Read the April 2024 MEED Business Review
2 April 2024
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The Middle East and North Africa (Mena) region is facing a massive infrastructure gap that will require an estimated $2tn-$2.5tn in investment by 2050.
In the latest issue of MEED Business Review, we discover how investment, technology and governance must all come together if governments are to successfully address this shortfall.
We also look at the important role that sustainable construction practices will play as the region strives to tackle the infrastructure deficit, potentially cutting emissions from planned projects in the Gulf by as much as 60%.
Meanwhile, this month's exclusive 18-page market report highlights Saudi Arabia, which is maintaining a laser focus on its Vision 2030 economic diversification strategy as it gears up for the delivery of its gigaprojects. Regional tensions such as the war in Gaza and the escalating conflict in the Red Sea are not distracting Riyadh from its upstream and downstream oil and gas projects, power and water sector spending and transport infrastructure development.
MEED's latest issue is also packed with insight and analysis. The team examines Egypt's plans for the $54bn of
financial assistance that Cairo has recently secured; considers the impact that Iran's $20bn project to boost production from the offshore South Pars gas field will have on the country’s energy security; and reveals the details of the new Vision 2030 strategy announced for the UAE's northern emirate of Ajman, which will guide the development of its projects for the rest of
this decade.
In this month's industry report on tourism, we see that tourist arrivals are on the rise in the GCC, with Dubai attracting 17.15 million international overnight visitors in 2023. A strong post-Covid recovery is under way in the travel sector across the region, and Saudi Arabia's efforts to boost its appeal as a tourism destination are reaping rewards: the kingdom welcomed more than 100 million visitors last year, achieving its 2030 goal seven years early. To support and build on this success, there is a pipeline of $54bn-worth of new hotel and resort projects planned for the Mena region and due for delivery by 2030.
The April issue also includes an interview with Ibrahim Waili of the Oman National Spatial Strategy, in which he discusses the sultanate's plans to build a year-round global mountain destination on Jebel Al Akhdar in the Hajar Mountains. We also talk to John van der Velden of Linde Engineering about the regional oil and gas sector’s increasing reliance on new technologies.
We hope our valued subscribers enjoy the April 2024 issue of MEED Business Review.

Must-read sections in the April 2024 issue of MEED Business Review include:
> AGENDA: Bridging the infrastructure capacity gap; Cutting Gulf construction emissions
> CURRENT AFFAIRS: Cairo secures a cumulative $54bn in financing; The stakes are high for Iran’s planned gas projects
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INDUSTRY REPORT: |
> INTERVIEWS: Oman plans year-round global mountain destination; Process technology adoption is poised for growth
> AJMAN 2030: Ajman launches 2030 vision
> INSIGHT: Pressure builds for region's green hydrogen projects; Red Sea crisis raises Saudi construction costs
> LEADERSHIP: Region must rethink talent acquisition
> SAUDI ARABIA MARKET REPORT:

> Riyadh maintains Vision 2030 focus
> Saudi Arabia seeks diversification amid regional tensions
> Saudi lenders gear up for corporate growth
> Aramco spending drawdown to jolt oil projects
> Master Gas System spending stimulates Saudi downstream sector
> Riyadh to sustain power spending
> Growth inevitable for the Saudi water sector
> Saudi gigaprojects propel construction sector
> Saudi Arabia’s transport sector offers prospects
> MEED COMMENTS:
> Dubai reshuffles real estate when market is buoyant
> Red Sea crisis makes case for Saudi Landbridge
> Oman gives renewables a serious shot
> Saudi Arabia pivots to ESG-friendly tech
> GULF PROJECTS INDEX: UAE and Qatar drive projects growth
> FEBRUARY 2024 CONTRACTS: Region sees drop in project awards in February
> MARKET SNAPSHOT: Top airport projects
> OPINION: New shock treatment for Egypt’s economy
> BUSINESS OUTLOOK: Finance, oil and gas, construction, power and water contracts
Exclusive from Meed
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Bidders compete for new Dubai Metro line project14 May 2026
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Local firm wins $100m Kuwait substation contract14 May 2026
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Al-Ain breaks ground on Four Seasons Saadiyat14 May 2026
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Aldar acquires Dubai Studio City development14 May 2026
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Related Articles
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Consortiums prepare bids for Al-Khairan phase one IWPP14 May 2026

