Read the February 2024 MEED Business Review

31 January 2024

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After years of planning, Saudi Arabia’s gigaprojects are producing major contract awards. The most recent was in early January when Italian contractor WeBuild signed a $4.7bn deal to construct three dams at Neom’s Trojena mountain resort in Saudi Arabia.

Like most in the kingdom, the project is large and technically challenging. It also has an aggressive delivery schedule as the lake – and the surrounding resort and ski slopes – must be ready for the Asian Winter Games in 2029. 

The project will also have to be completed at the same time as the rest of the growing volume of work in the kingdom. 

According to regional projects tracker MEED Projects, the Saudi market enjoyed its best year on record in 2023 with $95bn of contract awards across all sectors. A net project value of $181bn of deals at the tender stage means more contract awards are anticipated in 2024.

With the challenges facing the kingdom’s construction sector amplified this year, the latest issue of MEED Business Review considers how the development firms tasked with delivering Riyadh’s five official gigaprojects – and the raft of other large masterplanned projects – are rethinking their delivery methods. 

This month's exclusive 14-page market report highlights Qatar, where a post-World-Cup repositioning is forcing a shift in Doha's spending to focus on oil, gas and utilities schemes. Doha is now reinvesting in the mainstay of the Qatari economy, awarding hydrocarbons projects worth more than $47bn between 2021 and 2023.

MEED's latest issue is also packed with insight and analysis. The team examines the challenges facing Kuwait's new emir, Sheikh Mishal Al Ahmad Al Jaber Al Sabah; considers what impact the 2024 US presidential elections could have on the Middle East region; and assesses the effect that the ongoing harassment of commercial ships in the Red Sea is having on global logistics.

In MEED's 2024 Water Developer Ranking, we discover how Acwa Power is continuing to dominate the GCC water sector and look at the exceptional growth under way around the Middle East and North Africa region as governments focus on projects to tackle water security. 

February's issue also takes an in-depth look at how construction work is picking up pace on Saudi Arabia's stadiums as the kingdom gears up to host international sporting events such as the 2034 football World Cup, as well as the 2030 World Expo. Furthermore, CEO of Saudi Arabia's Boutique Group, Mark DeCocinis, reveals how the hospitality company is turning the kingdom's palaces into luxury hotels.

In addition, this issue also considers the role of South Korean companies in the region's oil and gas sector, examines how a power shift in Kuwait could spark an oil projects boom, and takes an in-depth look at the upwards climb of the Gulf projects market following a record-breaking year for contract awards in 2023, with a total of $254bn-worth of deals signed.

We hope our valued subscribers enjoy the February 2024 issue of MEED Business Review. 

 

Must-read sections in the February 2024 issue of MEED Business Review include:

> AGENDA: Rethinking how Saudi projects are delivered

> LEADERSHIP: Constructing a sustainable future

> INTERVIEW: Sustainable design is key to cutting carbon emissions

> CURRENT AFFAIRS: Kuwait's Emir Mishal faces familiar set of challenges

> CURRENT AFFAIRS: US elections set to disappoint region

> CURRENT AFFAIRS: Red Sea attacks squeeze global logistics

INDUSTRY REPORT:
MEED's 2024 water developer ranking
> Acwa Power tightens grip on GCC water

> Mena water delivers exceptional growth

 

> INTERVIEW: Opening Saudi Arabia’s palaces to the world

> ANNUAL CONTRACTS: Record-breaking $254bn of contract awards in 2023

> SAUDI STADIUMS: Construction of Saudi stadiums gathers pace

> SOUTH KOREA: South Korean firms stage Mena oil and gas comeback

> KUWAIT: Kuwait power shift could spark oil boom

> QATAR MARKET FOCUS:
> COMMENT: Qatar adapts to post-Fifa market
> GOVERNMENT & ECONOMY: Qatar's return to economic normality
> BANKS: Qatar's banks adjust to new circumstances
> OIL & GAS: Qatar enters period of oil and gas consolidation

> POWER & WATER: Qatar power and water projects to take off
> CONSTRUCTION: Qatar construction enters reboot mode
> SPORT: Qatar’s sporting vision transcends World Cup
> DATABANK: Macroeconomic data

> MEED COMMENTS: 
> Chinese New Year for Middle East projects

> Aramco maintains offshore spending momentum
> Kuwait’s cabinet needs to move fast
> Jordan water project enters critical phase

> GULF PROJECTS INDEX: Gulf projects market continues upward climb

> DECEMBER 2023 CONTRACTS: Region records largest-ever annual contract awards value

> MARKET SNAPSHOT: Saudi's stadium and expo projects

> OPINION: Lebanon’s pain captured in a call from Beirut

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

To see previous issues of MEED Business Review, please click here
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MEED Editorial
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    Oil prices climbed more than 3% on 22 October after a drone targeting Saudi Aramco’s Shaybah oil field development killed two people and injured two others a day earlier, adding to concerns over energy supplies as attacks on Saudi energy infrastructure intensified.

