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

> OPINION: Trump’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
Related Articles
  • Contractors prepare bids for Petro Rabigh bottom-of-the-barrel project

    30 October 2026

     

    Contractors are preparing proposals for Saudi Arabia’s Rabigh Refining & Petrochemical Company (Petro Rabigh) for a major project to increase output and improve the efficiency of its integrated refining and petrochemicals complex in Rabigh, on the kingdom’s Red Sea coast.

    Petro Rabigh’s downstream complex, which is majority-owned by Saudi Aramco, includes a topping refinery with a 340,000-barrel-a-day (b/d) crude-distillation unit, a 47,000 b/d hydrotreater, a 12 million-cubic-feet-a-day hydrogen plant, a 75,000 b/d naphtha Merox unit and a 60,000 b/d kerosene Merox unit. The complex also includes supporting utilities, product tankage and a marine terminal.

    The main objective of the bottom-of-the-barrel project is to convert low-value, high-sulphur fuel oil and heavy-residue streams – which account for about 20% to 22% of refinery output – into higher-value, cleaner products, including diesel and lighter distillates.

    Petro Rabigh aims to achieve residue-conversion capacity of about 64,000 to 75,000 b/d by adding integrated fuel-oil upgrading and diesel-treatment units.

    The company issued the main tender for engineering, procurement and construction (EPC) works earlier this year. Contractors have until 19 November to submit proposals, sources told MEED.

    The following companies are understood to be among those bidding for the project:

    • CTCI Corporation (Taiwan)
    • JGC Corporation (Japan)
    • Larsen & Toubro (India) / Technip Energies (France)
    • Tecnicas Reunidas (Spain)

    The overall scope of work on the project covers the construction of the following units:

    • A light-naphtha isomerisation unit
    • A deasphalting and dewaxing unit
    • An ebullated-bed processing unit
    • A sulphur block, comprising sulphur-recovery, acid-gas-removal, sour-water-stripping and sulphur-forming units
    • Sales-gas allocation facilities and associated pipeline works
    • Utilities outside battery limits
    • Auxiliary piping modifications
    • Utility and hydrocarbon tie-ins

    Petro Rabigh appointed Australia-headquartered Worley last year to carry out front-end engineering and design (feed) work for the bottom-of-the-barrel project.

    MEED also reported that Petro Rabigh appointed Worley to provide engineering and project-management consultancy (PMC) services for the project in the first quarter of this year.

    Under the contract, Worley will carry out engineering studies and PMC functions. It will also support the development of cost estimates, project-specific execution procedures and technical procedures in line with Saudi Aramco guidelines. The work covers both the design-basis scoping-paper stage and the subsequent feed stage.

    Petro Rabigh will draw on Worley’s expertise in design, procurement and processing technologies, including light-naphtha isomerisation; vacuum-residue processing through deasphalting and dewaxing; an ebullated-bed configuration integrated with the diesel-hydrotreating section; and unconverted-oil hydrotreatment.

    Worley recently confirmed its contract award from Petro Rabigh, saying it will deliver engineering, project management, procurement support and related consultancy services for projects across its client’s portfolio.

    The scope includes developing design-basis documents, conducting technical evaluations, preparing cost estimates, supporting feed tender packages and providing detailed engineering and execution-phase support as projects advance through development and delivery.

    The services will support the evaluation and development of potential new facilities and infrastructure across the complex, including process units, utilities, sulphur recovery facilities and associated infrastructure.

    “The work will help Petro Rabigh advance future projects aimed at enhancing the long-term value and performance of its refining and petrochemicals operations,” Worley said in a statement on 28 October.

    Separately, Petro Rabigh awarded US-based KBR a 10-year maintenance contract in February to support its polymer plants in Rabigh.

    KBR’s Technology Led Industrial Solutions business line will execute the operations and maintenance contract, sources told MEED. The business operates within the Houston-headquartered company’s Technology Solutions portfolio.

    In March 2024, Petro Rabigh also awarded KBR a similar five-year asset-condition-monitoring contract. Under that programme, KBR is providing predictive-maintenance services at Petro Rabigh’s main plant.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/21032785/main.jpg
    Indrajit Sen
  • Contractors submit Riyadh Expo KSA pavilion bids

    30 October 2026

     

    Contractors submitted bids on 25 October for a contract to design and build the Saudi Arabia pavilion at the Expo 2030 Riyadh site.

    The facility will include exhibition halls, VIP and protocol areas, event and performance spaces, meeting rooms, food and retail outlets, and back-of-house facilities.

    The pavilion will host exhibitions, cultural and commercial showcases and official events throughout the six-month expo.

    External public realm works are also included.

    Expo 2030 Riyadh Company (ERC), tasked with delivering the Expo 2030 Riyadh venue, issued the main tender on 19 May, as MEED exclusively reported.

    Earlier this week, ERC appointed UK-based Mace as procurement advisory consultant for Expo 2030 Riyadh, supporting procurement activities across the programme.

    Under the appointment, Mace will provide procurement services and advise on the management and delivery of procurement activities, with the aim of supporting the expo’s wider programme objectives.

