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
Exclusive from Meed
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Saudi Arabia shuts East-West oil pipeline after drone strikes14 September 2026
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Dubai seeks contractors for multibillion-dollar road scheme14 September 2026
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Riyadh looks to reset its regional defence outlook11 September 2026
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Consultant wins Dubai Al-Maktoum airport metro link11 September 2026
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Saudi Arabia sets October deadline for Mecca metro design11 September 2026
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The Ministry of Energy said the pipeline, which connects the Abqaiq oil field in the east to the Red Sea port of Yanbu, was hit in the Riyadh and Medina regions on 12 September. Specialised teams have begun securing the facility and assessing damage. A Foreign Ministry statement said the attack resulted in injuries and “some damage that is currently being addressed”.
The closure removes about 4 million barrels a day from the global market, representing 4% of world oil supply. The pipeline’s role has become increasingly critical since the US-Iran conflict forced a near-complete shutdown of flows through the Strait of Hormuz in March.
Saudi Arabia has been using the East-West route to bypass the chokepoint, but the assault has left the kingdom dependent on substantially reduced Hormuz exports and Red Sea shipping routes now threatened by Iran-backed Houthi forces in Yemen.
Iraqi Prime Minister Ali Al-Zaidi’s office confirmed the drone strike on the East-West Pipeline originated in the Maysan province, which borders Iran. The government formally condemned the attack, announced an investigation into the Maysan operations command and dismissed its commander. No armed group has claimed responsibility, but security analysts attribute the strike to Iran-backed militias operating from Iraqi territory.
Riyadh said it was not retaliating “at this stage”, choosing instead to support Iraqi efforts to prevent further strikes from its territory.
The attack comes amid wider regional upheaval. Houthi forces have rapidly advanced along Yemen’s coast, seizing the strategic Mokha port and the Zuqar Island in the southern Red Sea, moving closer to the Bab El-Mandab strait. Saudi authorities said the group simultaneously launched dozens of drones and missiles at the southern kingdom on 11 September, striking civilian and economic targets and injuring 73 people.
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The dual disruption of both the pipeline and Red Sea shipping has compressed global energy supplies. Energy analysts warned that without pipeline repairs, oil prices could return to the $120-a-barrel peak reached earlier in the regional conflict.
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Dubai seeks contractors for multibillion-dollar road scheme14 September 2026

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Dubai’s Roads & Transport Authority (RTA) is seeking contractors to design and build a multibillion-dollar new road that will run parallel to Sheikh Zayed Road.
MEED understands that the scope covers the construction of about 30 kilometres (km) of works.
These include about 15km of viaduct along First Al-Khail Street and more than 14.5km of bridge ramps, along with other associated infrastructure works.
The RTA floated the expression of interest notice to contractors in early September, with a submission deadline of 10 October.
The project is another significant initiative aimed at alleviating pressure on the existing Sheikh Zayed Road section from Hadiqa Street to Hessa Street.
Dubai has previously explored bold concepts to expand capacity on Sheikh Zayed Road, including proposals to introduce double-decker sections to add extra lanes without widening the existing corridor.
The idea was discussed in the context of rising congestion and limited right-of-way along one of the city’s busiest arterial roads, with elevated decks potentially carrying through-traffic while the existing at-grade lanes served local access.
The plans ultimately progressed as standalone schemes, with subsequent efforts focusing instead on corridor-wide upgrades, interchange improvements and complementary public transport expansions to manage demand more sustainably.
The latest project aligns with Dubai’s continued investment in upgrading and expanding its road network to keep pace with rapid population growth and rising commuting demand.
Planning for growth
Dubai launched the 2040 Urban Master Plan in March 2021, referencing studies indicating that the emirate’s population will reach 5.8 million by 2040, up from 3.3 million in 2020. The daytime population is set to increase from 4.5 million in 2020 to 7.8 million in 2040.
In December 2022, Sheikh Mohammed Bin Rashid Al-Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, approved the 20-Minute City Policy as part of the second phase of the Dubai 2040 Urban Master Plan.
In addition to the road projects, the RTA’s Dubai Metro Blue Line extension and Dubai Metro Gold Line form part of Dubai’s plans to improve residents’ quality of life by cutting journey times, as outlined in the policy.
The policy aims for residents to have 80% of their daily requirements within a 20-minute journey, on foot or by bicycle. This goal will be achieved by developing integrated service centres with all necessary facilities and increasing population density around mass transit stations.
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Riyadh looks to reset its regional defence outlook11 September 2026

Saudi Arabia may not have suffered as many Iranian missile and drone strikes as some of its neighbours – Bahrain, Jordan and Kuwait have all had to contend with many more during this year’s conflict – but it still feels exposed. Like other Gulf countries, Riyadh has learnt that its deep defence and economic ties to the US, which were meant to provide security and deter aggressors, have in some ways merely made it a target for Tehran.
