Read the November 2024 MEED Business Review
1 November 2024
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The GCC is abuzz with merger and acquisition (M&A) activity. In the first six months of 2024, 10 of the highest-valued M&As in the Middle East and North Africa (Mena) region took place in the GCC, and the UAE and Saudi Arabia recorded a combined 152 M&A deals worth $9.8bn. The November issue of MEED Business Review takes an in-depth look at how the ambitions of regional governments to diversify away from oil and gas and embrace newer areas of the economy is driving this M&A boom.
We also examine how the Mena M&A market is being boosted by energy deals, such as those being pursued by UAE energy giant Abu Dhabi National Oil Company (Adnoc). In October, the firm received the necessary approvals to complete its purchase of a 50% stake in chemicals producer Fertiglobe from Dutch-listed OCI, taking its total shareholding in the business to 86%, and also secured agreement from German chemicals firm Covestro for a takeover worth €14.7bn ($16.1bn). The latter looks set to be the biggest M&A deal involving a Mena company this year and could even be among the 10 biggest M&A deals in the world in 2024.
The latest issue also includes detailed analysis of the region's project finance market. Major deals such as the $6.1bn financing for Neom Green Hydrogen Company, which closed in 2023, demonstrate that the GCC is a global project finance hotspot, and the region looks set to retain this title thanks to the use of project finance structures across a widening array of sectors, from infrastructure to green energy. And while public-private partnership (PPP) activity has eased back in the Mena region since last year, the number and value of contracts finalised in the first nine months of 2024 means this year is set to be one of the most active for PPP deal-making so far this century.
This month's exclusive 17-page market report highlights how Abu Dhabi is forging an investment policy that aims to capitalise on all future eventualities. The UAE govenment has raised its growth forecasts and is targeting artificial intelligence (AI) opportunities, while the country's banks are reaping the benefits of good fundamentals. Adnoc is on an upstream spending spree and is also developing its downstream portfolio. At the same time, the country's infrastructure sector is on an upward trajectory, water PPP activity is rising, UAE utilities are ramping up capacity procurement, and the construction sector is strengthening through consolidation in the middle of another boom.
Meanwhile, in this month's issue, the team examines how Kais Saied has been appointed for a second term as Tunisia’s president after winning 90.7% of the vote in the country's October election, and assesses the impact that the continuation of the Ukraine war will have on the reopening the oil export pipeline that runs from Iraq to Turkiye.
We also look at the GCC railway projects that are drawing global attention, learn why the transmission and distribution sector is heading for a record year and discover how Libya is preparing for its first licensing round in more than 15 years.
The November issue is also packed with exclusive interviews. Kingdom Holding’s CEO, Talal Ibrahim Almaiman, confirms that Saudi Arabia's ambitious project to build the world’s tallest tower is back on track; Thomas Altmann, Acwa Power’s executive vice-president for innovation and new technology, explains how the Saudi firm is tapping AI to help it win projects; and Tomaz Guadagnin, Engie’s managing director for Flex Gen in Asia, Middle East and Africa, discusses why the French utility developer and investor plans to only bid for projects that align with its strategy and 2045 net-zero target.
We hope our valued subscribers enjoy the November 2024 issue of MEED Business Review.

