Read the March 2023 MEED Business Review
1 March 2023
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Global climate negotiators, civil society groups, entrepreneurs and journalists will descend on Dubai’s Expo City in November for the 28th Conference of the Parties (Cop28) to the UN Framework Convention on Climate Change, putting the UAE at the centre and in charge of the annual climate talks.
UAE Vice President, Prime Minister and Ruler of Dubai, Mohammed bin Rashid al-Maktoum, has said Cop28 is the most important event the UAE will host in 2023. It is hard to argue otherwise.
Under the auspices of a state whose wealth was built for the most part on oil, negotiators will lock horns over the policies, technologies and funding platforms best placed to enable climate mitigation and adaptation, and to wean the world off fossil fuels.
The UAE says it is well-positioned to lead the talks. Economically, the country is affluent but only recently developed, which means it can understand the concerns of both the established countries of the Global North and the emerging economies of the Global South. It can also bridge the political divide between east and west, a fissure that has widened following Russia’s invasion of Ukraine.
Crucially, the UAE sees an important role for hydrocarbons in an orderly transition – an unpalatable argument for many climate change activists.
The March 2023 issue of MEED Business Review looks at how the UAE, despite its oil legacy, can bring countries with contrasting agendas to the Cop28 negotiating table.
This month's industry report on upstream oil and gas includes analysis on the large investments being made by regional hydrocarbons producers to raise output, and the rebound of exploration activity.
Our 15-page special report on Egypt, meanwhile, finds the country entering a phase of heightened uncertainty as it faces up to evolving economic realities.
We hope our valued subscribers enjoy the March 2023 edition of MEED Business Review.
Must-read sections in the March 2023 edition of MEED Business Review include:
> AGENDA: Cop28 focuses energy transition spotlight on UAE
> CLEAN ENERGY: Low-carbon fuels as the next LNG
> LOW-CARBON FUTURE: Tech and teamwork critical to climate change progress
> MEED COMMENTS:
> New railway could bypass Suez Canal
> PPP to end looming metro drought
> Neom hydrogen could reshape energy landscape
> Masdar gets started on 100GW target
> OPINION: Learn from history or be doomed to repeat it
> JANUARY 2023 CONTRACTS: Region begins the year with a flourish
> INTERVIEW: Saudi offtaker navigates turbulent times
> IRAQ: Qatar and Total could turbocharge Iraq’s energy sector
> INDUSTRY REPORT: Energy security facilitates upstream spending
> INTERVIEW: Wood targets rapid growth in Saudi, UAE and Qatar
> SAUDI CONSTRUCTION: International firms return to Saudi construction
> DUBAI INTERNATIONAL FINANCIAL CENTRE: DIFC focuses on expansion after record results
> TOP 6 NUCLEAR PROJECTS: Top nuclear projects to watch this year
> EGYPT MARKET FOCUS: Egypt enters phase of heightened uncertainty
> MARKET SNAPSHOT: GCC 2023 planned awards
> GULF PROJECTS INDEX: Gulf projects market dips as GCC sheds value
> BUSINESS OUTLOOK: Finance, oil and gas, construction, power and water contracts
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Exclusive from Meed
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UAE GDP projection corrects on conflict24 April 2026
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April 2026: Data drives regional projects24 April 2026
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Boutique Group tenders Tuwaiq Palace hotel in Riyadh24 April 2026
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Firms announce 129MW Dubai data centre24 April 2026
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Iraq signs upstream oil contract24 April 2026
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Click here to download the PDF
Includes: Commodity tracker | Top 10 global contractors | Brent spot price | Construction output
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Boutique Group tenders Tuwaiq Palace hotel in Riyadh
24 April 2026
Saudi Arabia’s Boutique Group, backed by the sovereign wealth vehicle Public Investment Fund (PIF), has retendered a contract to convert Tuwaiq Palace in Riyadh into a hotel.
Contractors have been given a deadline of 31 May to submit proposals.
The scheme comprises 40 hotel rooms and suites and 56 one- and two-bedroom villas.
According to regional projects tracker MEED Projects, the contract was first tendered in 2022.
In January of that year, Crown Prince Mohammed Bin Salman launched Boutique Group to manage and convert historic and cultural Saudi palaces into ultra-luxury hotels.
Boutique Group’s first phase covers three palaces, two of which are under construction. Al-Hamra Palace in Jeddah is being converted to include 33 suites and 44 villas. In July 2023, MEED reported that Jeddah-based Al-Redwan Contracting was appointed the main contractor for the Al-Hamra Palace conversion.
The other project is the Red Palace in Riyadh, which will feature 46 suites and 25 guest rooms. In 2023, local contractor Mobco won the contract to undertake the project.
In 1957, the Red Palace became the headquarters of the Council of Ministers for 30 years, and later served as the main office for the Board of Grievances until 2002.
Jordan-headquartered Dar Al-Omran is acting as supervision consultant on all three projects.
Photo credits: Omrania
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Firms announce 129MW Dubai data centre
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Dubai’s Integrated Economic Zones Authority (DIEZ) has signed a joint-venture agreement with Netherlands-headquartered data centre developer Volt to build a new artificial intelligence (AI)-ready data centre in the emirate.
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Iraq signs upstream oil contract
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State-owned Iraqi Drilling Company (IDC) has signed a contract with China’s EBS Petroleum for a project to drill 17 horizontal wells in the southeastern portion of the East Baghdad field.
Mohamed Hantoush, the general manager of IDC, said the contract signing came after a “series of successful achievements” by the company at the field.
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