Read the March 2024 MEED Business Review
28 February 2024
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Saudi Arabia’s natural resources are estimated to be worth $2.5tn, making the metals and mining industry crucial to Riyadh’s Vision 2030 socioeconomic transformation strategy.
The latest issue of MEED Business Review examines how the kingdom's Ministry of Industry & Mineral Resources is leading efforts to boost investment in the sector with a mineral exploration incentive programme valued at $182m.
In January 2023, Saudi Arabian Mining Company (Maaden) signed a joint-venture agreement with the Public Investment Fund to establish a new entity to invest in mining assets globally, known as Manara Minerals.
Amid a surge in merger and acquisition (M&A) activity in the global mining sector, the new company entered into a deal in July last year with Brazilian mining major Vale to become a 10% shareholder in its subsidiary, Vale Base Metals. The $3.4bn deal was the third-biggest M&A transaction of the year, according to a GlobalData report that puts the total value of M&A deals in the sector in 2023 at $121bn.
Meanwhile, this month's exclusive 14-page market report highlights Egypt, which faces both political and economic trials. In an increasingly difficult fiscal position, Egypt also finds itself sitting at the centre of regional conflict, with the situation in Gaza threatening to spill over onto Egyptian soil. Renewed IMF funding promises to solve one problem for Cairo, but there are plenty more waiting.
MEED's latest issue is packed with insight and analysis. The team examines the IMF's downgrade of its Mena growth forecast; looks at the utility infrastructure schemes taking shape at Saudi Arabia's Neom; and assesses the rise in military spending in the region following geopolitical instability.
In this month's industry report on upstream oil and gas, we predict that after a record year for offshore projects in 2023, the momentum will continue this year with further robust spending.
The March issue also includes interviews with Rua Al Madinah Holding CEO Ahmed Al Juhani and Hill International CEO Raouf Ghali.
We hope our valued subscribers enjoy the March 2024 issue of MEED Business Review.

Must-read sections in the March 2024 issue of MEED Business Review include:
> AGENDA: Saudi Arabia transforms mining sector; Mergers soar in global mining sector
> CURRENT AFFAIRS: IMF downgrades Mena growth forecast; The world is heading for massive LNG oversupply
> INSIGHT: IEA downgrades green hydrogen growth forecast
> SAUDI ARABIA: Neom’s utility projects take shape
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INDUSTRY REPORT: |
> MILITARY BALANCE: Instability drives up defence budgets
> INTERVIEWS: Driving Madinah’s economic development; Saudi project win caps record year
> SAUDI TOURISM: Saudi tourism numbers cross 100 million
> LOGISTICS: Aramco and DHL form joint logistics company
> EGYPT MARKET REPORT:
> Cairo beset by regional geopolitical storm
> More pain for more gain for Egypt
> Egypt oil and gas project activity declines
> Familiar realities threaten Egypt’s energy hub ambitions
> Egypt’s desalination projects inch forward
> Infrastructure carries Egypt construction
> MEED COMMENTS:
> Abha airport PPP is a brave new project
> Riyadh directive casts doubt on key Aramco projects
> PIF steps in to save construction again
> Corruption case comes at key time for Saudi projects
> GULF PROJECTS INDEX: UAE drives further projects growth
> JANUARY 2024 CONTRACTS: Region begins year with a record $30.5bn-worth of contract awards
> MARKET SNAPSHOT: Mena construction insights
> OPINION: Syria’s long march in from the cold
> BUSINESS OUTLOOK: Finance, oil and gas, construction, power and water contracts
Exclusive from Meed
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Kuwait tenders two Al-Mutlaa City construction packages2 September 2026
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Preferred bidders emerge for Zatca residential PPP2 September 2026
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NWC confirms $347m Saudi sewage treatment plant deal2 September 2026
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Egypt signs PPA for 1GW Ras Shokeir wind farm2 September 2026
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Iraq looks to accelerate oil pipeline projects2 September 2026
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Related Articles
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Kuwait tenders two Al-Mutlaa City construction packages2 September 2026
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Kuwait’s Public Authority for Housing Welfare (PAHW) has tendered two contracts covering the construction of public buildings across five districts at its Al-Mutlaa City residential project.
