Read the July 2025 MEED Business Review
3 July 2025
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The UAE’s investments in Turkiye, along with the contracts won by Turkish firms in the UAE, highlight the mutual opportunities available to both countries.
Turkiye is already the UAE’s fourth-largest non-oil trading partner, rising from seventh place in 2021. Last year, non-oil trade between the UAE and Turkiye grew by 11.5%, reaching $40.5bn.
With this momentum set to continue, MEED's latest issue takes an in-depth look at the growing trade relationship between the two countries.
In our 10-page opening Agenda section, MEED editor Colin Foreman speaks exclusively to the president of the investment and finance office of the Presidency of the Republic of Turkiye, Burak Daglioglu, about bilateral investment; and talks to Kalyon Holding CEO Mustafa Kocar about the construction firm’s new focus on the Middle East.
There are also interviews with DenizBank CEO Recep Bastug, on the strengthening financial links, and with the vice-president of sales at Turkish Airlines, Erol Senol, on the airline’s plans for further growth.
This month’s Levant market focus covers Jordan, Lebanon and Syria and finds all three countries working to recover from recent events beyond their control.
MEED's latest issue also includes a comprehensive GCC real estate report, covering all six markets in detail. While growth is continuing, the sector is showing signs of facing a more nuanced reality due to economic slowdown, regional tensions, oversupply risks and delivery constraints. Read more here.
We hope our valued subscribers enjoy the July 2025 issue of MEED Business Review.
Must-read sections in the July 2025 issue of MEED Business Review include:
> AGENDA:
> UAE-Turkiye trade gains momentum
> Building on UAE-Turkiye trade
> Turkiye's Kalyon goes global
> Strengthening UAE-Turkiye financial links
> Turkish Airlines plans further growth
> CURRENT AFFAIRS:
> Middle East tensions could reduce gas investments
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INDUSTRY REPORT: |
> PROJECTS: GCC projects market collapses
> INTERVIEW: Hassan Allam eyes role in Saudi Arabia’s transformation
> INTERVIEW: Aseer region seeks new investments for Saudi Arabia
> LEADERSHIP: Nuclear power makes a global comeback
> LEVANT MARKET REPORT:
> COMMENT: Levant states wrestle regional pressures
> ECONOMY: Jordan economy nears inflection point
> GAS: Jordan pushes ahead with gas plans
> POWER & WATER: Record-breaking year for Jordan’s water sector
> CONSTRUCTION: PPP schemes to drive Jordan construction
> DATABANK: Jordan’s economy holds pace, for now
> ECONOMY: Lebanon’s outlook remains fraught
> RECONSTRUCTION: Who will fund Syria’s $1tn rebuild?
> MEED COMMENTS:
> Dubai's tall towers reach new heights
> Contractors return to Palm Jebel Ali
> Nuclear U-turn is an opportunity
> Adnoc pursues global gas ambition
> GULF PROJECTS INDEX: Gulf projects index continues climb
> MAY 2025 CONTRACTS: Mena contract award activity remains subdued
> ECONOMIC DATA: Data drives regional projects
> OPINION: A farcical tragedy that no one can end
> BUSINESS OUTLOOK: Finance, oil and gas, construction, power and water contracts
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Exclusive from Meed
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Kuwait approves major petchems project3 October 2025
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SWPC names preferred bidder for Jizan sewage project3 October 2025
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Three teams bid for Baghdad airport PPP3 October 2025
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Qatari-led team signs Syria airport consultancy agreements3 October 2025
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Saudi Arabia maintains growth momentum3 October 2025
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Kuwait approves major petchems project
3 October 2025
State-owned Kuwait Petroleum Corporation (KPC) has given its subsidiary Petrochemical Industries Company (PIC) preliminary approval to proceed with negotiations with a potential partner for its planned olefins plant in the country.
The project, known as Olefins IV, is estimated to be worth $500m, according to MEED Projects.
The latest approval from KPC for the project comes after the availability of the necessary feedstock for the project was confirmed, according to KPC’s most recent annual report.