    Expo 2030 Riyadh will run from October 2030 to March 2031 with the theme Foresight for Tomorrow, with host authorities projecting approximately 42 million visits.

    The masterplan covers 6 square kilometres, making it one of the largest sites ever designated for a World Expo event.

    Situated north of the Saudi capital, the site is located near the future King Salman International airport and will provide direct access to Riyadh landmarks.

    The Public Investment Fund, Saudi Arabia’s sovereign wealth vehicle, launched Expo 2030 Riyadh Company – a wholly owned subsidiary – in June 2025 to build and operate facilities for Expo 2030.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/21031590/main.jpg
    Yasir Iqbal
  • Oman announces $790m industrial investment deals

    30 October 2026

    Oman’s Public Authority for Special Economic Zones and Free Zones has signed 28 investment agreements worth more than RO304m ($790m) for new projects and expansions across the country’s special economic zones, free zones and industrial cities.

    The agreements cover more than 2 million square metres (sq m) of land and span industrial manufacturing, food production, logistics, recycling and commercial activities.

    About $383.6m of the investment has been allocated to industrial cities operated by the Public Establishment for Industrial Estates (Madayn). Sohar Free Zone accounted for $152m, followed by the Special Economic Zone at Duqm (Sezad) with $143.1m, Salalah Free Zone with $85.6m and Khazaen Economic City with more than $27m.

    The projects are expected to support Oman’s efforts to diversify its economy, expand industrial production and attract private investment in line with Oman Vision 2040.

    Investment deals

    In Sohar Industrial City, Atlas Steel will invest more than $291.1m in a plant producing iron and steel products on a site of about 440,000 sq m.

    Fujian Mancheng Industries & Investment will invest $52m in a ceramics facility covering more than 241,000 sq m. Other investments in Madayn’s industrial cities include an $18.2m phosphate and nitrogen fertiliser plant planned by Gulf Company for Organic and Biological Fertilisers in Raysut, as well as projects involving structural metal products, paper and corrugated cardboard, and oil and gas equipment and services in Raysut, Ibri and Nizwa.

    In Sohar Free Zone, Sohar Automotive & Advanced Industries Company will invest $98.8m in an automobile assembly complex covering 317,000 sq m. The complex aims to attract vehicle manufacturers, automotive supply-chain companies and advanced-manufacturing businesses.

    Voltamp High Voltage Transformers has announced a $39m investment in a plant that will produce power and electrical-distribution transformers for regional and international markets.

    Lalan Middle East will invest a further $3.9m to expand its medical-device manufacturing facility.

    ALSO READ: Oman’s Madayn prepares $637m investment drive

    In Sezad, Al-Jazir Feed Plant will invest $104m in a shrimp-feed facility to support an integrated shrimp-farming project.

    In Salalah Free Zone, Al-Nawras Industries will invest $50m in a steel-structures manufacturing facility, while Integrated Gypsum Company will invest $20m in gypsum-products production. Marai Dhofar will invest $15.6m in the production of Italian cheeses and other dairy products.

    Projects in Khazaen Economic City include a plant by Aleemit International Services to manufacture electric-vehicle chargers and components, with an investment of more than $8.8m, and a $6.5m facility by Joger Modular Building Technologies to produce precast-concrete building components.

    Additional investments in Khazaen include construction materials, ready-mix concrete, industrial units, logistics facilities and warehouses.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/21016368/main.jpg
    Indrajit Sen
  • Sabic swings back to profit in Q3 with $224m net income

    30 October 2026

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    Saudi Basic Industries Corporation (Sabic) returned to profitability in the third quarter of the year, reporting adjusted net income of SR840m ($224m) as revenue and earnings improved from the previous quarter.

    The Saudi chemicals giant had posted an adjusted net loss of $100m in the second quarter.

    Revenue increased 14% on a quarter-on-quarter basis to $7.51bn, while adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) climbed 40% to $1.27bn. Adjusted Ebitda surged 434% to $578.67m.

    Sabic’s net debt stood at $808m as of 30 September compared with $728m as of 30 June.

    Adjusted earnings per share rose to SR0.28 ($0.07) from a loss of SR0.13 ($0.03).

    The recovery occurred despite persistent margin pressure across the global petrochemicals sector and heightened geopolitical risk in the Middle East.

    Additionally, Sabic said it achieved $949.33m of its broader portfolio optimisation programme target of $3bn by 2030 in positive recurring Ebitda impact from its transformation efforts.

    During the third quarter, Sabic received its Local Content Certificate for 2025 from the Local Content and Government Procurement Authority, recording a score exceeding 61% – an increase of more than nine percentage points over the prior evaluation period. The company attributed the increase to domestic procurement agreements, including a memorandum of understanding with Lenovo.

    Capital projects

    After several years of subdued project spending, Sabic is beginning to step up investment in new production capacity, with major projects reaching key milestones this year.

