Read the May 2025 MEED Business Review
30 April 2025
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Global stock markets suffered some of their worst days on record following US President Donald Trump's announcement of his 'Liberation Day' tariffs on 2 April. Although a 90-day pause was quickly announced for most trading partners, the 10% baseline import duty and levies on aluminium and industrial metals led to selloffs across regional indices. Oil prices also took a hit, as Brent crude dropped to under $60 a barrel for the first time since 2021.
The GCC is well positioned to survive the trade wars, however. Oil, energy and various petrochemicals products remain exempt from US tariffs, and with low regulatory barriers and the capacity to engage in manufacturing-intensive activities, the region's economies pride themselves on being trade-friendly. By building on the strong relations that regional leaders enjoy with the Trump administration, GCC states can hope to emerge from the assault relatively unscathed.
In the May edition of MEED Business Review, we take an in-depth look at how regional governments hope to avoid the worst of the hits from US tariffs, examine the impact of the tariff regime on Gulf stock markets and assess the additional damage that falling prices will cause for oil exporters across the Middle East and North Africa region.
MEED's latest issue also includes a 17-page market report on the UAE, which explores how solid fiscal and macroeconomic fundamentals will help the country ride out the global uncertainty caused by the imposition of US tariffs. UAE financial institutions remain on a strong growth heading, and an expected increase in oil production, continued chemicals sector growth, expansionary government spending on infrastructure and renewed investment in real estate will all help the UAE to weather the storm.
In addition, this month's issue features MEED's 2025 GCC Contractor Ranking, which reveals an increase in orders across the region in the past year. While the GCC’s most active contractor is Saudi Arabia’s Nesma & Partners, with $13.9bn of work at the execution stage, Beijing-based China State Construction Engineering Corporation has continued to grow strongly to secure second place this year, just $300m behind Nesma with $13.5bn.
This issue is also packed with analysis. We examine the steps that are being taken by Damascus to reassure regional partners and lay the groundwork for the reconstruction of war-torn Syria; look at what Saudi Arabia and Oman are doing to attract local and international miners; and learn how UAE sovereign wealth fund Mubadala is investing in a low-carbon future.
In the May issue, the team also speaks exclusively to Walter Simpson, the former managing director of CC Energy Development (CCED), about the oil producer’s plans for growth in Oman; and Iain McBride, head of commercial for gigaproject multi-asset developer Roshn Group, who lays out the procurement strategy that is enabling the company to navigate the challenges presented by Saudi Arabia’s construction boom.
We hope our valued subscribers enjoy the May 2025 issue of MEED Business Review.

