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
  • AD Ports to potentially operate Kuwait’s Shuaiba port

    16 December 2025

    Abu Dhabi Ports Group (AD Ports) has signed a memorandum of understanding (MoU) with Kuwait Ports Authority (KPA) to explore developing and operating the container terminal at Kuwait’s Shuaiba port under a concession agreement.

    Established in the 1960s, Shuaiba is Kuwait’s oldest port. It covers 2.2 million square metres (sq m) and has 20 berths. According to KPA’s website, the container terminal has a storage area of 318,000 sq m.

    Located about 60km south of Kuwait City, the port handles commercial cargo, heavy equipment, raw materials and chemicals used across multiple industries.

    KPA said the MoU is a preliminary first step towards a concession contract, subject to completion of the required studies.

    Under the agreement, AD Ports will prepare the technical, environmental and financial studies needed for the project, including infrastructure requirements.

    For its part, KPA will designate the project site at Shuaiba port and collaborate with AD Ports to complete the required studies. It will also facilitate obtaining all necessary licences and approvals from the relevant Kuwaiti authorities.

    The proposed partnership is strategically significant for Abu Dhabi Ports Group, as it would extend its footprint in a major Gulf market and strengthen its regional network of ports and logistics assets.

    AD Ports’ presence at Shuaiba would position the group along key Gulf trade lanes and support its broader strategy of building end-to-end maritime and logistics corridors by linking port operations with shipping, industrial zones and supply chain services.

    READ THE DECEMBER 2025 MEED BUSINESS REVIEW – click here to view PDF

    Prospects widen as Middle East rail projects are delivered; India’s L&T storms up MEED’s EPC contractor ranking; Manama balances growth with fiscal challenges

    Distributed to senior decision-makers in the region and around the world, the December 2025 edition of MEED Business Review includes:

    > BAHRAIN MARKET FOCUS: Manama pursues reform amid strain
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/15254300/main4910.jpg
    Yasir Iqbal
  • DP World launches new UAE-Iraq sea route

    16 December 2025

    UAE-based port operator DP World has launched a new 36-hour maritime service linking Dubai’s Mina Rashid with Iraq’s Umm Qasr Port.

    The new service, called DP World Express, offers a faster option than overland trucking, with a capacity to carry up to 145 accompanied trailers per sailing.

    The service was inaugurated at Mina Rashid, and a dedicated RoRo vessel was assigned to the route.

    The vessel was recently upgraded at Drydocks World and is scheduled to begin operations in December 2025.

    DP World Express will transport non-containerised, full-trailer units with drivers on board, delivering a direct, secure, door-to-door solution between the UAE and Iraq. The service will also support onward movement to neighbouring countries, improving reliability while reducing cross-border delays and administrative complexity.

    The new route responds to demand for quicker, more controlled trailer movements by lowering handling needs and simplifying planning across key trading sectors.

    This corridor strengthens access to Iraq’s main commercial centres and enhances connectivity to Jordan and Syria via established inland routes, supporting regional trade growth. On the return leg, the vessel will carry Iraqi export cargo to the UAE, helping expand two-way trade and improving efficiency across regional supply chains.

    The service further develops DP World’s integrated logistics offering by expanding direct maritime connectivity for non-containerised cargo. It is also expected to support sustainability goals by reducing CO2 emissions compared with alternative transport and logistics options.

    The launch event was attended by senior officials from the UAE and Iraq, including Muzaffar Mustafa Al-Jubouri, Iraqi ambassador to the UAE, and Sultan Ahmed Bin Sulayem, group chairman and CEO of DP World, among others.

    DP World is a global provider of end-to-end supply chain and logistics solutions, specialising in port operations, economic zones, maritime services and digital trade platforms. The company operates more than 60 marine and inland terminals in over 30 countries, handling around 88 million twenty-foot equivalent units of containerised cargo annually.

    READ THE DECEMBER 2025 MEED BUSINESS REVIEW – click here to view PDF

    Prospects widen as Middle East rail projects are delivered; India’s L&T storms up MEED’s EPC contractor ranking; Manama balances growth with fiscal challenges

    Distributed to senior decision-makers in the region and around the world, the December 2025 edition of MEED Business Review includes:

    > BAHRAIN MARKET FOCUS: Manama pursues reform amid strain
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/15251327/main.JPG
    Yasir Iqbal
  • Local firm wins key road intersection deal in Dubai

    16 December 2025

     

    Dubai-based firm DBB Contracting has won a contract from Dubai’s Roads & Transport Authority (RTA) for the development of the Sheikh Zayed Bin Hamdan Al-Nahyan Street intersection with Al-Awir Road and Al-Manama Street.

    The scope includes the construction of 2.3 kilometres (km) of bridges, lane expansion, and the provision of entrances and exits serving the surrounding areas.

    The project will increase the street’s capacity from 5,200 vehicles to 14,400 vehicles per hour in each direction.

    It will reduce travel time from 20 minutes to five minutes.

    The project will serve areas with a combined population of over 600,000 residents and visitors.