    In February, affiliate Petrokemya awarded China National Chemical Engineering Group Corporation the main engineering, procurement and construction (EPC) contract for a new ethylene oxide catalyst production facility. The 4,000-tonne-a-year (t/y) unit at Jubail Industrial City includes catalyst carrier washing, drying facilities and associated utilities.

    Major ammonia-urea complex

    In September, Sabic Agri-Nutrients awarded South Korea’s Samsung E&A a $3.465bn EPC contract for its seventh production complex in Jubail Industrial City (San VII).

    The project will have an annual capacity of approximately 1.2 million metric tonnes of conventional ammonia and 2.6 million tonnes of urea, integrated with a post-combustion carbon-capture unit.

    The Ministry of Energy approved feedstock allocation for the project in March. San VII will expand the company’s total urea capacity by 54%, from approximately 4.8 million t/y to 7.4 million t/y.

    The development reflects a shift in project scope. Originally conceived as San VI – a low-carbon facility designed to yield 1.2 million t/y of blue ammonia alongside specialised nutrients – the scheme was re-engineered as a conventional ammonia and urea plant using carbon-capture systems to manage emissions intensity.

    Construction is scheduled to begin in the fourth quarter of 2026. Commissioning is slated for the third quarter of 2030, with full commercial operation targeted before year-end 2030.

    Sabic Agri-Nutrients positions the project as central to its 2040 strategy to expand export market share and support international supply chains.

    Greenfield methanol plant

    San VII is not the only major project moving forward.

    Also in September, Sabic subsidiary Saudi Methanol Company (Ar-Razi) secured feedstock approval from the Ministry of Energy to build a 1.8 million t/y greenfield methanol plant in Jubail.

    The project aligns with Sabic’s focus on scale in core petrochemical chains and provides intermediate feedstock for expanding domestic downstream manufacturing.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/21015944/main2510.jpg
    Indrajit Sen
  • Saudi Arabia’s NWC awards package 12 of sewage scheme

    30 October 2026

     

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    Local contractor Al-Yamama has won the contract for package 12 of Saudi Arabia’s long-term operations and maintenance (LTOM) sewage treatment programme, sources close to the project have confirmed to MEED.

    It is understood that the contractor offered a levelised tariff of SR0.98 a cubic metre for the project.

    The state-owned National Water Company (NWC) is delivering the sewage treatment plant rehabilitation programme in two phases, including up to 19 packages.

    Known as the North Western B Cluster, LTOM12 was tendered last year, and bids were submitted in November 2025.

    Under the original scope, the contract covers the construction and upgrade of seven sewage treatment plants with a combined capacity of about 162,000 cubic metres a day (cm/d).

    In February, MEED exclusively reported that five bidders were awaiting a decision on the award.

    These included:

    • Alkhorayef Water & Power Technologies (Saudi Arabia)
    • Civil Works Company (Saudi Arabia)
    • Miahona (Saudi Arabia)
    • Beijing Enterprises Water Group – BEWG (Hong Kong)
    • Al-Yamama (Saudi Arabia)

    According to a source, NWC opened financial bids for the tender in April.

    The contract represents Al-Yamama’s first award under the LTOM programme. However, the contractor has previously worked with NWC on several water infrastructure projects and is continuing construction works on a treatment plant expansion project in Al-Khobar in the Eastern Province.

    Packages 10 and 11

    On 2 September, NWC announced the formal signing of a $347m contract with a Saudi-Chinese consortium for Northern Cluster Sewage Treatment Plants Package 10 (LTOM10). 

    LTOM10 was the first contract awarded under the second phase of NWC’s sewage treatment plant rehabilitation programme.

    The 15-year contract was signed with a tariff of SR0.69 ($0.18) a cubic metre.

    MEED exclusively reported in January that the consortium had won the contract, which has a combined treatment design capacity of more than 337,000 cm/d and covers plants across the Hail, Qassim, Al-Jouf and Northern Borders provinces. 

    The same consortium led by United Water (China) is also expected to formally sign a contract for LTOM11 in the coming months.

    NWC previously awarded $2.7bn-worth of contracts for the first phase of its LTOM programme. This comprises nine packages covering the treatment of 4.6 million cm/d of sewage water for the next 15 years.

    Under tender

    Two remaining packages in the LTOM programme are currently out for tender. As previously reported by MEED, bidders are preparing to submit offers for package 14, covering the upgrade of six existing sewage treatment plants (STPs), including a capacity expansion of 30,000 cm/d at the Al-Jarodia STP.

    Known as the Eastern A Cluster (LTOM14), the project will increase total treatment capacity from about 263,000 cm/d to approximately 293,000 cm/d, with an estimated cost of $180m. NWC tendered the package in April, and the latest bid submission deadline is 30 November.

    In the longer term, bids for package 16 of the LTOM programme are due by 3 May 2027. NWC tendered the contract earlier this month, as MEED reported exclusively.

    Under the original scope, the project is expected to cover the rehabilitation and upgrade of 14 STPs with a total design capacity of 153,000 cm/d.

    According to a source, bidders must first submit a letter of intent by 22 February 2027.

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    Mark Dowdall