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

INDUSTRY REPORT:
2025 GCC contractor ranking 
Contractors take on more work in 2025

> 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

> OPINIONTrump’s new world order

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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MEED Editorial
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    23 September 2026

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    State-owned upstream operator Kuwait Oil Company (KOC) has awarded an oil project contract worth KD117m ($381m) to India’s Megha Engineering & Infrastructure (Meil).

    The Supreme Purchasing Committee for Kuwait Petroleum Corporation (KPC) approved the contract last month, paving the way for the official award.

    The project focuses on a water separation unit at the Al-Rawdatain facility in Kuwait.

    The water separation facility will be developed at Gathering Centre 25 (GC-25), along with a pumping facility at GC-30.

    The project will deliver a wide-ranging upgrade of processing and utility infrastructure, including new low-pressure separation and gas-handling equipment such as a three-phase wet separator package, a gas knock-out drum and associated low-pressure gas pipelines, as well as a high-integrity pressure protection system and a high-pressure flare.

    Meil will develop the new three-phase low-pressure wet separation facility at GC-25.

    The main process equipment will include two wet separator packages, each with a capacity of 150,000 barrels of liquid a day, and a low-pressure gas knock-out drum with a capacity of 53 million standard cubic feet a day, together with associated gas-handling facilities.

    The facility will also incorporate an effluent water treatment and transfer system, including an effluent water balance tank equipped with microbubble flotation and induced gas flotation systems, as well as transfer pumps.

    Additional GC-25 facilities will include fuel gas treatment, chemical injection, oil recovery and flare connections, along with firewater and deluge systems.

    The scope also covers control and safety systems, substations, and associated civil, structural, mechanical, electrical and instrumentation works.

    At GC-30, the project will focus on treated-water filtration and high-pressure injection infrastructure.

    The scope includes nutshell filters and associated feed pumps with a combined capacity of approximately 500,000 barrels of water a day.

    Booster and injection pumps will transfer treated effluent water to designated injection wells.

    Additional facilities at GC-30 will include fuel gas treatment, sludge collection and disposal systems, oil recovery systems, control and safety systems, substations, laboratory and workshop facilities, and associated civil, structural, piping, mechanical, electrical and instrumentation works.

    The project also includes transfer pipelines connecting GC-25, GC-15 and GC-30.

    Meil will carry out modifications to existing tanks at GC-30, as well as process and utility tie-ins, electrical and instrumentation modifications and other infrastructure required to integrate the new facilities with KOC’s existing assets.

    Meil’s responsibilities cover the project lifecycle from design and engineering through procurement, construction, testing, pre-commissioning, commissioning, start-up and performance testing.

    The contract also includes operation, maintenance, repair and insurance responsibilities for the designated facilities during the applicable operations and maintenance period.

    Seven companies submitted bids for the project last November.

    The full list of bids was:

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    • Mechanical Engineering & Contracting Company (Kuwait) – KD130m
    • Spetco (Kuwait) – KD158m
    • Al-Kharafi (Kuwait) – KD164m
    • China Oil HBP Science & Technology (China) – KD169m
    • Alghanim International (Kuwait) – KD169m
    • Jereh Oil & Gas Engineering (China) – KD191m

    In October last year, KOC awarded Meil a separate contract for a project to develop a gas sweetening and recovery facility in west Kuwait.

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    23 September 2026

     

    A $65m project to replace a substation at the Mina Al-Ahmadi (MAA) refinery is on schedule to be mechanically complete before the end of the year, according to industry sources.

    The project is being executed by India’s Larsen & Toubro (L&T), which was awarded the contract in October 2024.

    One source said: “This project is approaching completion and is currently on schedule to be completed before the end of the year, although it could still see delays related to the ongoing regional conflict.”

    The client is state-owned downstream operator Kuwait National Petroleum Company (KNPC).

    Kuwait’s Ministry of Electricity, Water & Renewable Energy (MEW) is also involved in the project and will provide final approvals and sign-off.

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    The current project to replace a substation at the MAA refinery closely resembles another project tendered by KNPC more than a decade ago, which L&T also won.

    On 18 May 2015, KNPC signed a contract with L&T to build a new 240MW substation at the MAA refinery, valued at KD21.866m.

    The new substation, known as M20, was designed to replace an existing substation that was considered old and obsolete.

    Mohammed Al-Mutairi, who was KNPC’s chief executive at the time, said the substation building would be explosion-proof and use state-of-the-art control systems.

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    23 September 2026

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    Riyadh-based construction firm BEC Arabia has won a SR781m ($208m) contract for the mechanical, electrical and plumbing (MEP) works at Almoosa Hospital in Al-Khobar.

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    Emirates Biotech and United Arab Emirates University (UAEU) have launched a pilot project in Al-Ain that could provide a model for larger waste-to-resource facilities.

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