran, which refers to the field as Arash.

    Iran claims the field partially extends into Iranian territory and asserts that Tehran should be a stakeholder in its development.

    It is believed that the Dorra field’s close proximity to Iran will make development difficult due to the current security environment.

    The offshore elements of the project are expected to be especially difficult to protect from attacks from Iran.

    In July last year, MEED reported that KGOC had initiated the project by launching an early engagement process with contractors for the main engineering, procurement and construction tender.

    France-based Technip Energies completed the contract for the front-end engineering and design.

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

    Economic shock threatens long-term outlook; Riyadh adjusts to fiscal and geopolitical risk; GCC contractor ranking reflects gigaprojects slowdown.

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

    > GCC CONTRACTOR RANKING: Construction guard undergoes a shift
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/16413221/main.png
    Wil Crisp
  • Iraq pushes to revive oil pipeline through Saudi Arabia

    16 April 2026

    Iraq is pushing to revive an oil pipeline that passes through Saudi Arabia, allowing it to diversify export routes.

    Saheb Bazoun, a spokesman for Iraq’s Oil Ministry, said the pipeline would help to insulate Iraq from any future blockades of the Strait of Hormuz, which has been largely closed since 28 February.

    The original pipeline through Saudi Arabia has not been used for more than 30 years and would need work to be done in order to bring it online.

    It is 1,568km long, extending from the city of Zubair in Iraq to the Saudi port of Yanbu on the Red Sea.

    The pipeline was built in two phases during the 1980s. The first phase stretches between Zubair and Khurais, while the second extends to Yanbu. The pipeline’s operating capacity reached over 1.6 million barrels a day (b/d).

    Following the Gulf War, the pipeline was shut down in August 1990. It has remained out of operation for decades, despite Iraq’s several attempts to restart it.

    The original pipeline project cost over $2.6bn, including storage tanks and loading terminals.

    In the wake of the US and Israel attacking Iran on 28 February, global markets have lost 11 million barrels a day (b/d) of oil supply due to the effective closure of the Strait of Hormuz.

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

    Economic shock threatens long-term outlook; Riyadh adjusts to fiscal and geopolitical risk; GCC contractor ranking reflects gigaprojects slowdown.

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

    > GCC CONTRACTOR RANKING: Construction guard undergoes a shift
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/16413290/main.jpg
    Wil Crisp
  • Algeria opens bidding for water treatment plant

    15 April 2026

     

    State-owned Cosider Pipelines, part of Algeria’s public infrastructure group Cosider, has issued a tender for the construction of a demineralisation plant in In Salah in Algeria.

    The contract covers the design, supply, installation, testing and commissioning of a plant with a treatment capacity of 62,000 cubic metres a day (cm/d).

    The tender is open to local and international companies specialising in the design and construction of demineralisation and reverse osmosis desalination plants.

    The bid submission deadline is 26 April.

    The project will be located at In Salah, a key industrial area in southern Algeria, where treated water supply is important for both municipal and industrial use.

    Cosider said that individual bidders must demonstrate that they have completed at least one reverse osmosis demineralisation or desalination plant with a capacity of 20,000 cubic metres a day or more.

    They must also show an average annual turnover of at least AD1bn ($7.7m) for their five best years over the past decade.

    For consortium bids, all partners must share full responsibility for the contract, while the lead company must meet the technical and financial requirements.

    Recent projects

    In 2023, MEED reported that Riyadh-based water utility developer Wetico had won two contracts to develop water desalination plants in Algeria.

    Societe Algerienne de Realisation de Projects Industriels (Sarpi) awarded the contract for the El-Tarf desalination plant, while Entreprise Nationale de Canalisations (Enac) is the client for the Bejaja facility.

    Both plants were commissioned in 2025, each with a production capacity of 300,000 cm/d.

    Separately, Wetico was the main contractor on a third plant commissioned last year. The Cap Dijinet 2 seawater desalination plant in Boumerdes province covers 18 hectares and also has a capacity of 300,000 cm/d.

    Like many countries, Algeria is facing pressure on resources due to longer and more frequent droughts. Seawater desalination is seen as a key driver of the government’s strategy to guarantee drinking water supply.

    According to previous reports, the government is planning to build up to six additional plants by 2030.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16404325/main.jpg
    Mark Dowdall
  • WEBINAR: UAE Projects Market 2026

    15 April 2026

    Webinar: UAE Projects Market 2026
    Tuesday, 28 April 2026 | 11:00 GST  |  Register now

    Agenda:

    • Overview of the UAE projects market landscape
    • 2025 projects market performance
    • Value of work awarded 2026 YTD
    • Impact of the Iran conflict on the projects market and real estate, assessing supply chain disruptions, material cost inflation and war risk premiums
    • Key drivers, challenges and opportunities
    • Size of future pipeline by sector and status
    • Ranking of the top contractors and clients
    • Summary of key current and future projects
    • Short and long-term market outlook
    • Audience Q&A

    Hosted by: Colin Foreman, editor of MEED 

    Colin Foreman is editor and a specialist construction journalist for news and analysis on MEED.com and the MEED Business Review magazine. He has been reporting on the region since 2003, specialising in the construction sector and its impact on the broader economy. He has reported exclusively on a wide range of projects across the region including Dubai Metro, the Burj Khalifa, Jeddah Airport, Doha Metro, Hamad International airport and Yas Island. Before joining MEED, Colin reported on the construction sector in Hong Kong.

    Click here to register

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16401868/main.gif
    Colin Foreman