The first tender covers construction in the N5 and N6 districts, while the second covers N1, N3 and N4.
The tenders were issued on 30 August, with a bid submission deadline of 30 September.
The project is a housing scheme located 38.3 kilometres northwest of the Kuwait metropolitan area.
It covers approximately 104 square kilometres and is expected to house up to 400,000 people.
The mixed-use development will include residential, social, commercial and light industrial areas.
In March 2023, MEED reported that PAHW had appointed France-based Egis as a project management consultant for the Al-Mutlaa City development.
Under the agreement, Egis is providing programme-level service management, construction logistics and interface management services.
The scope of work also includes cost management, a digital programme management system and a project management information system for the scheme.
Al-Mutlaa City is one of the largest housing infrastructure projects being developed by the government as part of Kuwait’s Vision 2035.
UK analytics firm GlobalData expects Kuwait’s construction industry to grow at an average annual rate of 7.1% in 2025-28, supported by investment in renewable energy, transport and oil and gas projects, as well as spending under the New Kuwait 2035 National Development Plan.
Under this strategy, the government plans to invest KD350m ($1.1bn) to develop several sports projects in the country.
The residential construction sector is expected to register average annual growth of 3.8% in 2025-28, supported by the government’s plan to build 65,500 housing units by 2029 through five projects.
MEED’s September 2026 report on Kuwait includes:
> COMMENT: Kuwait keeps dealmaking alive under fire
> GOVERNMENT: Kuwait shows tentative signs of economic development
> BANKING: Necessity is the mother of invention for Kuwaiti lenders
> OIL & GAS: Regional war to have lasting impact on Kuwaiti oil sector
> POWER & WATER: Kuwait utilities investment shifts towards water
> CONSTRUCTION: Kuwait construction holds up despite regional strife
> MARKET TALK: Kuwait stands resilient amid regional tensionsTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/19245517/main.png -
Preferred bidders emerge for Zatca residential PPP2 September 2026

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Saudi Arabia’s Zakat, Tax and Customs Authority (Zatca), through the National Centre for Privatisation and PPP (NCP), has selected preferred bidders to develop residential buildings at various land ports across the kingdom.
The project covers developments across nine land ports, separated into two packages.
Local firm Saudi Arabian Trading & Construction Company has been selected as the preferred bidder for the first package, which includes the Al-Batha, Salwa, Al-Raqi, Jadidat Arar, Al-Wadiah and Empty Quarter sites.
Bahrain-headquartered Lamar Holding is the preferred bidder for the second package, which includes land ports at Al-Hadithah, Halat Ammar and Al-Durrah.
The project will be implemented as a public-private partnership (PPP) on a design, build, finance, operate, maintain and transfer basis, with a contract duration of 23 years, including the construction period.
The contract covers the construction and management of new residential buildings and associated facilities at the land ports, as well as the rehabilitation of existing facilities.
The project is the latest scheme in the kingdom’s PPP pipeline. In January, Saudi Arabia launched a national privatisation strategy aimed at mobilising $64bn in private sector capital by 2030.
Building on the privatisation programme first introduced in 2018, the strategy focuses on unlocking state-owned assets for private investment and privatising selected government services.
In a statement, NCP said the strategy comprises 147 opportunities drawn from a broader pipeline of more than 500 projects across 18 sectors.
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Egypt signs PPA for 1GW Ras Shokeir wind farm2 September 2026
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A joint venture of the local Hassan Allam Utilities Energy and Infinity Power has signed a power purchase agreement (PPA) with Egyptian Electricity Transmission Company (EETC) for the development of the 1GW Ras Shokeir wind project in Egypt.
The project is located in Egypt’s Red Sea Governorate, within the Gulf of Suez wind corridor. It will cover approximately 143 square kilometres.
The PPA has a 25-year term. The project will supply electricity to Egypt’s national grid.
Ras Shokeir is expected to generate enough electricity to power more than 1.2 million Egyptian homes. It is also expected to avoid more than 1.36 million tonnes of CO2 emissions annually.
The PPA was signed by EETC chairperson Mona Rizk and Infinity Power co-founder and CEO Nayer Fouad, representing the Infinity Power-Hassan Allam consortium.