Must-read sections in the May 2025 issue of MEED Business Review include:
> AGENDA:
> GCC shelters from the trade wars
> Gulf markets slide as US tariff shockwaves hit
> Lower oil prices raise Gulf’s fiscal pressure
> CURRENT AFFAIRS:
> Syria makes progress towards reunification
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INDUSTRY REPORT: |
> MINERALS: Saudi Arabia and Oman open up their minerals potential
> INTERVIEWS:
> CCED seeks growth in Oman’s hydrocarbons sector
> A case study in procurement
> LEADERSHIP: Rethinking investments for a lower-carbon future
> UAE MARKET REPORT:
> COMMENT: UAE is poised to weather the storm
> GOVERNMENT & ECONOMY: UAE looks to economic longevity
> BANKING: UAE banks dig in for new era
> UPSTREAM: Adnoc in cruise control with oil and gas targets
> DOWNSTREAM: Abu Dhabi chemicals sector sees relentless growth
> POWER: AI accelerates UAE power generation projects sector
> CONSTRUCTION: Dubai construction continues to lead region
> TRANSPORT: UAE accelerates its $60bn transport push
> DATABANK: UAE growth prospects head north
> MEED COMMENTS:
> Opec+ shows defiance in the face of sliding oil prices
> Corruption may hinder Iraqi oil pipeline reopening
> Mall of the Emirates sets trends again with $1.4bn revamp
> Abu Dhabi infrastructure entity will help forge partnerships
> GULF PROJECTS INDEX: Gulf projects index inches upwards
> MARCH 2025 CONTRACTS: Region records $70.3bn of deal signings in first quarter of 2025
> ECONOMIC DATA: Data drives regional projects
> OPINION: Trump’s new world order
> BUSINESS OUTLOOK: Finance, oil and gas, construction, power and water contracts
Exclusive from Meed
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EtihadWE tenders $150m Ajman substation project21 July 2026
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Dubai Municipality awards Tasreef drainage contract21 July 2026
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EtihadWE tenders $150m Ajman substation project21 July 2026
The UAE’s Etihad Water & Electricity (EtihadWE) has tendered a contract to build three new substations in Ajman.
Estimated to cost $150m, the project involves the construction of three new 132/11kV substations in the Bahya, Rumaila and Liwara districts. It also includes associated 132kV underground cabling works to connect the substations to the existing transmission network.
The bid submission deadline is 10 August.
According to tender documents, the project will add distribution capacity to support load growth and improve the security of electricity supply in the emirate.
The scope of work includes site preparation, construction of three substation buildings and foundations, installation of 132kV GIS/AIS switchgear, 132/11kV power transformers and 11kV switchgear, as well as protection, control, Scada and telecommunications systems.
Etihad WE is responsible for electricity and water services in Ajman, Umm Al-Quwain, Ras Al-Khaimah, Fujairah and parts of Sharjah. The utility has been investing in new substations and transmission infrastructure as electricity demand continues to increase across the Northern Emirates.
This includes a 132/33/11kV substation project on Al-Marjan Island in Ras Al-Khaimah. Construction work is ongoing on the project, with Maetal Dubai serving as the main contractor.
EtihadWE is also finalising a new masterplan that will cover network capacity requirements and expansion priorities for the next 10 to 15 years.
In June, Abdulla Al-Khemeiri, chief operations officer, told MEED: “We are currently reviewing it, and we need to obtain shareholder approval first. Once it is approved, it will be released, hopefully by the end of the year.”
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Seven seeks contractors for Dammam water park and hotel21 July 2026

Saudi Entertainment Ventures (Seven), a wholly owned subsidiary of the Public Investment Fund, is preparing to shortlist general contractors for the main construction package of its Dammam Water Park & Hotel project in the Al-Hamra district.
The waterfront development sits on a 324,300-square-metre (sq m) plot.
A notice was issued to contractors in July, and the client is expected to finalise the shortlist by the end of this month.
Seven is seeking firms capable of delivering a lump-sum, turnkey solution for both the water park and a 321-key lifestyle hotel. Construction is expected to take 24 months from contract award.
The water park is designed around five themed zones and will feature what is billed as the world’s first double-tornado/triple-wave waterslide.
The park will include 21 major rides and attractions, 21 food and beverage outlets, 66 cabanas, parking for 1,100 vehicles and a daily peak capacity of 4,500 guests.
Slide procurement has already been completed directly by Seven. The selected contractor will be responsible for locally sourcing slide towers, integrating them with rockwork and secondary steel, and installing the units.
Detailed design and issued-for-construction packages are complete.
Marine works, piling, dewatering and site utilities are being progressed separately by the existing early works contractor.
The hotel component covers roughly 31,700 sq m of gross floor area and will offer 321 guest rooms, four F&B outlets, spa and wellness facilities, a family pool, and meeting, incentive, conference and exhibition space.
The new contractor’s scope includes superstructure concrete works, façade and roof works, mechanical, electrical and plumbing, interior fit-out and landscaping.
Seven will consider only contractors with demonstrated experience delivering water parks with complex aquatics, theming and rockwork – either directly or through clearly defined subcontractor partnerships – along with a track record in high-end turnkey hotel fit-outs.
Construction of Seven’s Dammam entertainment complex is currently under way. In October 2023, Saudi Binladin Group won contracts worth around SR5bn ($1.3bn) from Seven to build two entertainment destinations in the Dammam and Al-Khobar areas of the Kingdom’s Eastern Province.
The Al-Khobar entertainment complex is being built on reclaimed waterfront land. The complex spans around 300,000 sq m and is also known as ‘The Waves’.
The Dammam entertainment complex spans 360,000 sq m and is being built on reclaimed land on the Dammam waterfront.
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Al-Ula appoints equestrian village early works contractor21 July 2026

