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Read the March 2025 MEED Business Review

6 March 2025

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A record-breaking performance last year underscores the growing influence of Chinese firms in the region’s projects market.

Chinese construction companies secured over $90bn in contracts in the Middle East and North Africa (Mena) in 2024. Their market share was 26% of the $347bn total for the region, according to regional projects tracker MEED Projects.

Within China, it is hard to imagine the scale of growth experienced by the country’s construction sector over the past two decades. Since 2004, it has expanded by over 800%, reaching an estimated value of $4.5tn.

This growth has created contractors that are now the largest construction companies on the planet. According to GlobalData, seven Chinese companies are among the top 10 largest construction companies in the world, with China State Construction Engineering Corporation at the top of the list with revenues of $320bn.

MEED's March edition of MEED Business Review looks at why the Middle East presents such an attractive option for these huge Chinese contractors, and discusses their maturing domestic market. 

Our latest issue also includes a comprehensive report on the region's upstream oil and gas sector, where offshore investment in 2025 is expected to match – if not surpass – last year's level, and Saudi Arabia is striving to retain its dominance by investing in projects that aim to boost its producton capacity.

This month’s exclusive 13-page market report focuses on Egypt. Despite its challenges – not to mention the controversial suggestion by US President Donald Trump that Gaza’s population should be relocated to Egypt and other Arab countries – Cairo has managed to attract foreign investment and the country’s economy is showing signs of improvement.

Although concerns remain regarding the government’s need to implement structural economic reforms and remedy the growing infrastructure gaps, the total value of awarded contracts in the power sector doubled in 2024 and the construction industry is being bolstered by the $24bn Ras El-Hekma project.

This issue is also packed with exclusive interviews. Mark Thomas, group CEO of state energy conglomerate Bapco Energies, explains how Bahrain will benefit from its $7bn project by the end of 2025; Abdulaziz Alobaidli, chief operating officer of the UAE’s Masdar, outlines how the company aims to meet the “moonshot” renewables challenge; and Jerry Inzerillo, group CEO of Saudi gigaproject developer Diriyah Company, talks about the firm’s strong performance in 2024.

In the March issue, the team also examines how uncertainty and instability are damaging optimism in Libya's oil sector; discovers that power projects in Saudi Arabia have hit a record high, with a total capacity of 53GW now awarded and under construction; and also looks at how the kingdom is gearing up to lead the Gulf’s electric vehicle sector.

We hope our valued subscribers enjoy the March 2025 issue of MEED Business Review. 

 

Must-read sections in the March 2025 issue of MEED Business Review include:

> AGENDA: 
> Chinese firms dominate the market
> China construction at pivotal juncture

> CURRENT AFFAIRS:
> Uncertainty and instability damage Libyan oil sector optimism

INDUSTRY REPORT:
Upstream oil and gas
> Offshore oil and gas sees steady capex
> Saudi Arabia to retain upstream dominance

> INTERVIEWS:
> Bahrain to benefit from $7bn project by year’s end
> Masdar meets renewable’s moonshot challenge
> Diriyah CEO sets the record straight

> SAUDI POWER: Saudi power projects hit record high

> AUTOMOTIVE: Saudi Arabia gears up to lead Gulf’s automotive sector

> EGYPT MARKET REPORT: 
> COMMENT: Egypt battles structural issues
> GOVERNMENT: Egypt is in the eye of Trump’s Gaza storm
> ECONOMY: Egypt’s economy gets its mojo back
> OIL & GAS: Gas project activity collapses amid energy crisis
> POWER & WATER: Egypt’s utility projects keep pace
> CONSTRUCTION: Coastal city scheme is a boon to Egypt construction

> MEED COMMENTS: 
> Firms ramp up Saudi tech investments
> UAE data centre policy highlights AI-energy nexus
> Bankability remains hydrogen’s unbreakable challenge
> Dubai construction heads underground

> GULF PROJECTS INDEX: Gulf hits six-month growth streak

> JANUARY 2025 CONTRACTS: High-value deals signed in power and industrial sectors

> ECONOMIC DATA: Data drives regional projects

> OPINION: Trump’s foreign policy shakes global relations

> BUSINESS OUTLOOK: Finance, oil and gas, construction, power and water contracts

To see previous issues of MEED Business Review, please click here
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    The pipeline will double Adnoc’s crude export capacity through Fujairah on the Indian Ocean coast and enable shipments to bypass the geopolitically volatile Strait of Hormuz.

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    20 August 2026

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    A team of Japan’s Mitsubishi Corporation and Indian contractor Larsen & Toubro (L&T) has confirmed that it has won a design-and-build contract for the automated people-mover (APM) system for phase one of Al-Maktoum International airport in Dubai.

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    LAIP is a subsidiary of Libya’s sovereign wealth institution, the Libya Investment Authority.

    Joint Oil was established under a bilateral agreement between Libya and Tunisia in 1988 to explore and develop hydrocarbons in offshore areas shared by the two countries.

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    • 29-30 September 2026: Joint Oil presents at the World Energy Summit in London
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    19 August 2026

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    The UAE has halted all trade, commercial exchanges and financial transactions with Iran until further notice, the Ministry of Foreign Affairs said on 19 August.

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