The spectre of retreating Russian oil and gas supply while the global energy crisis unfolds has turned the spotlight on the largest oil and gas exporting countries in the Middle East.

The region’s response to the ongoing crisis is unequivocal: Saudi Arabia is willing to pump more oil if the situation worsens and the UAE has said it will continue supplying oil and gas responsibly as long as the world needs it.

At the Abu Dhabi International Petroleum Exhibition & Conference (Adipec) this year, the UAE climate envoy Sultan al-Jaber said the world needs maximum energy and minimum emissions.

“The world requires all the solutions it can get to respond to rising energy demand, which entails oil and gas, solar, wind, nuclear and hydrogen, plus the clean energies yet to be discovered, commercialised and deployed,” said the government official, who heads both Abu Dhabi National Oil Company (Adnoc) and Abu Dhabi Clean Energy Company (Masdar).

Amid ongoing energy chaos that is unsettling entire continents, economies and energy policies, MEED’s December 2022 edition of MEED Business Review explores Middle East oil producers' determination to retain their role as global energy partners.

The Gulf, our report concludes, will continue to power the world for decades to come, thanks to its natural assets, both hydrocarbons and solar radiation, combined with a pragmatic approach to the energy transition.

December’s 18-page Market Focus on Bahrain, meanwhile, finds much to be optimistic about in the country's economic landscape, with investment and development initiatives targeting most sectors.

This month, MEED also presents its 2022 EPC contractor ranking. 

Abu Dhabi’s NPCC tops the ranking, taking the lead in recently awarded work in a clear sign that localisation policies are having an impact.

We hope you enjoy the December 2022 edition of MEED Business Review.

Must-read sections in the December 2022 edition of MEED Business Review include:

> AGENDA: Oil giants aim for energy transition pole position

> CLIMATE CHANGE: Gulf can defy doubters and lead way to net zero

> BIG INTERVIEW: ACC leverages expertise to tap new markets

> OPINION: Wobbling technology teaches digital caution

> MEED COMMENTS: 

    > UAE industrial manufacturing balloons

    > Foreign investors want bankable projects

> MONTHLY BRIEFING: 14 key developments in the region

> IRAN: Prospects fade for revival of Iran nuclear deal

> EAST MEDITERRANEAN: Israel election could derail Mediterranean gas deals

> EPC CONTRACTOR RANKING:

    > Abu Dhabi’s NPCC tops EPC contractor ranking

    > Region strives to localise EPC market

> ECONOMIC OUTLOOK: 

    > Middle East outpaces global economic growth 

    > IMF says Oman’s economic recovery gains traction

> IRAQ ENERGY: Chinese win 87 per cent of Iraq energy contracts

> INTERVIEW: Yellow Door Energy begins $1bn expansion

> MEED INDEX: DECEMBER 2022 Regional Energy Transition Index

> BAHRAIN MARKET FOCUS: Bahrain finds its economic footing

> Bahrain tests its democratic limits

> Bahrain’s economy and metrics stabilise

> Interview with Bahrain Economic Development Board CEO

> Bahrain banks tread a fine line

> Manama coasts towards pragmatic energy ambitions

> Bahrain shifts utility sector priorities

> Construction sector looks ahead to major projects

> Interview with Minister of Works Ibrahim bin Hassan al-Hawaj

> Interview with Mohamed Yousif al-Binfalah, CEO of Bahrain Airports Company

> Interview with Bahrain Tourism & Exhibitions Authority CEO Nasser Qaedi

> Databank: Bahrain’s economic metrics stabilise in 2022

> MARKET TALK: Unlocking easier access to finance for Gulf SMEs

> MARKET SNAPSHOT: Saudi Arabia's gigaprojects

> GULF PROJECTS INDEX: Gulf projects market sustains recovery

> OCTOBER 2022 CONTRACTS: Regional contract awards continue to rise

> BUSINESS OUTLOOK: Finance, oil and gas, construction, power and water contracts