Read the February 2025 MEED Business Review
5 February 2025
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Donald Trump’s return to the US presidency on 20 January 2025 is anticipated to have profound impacts on the Middle East. In the February issue of MEED Business Review, we provide an in-depth look at the major geopolitical challenges that the region presents, particularly in terms of US relations with Iran, and the interrelationship between the US, Israel and other regional actors.
What's more, we examine how the Trump 2.0 administration's focus on areas such as artificial intelligence (AI) regulation, data sovereignty and cryptocurrency – not to mention the ever-escalating US-China tech war – offers an opportunity for Middle East players to assert themselves in the global tech economy. Trump’s America First policies could slow the region’s AI ambitions, however, and to stay competitive, GCC states must step up investments in education, infrastructure and innovation.
Indeed, for the UAE, investing in and developing AI infrastructure and applications is now a priority. Abu Dhabi recently launched a $6bn project that combines 5,200MW of solar and 19 gigawatt-hours of battery energy storage capacity to deliver 1,000MW of round-the-clock renewable power capacity, which will help to support the government's AI ambitions.
Our latest issue also includes a comprehensive report on the GCC's water and wastewater sector, where Riyadh-headquartered utility developer and investor Acwa Power has improved its lead as the pace of independent water project contract awards slows.
This month’s exclusive 15-page market report focuses on Qatar. Doha has played an instrumental role in negotiations between Israel and Hamas in recent months, placing it front and centre of regional mediation, while efforts to ensure post-World Cup economic progress led to a strong project awards performance for the country in 2024.
In this issue, the team also examines how the long-awaited ceasefire in Gaza has brought relief to the fraught situation in Palestine; finds that the appointment of jurist Nawaf Salam as prime minister holds the prospect of political and economic rehabilitation for Lebanon; and looks at how the development of Wynn's integrated resort in Ras Al-Khaimah is supporting an ongoing boom in the emirate's real estate sector.
The February issue is packed with exclusive insight, too. Omran’s CEO Hashil Al-Mahrouqi explains how the agency's tourism development and hospitality projects will support Oman's Vision 2040; we round up the record signings that made 2024 the best year yet for contract awards in the region; and the latest edition of MEED's Economic Activity Index reveals that the UAE is maintaining its edge as 2025 gets under way.
We hope our valued subscribers enjoy the February 2025 issue of MEED Business Review.

Must-read sections in the February 2025 issue of MEED Business Review include:
> AGENDA:
> Trump 2.0 targets technology
> Trump’s new trial in the Middle East
> Unlocking AI’s carbon conundrum
> CURRENT AFFAIRS:
> Gaza ceasefire goes into effect
> New Lebanese PM raises political hopes
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INDUSTRY REPORT: |
> INTERVIEW: Omran’s tourism strategies help deliver Oman 2040
> PROJECTS RECORD: 2024 breaks all project records
> REAL ESTATE: Ras Al-Khaimah's robust real estate boom continues
> ACTIVITY INDEX: UAE maintains regional economic edge
> QATAR MARKET REPORT:
> COMMENT: Doha works to reclaim spotlight
> GOVERNMENT & ECONOMY: Qatar economy rebounds alongside diplomatic activity
> BANKING: Qatar banks look to calmer waters in 2025
> UPSTREAM: QatarEnergy strives to raise gas and oil production capacity
> DOWNSTREAM: Qatar chemicals projects take a step forward
> POWER & WATER: Facility E award jumpstarts Qatar’s utility projects
> CONSTRUCTION: Qatar construction shows signs of recovery
> MEED COMMENTS:
> Damac founder Sajwani puts America first with Trump’s second presidency
> Dubai’s largest-ever contract award is vital for its future
> AI underpins 5GW Abu Dhabi solar project
> Saudi-Turkiye relationship could bolster projects market
> GULF PROJECTS INDEX: Gulf projects market enters 2025 in state of growth
> DECEMBER 2024 CONTRACTS: Monthly haul cements record-breaking total for 2024
> ECONOMIC DATA: Data drives regional projects
> OPINION: Between the extremes as spring approaches
> BUSINESS OUTLOOK: Finance, oil and gas, construction, power and water contracts
Exclusive from Meed
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Aramco receives interest for major gas processing plant30 September 2026
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Libya refinery expected to be worth more than $600m30 September 2026
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Joint venture wins $230m Ras El-Hekma buildings30 September 2026
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Neom tenders Oxagon freight rail design30 September 2026
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Hassan Allam wins $1bn Cairo mixed-use project deal30 September 2026
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Related Articles
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Aramco receives interest for major gas processing plant30 September 2026

Saudi Aramco has received expressions of interest from contractors to participate in the main tendering exercise for a project to expand the Alhada gas processing plant, located about 85 kilometres northwest of Jubail in Saudi Arabia’s Eastern Province.
