Read the November 2022 MEED Business Review
31 October 2022
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On 20 November, football’s 2022 World Cup in Qatar kicks off. The month-long tournament is the world’s most-watched single event. Football’s governing body expects 5 billion people to tune into this year’s tournament, up from 3.57 billion for the 2018 edition, which Russia hosted.
The event will confirm the Middle East region’s position as a global sporting hub. Over the past two decades, billions of dollars have been spent on infrastructure for sporting events including athletics, golf, motorsports, boxing and martial arts, swimming, football, cricket and an old regional favourite, horse racing.
These events have boosted the economic visions of the region’s leaders by giving projects an international profile and, in the case of deadlines, a firm completion date. On the more societal level, they open up countries to tourism and allow nations to showcase their hospitality.
More is coming. In 2020, Doha and Riyadh were picked to host upcoming editions of the Asian Games in 2030 and 2034. More recently, the Trojena mountain resort in the northwest of Saudi Arabia was selected to host the 2029 Asian Winter Games.
Even bigger events could join the list. Egypt has confirmed it will bid to host the 2036 Olympic Games, and there are reports of a joint bid for football’s 2036 World Cup by Saudi Arabia, Egypt and Greece.
MEED’s November 2022 edition of MEED Business Review discusses the important role that sport plays in the region’s social and economic development, and the spending required to build new venues and sporting facilities.
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Climate, construction and the environment are all challenges that lie ahead for Saudi Arabia's 2029 Asian Winter Games, writes MEED editor Colin Foreman. Read more |
November’s 19-page Market Focus on the UAE, meanwhile, finds the UAE working hard to maintain its economic winning streak and avoid the growing number of political and economic pitfalls in the world’s geopolitically fraught and recession-threatened business landscape.
This month, MEED also presents a special report on project finance and public-private partnerships (PPPs).
After a year of sluggish project spending in 2021, the Middle East and North Africa (Mena) region has witnessed an uptick in activity in the past year, driving renewed demand for project financing.
This comes as a boon for arrangers, yet is not without challenges.
We hope you enjoy the November 2022 edition of MEED Business Review.

Must-read sections in the November 2022 edition of MEED Business Review include:
> AGENDA: Region pitches to be global sporting hub
> TROJENA: Saudi winter games challenges perceptions
> BIG INTERVIEW: Sultan Batterjee, CEO of Saudi Arabia’s IHCC
> OPINION: Gulf stands to benefit from global turmoil
> MEED COMMENTS:
> Global oil price to sustain project activity
> Energy firms step up renewable investments
> MONTHLY BRIEFING: 20 key developments in the region
> EGYPT/TUNISIA: Cairo and Tunis battle external pressures
> IRAQ/TURKIYE: Baghdad-Ankara relations remain rocky
> PROJECT FINANCE & PPP REPORT:
> Project finance activity tests regional capacity
> PPP market cools, but remains strong
> ABU DHABI REAL ESTATE: Taking Abu Dhabi’s success global
> INTERVIEW: Abdulrahman Abdulla al-Seiari, CEO of Adnoc Drilling
> AGRI-TECH: Riad Bsaibes, president and CEO of Amana Investments
> ENERGY TRANSITION: Energy transition faces litmus test
> INTERVIEW: Acwa Power to halve carbon intensity
> UAE MARKET FOCUS: UAE sidesteps the global economic crunch
GOVERNMENT | Abu Dhabi works to rebuild bridges- ECONOMY | UAE economy strengthens growth trajectory
- BANKING | Banks make hay while the sun shines
- UPSTREAM | Adnoc makes headway with upstream projects
- DOWNSTREAM | UAE sculpts next downstream growth phase
- POWER | UAE boosts its green credentials
- WATER | UAE plans $20bn of water projects
- CONSTRUCTION | Dubai construction sows seeds of recovery
- TRANSPORT | UAE leads regional rail resurgence
- DATABANK | UAE enjoys growth uptick with higher oil prices
> MARKET SNAPSHOT: Egypt projects
> MARKET TALK: Ansaldo Energia expands Middle East presence
> GULF PROJECTS INDEX: Gulf projects market returns to growth
> SEPTEMBER 2022 CONTRACTS: UAE records its biggest month of 2022
> BUSINESS OUTLOOK: Finance, oil and gas, construction, power and water contracts
Exclusive from Meed
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Gas-fired projects drive resilience in UAE power sector14 October 2026
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Riyadh awards $1.5bn metro rolling stock contracts14 October 2026
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Jeddah extends bid deadline for drainage scheme14 October 2026
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US initiates procurement for Expo 2030 Riyadh pavilion14 October 2026
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Oman invites bids for geothermal plant study14 October 2026
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Related Articles
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Gas-fired projects drive resilience in UAE power sector14 October 2026

The $3bn Taweelah C combined-cycle gas turbine (CCGT) project has been the UAE power sector’s standout contract award this year, accounting for the majority of the $4.17bn in awards as of early September.