The threats are not just from direct Iranian strikes, though. In late July, Saudi Arabia joined with the US to attack Iraqi militia groups alleged to have targeted Saudi energy sites in the preceding days.
Yemen’s Houthis are also re-emerging as a serious threat. After several years in which the conflict in Yemen was largely in abeyance, the Yemeni group has in recent months repeatedly launched attacks on Saudi airports and refineries, as well as on ships passing through the Bab El-Mandeb Strait.
From mid-July to mid-August, the Houthis carried out 16 attacks against Saudi assets, including seven oil facilities and six oil tankers, according to the conflict monitoring group Armed Conflict Location & Event Data (ACLED). Riyadh responded with hits on Houthi targets; most notably on weapons depots and other infrastructure in the port city of Hodeidah on 24 July.
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So far, a return to a full-scale war in Yemen has been avoided, but ACLED’s Middle East analyst Sherwan Hindreen Ali warned in a report in August that, if both sides continue to escalate, the “chances for renewed full-scale war increase exponentially”.
New partnerships
The increasingly volatile nature of the region has prompted Riyadh to reevaluate its approach to security and to develop new defence partnerships with allies.
The first major step came in late July, when Saudi Arabia launched the Multinational Maritime Defence Coalition with an initial band of 13 other countries; more are expected to sign up in the coming months. The group is designed to protect shipping in the Red Sea, the Gulf of Aden and nearby waters, with Saudi Arabia’s Rear Admiral Abdullah Bin Salem Al-Shehri as its commander.
That was followed by a trilateral mutual defence pact with Pakistan and Turkiye signed in Mecca on 7 August. Their joint defence agreement includes a provision that an attack on any one of them will be considered an attack on all three. At a meeting in Istanbul on 31 August, the partners agreed to set up a secretariat in Riyadh.
There have been other, smaller steps too. In late August, Saudi Arabia signed an agreement to expand defence co-operation with France, during a visit by Crown Prince Mohammed Bin Salman Al-Saud to Paris (pictured). And on 1 September, Saudi Arabia’s National Cybersecurity Authority signed a memorandum of understanding with Pakistan to strengthen cybersecurity cooperation.
Diplomatic tracks
For Riyadh, enhancing its security capabilities to deter Iran and the Islamic Republic’s allies in Yemen and Iraq is a critical issue. However, the Iran war looks unlikely to be resolved by military means alone. Indeed, Saudi officials have repeatedly emphasised their preference for a negotiated, diplomatic solution to the conflict.
The regional diplomatic efforts have been spearheaded by Pakistan, Oman and Qatar, but Saudi Foreign Minister Prince Faisal Bin Farhan Bin Abdullah Al-Saud has also spoken on several occasions to his Iranian counterpart Abbas Araghchi – most recently on 6 September.
One issue where Riyadh is less keen to publicly engage is in relation to Israel. When Saudi Arabia signed an agreement with the US in July covering the development of a civil nuclear power programme, the deal made no mention of Riyadh having to normalise links with Israel – a condition that previous US administrations had insisted on. That was a notable win for Saudi Arabia, although it was thrown into doubt when US President Donald Trump insisted in the following days that the deal would only proceed if Riyadh signed up to the Abraham Accords.
Trump sent the proposed nuclear deal to the US Congress for approval in late August, but administration officials reiterated at the time that the pact would only go into effect if Riyadh normalised relations with Israel – something that, in the current environment, looks extremely unlikely.
Alliance strains
Saudi Arabia’s close ties with the US have been a central element in the kingdom’s regional positioning for decades – but the combination of the Iran war and the volatile nature of the Trump administration means the strength and direction of those ties are now a matter of speculation.
The situation is made more complex by the rivalry between Riyadh and Abu Dhabi, with their differing approaches to regional conflicts and diplomatic initiatives creating a strain within the GCC bloc.
Both sides have tried to change the narrative. In July, Saudi Media Minister Salman Al-Dosary and the UAE’s National Media Authority (NMA) chairman Abdulla Bin Mohammed Al-Hamed issued similar statements on social media denying any rupture between the two governments, with Al-Dosary writing that the countries were “united by a shared history and heritage, and wise leadership”.
On the broader regional stage, Saudi Arabia remains unable to fully insulate itself against the Iran war. On 31 August, the Saudi oil tanker SIDR was hit by Iranian projectiles while transiting the Strait of Hormuz, resulting in the death of two crew members. On the same day, another Saudi oil tanker, the Amzan, was hit by Yemen’s Houthis off the coast of Yanbu, in the Red Sea.
Coupled with the wave of Houthi attacks on 8 September, it suggests that Saudi Arabia’s efforts to create new layers of deterrence have yet to make their mark.
