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  Libya plans to distribute oil budget in July

  23 June 2026

  

   

  Libya’s National Oil Corporation (NOC) has communicated to contractors in the country that it is expecting funds from the country’s budget to be distributed to state-owned oil companies in July, according to industry sources.

  Earlier this year, the country’s rival legislative bodies approved a unified state budget for the first time in more than 13 years.

  The Central Bank of Libya confirmed on 11 April that both chambers had endorsed the budget, calling it a key step towards restoring financial stability after prolonged division.

  The total budget was valued at LD190bn ($29.95bn), and LD12bn ($1.9bn) was allocated to the country’s NOC.

  An additional LD40bn ($6.3bn) was allocated for “development projects”.

  At the time, Libya stated that a joint committee had been formed to help prioritise development projects, and the projects had been listed in the budget.

  Over the past decade, the country has had two rival governments; the last time the country operated under a single national budget was in 2013.

  The country’s two legislatures are the eastern-based House of Representatives and the Tripoli-based High Council of State.

  As a result of the US and Israel’s war with Israel, there has been significant disruption to shipping through the Strait of Hormuz, which normally transports around 20% of the world’s oil and gas exports.

  This has driven global energy prices higher, with Brent hitting more than $114 a barrel in May this year.

  The price of Brent remains 10% higher than prior to the US and Israel attacking Iran on 28 February.

  Libya is well-positioned to capitalise on the ongoing uncertainty around exports via the Strait of Hormuz, as energy-importing nations seek reliable oil and gas supplies.

  The North African country is located near Europe, with several large oil and gas export ports and a pipeline that transports gas to Italy.

  Libya has the largest oil reserves in Africa, but has struggled to implement projects to develop them over recent years due to political infighting and security problems.

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  READ THE JUNE 2026 MEED BUSINESS REVIEW – click here to view PDF

  GCC 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 > MARKET FOCUS: Iraq’s reform window narrows  > MEED TOP 100: Middle East stocks recover unevenly > OIL & GAS: Insurers will only cover a fraction of war damage to oil and gas facilities > LEADERSHIP: Building the infrastructure that makes net zero possible > LEGAL:  Saudi Arabia’s foreign property ownership milestone > TRADE DEAL: UK-GCC trade deal talks conclude

  To see previous issues of MEED Business Review, please click here

  https://image.digitalinsightresearch.in/uploads/NewsArticle/17389246/main2010.jpg

  Wil Crisp
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  Egypt approves plans for 869MW wind power plant

  22 June 2026

  Egypt’s Cabinet has approved plans for French renewable energy developer Voltalia to develop an 869MW wind power project.

  The scheme will be built on land allocated by the New & Renewable Energy Authority (NREA), according to a statement posted by the Cabinet following its most recent weekly meeting.

  Voltalia will make an initial investment of $53m and has committed to achieving commercial operations by December 2028.

  Voltalia already operates the 32MW Ra solar plant at the Benban solar complex in Aswan and is expanding its renewable energy portfolio in Egypt.

  Previously, in 2024, it signed a framework agreement with Egypt’s Taqa Arabia to develop a green hydrogen and renewable power cluster near the Ain Sokhna port in the Suez Canal Economic Zone.

  The green hydrogen development is planned in two phases, each centred on a 500MW electrolyser powered by more than 1.3GW of renewable generation capacity. The project, still in its early stages, is expected to produce up to 350,000 tonnes of green ammonia a year.

  Voltalia’s partnership with Taqa Arabia also includes plans for a 3.2GW hybrid wind and solar project to repower the existing 545MW Zafarana wind farm in Suez Governorate. The Cabinet statement did not indicate whether the newly approved 869MW wind project forms part of that proposal.

  Meanwhile, the developer won another contract, earlier this year, to develop a 132MW solar power project in Tunisia’s Gabes region.

  The project, known as Wadi, marked Voltalia’s third major solar award in the country after the Sagdoud and Menzel Habib projects awarded in 2024.

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  Mark Dowdall
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  Local firm signs Jeddah drainage contracts

  22 June 2026

  Local contractor Alkhorayef Water & Power Technologies (AWPT) has announced it has signed two contracts with Jeddah Municipality to operate and maintain stormwater and surface water drainage networks across the city.