The total is well below the record $12.02bn awarded in 2025, when Abu Dhabi’s $6bn round-the-clock solar photovoltaic (PV) and battery energy storage system (bess) project lifted the market to record levels. However, 2026 remains broadly consistent with recent years, compared with $5.93bn in 2024 and $3.05bn in 2023.
According to MEED Projects, generation accounted for $3.06bn across three awards, while transmission contracts totalled $1.11bn.
Gas-fired focus
Emirates Water & Electricity Company (Ewec) signed the power-purchase agreement (PPA) for Taweelah C in June with a consortium comprising Abu Dhabi National Energy Company (Taqa), Saudi Arabia’s Al-Jomaih Energy & Water Company and Singapore’s Sembcorp Industries.
The scale of the 2.5GW independent power producer (IPP) provides a useful lens through which to view the wider market. Although the UAE continues to expand solar generation and battery storage, it is still investing heavily in flexible thermal capacity to support rising electricity demand and a grid with significant renewable generation.
Major gas-fired opportunities are also moving into the Northern Emirates, with state utility Etihad Water & Electricity (EtihadWE) preparing to receive offers from five contractor groups for the 2.6GW Al-Zawra CCGT project in Ajman.
The project follows the retirement of EtihadWE’s older 200MW Al-Zawra gas plant in 2023. With Ewec acting as offtaker, the scheme also points to a wider role for EtihadWE in developing large-scale generation.
It is understood that the Ajman project will be the first of at least three planned power plant projects procured by the utility under a new long-term roadmap for future projects across both power and water.
Abu Dhabi’s 3.3GW Al-Nouf IPP is another major gas-fired plant moving towards execution. Japan’s Sumitomo Corporation is expected to formally sign the PPA by the end of the year, while the joint venture of Spain’s Tecnicas Reunidas and Egypt’s Orascom Construction is also set to be confirmed as the engineering, procurement and construction (EPC) contractor.
To put this into context, the deal would make 2026 the second most valuable year for power sector investment on record, eclipsing both 2017 and 2018, when contract awards in the UAE reached $7.39bn and $7.27bn, respectively.
Solar and storage
The UAE’s renewable procurement is increasingly combining solar generation with storage to provide electricity beyond daylight hours.
Dubai Electricity & Water Authority (Dewa) is preparing to award the seventh phase of the Mohammed Bin Rashid Al-Maktoum Solar Park, with Abu Dhabi Future Energy Company (Masdar) submitting the lowest tariff for the project in July.
China’s BYD will act as a bess supplier for the project, which combines 2,000MW of PV capacity with a 1,400MW bess designed to discharge for six hours, equivalent to 8,400MWh of stored energy.
The storage component will allow Dewa to use more solar power after sunset, reducing the gap between daytime generation and the evening demand peak.
The 1,800MW sixth phase is also nearing completion, with Larsen & Toubro delivering the estimated $1.5bn project for Shuaa Energy 4, the project company formed by Dewa and Masdar.
Dewa has increased the planned capacity of the solar park to 7,260MW by 2030, from its earlier target of 5,000MW.
