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
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INDUSTRY REPORT: |
> 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
Register for MEED's guest program now to access this article.
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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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.
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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.
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Photo credits: Omrania
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