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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Oman’s Nama PWP tenders consultancy contract3 April 2026
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Read the April 2026 MEED Business Review2 April 2026
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Oman’s Nama PWP tenders consultancy contract3 April 2026
Oman’s Nama Power and Water Procurement Company (Nama PWP) has opened a tender for the provision of environmental, social and governance (ESG) reporting consultancy services.
The tender seeks proposals from interested parties to support the utility in assessing its ESG maturity and identifying gaps against the Oman Investment Authority’s ESG guidelines.
The deadline for firms to submit offers is 10 May.
According to the tender notice, the selected consultant will develop the required ESG policies, strategy, report and implementation roadmap.
Nama PWP, part of Nama Group, said the scope of work is intended to support the company’s wider ESG framework as it continues to procure new power and water capacity in Oman.
The utility also recently opened a tender seeking proposals from qualified law firms to provide legal consultancy services in Oman.
The selected firms will be included on a panel and engaged on an as-needed basis. They will deliver legal advisory services across a range of matters relevant to Nama PWP’s business.
The deadline for firms to submit offers is 21 April.
In March, the state utility released its latest seven-year plan outlining rapid expansion of solar and wind projects.
It expects the renewable energy share of Oman's power generation mix to increase steadily across the period, reaching 16% in 2028 and 21% in 2029 before rising to 30% in 2030. This compares to about 4% in 2024.
The pipeline includes a series of large-scale independent power projects (IPPs) scheduled for delivery between 2027 and 2031.
Solar photovoltaic (PV) capacity in the sultanate is projected to rise from 1.54GW in 2024 to 23.26GW by 2031. Wind capacity is expected to grow from 120MW to 6.75GW,
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Construction ramps up for $1bn Egypt phosphate project3 April 2026

Construction activity is ramping up on the site of the $1bn phosphate complex project in Egypt’s Sokhna Industrial Zone, according to industry sources.
Workers were first deployed at the site in February and construction is ongoing, sources said.
In November, Egypt’s Prime Minister Moustafa Madbouli attended the signing ceremony for the establishment of the complex.
The contract was signed between Egypt’s Elsewedy Industrial Development and China’s Kunming Chuanjinnuo Chemical Company (CJN).
The project is being developed on a site covering 905,000 square metres and will be implemented across three consecutive phases, with an estimated total investment of $1bn.
Under current plans, a substantial portion of the complex’s output will be allocated to export markets in South Asia, the Middle East, Africa and South America.
The first phase is scheduled to start commercial operations in 2028.
This stage is focused on increasing the value-added content of Egyptian phosphate ore through the production of phosphoric acid along with diammonium phosphate (DAP) and triple superphosphate (TSP) fertilisers.
The second phase, set to launch in 2029 and operate commercially by 2031, will expand into high-purity phosphate chemicals, including purified phosphoric acid (PPA) and monopotassium phosphate (MKP).
The third phase, beginning in 2032 with commercial operation targeted for 2034, will shift toward new-energy materials, particularly those used in electric-vehicle battery production.
Key outputs will include lithium iron phosphate (LFP) and lithium dihydrogen phosphate, supporting Egypt’s emergence as a growing hub for advanced battery materials and green-energy technologies.
The project also includes establishing a specialised research and development centre focused on advancing phosphate-based chemical technologies.
The centre will promote industrial localisation, support technology transfer, and strengthen Egypt’s scientific and technological capabilities in high-value chemical manufacturing.
MEED’s March 2026 report on Egypt includes:
> COMMENT: Egypt’s crisis mode gives way to cautious revival
> GOVERNMENT: Egypt adapts its foreign policy approach
> ECONOMY & BANKING: Egypt nears return to economic stability
> OIL & GAS: Egypt’s oil and gas sector shows bright spots
> POWER & WATER: Egypt utility contracts hit $5bn decade peak
> CONSTRUCTION: Coastal destinations are a boon to Egyptian constructionTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/16240318/main.jpg -
Saudi Arabia seeks firms for food testing labs PPP project2 April 2026
Saudi Arabia’s Ministry of Municipalities & Housing, in collaboration with the National Centre for Privatisation & PPP (NCP), has issued an expression of interest (EOI) notice for a contract to develop and operate municipal food safety laboratories under a public-private partnership (PPP) framework.
The project will be delivered on an equip, operate, maintain and transfer basis, with a contract duration of five years.
The EOI was issued on 1 April, with a submission deadline of 15 April.
The project scope covers the equipping, operation and maintenance of municipal food safety laboratories across five municipalities: Hafr Al-Batin, Northern Borders, Tabuk, Qassim and Al-Ahsa.
Key objectives include upgrading laboratory equipment, expanding chemical and microbiological testing capacity for food and water products, and enhancing testing accuracy to support laboratory compliance across the value chain. The project also aims to ensure effective knowledge transfer and a structured handover to the relevant municipalities at the end of the contract term.
NCP said in a statement: “The project is intended to strengthen public health and safety standards for citizens and residents of the kingdom in alignment with Saudi Vision 2030, while developing the municipal monitoring ecosystem, optimising food and water testing services, and enabling private sector participation in accordance with global best practices.”