    The mobilisation works are ongoing. The project is slated for completion by 2028.

    Planning for growth

    In March 2021, the government launched the Dubai 2040 Urban Master Plan. Its launch referenced 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 forms part of Dubai’s plans to improve residents’ quality of life by cutting journey times, as outlined in the policy.

    The policy aims to ensure that residents can meet 80% of their daily needs within a 20-minute walk or bike ride. This goal will be achieved by developing integrated service centres with all necessary facilities and by increasing population density around mass transit stations.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/15251261/main.jpg
    Yasir Iqbal
  • Spetco completes clarification process for Kuwait oil contract

    16 December 2025

     

    Local contractor Spetco International has completed the clarification process with state-owned upstream operator Kuwait Oil Company (KOC) for a contract to develop the planned Mutriba remote boosting facility in Kuwait.

    In October, Ahmadi-based Spetco submitted the lowest bid for the contract, valued at KD88.2m ($288.7m).

    KOC tendered the project earlier this year and set a bid submission deadline of 29 June. The deadline was extended several times before three Kuwait-based companies submitted bids.

    The full list of the bids submitted was:

    • Spetco International – KD88,209,236 ($288.7m)
    • Combined Group Contracting – KD123,000,000 ($402.5m)
    • Alghanim International General Trading & Contracting – KD129,450,000 ($423.7m)

    One source said: “The large price gap between the lowest bid and the other bids that were submitted meant that KOC sought to revalidate the quote form Spetco and ensure that the company was conforming to the tender requirements and specifications.”

    The project uses the build-own-operate-transfer (BOOT) contract model.

    The project’s scope includes:

    • Development of the Mutriba oil field
    • Installation of the degassing station
    • Installation of manifolds
    • Installation of condensate facilities
    • Installation of wellhead separation units
    • Installation of the pumping system
    • Installation of wellhead facilities
    • Installation of oil and gas treatment plants
    • Installation of a natural gas liquids plant
    • Installation of a water and gas injection plant
    • Construction of associated utilities and facilities

    The onshore Mutriba oil field is located in northwest Kuwait and is being developed as part of Kuwait’s broader strategy to expand its upstream capacity.

    Commercial output from Mutriba officially began on 15 June this year, after several wells were connected to KOC’s production facilities.

    The field, in a previously undeveloped part of Kuwait, covers more than 230 square kilometres and lies outside the area of fields already operated by KOC.

    In September, Kuwait’s Oil Minister Tareq Al‑Roumi said that the country’s oil production capacity had reached 3.2 million barrels a day (b/d), its highest level in more than 10 years.

    Despite the higher capacity, Kuwait says it will continue to abide by Opec+ agreements and will produce 2.559 million b/d.

    READ THE DECEMBER 2025 MEED BUSINESS REVIEW – click here to view PDF

    Prospects widen as Middle East rail projects are delivered; India’s L&T storms up MEED’s EPC contractor ranking; Manama balances growth with fiscal challenges

    Distributed to senior decision-makers in the region and around the world, the December 2025 edition of MEED Business Review includes:

    > BAHRAIN MARKET FOCUS: Manama pursues reform amid strain
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/15249101/main0844.png
    Wil Crisp
  • Kuwait awards oil pipeline contract

    16 December 2025

    State-owned upstream operator Kuwait Oil Company (KOC) has awarded a contract to East Ahmadi-based Mechanical Engineering & Contracting Company (MECC) to build an oil pipeline network.

    The project scope includes installing group manifolds and trunk lines in North Kuwait, according to a statement from Kuwait’s Central Agency for Public Tenders (CAPT).

    The contract was awarded on 8 December and has a value of KD34.7m ($113.1m).

    MECC outbid three other companies, who were:

    • Combined Group Contracting Company – KD35.4m
    • Sayed Hamid Behbehani & Sons Company – KD39.8m
    • Heavy Engineering Industries & Shipbuilding Company (Heisco) – KD40.1m

    The project will install infrastructure to transport liquids from oil wells to gathering centers 29, 30m and 31.

    Kuwait is set to record its highest total annual value for oil, gas and chemicals contract awards since 2017, according to data from regional project tracker MEED Projects.

    Earlier in December, MEED reported that 19 contracts totalling $1.9bn had been awarded so far in 2025.

    This is more than four times the value of contract awards in the same sectors last year, when they totalled just $436m.

    It is also above the $1.7bn peak recorded in 2021, but it remains far lower than the values of contract awards seen in 2014-17, when several large-scale, multibillion-dollar projects were awarded in the country.

    The surge in the value of contract awards has come after Kuwait’s emir indefinitely dissolved parliament and suspended some of the country’s constitutional articles in May 2024.

    Prior to the suspension of parliament, Kuwait experienced very low levels of project awards for several years amid political gridlock and infighting between the cabinet and parliament.

    This meant that important project decisions could not be made, which was seen as a major obstacle to the progress of strategic oil projects.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/15249103/main.png
    Wil Crisp