Read the January 2023 MEED Business Review
29 December 2022
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All eyes are on the Middle East’s property market after a dramatic reversal in fortunes over the past two years.
In mid-November, investors flocked to Dubai’s Coca-Cola Arena for the launch of Burj Binghatti Jacob & Co Residences, the world’s tallest residential building.
It was the clearest sign yet of a dramatic return to form for Dubai’s real estate sector.
Developments in Abu Dhabi continue to sell strongly, and in Bahrain, developers attending Cityscape in November said they were expecting good years ahead.
The biggest market, Saudi Arabia, may have seen its residential market cool in recent months due to higher interest rates, but commercial property continues to perform well and the overall outlook for real estate remains positive.
In the January issue of MEED Business Review, MEED editor Colin Foreman analyses why real estate in the region is here to stay, despite the ups and downs of the property cycle.
This month, we also reveal the region’s top 100 megaprojects – which, combined, account for $1.4tn in project value. Of this, more than $570bn is made up of project components that have moved beyond the study stage and are actively moving through the design, main contract bidding and execution phases.
The Top 100 ranking and analysis on increasing activity on oil and gas schemes and economic diversification initiatives, particularly in Saudi Arabia, can be accessed here.
Our 15-page special report on Oman, meanwhile, finds that budget discipline has allowed Muscat to hugely improve the sultanate’s fiscal standing.
Most significantly over the past 12 months, Oman has garnered the interest of investors for its potential as a hydrogen generation and transmission hub, with planned hydrogen schemes in the sultanate valued at almost $80bn.

Must-read sections in the January 2023 edition of MEED Business Review include:
> AGENDA: Dubai real estate returns
> RIYADH 2KM-TALL TOWER: Saudi tower tops GCC list of megatall structures
> ACQUISITION: Alec acquires Abu Dhabi contractor Target
> BIG INTERVIEW: Awaidha Murshed Ali al-Marar, chairman of the Abu Dhabi Department of Energy
> OPINION: Energy challenges cloud 2023 outlook
> MEED COMMENTS:
> Middle East rail sector has best year since 2013
> Riyadh doubles down on Beijing relationship
> SAUDI BUDGET: Riyadh increases expenditure as projects take centre stage
> TOP 100 PROJECTS: Saudi Arabia ramps up project activity
> INTERVIEW: Harssha Shetty, CEO of Oman steel manufacturer Jindal Shadeed Group
> ENERGY TRANSITION: Hydrogen’s energy transition role is precarious
> TENDER INFLATION: Saudi construction faces rising costs amid optimism
> MEED INDEX: UAE leads the region in MEED’s Digital Transformation Index
> FOOD SECURITY: UAE food suppliers face global issues
> OMAN MARKET FOCUS: Oman restores the faith of investors
> MARKET SNAPSHOT: The region’s growing hydrogen economy
> GULF PROJECTS INDEX: Gulf projects market ends 2022 on positive note
> NOVEMBER 2022 CONTRACTS: Awards fall off sharply in November
> BUSINESS OUTLOOK: Finance, oil and gas, construction, power and water contracts
Exclusive from Meed
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Kuwait extends deadline for $718m drainage tender24 June 2026
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Contractor wins Emaar Dubai Harbour project deal24 June 2026
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Kuwait tenders oil manifold project24 June 2026
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Firm wins $94m Diriyah MEP works deal23 June 2026
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Related Articles
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Kuwait extends deadline for $718m drainage tender24 June 2026

Kuwait’s Ministry of Public Works (MPW) has extended the deadline for a major drainage tender estimated to be worth about KD222m ($718m).
The new bid submission deadline is 19 July.
The tender scope covers the construction of rainwater drainage networks across the residential areas of Sabah Al-Ahmad, South Sabah Al-Ahmad, Al-Khairan and Al-Wafra.
The MPW floated the tender on 22 March. The most recent deadline was 21 June.
According to regional projects tracker MEED Projects, the works include the construction of a major concrete sewer, three collection basins and extensive stormwater drainage basins.