In July, MEED reported that feasibility studies for the project had been completed, but PIC was waiting for confirmation of the volumes of gas that would be available for the project as feedstock.
The Olefins IV project is expected to use natural gas produced by upstream operator Kuwait Oil Company (KOC), another KPC subsidiary.
There is currently uncertainty at PIC about when the front-end engineering and design work for the project will commence, according to industry sources.
As part of PIC’s long-term strategy, which looks ahead to 2040, it is aiming to scale up its portfolio and leverage partnerships to add value.
The company has stated that it aims to expand its core portfolio both within and outside Kuwait through greenfield and brownfield projects, with the goal of achieving a leading global position.
It has also said that it wants to expand into downstream derivatives linked to its base petrochemicals portfolio.
Chinese chemicals
Earlier this year, Wanhua Chemical Group Company signed an equity subscription agreement in which PIC subscribed to a 25% equity stake in selected petrochemical assets of Wanhua Chemical in Yantai, China.
Olefins are a class of petrochemicals made up of hydrogen and carbon, with one or more pairs of carbon atoms linked by a double bond. Two of the most important are ethylene and propylene.
Olefins are widely used as raw materials in the manufacture of chemicals and polymer products, such as plastics, detergents, adhesives, rubber and food packaging.
READ THE OCTOBER 2025 MEED BUSINESS REVIEW – click here to view PDFPrivate sector takes on expanded role; Riyadh shifts towards strategic expenditure; MEED’s 2025 power developer ranking
Distributed to senior decision-makers in the region and around the world, the October 2025 edition of MEED Business Review includes:
> AGENDA 1: A new dawn for PPPs> AGENDA 2: GCC pushes PPPs to deliver $70bn pipeline> POWER DEVELOPER RANKING: Acwa Power consolidates power sector dominance> IPPs: GCC enters pivotal year for IPPs> ACQUISITION: Wood takeover could boost Sidara profits> INTERVIEW: SLB strives to boost regional standing> SAUDI MARKET FOCUS: Riyadh strives for sustainable growthTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/14789678/main3336.gif -
SWPC names preferred bidder for Jizan sewage project
3 October 2025
Saudi Water Partnership Company (SWPC) has announced its preferred bidder for the Jizan Cluster Small Sewage Treatment Plants (SSTP) and Collection Network (CN) project.
AlKhorayef Water & Power Technologies, part of Saudi Arabia-based AlKhoraef Group, is the favourite to win the contract to develop the project under a 25-year contract.
The $150m scheme involves the construction of 12 sewage treatment plants across the Jizan region in the southwestern part of the kingdom. The plants will have a combined treatment capacity of 74,700 cubic metres a day (cm/d), with individual plant capacities ranging between 1,800 and 15,000 cm/d.
The scheme also involves laying 166 kilometres of collection pipelines, tanker discharge points and effluent connections.
According to SWPC, it is the first project of its kind integrating sewage treatment plants with collection networks under private sector participation.
Earlier this year, Alkhorayef Water & Power Technologies Company won the contract to operate and maintain four water treatment plants in Saudi Arabia.
The water treatment plants are located in Wadi Aldawaser, Alsalil, Alsafa in Najran and Alwajid.
READ THE OCTOBER 2025 MEED BUSINESS REVIEW – click here to view PDFPrivate sector takes on expanded role; Riyadh shifts towards strategic expenditure; MEED’s 2025 power developer ranking
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> AGENDA 1: A new dawn for PPPs> AGENDA 2: GCC pushes PPPs to deliver $70bn pipeline> POWER DEVELOPER RANKING: Acwa Power consolidates power sector dominance> IPPs: GCC enters pivotal year for IPPs> ACQUISITION: Wood takeover could boost Sidara profits> INTERVIEW: SLB strives to boost regional standing> SAUDI MARKET FOCUS: Riyadh strives for sustainable growthTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/14792764/main.jpg -
Three teams bid for Baghdad airport PPP
3 October 2025
Three consortiums have submitted bids for a contract to develop Baghdad International airport on a public-private partnership (PPP) basis.