Photo credit: SPA
MEED’s October special report on Saudi Arabia also includes:
> ECONOMY: Conflict bolsters case for Saudi economic diversification
> BANKING: Saudi lenders readjust to lower lending and deposit climate
> POWER: Saudi Arabia’s power award activity slows
> WATER: Saudi water sector hits sharp slowdown
> CONSTRUCTION: Saudi construction defies the headwinds
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Consultant wins Dubai Al-Maktoum airport metro link11 September 2026

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US-based engineering firm Aecom has won a design contract for the Route 2020 extension, which will start from the Expo 2020 metro station and connect with Al-Maktoum International airport’s West Terminal.
Dubai’s Roads & Transport Authority (RTA) awarded the contract.
The extension will run about 3 kilometres (km) and include two stations.
MEED understands the invitation to bid was issued in January, with a submission deadline in mid-March.
The existing Route 2020 metro link is a 15km-long line that branches off the Red Line at Jebel Ali metro station. The line comprises 11.8km of elevated tracks and 3.2km of tunnels, and has five elevated stations and two underground stations.
The RTA awarded the AED10.6bn ($2.9bn) design-and-build contract for the project to a consortium of Spain’s Acciona, Turkiye’s Gulermak and France’s Alstom in 2016.
The RTA also selected Aecom to provide consultancy services for the upcoming Dubai Metro Gold Line project, in October last year, as MEED reported.
The Gold Line will start at Al-Ghubaiba in Bur Dubai and end at Jumeirah Golf Estates.
It will connect to Dubai Metro’s existing Red and Green lines and integrate with the Etihad Rail passenger line.
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Saudi Arabia sets October deadline for Mecca metro design11 September 2026

The Royal Commission for Makkah City & Holy Sites (RCMC) has set a deadline of 14 October for a contract covering the initial design studies for its long-planned metro network in the holy city.
The scope includes reviewing existing studies, preparing a concept design, conducting land acquisition studies, developing an integration concept for future phases and other related studies.
The notice was issued in May, with an initial submission deadline of 5 August, as MEED reported.
In September last year, RCMC invited contractors to attend an early market engagement meeting for the project.
In an explanatory document inviting companies to attend the event, the RCMC’s General Transport Centre said it was seeking to gauge market interest in the multibillion-dollar project and obtain feedback on its proposed procurement approach.
MEED exclusively reported in June last year that the project was restarting. Current plans envisage a four-line network, named lines A-D, with 89 stations and three depots, to be implemented over three phases between 2032 and 2045.
Project scope
Stage 1 focuses on lines B and C, involving 2.4 kilometres of tunnelling under the Masar project and integration with the existing Mashaer line.
The network will run just over 62km and comprise 31 stations, 21 of which will be underground, including three iconic stations. A total of 19.5km will run through tunnels, while 41.2km will be elevated, with the remainder at grade.
The 66 required trainsets are projected to provide a daily passenger capacity of about 450,000, equating to annual ridership of 171 million.
The 84.7km-long second phase, due to be operational by 2038, will extend the two lines towards the outskirts of Mecca and includes construction of the initial inner and central segments of lines A and D.
Comprising 61.1km elevated and 18.6km underground, Phase 2 is planned to add 45 stations serving the two new lines, as well as two depots and a potential interconnection with the planned Saudi Landbridge. The 59 trainsets for Phase 2 will increase the network’s projected total annual passenger capacity to more than 500 million.
Phase 3 covers the elevated 36km extension of lines A and D and involves procurement of a further 72 trainsets, increasing the network’s ultimate passenger capacity to 1.2 million daily and 642 million annually by completion in 2045.
Associated development
The metro plan also envisages several transit-oriented developments (TODs) at different points on the route. These will typically comprise commercial, residential and retail elements to maximise the investment case.
The client’s proposed procurement approach involves three distinct packages: civil and systems works, TODs, and operations and maintenance.
The initial concept calls for some of the project to be delivered on a public-private partnership (PPP) basis, wherein the private sector, through special purpose vehicles, will part-finance, build, operate and then transfer commercially viable elements of the scheme.
The then-called Mecca Mass Rail Transit Company (MMRTC) first launched the metro project in 2013; however, the scheme has faltered for more than a decade due to funding issues, land acquisition challenges and scope changes.
The relaunch of the procurement process raises hopes that the project will now come to fruition, although it is likely to be at least 18 months before any definitive works start.
Mecca is home to Saudi Arabia’s first metro, the nine-station, 18km-long Mashaer line, which opened in 2010. It operates only seven days a year during Hajj, but carries more than 2 million pilgrims during that time.
Some 30 million pilgrims visit the city each year, with this number set to grow. A known, quantifiable and growing demand base will help facilitate the use of a PPP mechanism if the framework is adopted.
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