Two developer consortiums are finalising bids for the first phase of Kuwait’s Al-Khairan independent water and power producer (IWPP) project, the deadline for which has been extended to 1 June.
The facility will have a capacity of 1,800MW and 150,000 cubic metres a day of desalinated water. It will be located in Al-Khairan, adjacent to the Al-Zour South thermal plant.
The project is expected to run on Low Sulphur Fuel Oil (LSFO) as the primary fuel and to accommodate crude oil, gas oil, and natural gas as backup fuels. Later phases will further expand capacity.
The main contract was tendered last September. Three consortiums and two individual companies were previously prequalified to participate, with the following groups currently preparing offers:
- Abu Dhabi National Energy Company (Taqa) / A H Al-Sagar & Brothers (Saudi Arabia)
- Acwa (Saudi Arabia) / Gulf Investment Corporation (Kuwait)
The two individual companies, Sumitomo Corporation (Japan) and Nebras Power (Qatar), are now “unlikely” to submit a bid, according to a source close to the project.
It is also understood that the third consortium of China Power, Malakoff International (Malaysia) and Abdul Aziz Al-Ajlan Sons (Saudi Arabia) is no longer bidding for the contract.
The project is being procured by the Kuwait Authority for Partnership Projects (Kapp) and the Ministry of Electricity, Water & Renewable Energy (MEWRE).
The Al-Khairan IWPP project is part of Kuwait’s long-term plan to expand power and water production capacity through public-private partnerships (PPPs).
The winning bidder will sign a set of PPP agreements covering financing, design, construction, operation and transfer of the project.
The energy conversion and water purchase agreement is expected to cover a 25-year supply period.
Upcoming awards
Kuwait is also preparing to offer a contract to develop zone one of the third phase of the Al-Dibdibah power and Al-Shagaya renewable energy project.
In January, three consortiums submitted bids for a contract to develop Kuwait’s first utility-scale solar photovoltaic (PV) plant.
The Al-Dibdibah power and Al-Shagaya renewable energy phase three, zone one independent power project (IPP) will have a total power-generating capacity of 1,100MW.
MEED understands that the preferred bidder announcement will happen after the bid closes for zone two of the third phase of the Al-Dibdibah power and Al-Shagaya renewable energy project.
The PPP authority is procuring the 500MW solar photovoltaic IPP in partnership with the ministry.
The bid deadline for this project was recently extended to 31 May.
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Bidders compete for new Dubai Metro line project14 May 2026

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Dubai’s Roads & Transport Authority (RTA) has held a pre-bid meeting for the Dubai Metro Airport Express Line with consultants understood to be competing for work on the project.
It is understood that the RTA has requested firms to form joint ventures for the project. The firms that attended the meeting include:
- Aecom (US)
- Arup (UK)
- ARX (Switzerland)
- AtkinsRealis (Canada)
- DB (Germany)
- Egis (France)
- Jacobs (US)
- Mott Macdonald (UK)
- Parsons (US)
- Sener (Spain)
- Surbana Jurong (Singapore)
- Systra (France)
- WSP (Canada)
The consultancy contract covers the study and design of the Airport Express Line, which will extend from the Al-Garhoud area of the city to Al-Maktoum International airport (DWC) in the Jebel Ali area. The proposed line will stretch about 55 kilometres (km) and include five stations, providing passengers with facilities such as remote airline check-in, baggage drop-off and security screening.
Consultants have been allowed until June to submit their proposals.
The new line will run from the Red Line metro station at Dubai International airport through Al-Jaddaf, along Al-Khail Road to a new station at Jumeirah Village Circle (JVC) before continuing on to DWC.
There will be two spur lines. The first will run from the new JVC station to the Al-Fardan Exchange metro station at Emirates Golf Club, while the second will branch out towards Business Bay, where another station will be built.
The new line appears to follow a similar route to the Etihad Rail high-speed railway project, which is now under construction and due to be completed by 2030.
Route 2020 extension
The Airport Express Line scheme is the latest metro project to be tendered by the RTA this year. Tendering activity is already ongoing for the Route 2020 extension, which will start from the Expo 2020 metro station and connect to DWC’s West Terminal.
In April, MEED exclusively reported that consultants had submitted bids for the project.
The extension to the line will run for about 3km and will feature two stations.
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.
Gold Line
Dubai’s plans for its metro network do not stop with connecting the extension of the Route 2020 metro line to DWC. There are long-term plans for further extensions.
In October last year, MEED exclusively reported that the RTA had selected US-based engineering firm Aecom to provide consultancy services for the upcoming Dubai Metro Gold Line project, also known as Metro Line 4.
The Gold Line will start at Al-Ghubaiba in Bur Dubai. It will run parallel to – and alleviate pressure on – the existing Red Line, before heading inland to Business Bay, Meydan, Global Village and residential developments in Dubailand.
The existing network includes the Red and Green lines of the Dubai Metro and the Dubai Tram, which connects Al-Sufouh and Dubai Marina to the metro network. The last rail project to start operations in Dubai was the Red Line extension that opened for Expo 2020.
There are also existing and planned rail lines connecting Dubai to other emirates that are being developed and operated by Abu Dhabi-based Etihad Rail. These include passenger and freight services, as well as a high-speed rail connection.
Blue Line
In December 2024, the RTA awarded a AED20.5bn main contract for the Dubai Metro Blue Line project to a consortium of Turkish firms Limak Holding and Mapa Group and the Hong Kong office of China Railway Rolling Stock Corporation.
The Blue Line consists of 14 stations, including three interchange stations at Jaddaf, Rashidiya and International City 1, as well as a station in Dubai Creek Harbour.
By 2040, the number of daily passengers on the Blue Line is projected to reach 320,000. It will be the first Dubai Metro line to cross Dubai Creek, doing so on a 1,300-metre viaduct.
> Be recognised among the best in the industry at the MEED Projects Awards 2026 …
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Local firm wins $100m Kuwait substation contract14 May 2026