The signing brings the project closer to development as Egypt seeks to expand its renewable energy capacity. Egypt has set a target for renewable energy to make up 42% of the electricity mix by 2030 and 65% by 2040.
This includes the 500MW Amunet 2 wind project, which is being developed by UAE-headquartered Amea Power following the commissioning of the first Amunet wind project in June 2025.
Hassan Allam Utilities Energy and Infinity Power are also developing Egypt’s $560m West Minya solar plant, which will combine 1,000MWac of solar photovoltaic capacity with a 600MWh battery energy storage system.
In June, MEED reported that a joint venture of Hassan Allam Construction and India’s Sterling & Wilson Renewable Energy had won the engineering, procurement and construction contract for the project.
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NWC confirms $347m Saudi sewage treatment plant deal2 September 2026
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Saudi Arabia’s National Water Company (NWC) has signed a contract worth more than SR1.3bn ($347m) with a Saudi-Chinese consortium to rehabilitate, operate and maintain nine sewage treatment plants (STPs).
The 15-year contract covers plants located across the Hail, Qassim, Al-Jouf and Northern Borders provinces. The plants have a combined treatment design capacity of more than 337,000 cubic metres a day (cm/d).
MEED exclusively reported in January that the consortium comprising China’s Jiangsu United Water Technology and Saudi-based Armada Holding had won the contract for the project.
The contract is for the Northern Cluster Sewage Treatment Plants Package 10 (LTOM10) and includes an initial three-year period for rehabilitation and upgrade works, followed by long-term operation and maintenance.
NWC said the contract was signed with a tariff of SR0.69 ($0.18) a cubic meter.
As MEED understands, United Water will be responsible for design, financing, operation and part of the construction works. Saudi Arabia’s Armada Holding will handle construction, equipment import customs clearance and local business communications. UAE-registered Prosus Holding will act as the financial investor.
LTOM packages
The same consortium is also expected to sign a contract for Package 11 of the LTOM programme in the coming months.
In April, MEED exclusively reported that the consortium won the contract for this project, which will have a combined capacity of about 440,000 cm/d.
Bids for North Western B Cluster (LTOM12) remain under evaluation. The contract covers the construction and upgrade of seven STPs with a combined capacity of about 162,000 cm/d.
NWC also tendered the Eastern A Cluster (LTOM14) package in April, covering the upgrade of six existing STPs with a capacity expansion of 30,000 cm/d at the Al-Jarodia STP.
This will increase total treatment capacity from about 263,000 cm/d to approximately 293,000 cm/d, with an estimated cost of $180m.
The bid submission deadline is 30 September.
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Iraq looks to accelerate oil pipeline projects2 September 2026
Iraq’s Ministry of Oil has held talks with a delegation from Qatari company UCC on accelerating the progress of two major pipeline projects, according to a statement from Iraq’s Office of Media and Government Communication.
The first proposed pipeline route extends from Basra, in southern Iraq, to Haditha, located about 200 kilometres northwest of Baghdad, then on to Faysh Khabur, which lies on the border with Syria and near the border with Turkiye.
The second pipeline extends from Haditha to Syria’s coastal city of Baniyas.
Discussions covered the contract type, implementation timeline and “other technical matters”, according to the statement released by the Iraqi government.
During the meeting, Iraq’s Minister of Oil, Basem Mohammed Khudair Al-Abadi, emphasised the need to expedite the tendering process for the project contracts.
He said all obstacles to progress on the projects needed to be eliminated.
He also said weekly meetings will be held between relevant parties to reach agreements on the economic models for the pipelines and their routes.
The Ministry of Oil said UCC is leading a consortium of companies developing the projects.
It added that the consortium includes US-based Chevron, the investment company TI Capital and France’s TotalEnergies.
In July, Iraq’s cabinet approved Basra Oil Company signing a heads of agreement and a non-disclosure agreement with the consortium to explore possible future oil pipeline projects.
Under the terms of the agreement, the consortium will prepare technical and financial feasibility studies for strategic export pipeline projects.
Also in July, US-based KBR was awarded a consultancy contract for the section of pipeline due to extend from Basra to Haditha.
In April, Iraq announced the allocation of $1.5bn for the Basra-Haditha route, while the larger scheme is estimated at around $5bn.
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