Furthermore, Ewec is advancing its 1.5GW Al-Zarraf solar PV plant, with EDF and Korea Western Power Company selected as the consortium to develop the project.
Grid expansion
Multibillion-dollar IPP schemes have driven annual award values in recent years, while transmission work continues to provide a steadier flow of opportunities for contractors and equipment suppliers.
Transmission awards fell to $1.11bn across 22 packages in 2026, from $2.98bn in 2025, reflecting the absence of a comparable large-scale package rather than a halt in network investment.
Ewec and Taqa are expanding 400kV and 132kV networks across Abu Dhabi and the Northern Emirates, while Dewa continues to reinforce its cable and substation systems in Dubai.
In September, EtihadWE received bids for a contract to carry out a techno-economic feasibility study for a proposed 2GW subsea electricity interconnector with India.
The proposed 1,400-kilometre link would be the UAE’s first direct subsea cross-border electricity interconnector, illustrating a potential longer-term ambition to connect the UAE to wider regional and international power markets.
Earlier this year, the GCC Interconnection Authority awarded Omexom, part of France’s Vinci Group, a contract to build a 400kV overhead transmission line between the UAE and Saudi Arabia.
In October, the UAE and Saudi Arabia signed a memorandum of understanding to advance cross-border electricity interconnection, paving the way for feasibility studies on power exchange, commercial electricity trading and the expansion of the wider GCC interconnection grid.
Waste-to-energy
Waste-to-energy continues to become an increasingly important part of the UAE’s infrastructure pipeline as the country seeks to reduce landfill dependence and diversify its power mix through alternative generation sources.
Dubai Municipality recently invited developers to submit expressions of interest for its planned Jebel Ali waste-to-energy public-private partnership, a greenfield facility designed to treat up to 6,000 tonnes of municipal solid waste a day.
According to a source, the municipality plans to prequalify developers later this year, then issue a request for proposals in the first quarter of 2027.
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Riyadh awards $1.5bn metro rolling stock contracts14 October 2026
Saudi Arabia’s Royal Commission for Riyadh City (RCRC) has signed contracts worth about SR5.5bn ($1.5bn) to procure 94 additional trains for the Riyadh Metro network.
Germany’s Siemens and France’s Alstom have been awarded the contracts. They cover rolling stock manufacture, onboard systems, equipment and related services.
The procurement will increase the metro fleet from 183 to 277 trains. Deliveries are due to begin in phases in 2028, with the additional units subject to testing and operational trials before entering service.
RCRC expects the programme to increase the network’s passenger capacity by 60%.
The additional trains will be distributed across the six metro lines based on current demand and projected ridership.
The Red Line will receive the largest capacity increase, at 142%, followed by the Yellow Line at 116% and the Blue Line at 60%. Capacity on the Orange and Purple lines will increase by 27% and 16%, respectively.
Daily capacity on the Blue Line is set to increase from about 340,000 to 533,000 passengers. Capacity on the Red Line will rise from 154,000 to 370,000 passengers a day, while the Yellow Line will increase from 133,000 to more than 288,000.
The expansion is intended to meet rising demand for public transport as Riyadh prepares to host Expo 2030 and the 2034 Fifa World Cup, alongside continued growth in residential, commercial and entertainment developments.
Speaking at the 37th government press conference, RCRC chief executive Ibrahim Al-Sultan said the metro has carried more than 300 million passengers since it began operating.
Average metro ridership rose by about 25% in the first nine months of 2026 compared with the same period in 2025, he added.
The wider Riyadh public transport system, including buses and the metro, is approaching 500 million passenger journeys.
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Jeddah extends bid deadline for drainage scheme14 October 2026

Jeddah Municipality has extended the deadline for contractors to submit bids for the construction of a rainwater drainage network for the Prince Fawaz neighbourhood.
The new deadline is 15 November. The original deadline was 12 October.
The project aims to collect and convey rainwater away from residential streets and low-lying areas. It is valued at $60m and is intended to reduce flood risk during heavy rainfall.