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    Three residents and a Saudi citizen were killed in two separate incidents in Saudi Arabia’s Eastern Province on 21 October, authorities said, as attacks on the kingdom accelerated following an escalation of hostilities with the Iran-backed Houthi group in neighbouring Yemen.

    Overnight, the Saudi-led coalition fighting the Houthis in Yemen announced that it had intercepted and destroyed four drones in the Eastern Province.

    Saudi air defences intercepted a drone attempting to target a processing facility at Saudi Aramco’s Shaybah oil field development on the morning of 21 October, the Saudi Ministry of Energy said.

    The official Saudi Press Agency (SPA) carried a statement quoting an energy ministry official as saying the attempted attack resulted in the deaths of two residents – a Filipino and a Nepali – and injuries to two others – an Indian and a Pakistani – after debris fell due to the interception.

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    “The attack also caused property damage, the extent of which is currently being assessed. Further updates will be provided,” Gaca said, adding that operations had since resumed at Dammam airport.

    Saudi Arabia has come under sustained attack from the Iran-aligned Houthi rebel group in October, including strikes on Riyadh’s international airport in what authorities described as the kingdom’s deadliest incidents in years, as the war with the group escalates.

    The Houthi militias also struck an administrative building at Aramco’s headquarters in Dhahran, in the Eastern Province, on 13 October, resulting in a limited fire.

    The Houthi rebels opened a new front in the regional war between Iran and the US in mid-July, when they breached a four-year truce with Saudi Arabia in Yemen’s civil war, which began in 2014, and started attacking Saudi vessels and Aramco energy assets along the Red Sea, including repeated strikes on the Jizan refinery.

    The 1,200-kilometre East-West pipeline operated by Aramco was also hit by Houthi missiles in September, and once directly by Iran in April.

    The East-West pipeline transports crude from Saudi Arabia’s Eastern Province oil fields to the Red Sea port city of Yanbu on the kingdom’s west coast. It has a pumping capacity of 7 million barrels a day.

    Saudi Arabia relies heavily on the East-West pipeline to bypass the volatile Strait of Hormuz maritime chokepoint and ship crude from its Red Sea coast. Riyadh has increasingly used the line to route exports away from Hormuz since the US-Iran conflict began on 28 February – a tactical advantage most of its Gulf neighbours lack.

    Aramco resumed crude exports via the pipeline at the start of October.

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    The Royal Commission for Riyadh City (RCRC) has awarded an estimated SR1.13bn ($301m) contract to local firm Alomaier Trading & Contracting Company to upgrade a section of Sheikh Jaber Al-Ahmad Al-Sabah Road in the capital.

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

    Industry and logistics drive development at Neom; Saudi Arabia’s investment priorities realign amid conflict; MEED’s 2026 power developer ranking.

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

    To see previous issues of MEED Business Review, please click here
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    22 October 2026

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    The UAE’s Emirates Global Aluminium (EGA) has announced that half of the reduction cells at its Al-Taweelah smelter in Abu Dhabi, which sustained damage from Iranian attacks in late March, have been restarted.

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    The company announced on 10 July that it had restarted alumina production at its main refinery in Al-Taweelah, adding at the time that it expected to have the technical capability to ramp up to full alumina production by the end of this year.

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    EGA also said in July that its site in the Jebel Ali area of Dubai is continuing aluminium production at full capacity. Average daily inbound deliveries of all major raw materials exceed EGA’s requirements to maintain metal production at Jebel Ali and meet the demands of restoration at Al-Taweelah, with raw material stocks in the UAE increasing.

    Separately, the ramp-up of production at EGA’s new Al-Taweelah recycling plant remains on track, with full production expected by late in the fourth quarter of this year.

    EGA’s recycling plants in the US and Germany, meanwhile, have continued production throughout 2026.

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