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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Riyadh sets December deadline for Prince Mishaal Road20 November 2025
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Riyadh advances with rail link prequalifications20 November 2025
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Local contractor bids low for $629m Kuwait oil project20 November 2025
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Oman’s Marafiq retenders Duqm desalination plant20 November 2025
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Wood Group wins Iraq oil contract20 November 2025
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Related Articles
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Riyadh sets December deadline for Prince Mishaal Road20 November 2025

The Royal Commission for Riyadh City (RCRC) has allowed contractors until 3 December to submit bids for a contract to develop Prince Mishaal Bin Abdulaziz Road Axis-Taif Road in Riyadh.
The previous deadline was 19 November.
The scope of work covers general road improvement works, including street upgrades, drainage works, relocation of existing utilities, dry and wet utilities, and other associated infrastructure. RCRC is investing in improving the road network in and around the kingdom's capital.
Earlier in November, MEED reported that RCRC had begun post-tender clarifications with bidders for a contract covering upgrade works on Najm Al-Din Al-Ayoubi Road in Riyadh.
The scope of work covers general road improvement works, including upgrades to three bridges at Al-Zahabi Road, Abdulrahman Adakhel Road and Atia Al-Saady Road.
In February, RCRC announced plans to develop eight road projects in Riyadh at an estimated cost of more than SR8bn ($2bn).
The projects form part of the second group in the Riyadh Ring Roads and Main Axes development programme.
The schemes include:
- The northern part of the Prince Turki Bin Abdulaziz Al-Awwal Road development project, with a length of more than 6 kilometres (km). The scope includes the development of two main intersections, the construction of three bridges and a tunnel.
- The middle section of the Al-Thumama Road Axis development project. The scheme will cover about 10km and includes the development of five main intersections and the construction of 11 bridges and five tunnels.
- The Imam Abdullah Bin Saud Road development project, which will stretch about 9km and includes the development of four main intersections, the construction of three bridges and two tunnels.
- The Dirab Road development project, which will cover 9km and includes the development of two main intersections and the construction of nine bridges.
- The Imam Muslim Road development project, which stretches 12km and includes the development of four main intersections and the construction of four bridges. The project will serve as the future extension of the Prince Turki Bin Abdulaziz Al-Awwal Road Axis to the south.
- The road network development project surrounding King Abdullah Financial Centre, with a length of 20km. This includes the development of three main intersections and the construction of 19 bridges.
- The construction of a bridge at the intersection of King Salman Road in the east with Abu Bakr Al-Siddiq Road in the north.
- The first package of engineering modifications for crowded sites in Riyadh, encompassing improvements to alleviate traffic congestion during peak times.
In August last year, RCRC confirmed it had awarded four contracts worth SR13bn ($3.46bn) as part of the first phase of the programme to develop the city’s road network.
RCRC said the first phase will develop the axis of the main and ring roads to improve traffic movement in the city.
Other major projects by RCRC include Riyadh Metro, Riyadh Art, Sports Boulevard, King Salman International Park and the Green Riyadh project.
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Riyadh advances with rail link prequalifications20 November 2025

Saudi Arabia Railways (SAR) is expected to begin the second stage of the prequalification process for a contract covering the construction of a new railway line, known as the Riyadh Rail Link, which will run from the north to the south of Riyadh.
MEED understands that the consortiums need to propose self-funded financing arrangements for the project as part of the new round of prequalifications.
Contractors submitted their initial prequalification documents earlier this month.
The scope of work includes constructing a 35-kilometre-long double-track railway line connecting SAR’s North-South Railway to the Eastern Railway network.
The contract also covers the procurement, construction and installation of associated infrastructure such as viaducts, civil works, utility installations, signalling systems and other related works.
The project is expected to form a key component of the Saudi Landbridge railway.
The Saudi Landbridge is an estimated $7bn project comprising more than 1,500km of new track. Its core component is a 900km new railway between Riyadh and Jeddah, which will provide direct freight access to the capital from King Abdullah Port on the Red Sea.
Other key sections include upgrades to the existing Riyadh-Dammam line and a link between King Abdullah Port and Yanbu.
The start of tendering activity for the Riyadh Rail Link project makes the construction of the Saudi Landbridge more likely.
The project is one of the kingdom’s most anticipated infrastructure programmes. Plans to develop it were first announced in 2004, but the project was put on hold in 2010 before being revived a year later.
Key stumbling blocks were rights-of-way issues, route alignment and its high cost.
In December 2023, MEED reported that a team of US-based Hill International, Italy’s Italferr and Spain’s Sener had been awarded the contract to provide project management services for the programme.