Rainwater collection tanks will be connected through an independent network, with outlets to the sea via the Nuwaiseeb exit to manage overflow.
The infrastructure will also filter pollutants such as oils, minerals and sediments to protect water quality and support environmental sustainability.
The project aims to reduce surface runoff, prevent street and urban flooding, and improve groundwater recharge.
Kuwait’s MPW currently has several contracts out for tender for infrastructure works across various parts of the country.
Also, in March, the client released two additional tenders covering the construction of a treated water system in Kuwait’s southern region and another in Kuwait’s northern region.
Bids for both projects are due by 28 June.
Meanwhile, the MPW is planning to begin construction of the $3.3bn North Kabd sewage treatment plant, which has a planned capacity of up to 1 million cubic metres a day.
China State Construction Engineering Corporation (CSCEC) won the contract to build the plant earlier this year.
> Be recognised among the best in the industry at the MEED Projects Awards 2026 …
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Contractor wins Emaar Dubai Harbour project deal24 June 2026

Local construction firm Al-Sahel Contracting Company has won a contract to build The Bristol Luxury Hotels & Resorts project in Dubai.
The contract was awarded by local real estate developer Emaar Properties.
The Bristol Luxury Hotels & Resorts is located at Emaar Beachfront in Dubai Harbour.
The project comprises a 54-storey mixed-use building with about 150 hotel keys and 227 one- to four-bedroom apartments.
Enabling works have been completed by local firm Dutch Foundation.
Dubai-based Mirage Leisure & Development is the project’s consultant.
Construction is expected to be completed by 2028.
The contract award follows Emaar’s appointment of Dubai-based Aroma International Building Contracting to build the Address Grand Downtown tower.
The award also comes shortly after Emaar reported strong operating momentum in 2025, led by record property sales of AED80.4bn ($21.9bn), up 16% year on year.
The company’s revenue backlog from property sales rose to AED155bn ($42bn), supporting visibility on future revenue recognition.
Total revenue for 2025 reached AED49.6bn ($13.5bn), a 40% year-on-year increase. Earnings before interest, taxes, depreciation and amortisation grew 33% to AED25.6bn ($7bn), while net profit before tax rose 36% to AED25.7bn ($7bn).
Emaar’s platform continued to support performance across property development, malls, hospitality, leisure and international operations.
> Be recognised among the best in the industry at the MEED Projects Awards 2026 …
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Kuwait tenders oil manifold project24 June 2026
State-owned upstream operator Kuwait Oil Company (KOC) has tendered a contract to construct remote header manifolds and associated works in the southern and eastern regions of Kuwait.
A meeting with prospective contractors has been scheduled for 21 July 2026, and bids are due to be submitted ahead of a deadline on 20 September 2026.
Manifolds are devices used in the oil sector to divide the flow of liquids from a single source to several outlets, or to collect liquids, or vice versa.
Previously, a project with a similar scope in the same region was awarded to the Kuwaiti contractor Al-Ghanim International General Trading & Contracting.
In 2016, it signed a contract worth $435m to construct remote header manifolds and associated works in the south and east Kuwait areas.
The scope of that contract included design, procurement, construction and commissioning of 25 remote manifold stations and associated pipelines in south and east Kuwait using multi-phase pumps to deliver liquids to gathering centres.
Kuwait’s oil fields are connected to more than 25 gathering centres, which serve as collection points for crude oil produced by several wells connected by flowlines, providing initial treatment by separating associated gas and removing salt.
READ THE JUNE 2026 MEED BUSINESS REVIEW – click here to view PDFGCC looks beyond the Strait; Iraq’s reform window narrows as fiscal assumptions shatter; MEED Top 100 companies.