Saudi Arabia’s Royal Commission for Al-Ula (RCU) has awarded a contract for early construction works at the Al-Muatadil Equestrian Village.
The contract was awarded to Al-Khobar-based Al-Shalawi International Company.
Canadian engineering firm AtkinsRealis is the project management consultant. UK-headquartered Baker Wilkins & Smith and local firm Al-Hoty Company are the cost consultants.
Dubai-based SSH is the supervision consultant, and UK-based Hopkins Architects is the lead design consultant.
RCU announced the project plans in March 2023, including the development of an equestrian hub with two arenas that can accommodate 5,000 and 1,400 spectators, respectively.
The venue will also include grass polo, sand polo and endurance facilities, with capacities of 600, 400 and 600 seats, respectively.
These facilities will be complemented by visitor amenities, two stable compounds with capacity for 740 horses, and accommodation and retail outlets for event participants and workers.
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Contractors await decision on Riyadh airport sewage plant21 July 2026

Seven contractors are awaiting a decision on a contract to build a sewage treatment plant at the King Salman International airport (KSIA) development in Riyadh, according to sources.
It is understood that bids were submitted to King Salman International Airport Development Company (KSIADC) in March, following the tender’s release earlier this year.
The plant will treat wastewater generated by the airport and surrounding developments, including passenger terminals, runways, residential districts, commercial facilities and logistics areas.
The facility will have a treatment capacity of 92,000 cubic metres a day. The contract is estimated to be worth SR700m ($187m).
The bidders (all local) are:
- Al-Rawaf Trading & Contracting
- Almajal Alarabi
- Nesma Water & Energy
- Safari Company
- Saudi Services for Electro-Mechanic Works
- Washnah Contracting
- Water & Environment Technologies (Wetico)
The project scope includes the construction of the treatment plant, the installation of preliminary, secondary and tertiary treatment systems, sewage collection and conveyance pipelines, pumping stations, and electrical and control systems.
US-headquartered Jacobs is acting as the main project consultant. Commercial operations for the plant are scheduled for 2029.
The sewage treatment plant is one of several water infrastructure packages planned for the airport. KSIADC is also evaluating bids for a separate $30m engineering, procurement and construction contract covering potable water and fire water tanks and an associated pumping station. The same seven companies have submitted bids for that package.
Earlier in July, MEED exclusively reported that a joint venture of Beijing-headquartered China Civil Engineering Construction Corporation and Dammam-based Mofarreh AlHarbi & Partners had won a deal to undertake the enabling and substructure works for Terminal 6 at KSIA.
The latest development followed KSIADC’s receipt of prequalification statements from contractors on 1 July for two new packages at KSIA.
These include the construction of a permanent East-West corridor and landside access roads serving the North and South terminals.
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Dubai Municipality awards Tasreef drainage contract21 July 2026

Dubai Municipality has awarded local firm Detech Contracting the engineering, procurement and construction (EPC) contract for the TF-15-C1 package of its Tasreef Rainwater Drainage Network programme.
It is understood the municipality issued the letter of award for the contract earlier this month, covering the construction of a stormwater drainage system along Al-Wasl Road and communities west of the Dubai Canal.
The project includes the construction of a gravity-based stormwater pipeline network with diameters of up to 3.5 metres. It is estimated to cost $100m.
It was tendered in February through the government’s Sewerage and Recycled Water Projects Department, with bids submitted in April.
The package forms part of the wider Tasreef initiative, which is intended to improve Dubai’s flood resilience.
The TF-15-C2 package was recently awarded to China State Construction Engineering Corporation for a stormwater drainage network project located along Umm Suqeim Road in the Al-Barsha and Al-Quoz areas of Dubai.
The project is estimated to cost $162m and includes the construction of about 20 kilometres of new stormwater pipelines. Similar to the C1 package, it is located west of the Dubai Canal and will connect the Al-Quoz 3 and Al-Quoz 4 industrial areas with Al-Quoz 1.
Separately, Al-Kharafi has won a drainage EPC contract (Ds207) to upgrade an existing pumping station for the municipality, a source said. The package focuses mainly on mechanical works and is valued at about $39m.
In May, MEED reported that local firm Nael Construction & Contracting had signed a contract with Dubai Municipality to build a sewage and stormwater drainage system in Dubailand.
The project (DS-204-C1) involves the construction of a drainage system with sewage gravity pipelines of up to 2,200mm in diameter.
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