The scope of the estimated $400m-$600m project involves rehabilitating, expanding, financing, operating and maintaining the airport. It is the first airport PPP project to be launched in Iraq.
Iraq’s Ministry of Transport and General Company for Airport & Air Navigation Services released the tender in July this year.
According to sources, the bidding consortium are:
- Asyad Holding / Top International Engineering Corporation / Lamar Holding / YDA Insaat / Dublin Airport Authority (Saudi Arabia/Saudi Arabia/Saudi Arabia/Turkiye/Ireland)
- Corporacion America Airports / Amwaj International (Luxembourg/Iraq)
- ERG International / Terminal Yapi / ERG Insaat (UK/Turkiye/Turkiye)
According to a statement posted on its website, the Ministry of Transport says the initial capacity of the airport is expected to be around 9 million passengers, which will be gradually increased to 15 million passengers.
The International Finance Corporation (IFC), a member of the World Bank Group, is the project’s lead transaction adviser.
In August, MEED reported that Iraqi Prime Minister Mohammed Al-Sudani had met with companies bidding for the contract to develop Baghdad International airport.
The meeting took place in Baghdad and was also attended by officials from IFC.
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Qatari-led team signs Syria airport consultancy agreements
3 October 2025
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A consortium led by Qatar’s UCC Holding has signed five consultancy and design agreements for the redevelopment of Damascus International airport in Syria.
UCC Holding said in a statement that the agreements were signed with the following companies:
> Hesco Hammada Engineering Services: Responsible for the design and redevelopment of Terminals 1 and 2, the design of the new Terminal 3 and all associated facilities.
> H’Collective: Responsible for the architectural and interior design of the new Damascus Airport hotel.
> Dar Al-Handasah: Will serve as the Project Management Office (PMO), responsible for site supervision, design review and approval, oversight of design development, schedule verification, interim payments, and ensuring quality, safety and timely delivery. The scope also covers the study to upgrade the Damascus Airport road.
> DG Jones & Partners: Responsible for contract management, cost control and quantity surveying for the project.
> Joint venture of Elegancia Catering and Newrest Gulf: Will oversee the design and operation of the airport’s central kitchen and in-flight catering facilities.
In August, Syria’s General Authority of Civil Aviation signed a $4bn memorandum of understanding (MoU) to develop and expand Damascus International airport with a consortium of international firms led by Qatar’s UCC Holding.
The agreement designates UCC Holding as the primary developer – through its investment arm, UCC Concessions Investment – alongside three Turkish partners: Cengiz, Kalyon and TAV, and US-based Assets Investments USA.
The project will be implemented under a build-operate-transfer (BOT) model and includes the expansion of Damascus International airport in five phases.
The expansion will ultimately increase the airport’s capacity to handle 31 million passengers annually.
The agreement also includes the construction of a 50-kilometre access road to the airport and $250m in financing to purchase up to 10 Airbus A320 aircraft for Syrian Airlines.
READ THE OCTOBER 2025 MEED BUSINESS REVIEW – click here to view PDFPrivate sector takes on expanded role; Riyadh shifts towards strategic expenditure; MEED’s 2025 power developer ranking
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Saudi Arabia maintains growth momentum
3 October 2025
MEED’s October 2025 special report on Saudi Arabia includes:
> COMMENT: Riyadh strives for sustainable growth
> GOVERNMENT: Riyadh confronts rising regional chaos
> ECONOMY: Riyadh looks to adjust investment approach
> BANKING: New funding sources solve Saudi liquidity challenge
> OIL & GAS: Aramco turns attention to strategic projects
> GAS: Saudi Arabia and Kuwait accelerate Dorra gas field development
> POWER: Saudi Arabia accelerates power transformation
> WATER: Transmission projects drive Saudi water sector growth
> CONSTRUCTION: Saudi construction pivots from gigaprojects to events
> TRANSPORT: Infrastructure takes centre stage in Saudi strategy
> DATABANK: Saudi Arabia maintains growth momentumTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/14792997/main.gif