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
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INDUSTRY REPORT: |
> 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
Exclusive from Meed
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EtihadWE tenders $150m Ajman substation project21 July 2026
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Dubai Municipality awards Tasreef drainage contract21 July 2026
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EtihadWE tenders $150m Ajman substation project21 July 2026
The UAE’s Etihad Water & Electricity (EtihadWE) has tendered a contract to build three new substations in Ajman.
Estimated to cost $150m, the project involves the construction of three new 132/11kV substations in the Bahya, Rumaila and Liwara districts. It also includes associated 132kV underground cabling works to connect the substations to the existing transmission network.
The bid submission deadline is 10 August.
According to tender documents, the project will add distribution capacity to support load growth and improve the security of electricity supply in the emirate.
The scope of work includes site preparation, construction of three substation buildings and foundations, installation of 132kV GIS/AIS switchgear, 132/11kV power transformers and 11kV switchgear, as well as protection, control, Scada and telecommunications systems.
Etihad WE is responsible for electricity and water services in Ajman, Umm Al-Quwain, Ras Al-Khaimah, Fujairah and parts of Sharjah. The utility has been investing in new substations and transmission infrastructure as electricity demand continues to increase across the Northern Emirates.
This includes a 132/33/11kV substation project on Al-Marjan Island in Ras Al-Khaimah. Construction work is ongoing on the project, with Maetal Dubai serving as the main contractor.
EtihadWE is also finalising a new masterplan that will cover network capacity requirements and expansion priorities for the next 10 to 15 years.
In June, Abdulla Al-Khemeiri, chief operations officer, told MEED: “We are currently reviewing it, and we need to obtain shareholder approval first. Once it is approved, it will be released, hopefully by the end of the year.”
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Seven seeks contractors for Dammam water park and hotel21 July 2026

Saudi Entertainment Ventures (Seven), a wholly owned subsidiary of the Public Investment Fund, is preparing to shortlist general contractors for the main construction package of its Dammam Water Park & Hotel project in the Al-Hamra district.
The waterfront development sits on a 324,300-square-metre (sq m) plot.
A notice was issued to contractors in July, and the client is expected to finalise the shortlist by the end of this month.
Seven is seeking firms capable of delivering a lump-sum, turnkey solution for both the water park and a 321-key lifestyle hotel. Construction is expected to take 24 months from contract award.
The water park is designed around five themed zones and will feature what is billed as the world’s first double-tornado/triple-wave waterslide.
The park will include 21 major rides and attractions, 21 food and beverage outlets, 66 cabanas, parking for 1,100 vehicles and a daily peak capacity of 4,500 guests.
Slide procurement has already been completed directly by Seven. The selected contractor will be responsible for locally sourcing slide towers, integrating them with rockwork and secondary steel, and installing the units.
Detailed design and issued-for-construction packages are complete.
Marine works, piling, dewatering and site utilities are being progressed separately by the existing early works contractor.
The hotel component covers roughly 31,700 sq m of gross floor area and will offer 321 guest rooms, four F&B outlets, spa and wellness facilities, a family pool, and meeting, incentive, conference and exhibition space.
The new contractor’s scope includes superstructure concrete works, façade and roof works, mechanical, electrical and plumbing, interior fit-out and landscaping.
Seven will consider only contractors with demonstrated experience delivering water parks with complex aquatics, theming and rockwork – either directly or through clearly defined subcontractor partnerships – along with a track record in high-end turnkey hotel fit-outs.
Construction of Seven’s Dammam entertainment complex is currently under way. In October 2023, Saudi Binladin Group won contracts worth around SR5bn ($1.3bn) from Seven to build two entertainment destinations in the Dammam and Al-Khobar areas of the Kingdom’s Eastern Province.
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The Dammam entertainment complex spans 360,000 sq m and is being built on reclaimed land on the Dammam waterfront.
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Al-Ula appoints equestrian village early works contractor21 July 2026

Saudi Arabia’s Royal Commission for Al-Ula (RCU) has awarded a contract for early construction works at the Al-Muatadil Equestrian Village.
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Contractors await decision on Riyadh airport sewage plant21 July 2026

Seven contractors are awaiting a decision on a contract to build a sewage treatment plant at the King Salman International airport (KSIA) development in Riyadh, according to sources.
It is understood that bids were submitted to King Salman International Airport Development Company (KSIADC) in March, following the tender’s release earlier this year.
The plant will treat wastewater generated by the airport and surrounding developments, including passenger terminals, runways, residential districts, commercial facilities and logistics areas.
The facility will have a treatment capacity of 92,000 cubic metres a day. The contract is estimated to be worth SR700m ($187m).
The bidders (all local) are:
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- Almajal Alarabi
- Nesma Water & Energy
- Safari Company
- Saudi Services for Electro-Mechanic Works
- Washnah Contracting
- Water & Environment Technologies (Wetico)
The project scope includes the construction of the treatment plant, the installation of preliminary, secondary and tertiary treatment systems, sewage collection and conveyance pipelines, pumping stations, and electrical and control systems.
US-headquartered Jacobs is acting as the main project consultant. Commercial operations for the plant are scheduled for 2029.
The sewage treatment plant is one of several water infrastructure packages planned for the airport. KSIADC is also evaluating bids for a separate $30m engineering, procurement and construction contract covering potable water and fire water tanks and an associated pumping station. The same seven companies have submitted bids for that package.
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Dubai Municipality awards Tasreef drainage contract21 July 2026

Dubai Municipality has awarded local firm Detech Contracting the engineering, procurement and construction (EPC) contract for the TF-15-C1 package of its Tasreef Rainwater Drainage Network programme.
It is understood the municipality issued the letter of award for the contract earlier this month, covering the construction of a stormwater drainage system along Al-Wasl Road and communities west of the Dubai Canal.
The project includes the construction of a gravity-based stormwater pipeline network with diameters of up to 3.5 metres. It is estimated to cost $100m.
It was tendered in February through the government’s Sewerage and Recycled Water Projects Department, with bids submitted in April.
The package forms part of the wider Tasreef initiative, which is intended to improve Dubai’s flood resilience.
The TF-15-C2 package was recently awarded to China State Construction Engineering Corporation for a stormwater drainage network project located along Umm Suqeim Road in the Al-Barsha and Al-Quoz areas of Dubai.
The project is estimated to cost $162m and includes the construction of about 20 kilometres of new stormwater pipelines. Similar to the C1 package, it is located west of the Dubai Canal and will connect the Al-Quoz 3 and Al-Quoz 4 industrial areas with Al-Quoz 1.
Separately, Al-Kharafi has won a drainage EPC contract (Ds207) to upgrade an existing pumping station for the municipality, a source said. The package focuses mainly on mechanical works and is valued at about $39m.
In May, MEED reported that local firm Nael Construction & Contracting had signed a contract with Dubai Municipality to build a sewage and stormwater drainage system in Dubailand.
The project (DS-204-C1) involves the construction of a drainage system with sewage gravity pipelines of up to 2,200mm in diameter.
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