Must-read sections in the November 2024 issue of MEED Business Review include:
> AGENDA:
> Acquisition with a view to transition
> M&A market boosted by energy deals
> CURRENT AFFAIRS:
> Tunisian election reconfirms Kais Saied as president
> Ukraine war to weigh on Iraq-Turkiye oil pipeline talks
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INDUSTRY REPORT: |
> JEDDAH TOWER: World’s tallest tower is back on track
> INTERVIEW: Acwa Power taps artificial intelligence
> REGIONAL RAIL: GCC rail projects draw global attention
> INTERVIEW: Engie sticks to a selective projects approach
> POWER: Transmission and distribution sector heads for record year
> LIBYA: Libya mulls offering development blocks in licensing round
> UAE MARKET REPORT:
> COMMENT: UAE economy defends gains
> GOVERNMENT: UAE ups growth forecasts and targets AI opportunities
> BANKING: UAE banks reap the harvest
> UPSTREAM: Adnoc’s upstream goals drive spending spree
> DOWNSTREAM: Adnoc curates vast downstream portfolio
> POWER: UAE utilities ramp up capacity procurement
> WATER: UAE PPP activity rises
> CONSTRUCTION: UAE construction consolidates
> TRANSPORT: UAE infrastructure sector is on an upward trajectory
> MEED COMMENTS:
> Hard negotiations ahead for Dubai Metro's Blue Line
> Race to build world’s tallest tower restarts
> World Cup stadiums attract international contractors
> Adnoc crafts burgeoning chemicals portfolio
> GULF PROJECTS INDEX: Gulf Projects Index continues tentative climb
> SEPTEMBER 2024 CONTRACTS: Region records 55% increase in value of deals signed
> ECONOMIC DATA: Data drives regional projects
> OPINION: Biden leaves a mixed legacy
> BUSINESS OUTLOOK: Finance, oil and gas, construction, power and water contracts
Exclusive from Meed
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Read the April 2026 MEED Business Review2 April 2026
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Chevron to drill two gas wells in Egypt before 20272 April 2026
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Saudi Arabia seeks firms for food testing labs PPP project2 April 2026
Saudi Arabia’s Ministry of Municipalities & Housing, in collaboration with the National Centre for Privatisation & PPP (NCP), has issued an expression of interest (EOI) notice for a contract to develop and operate municipal food safety laboratories under a public-private partnership (PPP) framework.
The project will be delivered on an equip, operate, maintain and transfer basis, with a contract duration of five years.
The EOI was issued on 1 April, with a submission deadline of 15 April.
The project scope covers the equipping, operation and maintenance of municipal food safety laboratories across five municipalities: Hafr Al-Batin, Northern Borders, Tabuk, Qassim and Al-Ahsa.
Key objectives include upgrading laboratory equipment, expanding chemical and microbiological testing capacity for food and water products, and enhancing testing accuracy to support laboratory compliance across the value chain. The project also aims to ensure effective knowledge transfer and a structured handover to the relevant municipalities at the end of the contract term.
NCP said in a statement: “The project is intended to strengthen public health and safety standards for citizens and residents of the kingdom in alignment with Saudi Vision 2030, while developing the municipal monitoring ecosystem, optimising food and water testing services, and enabling private sector participation in accordance with global best practices.”
In October last year, NCP highlighted the scale and diversity of opportunities in the kingdom’s PPP pipeline.
“At the moment, we have around 200 projects in the pipeline with a total value of roughly $190bn,” said Salman Badr, executive vice president – infrastructure advisory, NCP, during a MEED webinar.
The projects are spread across 17 sectors. “We have a very sizable programme, and it reflects the breadth of the kingdom’s transformation agenda,” he said.
NCP was established in 2017. It serves as the central authority and catalyst for designing and implementing privatisation and PPP projects across the kingdom.
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Parsons to project manage Al-Ittihad Sports Village in Jeddah2 April 2026
US-based engineering firm Parsons Corporation has been awarded a contract by Saudi Arabia’s Al-Ittihad Club Company to act as project management consultant for the Al-Ittihad Sports Village in Jeddah.
Under the contract, Parsons will support the project during the design stage.
The sports village will be developed near King Abdullah Sports City and will include Al-Ittihad’s headquarters, academy training pitches and supporting facilities, performance development centres, administrative offices and a range of commercial components.
The development is being designed in line with Fifa requirements and international best practices, with the aim of strengthening high-performance sports infrastructure in Saudi Arabia.
The latest award follows Parsons’ recent appointment to a 60-month contract by the Public Investment Fund-backed New Murabba Development Company to provide design and construction technical support.
As part of that role, Parsons will support the development of the project’s downtown area, which will span 14 million square metres of residential, workplace and entertainment space.
In October last year, Parsons announced it had secured a SR210m ($56m) contract from Diriyah Company. Its scope includes the design and construction supervision of infrastructure works in phase two of the Diriyah project, covering streets, footpaths, open spaces, and civic buildings and facilities.
In May last year, Parsons also confirmed its appointment as delivery partner for the airside and landside packages at King Salman International airport in Riyadh.