If it proceeds, the Landbridge will be one of the largest railway projects ever undertaken in the Middle East – and among the biggest globally.
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Local contractor bids low for $629m Kuwait oil project20 November 2025
Kuwait-based Mechanical Engineering & Contracting Company (MECC) has submitted the lowest bid on a contract to develop oil and gas facilities at the Sabriya and Bahra oil fields.
The scope of the project is focused on developing a water separation facility next to Gathering Centre 23 (GC-23) and GC-24.
It also includes developing an injection facility at GC-31.
The full list of bidders for the project is:
- Mechanical Engineering & Contracting Company (MECC) – KD193m ($629m)
- Spetco – KD229m
- Alghanim International – KD239m
The tender was issued on 15 December 2024, with an initial bid submission deadline of 16 March 2025.
The bid deadline was extended more than 10 times before prices were submitted.
The client on the project is state-owned upstream operator Kuwait Oil Company (KOC).
The scope of the project includes:
- Installation of a high-integrity pressure protection system
- Installation of chemical injection systems
- Installation of effluent water transfer pumps
- Installation of a low-pressure (LP) gas pipeline from the new LP gas knockout drum (KOD) to existing LP separator gas crude accumulator (inside GC-23 & 24)
- Installation of interconnecting piping, instrumentation, electrical and civil works
- Installation of a new oil recovery system with pumps, flowmeter and analyser
- Installation of the substation and its equipment/systems
- Installation of tie-ins for process and utilities from/to existing GC-30 to new injection facility
- Installation of sludge collection, treatment and disposal system
- Associated facilities
Kuwait is trying to boost project activity in its upstream sector.
The country’s national oil company, Kuwait Petroleum Corporation, aims to increase oil production capacity to 4 million barrels a day (b/d) by 2035.
In August, Kuwait announced that it was producing 3.2 million b/d.
Earlier this month, KOC said it was planning to spend KD1.2bn ($3.92bn) on its exploration drilling programme through 2030.
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Oman’s Marafiq retenders Duqm desalination plant20 November 2025
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Oman-based Central Utilities Company (Marafiq) has reissued the main contract tender for its planned seawater reverse osmosis (RO) desalination plant in Duqm.
The revised submission deadline is 25 November.
The project has an estimated budget of $100m and will supply industrial water and support wastewater services in the Duqm Special Economic Zone.
The scheme involves building a seawater RO plant, an intake system, pre-treatment facilities, pumping stations, metering stations, pipelines and associated infrastructure.
Marafiq is developing the project in its capacity as the authorised utilities provider for the Duqm Special Economic Zone.
The company intends to develop a plant with a capacity of 45 million litres a day to serve industrial customers, including a planned hot-briquetted iron (HBI) facility proposed by an international steel manufacturer at Duqm Port.
Spain’s Cobra Group and Oman’s Global Chemicals & Maintenance System were previously prequalified to bid for the engineering, procurement and construction contract.
The main contract was initially tendered in December 2024, with the bid submission deadline in February.
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Wood Group wins Iraq oil contract20 November 2025
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Aberdeen-based Wood Group has won a contract to deliver project management and engineering services for PetroChina at the West Qurna-1 oil field in southern Iraq, according to a statement from the company.
Under the terms of the contract, Wood will manage engineering, procurement and construction (EPC) projects at the field.
Located approximately 50 kilometres northwest of Basra, West Qurna-1 holds more than 20 billion barrels of recoverable reserves.
Ellis Renforth, Wood’s president of operations for the Europe, Africa and Middle East region, said: “This contract award deepens our decade-long partnership at West Qurna-1 and reflects the continued trust placed in Wood to deliver complex energy solutions in Iraq.
“We’re proud to combine our global expertise with a strong local workforce to help support Iraq’s energy ambitions.”
The contract will be delivered by nearly 200 Wood employees based in Iraq and the UAE, the company said.
On 17 November, in a vote, 88% of Wood Group’s shareholders backed the company’s takeover by Dubai-based Sidara.
The vote came after months of delay, while Wood struggled to agree its accounts with its auditor.
The company’s accounts were eventually published on 30 October, showing a pre-tax loss of more than £2bn and evidence that the auditor was still not satisfied with the figures going back several years.
Wood Group accepted a $292m conditional takeover bid from Sidara in August.
As of February, Wood Group employed 35,000 people across about 60 countries, many in consulting and engineering roles.
In the Middle East, the company has project contracts in Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the UAE, where it has opened its third office in Sharjah.
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