The Alhada gas processing plant expansion is critical to Aramco’s goal of increasing gas production capacity by 80% by 2030 from a 2021 baseline.
Aramco issued a solicitation of interest document for the main tendering exercise in early September, with contractors submitting responses by 17 September, sources told MEED.
The engineering, procurement and construction (EPC) scope of work has been divided into three main packages, sources said.
The first EPC package relates to the main gas treatment facilities, primarily three processing trains, along with:
- Three acid gas removal units
- Triethylene glycol (TEG) dehydration unit
- Two high-pressure and two low-pressure flares
- Two flare gas recovery units
- Two T&l flares
- Two burn pits
- A digital twin
The acid gas removal units will treat sour gas by removing hydrogen sulphide and carbon dioxide to produce sales gas, as well as acid-gas feed for the downstream acid gas enrichment unit and sulphur recovery unit.
The acid gas removal units will also process gas from the flare gas recovery units through a dedicated amine contactor to meet specifications for use as fuel gas. The TEG dehydration unit will then remove water from the treated gas to meet sales-gas specifications.
The project’s second EPC package covers the sulphur recovery units. The third package involves inlet channels for monoethylene glycol, as well as common utilities and supporting structures.
ALSO READ: Contractors express interest in sixth Jafurah expansion phase
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Libya refinery expected to be worth more than $600m30 September 2026

The main contract for Libya’s planned South Refinery project is expected to be worth more than $600m, according to industry sources.
The project, located in Ubari in southern Libya, has gained momentum over the past year. The main contract is expected to be procured under an engineering, procurement and construction (EPC) model.
In March, US-based engineering company KBR was awarded a contract by Zallaf Exploration, Production & Refining of Oil & Gas Company to provide project management and technical services for the project.
Under the terms of the contract, KBR will provide contract management, project management and supporting technical services throughout the project’s EPC phases.
The EPC work is expected to take 50 months, and the facility will be designed to process 30,000 barrels a day (b/d) of crude oil.
The refinery is expected to produce:
- Propane and butane for domestic and industrial uses
- Gasoline
- Kerosene
- Diesel
- Fuel oil
In March, KBR said that the project was aligned with its “long-standing commitment to advancing vital oil and gas infrastructure in Libya”.
Libya currently operates five main refineries with a combined nameplate capacity of 380,000 b/d, but actual throughput is closer to 180,000 b/d due to poor maintenance and damage from military clashes.
In addition to the South Refinery project, Libya also plans to upgrade the Zawiya refinery and carry out projects at the Serir, Brega, Tobruk and Ras Lanuf refineries.
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Joint venture wins $230m Ras El-Hekma buildings30 September 2026
A joint venture of UK-based Innovo Build and Egypt’s Redcon Construction has won a contract worth about E£12bn ($230m) to carry out infrastructure and construction works for the DP03 East package of the Wadi Yemm development at Ras El-Hekma on Egypt’s North Coast.
Wadi Yemm is being developed by the UAE’s Modon Development as the first phase of its Ras El-Hekma masterplan, which will comprise 17 planned districts.
DP03 East has a built-up area of 323,000 square metres and is scheduled for completion within 21 months.