In a statement, Parsons said it had signed two contracts with King Salman International Airport Development Company. The first covers airfield assets, including runways, taxiways, aircraft parking areas and air traffic control towers.
The second contract relates to landside infrastructure, including roads, utilities, tunnels, bridges, rail networks and landscaping.
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Read the April 2026 MEED Business Review2 April 2026
Download / Subscribe / 14-day trial access When the first missiles and drones were fired at the GCC on 28 February, the region’s economic story pivoted abruptly, from long-term vision-building to near-term resilience.
The conflict is now the Gulf’s most consequential economic stress test in a generation. It is challenging the safe haven premium that underpins capital inflows, while disrupting the physical networks that keep the region’s economies running, from energy exports and shipping lanes to airports and tourism.MEED editor Colin Foreman asks whether the GCC can sustain investor confidence as energy assets, trade routes, airports and banks absorb the shock. Read more here.
April’s market focus is on Saudi Arabia, where the Iran war is compounding the logic behind the kingdom’s strategic pivot in its investment plans.
This edition also includes MEED’s 2026 GCC contractor ranking, in which Chinese firms have surged to the top as Saudi spending cuts and geopolitical risks weigh on GCC construction activity.
In the latest issue, we explore the region’s evolving arbitration landscape; present exclusive leadership insight from Jacobs on the future of passenger rail in the Middle East; and talk to Leyla Abdimomunova, head of real estate and construction at the Public Investment Fund’s National Development Division, about remaking Saudi construction.
We hope our valued subscribers enjoy the April 2026 issue of MEED Business Review.

Must-read sections in the April 2026 issue of MEED Business Review include:
> AGENDA: Gulf economies under fireINDUSTRY REPORT:
GCC contractor ranking
> Construction guard undergoes a shift> LEGAL: Redefining the region’s arbitration landscape
> QATAR LNG: Qatar’s new $8bn investment heats up global LNG race
> INTERVIEW: Leyla Abdimomunova, National Development Division, PIF
> LEADERSHIP: Shaping the future of passenger rail in the Middle East
> SAUDI MARKET FOCUS:
> COMMENT: Risk accelerates Saudi spending shift
> GVT &: ECONOMY: Riyadh navigates a changed landscape
> BANKING: Testing times for Saudi banks
> UPSTREAM: Offshore oil and gas projects to dominate Aramco capex in 2026
> DOWNSTREAM: Saudi downstream projects market enters lean period
> POWER: Wind power gathers pace in Saudi Arabia
> WATER: Sharakat plan signals next phase of Saudi water expansion
> CONSTRUCTION: Saudi construction enters a period of strategic readjustment
> TRANSPORT: Rail expansion powers Saudi Arabia’s infrastructure push> MEED COMMENTS:
> Iran war erodes LNG’s image of reliability
> Dubai's real estate faces a hard test
> Energy resilience matters as much as capacity
> Drawn-out conflict may shift planning priorities> GULF PROJECTS INDEX: Gulf index rises amid tensions
> FEBRUARY 2025 CONTRACTS: Middle East contract awards
> ECONOMIC DATA: Data drives regional projects
> OPINION: The end of the republic and the end of times
> BUSINESS OUTLOOK: Finance, oil and gas, construction, power and water contracts
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Consultants submit bids for Al-Maktoum airport metro link2 April 2026

French firm Egis has emerged as the lowest bidder for the design contract for the Route 2020 extension, which will start from the Expo 2020 metro station and connect with Al-Maktoum International airport’s West Terminal.
Egis submitted the lowest bid, priced at AED232.6m ($63.3m).
The other bidders are:
- Halcrow International (UK): $66.4m
- Parsons (US): $71.3m
- Aecom (US): $82.6m
- Surbana Jurong (Singapore): $106m
The extension to the line will run for about 3 kilometres (km) and will feature two stations.
MEED understands that the invitation to bid was issued in January with a submission deadline of mid-March.
The existing Route 2020 metro link is a 15km-long line that branches off the Red Line at Jebel Ali metro station. The line comprises 11.8km of elevated tracks and 3.2km of tunnels, and has five elevated stations and two underground stations.
The Roads & Transport Authority (RTA) awarded the AED10.6bn ($2.9bn) design-and-build contract for the project to a consortium of Spain’s Acciona, Turkiye’s Gulermak and France’s Alstom in 2016.