The local Al-Ahleia Switchgear Company has won an engineering, procurement and construction contract for a $100m substation project in Wafra in Kuwait’s Al-Ahmadi Governorate.
According to a source, the firm has been appointed as the contractor for the Wafra 2Z substation 400/132/33kV project, with construction scheduled for completion in January 2029.
The contract was awarded by US-headquartered Chevron, which is undertaking its first major power project in Kuwait, according to data from MEED Projects.
It is understood that contractor bids for the project were first submitted in 2023 by National Contracting Company (Kuwait), Al-Ahleia Switchgear (Kuwait), Imco Engineering & Construction Company (Kuwait) and Larsen & Toubro (India).
The tender was cancelled in 2024, and a new tender was issued last year.
In April, Al-Ahleia Switchgear won a contract to build a 400/132/11kV substation at the South Surra township for Kuwait’s Public Authority for Housing Welfare.
The firm also recently won a separate contract in Oman for the supply, installation, execution and maintenance of a main power substation.
The contract was awarded by Oman’s Public Authority for Social Insurance as part of its affordable housing project, known locally as Al-Masaken Al-Muyassara.
According to MEED Projects, Chevron owns about $11.2bn-worth of operational oil and gas projects across the Middle East and Africa. It also owns four major power generation projects in Saudi Arabia, valued at $810m.
> Be recognised among the best in the industry at the MEED Projects Awards 2026 …
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Al-Ain breaks ground on Four Seasons Saadiyat14 May 2026
Al-Ain Asset Management has held a groundbreaking ceremony for its Four Seasons Private Residences Abu Dhabi project at Saadiyat Beach.
Due for completion in 2029, the gated beachfront scheme will comprise 116 ultra-luxury homes with direct beach access. The unit mix includes villas, beachfront mansions, suites and penthouses, alongside a range of bespoke amenities and Four Seasons-branded services, Wam reported.
Al-Ain Asset Management said the majority of the residences have been sold, and that AED250m ($68m) of new villa sales were recorded within one week, underlining demand for ultra-prime homes in Abu Dhabi.
The developer added that the development set new pricing benchmarks for the emirate’s luxury coastal real estate, achieving prices above AED14,000 a square foot. Total sales have exceeded AED4bn since the project launched less than a year ago.
The groundbreaking ceremony was attended by senior leadership and key partners, including Four Seasons, Killa Design and Mirage Leisure & Development. LW Design Group is also involved in the development.
Al-Ain Asset Management is also developing another residential scheme on Saadiyat Island. The Vida Residences development will comprise apartment units geared towards long-stay living, supported by hotel-style facilities and operational spaces. Mimar Architecture & Engineering is working as the consultant.
> Be recognised among the best in the industry at the MEED Projects Awards 2026 …
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Aldar acquires Dubai Studio City development14 May 2026
Abu Dhabi-based developer Aldar has acquired a residential and community retail development in Dubai Studio City from Dubai-based developer SRG for AED1.1bn ($300m).
The deal is part of Aldar’s long-term strategy to build a high-quality, recurring-income portfolio and to scale its presence in the city.
Scheduled for delivery in 2028, the project comprises six mid-rise buildings with 312 homes, including one-, two- and three-bedroom apartments and duplexes. It also includes a community mall with retail, leisure and food-and-beverage offerings, as well as a 16,000-square-metre park.
“Dubai is a priority growth market for Aldar, and this acquisition reflects our belief in the city’s residential market and the central role that institutionally owned, professionally managed rental housing plays in meeting the needs of a growing population,” said Jassem Saleh Busaibe, CEO of Aldar Investment.
“Dubai Studio City’s established infrastructure, vibrant community and strong connectivity make it an excellent location for a high-quality, professionally managed living environment. This transaction is the latest step in a deliberate and broadening strategy to build a diversified portfolio of income-generating assets in Dubai, one that we expect to continue growing as the city attracts increasing global interest and talent,” he added.
The transaction expands Aldar’s activities in Dubai across a range of property types. Aldar Investment’s recurring-income portfolio in the emirate now includes residential, commercial, logistics and mixed-use assets. Key holdings include a mixed-use joint venture with Expo City Dubai, a signature office tower in Dubai International Financial Centre, a Grade A office building on Sheikh Zayed Road, and logistics facilities in National Industries Park and Dubai South.
On the development front, Aldar’s partnership with Dubai Holding continues to gain traction, with three master-planned residential communities already launched and a pipeline exceeding 2.3 million sq m of new gross floor area.
> Be recognised among the best in the industry at the MEED Projects Awards 2026 …
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