The scope of work includes more than 660 residential units – comprising standalone villas and townhouses – as well as public service areas, lakes, a commercial mall, landscaping and roadworks.
The delivery of units at Wadi Yemm is expected to begin in the third quarter of 2029.
Ras El-Hekma is located on a spur of land on Egypt’s northern Mediterranean coast, about 240 kilometres west of Alexandria.
Abu Dhabi-based holding company ADQ appointed Modon Holding as master developer for the Ras El-Hekma project in 2024. Modon will oversee the overall development, which covers more than 170 million square metres (sq m).
Modon will develop the first phase, covering 50 million sq m. The remaining 120 million sq m will be developed in partnership with private developers, under the supervision of the recently established ADQ subsidiary Ras El-Hekma Urban Development Project Company and Modon.
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Hassan Allam wins $1bn Cairo mixed-use project deal30 September 2026
Grova Developments, the real estate development arm of Egypt’s Hassan Allam Holding, has awarded Hassan Allam Construction a $1bn contract to deliver the Grova Westfields project in West Cairo.
Hassan Allam Construction’s scope of work includes a 150-key five-star hotel, branded residences, luxury villas and apartments, as well as infrastructure and landscaping works.
The project spans about 1.2 million square metres and is being developed in partnership with the Egyptian Kuwaiti Company for Real Estate Development.
Broadway Malyan has been appointed to lead the master planning and architectural design.
In October last year, Hassan Allam Construction announced that it had won a $550m contract to build another mixed-use development spanning more than 128 hectares in New Cairo.
That development comprises villas, townhouses, commercial and office space, mixed-use buildings, infrastructure and other associated facilities.
Hassan Allam Properties is co-developing the project with Grova Developments.
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Neom tenders Oxagon freight rail design30 September 2026

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Neom has tendered a contract to prepare a concept design, feasibility study and route-alignment studies for a freight rail network connecting to the Port of Neom at Oxagon.
Neom issued the tender last week, with a submission deadline of 29 October.
Consultants expressed interest in the contract on 16 September, as MEED previously reported.
The estimated 400-kilometre (km)-plus rail line is expected to connect the Port of Neom with Saudi Arabia Railways’ (SAR) North-South Railway at the Al-Baseeta junction.
SAR’s North-South Railway is a 2,750km network built primarily to move minerals from mines in the north of the kingdom to industrial and export hubs on the Gulf coast. Its core route links the Al-Jalamid and Baitha phosphate and bauxite mines to Ras Al-Khair, Jubail and Dammam, with branch lines to Riyadh and to the Jordanian border at Al-Haditha.Al-Baseeta junction, where Oxagon’s proposed line would connect, sits on this network in Al-Jawf province, in the northwest of the country. The railway also carries passengers between Riyadh and Qurayyat, and has transported commercial freight such as sulphur and phosphoric acid.
The Port of Neom currently has no rail link to the rest of Saudi Arabia, meaning cargo landing there depends on road transport or a further sea leg to reach Riyadh, the Gulf coast or export markets beyond.
Connecting to the North-South network at Al-Baseeta would give the port direct rail access to the kingdom’s interior and, via existing branch lines, to Jordan and the Gulf coast industrial cluster around Ras Al-Khair, Jubail and Dammam.
The proposed link would also give SAR’s network a new outlet to the Red Sea. To date, the North-South Railway has focused on Gulf coast export points, but a connection to Oxagon would provide a second maritime gateway on the opposite coast, allowing mineral and freight traffic from the north of the kingdom to reach either coastline.
The latest development follows Saudi Arabia’s Public Investment Fund (PIF) naming Neom as one of six strategic ecosystems in its 2026-30 strategy.
This backing comes as Neom’s operational focus appears to be evolving in response to shifting regional dynamics and global economic conditions. For example, on 15 April, Neom posted on its official X account about a new Europe-Egypt-Neom-GCC corridor, describing it as a faster route for time-sensitive goods.
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