Dubai’s plans for its metro network do not stop with connecting the extension of the Route 2020 metro line to Al-Maktoum International airport. There are long-term plans for further extensions.
Other metro projects
In October last year, MEED exclusively reported that the RTA had selected US-based engineering firm Aecom to provide consultancy services for the upcoming Dubai Metro Gold Line project, also known as Metro Line 4.
The Gold Line will start at Al-Ghubaiba in Bur Dubai. It will run parallel to – and alleviate pressure on – the existing Red Line, before heading inland to Business Bay, Meydan, Global Village and residential developments in Dubailand.
The other metro lines in the pipeline are the Purple Line and the Pink Line, both of which are in the early stages of development.
Firms are also bidding to update the emirate’s rail masterplan. In October 2025, MEED reported that 10 firms had submitted offers to undertake the project.
The rail masterplan study will update and modify the RTA’s rail network, which includes the Dubai Metro and Dubai Tram. These plans will support Dubai’s 2040 urban masterplan, which aims for all residents to be within a 30-minute metro or light-rail trip to their place of work.
The existing network includes the Red and Green lines of the Dubai Metro and the Dubai Tram, which connects Al-Sufouh and Dubai Marina to the metro network. The last rail project to start operations in Dubai was the Red Line extension that opened for Expo 2020.
There are also existing and planned rail lines connecting Dubai to other emirates that are being developed and operated by Abu Dhabi-based Etihad Rail. These include passenger and freight services as well as a high-speed rail connection.
In December 2024, the RTA awarded a AED20.5bn main contract for the Dubai Metro Blue Line project to a consortium of Turkish firms Limak Holding and Mapa Group and the Hong Kong office of China Railway Rolling Stock Corporation.
The Blue Line consists of 14 stations, including three interchange stations at Al-Jaddaf, Al-Rashidiya and International City 1, as well as a station in Dubai Creek Harbour. By 2040, daily ridership on the Blue Line is projected to reach 320,000 passengers. It will be the first Dubai Metro line to cross Dubai Creek, doing so on a 1,300-metre viaduct.
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Chevron to drill two gas wells in Egypt before 20272 April 2026
Chevron is planning to drill two new gas wells this year, one in the Narges field and another in the Western Mediterranean, according to Clay Neff, the president of exploration operations at the company.
The well in the Western Mediterranean area is due to be drilled in partnership with the London-headquartered oil and gas company Shell.
Egypt and the broader East Mediterranean region will be core pillars of Chevron’s investment roadmap over the coming years, Neff said.
He also said that the investments in Egypt reflected the Eastern Mediterranean’s growing strategic importance within Chevron’s global portfolio
According to Neff, Chevron is aiming to increase its operational production capacity in the region by as much as 50% over the next five years, something that is expected to strengthen cash generation and enhance profitability from its regional operations.
Chevron’s presence in Egypt dates back nearly nine decades, beginning in 1937 with the distribution of petroleum products before expanding into exploration and production activities in recent years.
The company currently produces more than 2 billion cubic feet of gas a day across the Eastern Mediterranean.
Chevron is advancing broader expansion initiatives in the Eastern Mediterranean region that include modernising existing facilities and increasing production capacity, alongside ongoing engineering and design work on the Aphrodite gas field in Cyprus.
A recently signed government agreement enables the construction of a subsea pipeline connecting Cyprus directly to Egypt.
Neff said the company is targeting an early final investment decision on the project next year, expressing confidence that close cooperation between Cairo and Nicosia will support timely progress.
He emphasised that meeting domestic and regional energy demand remains the company’s top priority before directing additional supplies toward export markets in Europe or elsewhere.
Neff said that Egypt’s well-developed energy infrastructure, particularly its pipeline network and liquefaction plants, provided a strategic edge, adding that new discoveries and capacity expansions will gradually support higher export volumes while safeguarding local supply needs.
The comments from Neff come shortly after it was announced that the UK oil and gas company BP was making progress with its campaign to drill five wells in Egypt’s portion of the Mediterranean.
BP’s Fayoum 4 well is scheduled to start production in July, with an estimated output of around 100 million cubic feet of gas a day.
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