Distributed to senior decision-makers in the region and around the world, the June 2026 edition of MEED Business Review includes:
> AGENDA: Gulf races to reroute trade> EXPORT ROUTES: Regional war boosts oil and gas pipeline project activity> CURRENT AFFAIRS: UAE’s Opec departure fulfils multiple ends> MEED TOP 100: Middle East stocks recover unevenly> LEADERSHIP: Building the infrastructure that makes net zero possible> TRADE DEAL: UK-GCC trade deal talks concludeTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/17409564/main.jpg -
Firm wins $94m Diriyah MEP works deal23 June 2026
Riyadh-based Red Sea International Company has announced that its subsidiary, Fundamental Installation for Electric Work Company (FirstFix), has won a SR352m ($94m) contract to carry out mechanical, electrical and plumbing (MEP) works for a project in Diriyah.
The contract was awarded by Salini Saudi Arabia, the local subsidiary of Italian contractor Webuild.
In a filing on the Saudi Stock Exchange (Tadawul), the company said the scope of work includes the supply, installation, testing and commissioning of all MEP works, as well as related engineering works.
The contract duration is 454 days.
In July last year, Webuild announced that it had won a $600m contract from Diriyah Company for a package for the Diriyah Square project.
The contract relates to construction works on package three of the Diriyah Square project. It includes finishing and MEP works on more than 70 buildings and public spaces within Diriyah Square.
These assets cover a total area of about 365,000 square metres.
Webuild is already working on the underground multi-storey car park at Diriyah Square.
The three-level underground car park will serve the mixed-use Diriyah Square district, which will include leisure and entertainment facilities, hotels, retail, Grade A offices, the King Salman Grand Mosque and residential units designed in the traditional Najdi architectural style.
The car park has a floor area of 1 million square metres, with underground roads and tunnels beneath Diriyah Square, and a capacity for 10,500 cars.
The parking facility will directly connect commuters with all of Diriyah’s destinations, including Wadi Hanifah, the Western Ring Road and a national motorway. It will be a key component of the City of Riyadh Arterial Road system.
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Contractors win deals for Saudi Energy transmission projects23 June 2026

Saudi Arabia-based Haif Company has won contracts for two separate substation projects in Saudi Arabia, according to sources.
The first involves the construction of a 132/33/13.8kV substation for Saudi Energy, formerly Saudi Electricity Company, which will replace the existing Tabuk substation 2 in Tabuk, northwestern Saudi Arabia.
The works include the construction of a new substation, along with GIS, transformers, switchgear, capacitor banks, MV/LV cable systems and protection infrastructure.
Ten firms submitted bids for the project last December. The bidders included:
- Al-Babtain Contracting (Saudi Arabia)
- Alfanar Projects (Saudi Arabia)
- Al-Gihaz Holding (Saudi Arabia)
- Al-Osais International Holding (Saudi Arabia)
- Danway Electrical & Mechanical Engineering (UAE)
- Haif Company (Saudi Arabia)
- Mohammed Al-Ojaimi Group (Saudi Arabia)
- Nesma Infrastructure & Technology (Saudi Arabia)
- Saudi Services for Electro Mechanic Works (Saudi Arabia)
- Tareg Al-Jaafari Contracting Est (Saudi Arabia)
In addition to Tabuk, Saudi Energy is planning several power transmission projects in Al-Jouf, Medina and the Eastern Province as part of the kingdom’s push to upgrade its electricity transmission and distribution infrastructure
The second Haif contract involves a 132/33kV substation project at Hail to support the integration of solar generation from the Al-Kahfah photovoltaic facility into the network. Together, the projects are valued at about $90m.
Elsewhere, the local Trading & Development Partnership has been appointed to build a 132/33kV substation at Al-Jouf, in Al-Jouf Province.
The facility will deliver a transmission capacity of about 168 MVA to the Al-Busitaa agricultural site, supporting the Liquid Fuel Displacement Programme, which aims to reduce reliance on diesel generators and fuel oil for power generation.
Nine bids were submitted for the project last year.
According to MEED Projects, Saudi Energy has almost $2.3bn-worth of projects currently under bid evaluation, including the 500kV overhead transmission line, approximately 466km long, for the Eastern Operating Area and the Central Operating Area in the Eastern Province. The main contract is expected to be awarded later in 2026.
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