The scope includes manholes, stormwater catch basins and connections to existing manholes, as well as the restoration of road surfaces.
Prince Fawaz is a residential district in southern Jeddah, divided into northern and southern sections.
It is connected to the Mecca-Jeddah Expressway and Al-Harmain Road, with road improvements in the southern section designed to improve access for residents and neighbouring districts
The municipality is also advancing a second stormwater drainage project for the first package of Zone (BC), Old Zahraa, in Jeddah Governorate. The project is valued at about $30m.
According to a source, bids were submitted for the project on 16 September.
The two projects are part of the municipality’s wider drainage programme, which includes the flagship King Abdullah Road-Falasteen Road tunnel project.
MEED previously reported that Saudi contractor Thrustboring Construction Company had been selected for phases one and two of the project, each valued at about $175m, covering the construction of large-diameter stormwater drainage tunnels. As of August, an official agreement had yet to be signed.
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US initiates procurement for Expo 2030 Riyadh pavilion14 October 2026

The US Department of State has initiated market research to procure a design-and-build contract for the US Pavilion at Expo 2030 Riyadh.
According to procurement documents released through the US federal contracting portal, the project covers the full design, construction, exhibition fit-out, maintenance, and eventual decommissioning and removal of the national pavilion.
The total cost for the design, construction and decommissioning packages is estimated at $55m to $65m.
The request for information notice was issued on 9 October.
The pavilion will be developed on plot P5.N1.B03.01 within the Expo 2030 masterplan’s Technology district, fronting the Loop of Nations corridor.
It spans 5,368 square metres (sq m), with a maximum permitted gross floor area (GFA) of 8,052 sq m and an overall building height limit of 20 metres.
The planned temporary structure will rise approximately three storeys and house between 5,000 and 6,000 sq m of exhibition space. The brief requires the facility to accommodate at least 23,000 visitors a day over the event’s six-month duration.
Additional programme elements include:
- A rooftop garden and restaurant
- Two commercial kitchens
- A VIP reception suite
- Dedicated retail and administrative office space
- Back-of-house operational areas and exterior shaded public landscaping
Interested contractors and joint ventures have been invited to submit capability statements by 11 November. Bidders must demonstrate prior experience delivering major pavilions or large-scale immersive exhibition spaces completed within the past 15 years, alongside international logistics and regional project delivery capabilities.
UK-based engineering consultancy Buro Happold prepared the plot masterplanning and development guidelines for the zone.
Another UK-headquartered firm, Trivandi, was selected in April as the operations partner for the US Pavilion at Riyadh Expo.
Expo 2030 Riyadh will run from October 2030 to March 2031 under the theme Foresight for Tomorrow, with host authorities projecting roughly 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 will be 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.
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Oman invites bids for geothermal plant study14 October 2026
Oman’s Nama Power & Water Procurement Company (Nama PWP) has issued a tender for techno-economic consultancy services for phases two and three of the sultanate’s first planned geothermal power plant project.
Known as the Hot Springs Geothermal Project, the tender covers geological, geochemical and deep geophysical investigations, geothermal resource assessment and three-dimensional conceptual modelling.
It also includes site selection, a preliminary techno-economic assessment and preparation of a temperature-gradient drilling programme.
The scope includes an optional phase three covering drilling tender support and supervision, post-drilling resource assessment, and detailed feasibility and development studies.
Bid submissions are due by 30 November.
The tender supports Oman’s efforts to assess geothermal energy’s potential as an additional source of renewable electricity. The country is seeking to diversify its energy mix as it expands its renewable energy programme under Oman Vision 2040 and works towards its net-zero emissions target for 2050.
Nama PWP previously tendered the first phase of the project in April 2025, with the initial consultancy scope covering selected locations between Wilayat Fanja and Al-Ansab in Muscat Governorate.
Unlike solar and wind power, geothermal energy is seen as a way to provide a consistent source of energy regardless of weather conditions. However, the commercial viability of Oman’s geothermal resources remains to be established.
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