In October last year, NCP highlighted the scale and diversity of opportunities in the kingdom’s PPP pipeline.
“At the moment, we have around 200 projects in the pipeline with a total value of roughly $190bn,” said Salman Badr, executive vice president – infrastructure advisory, NCP, during a MEED webinar.
The projects are spread across 17 sectors. “We have a very sizable programme, and it reflects the breadth of the kingdom’s transformation agenda,” he said.
NCP was established in 2017. It serves as the central authority and catalyst for designing and implementing privatisation and PPP projects across the kingdom.
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Parsons to project manage Al-Ittihad Sports Village in Jeddah2 April 2026
US-based engineering firm Parsons Corporation has been awarded a contract by Saudi Arabia’s Al-Ittihad Club Company to act as project management consultant for the Al-Ittihad Sports Village in Jeddah.
Under the contract, Parsons will support the project during the design stage.
The sports village will be developed near King Abdullah Sports City and will include Al-Ittihad’s headquarters, academy training pitches and supporting facilities, performance development centres, administrative offices and a range of commercial components.
The development is being designed in line with Fifa requirements and international best practices, with the aim of strengthening high-performance sports infrastructure in Saudi Arabia.
The latest award follows Parsons’ recent appointment to a 60-month contract by the Public Investment Fund-backed New Murabba Development Company to provide design and construction technical support.
As part of that role, Parsons will support the development of the project’s downtown area, which will span 14 million square metres of residential, workplace and entertainment space.
In October last year, Parsons announced it had secured a SR210m ($56m) contract from Diriyah Company. Its scope includes the design and construction supervision of infrastructure works in phase two of the Diriyah project, covering streets, footpaths, open spaces, and civic buildings and facilities.
In May last year, Parsons also confirmed its appointment as delivery partner for the airside and landside packages at King Salman International airport in Riyadh.
In a statement, Parsons said it had signed two contracts with King Salman International Airport Development Company. The first covers airfield assets, including runways, taxiways, aircraft parking areas and air traffic control towers.
The second contract relates to landside infrastructure, including roads, utilities, tunnels, bridges, rail networks and landscaping.
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Read the April 2026 MEED Business Review2 April 2026
Download / Subscribe / 14-day trial access When the first missiles and drones were fired at the GCC on 28 February, the region’s economic story pivoted abruptly, from long-term vision-building to near-term resilience.
The conflict is now the Gulf’s most consequential economic stress test in a generation. It is challenging the safe haven premium that underpins capital inflows, while disrupting the physical networks that keep the region’s economies running, from energy exports and shipping lanes to airports and tourism.MEED editor Colin Foreman asks whether the GCC can sustain investor confidence as energy assets, trade routes, airports and banks absorb the shock. Read more here.
April’s market focus is on Saudi Arabia, where the Iran war is compounding the logic behind the kingdom’s strategic pivot in its investment plans.
This edition also includes MEED’s 2026 GCC contractor ranking, in which Chinese firms have surged to the top as Saudi spending cuts and geopolitical risks weigh on GCC construction activity.
In the latest issue, we explore the region’s evolving arbitration landscape; present exclusive leadership insight from Jacobs on the future of passenger rail in the Middle East; and talk to Leyla Abdimomunova, head of real estate and construction at the Public Investment Fund’s National Development Division, about remaking Saudi construction.
We hope our valued subscribers enjoy the April 2026 issue of MEED Business Review.

Must-read sections in the April 2026 issue of MEED Business Review include:
> AGENDA: Gulf economies under fireINDUSTRY REPORT:
GCC contractor ranking
> Construction guard undergoes a shift> LEGAL: Redefining the region’s arbitration landscape
> QATAR LNG: Qatar’s new $8bn investment heats up global LNG race
> INTERVIEW: Leyla Abdimomunova, National Development Division, PIF
> LEADERSHIP: Shaping the future of passenger rail in the Middle East
> SAUDI MARKET FOCUS:
> COMMENT: Risk accelerates Saudi spending shift
> GVT &: ECONOMY: Riyadh navigates a changed landscape
> BANKING: Testing times for Saudi banks
> UPSTREAM: Offshore oil and gas projects to dominate Aramco capex in 2026
> DOWNSTREAM: Saudi downstream projects market enters lean period
> POWER: Wind power gathers pace in Saudi Arabia
> WATER: Sharakat plan signals next phase of Saudi water expansion
> CONSTRUCTION: Saudi construction enters a period of strategic readjustment
> TRANSPORT: Rail expansion powers Saudi Arabia’s infrastructure push> MEED COMMENTS:
> Iran war erodes LNG’s image of reliability
> Dubai's real estate faces a hard test
> Energy resilience matters as much as capacity
> Drawn-out conflict may shift planning priorities> GULF PROJECTS INDEX: Gulf index rises amid tensions
> FEBRUARY 2025 CONTRACTS: Middle East contract awards
> ECONOMIC DATA: Data drives regional projects
> OPINION: The end of the republic and the end of times
> BUSINESS OUTLOOK: Finance, oil and gas, construction, power and water contracts
To see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/16222272/main.gif