  The contracts have a combined value of SR202.06m ($53.9m), and each will run for five years.

  The first contract, valued at SR108.46m ($28.9m), covers the operation and cleaning of stormwater and surface water networks in the South and Al-Malisa sub-municipalities.

  The second contract, worth SR93.59m ($25m), covers similar services for the Airport Sub-Municipality.

  In March, MEED reported that the firm had won a long-term contract to carry out work in the airport’s sub-municipality area. The agreement was signed on 16 June.

  Elsewhere, construction has yet to begin on phases one and two of the King Abdullah Road-Falasteen Road tunnel project, each valued at about $175m.

  According to sources, Jeddah Municipality selected Saudi contractor Thrustboring Construction Company to build the large-diameter stormwater drainage tunnels in 2025. However, an official agreement has yet to be signed.

  The municipality was also previously planning to rehabilitate the existing Al-Zahra pumping station. Prequalification for the project began in 2020; however, it is understood that the main contact tender was cancelled last year.

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  Mark Dowdall
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  Saudi firm signs Uzbekistan water treatment PPP

  22 June 2026

  Saudi-listed Miahona has signed a public-private partnership agreement to enhance, operate and maintain Uzbekistan’s Zomin water treatment plant in the country’s Jizzakh region.

  The agreement was signed on 18 June with Uzsuvtaminot, the country’s state-owned water utility, the developer said in a filing with the Saudi stock exchange.

  Miahona will carry out enhancement works and 25 years of operation and maintenance services for the existing plant, which has a design treatment capacity of 50,000 cubic metres a day

  The contract marks the company’s entry into Uzbekistan’s water sector. According to the disclosure, it will enter into force once a project-related governmental decree is issued in accordance with Uzbekistan’s applicable legislation.

  The contract is estimated at $105m (SR395m), with a final value to be confirmed following the issuance of the governmental decree.

  MEED reported earlier this month that Uzbekistan had stepped up its engagement with Middle Eastern investors, including holding talks with Saudi Arabia’s Acwa and Vision Invest on renewable energy, water management, waste recycling, digital infrastructure and urban utility projects.

  The government also recently held discussions with a UAE delegation led by Suhail Mohamed Al-Mazrouei, minister of energy and infrastructure and chairman of Etihad Water & Electricity’s Board of Directors.

  At the Tashkent International Investment Forum, it signed a €197m financing package with Germany’s KfW Development Bank to support drinking water supply and wastewater projects in the Surkhandarya and Fergana regions.

  The projects will cover Termez and several district centres in Surkhandarya region, as well as Kokand and Margilan in Fergana region.

  This includes “the construction and reconstruction of hundreds of kilometres of drinking water and wastewater networks, pumping stations and modern wastewater treatment facilities”, deputy prime minister Jamshid Khodjaev said.

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  Mark Dowdall
• 
  Qiddiya seeks contractors for indoor arena project

  22 June 2026

  

   

  Register for MEED’s 14-day trial access 

  Saudi Arabian gigaproject developer Qiddiya Investment Company (QIC) has invited contractors to prequalify for a contract to build an indoor sports arena within its Qiddiya entertainment city project.

  The invitation was issued on 21 May, with a submission deadline of 28 June.

  The multipurpose arena is designed to International Olympic Committee standards.

  It will be located in District 18, in the Uptown South area of Qiddiya.

  Once completed, the indoor arena will be capable of hosting a wide range of sports, cultural and entertainment events.

  The arena will feature numerous sports courts for basketball, handball, futsal, volleyball, tennis, boxing and gymnastics.

  It will have a seating capacity of 18,000 spectators.

  The project is scheduled for completion by 2030.

  QIC’s other major projects include an e-sports arena, the National Tennis Centre, Prince Mohammed Bin Salman Stadium, a motorsports track, a racecourse, the Dragon Ball and Six Flags theme parks, and Aquarabia.

  QIC opened the Six Flags theme park to the public in December last year.

  The park covers 320,000 square metres and features 28 rides and attractions, including 10 thrill rides and 18 aimed at families and young children.

  The Qiddiya project is a key part of Riyadh’s strategy to boost leisure tourism in the kingdom.

  

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  Yasir Iqbal