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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Egypt seeks to accelerate gas pipeline project with Libya10 November 2026
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Omani company signs Kuwait drilling contract10 November 2026
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Aramco-backed firm tenders logistics hub expansion9 November 2026
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Prequalification begins for multibillion-dollar Dubai road9 November 2026
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Contractor begins early works on Ardara’s AlWadi project9 November 2026
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Related Articles
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Egypt seeks to accelerate gas pipeline project with Libya10 November 2026
Egypt aims to accelerate a range of energy projects with Libya, including gas pipeline links, according to a statement from the Egyptian Foreign Minister Badr Abdelatty.
Other projects include a scheme to refine Libyan crude in Egypt and an electricity interconnection.
Abdelatty’s comments came in a ministry statement after a meeting with Libya’s acting oil and gas minister, Khalifa Abdulsadek, in the Libyan capital of Tripoli.
Egypt is currently trying to address an energy squeeze that has escalated due to elevated global liquefied natural gas (LNG) prices since the start of the US-Israeli war on Iran in February of this year.
In his statement, Abdelatty called for cooperation on petroleum products and the completion of projects to refine Libyan oil in Egypt and re-export it.
He also said that Abdulsadek would visit Cairo soon to continue technical talks with Egypt’s petroleum and electricity ministers.
The statement did not provide details on costs or the status of the projects.
Plans for new gas pipeline links with Libya are just one of several ambitious gas pipeline plans Egypt is pursuing.
In October, the Italian oil and gas company Eni signed the main engineering, procurement, construction and drilling contracts for a project to export gas from reserves in Cyprus using a major pipeline to Egypt.
The project includes contracts with several companies that will develop infrastructure in both Egypt and Cyprus.
The awards included a $170m contract won by Egypt’s Petrojet for a new onshore gas pipeline in Egypt that will help transport gas to Egypt’s Damietta LNG facility.
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Omani company signs Kuwait drilling contract10 November 2026
Oman’s MBPS has signed a drilling rig contract worth $127.3m with state-owned upstream operator Kuwait Oil Company (KOC).
Under the terms of the deal, MBPS will supply and operate three newly built 1,000-horsepower land rigs for drilling and workover operations, according to a company statement.
The UAE-based oil field services company Adnoc Drilling is a majority shareholder in MBPS.
The chief executive of MBPS, Salim Al-Harthy, said: “This is another important milestone for MBPS and a strong reflection of KOC’s confidence in our capabilities.
“It further strengthens our presence in Kuwait and our commitment to delivering safe, reliable and efficient drilling and workover services across the region.”
He : “My sincere appreciation to KOC for their continued trust, and to our MBPS team for their hard work and dedication in making this possible.”
In October last year, KOC said it planned to spend KD1.2bn ($3.92bn) on its exploration drilling programme through 2030.
The spending was part of a KD9.8bn budget, the company’s biggest ever, allocated for drilling and maintenance of up to 6,193 wells by the end of this decade.
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Aramco-backed firm tenders logistics hub expansion9 November 2026

Asmo, the logistics joint venture of Saudi Aramco and DHL Supply Chain, has set a 15 November deadline for a contract to expand the logistics complex at King Salman Energy Park (Spark) in Saudi Arabia’s Eastern Province.
The logistics hub will add over 124,000 square metres (sq m) at Spark.
Al-Khobar-based engineering firm House of Consulting Office is the project consultant.
The tender for the expansion works comes shortly after Asmo awarded an estimated SR820m ($218m) contract to build the logistics complex’s first phase in May this year.
The overall project will feature a 43,000 sq m, temperature-controlled Grade A warehouse; more than 3,000 sq m of offices and staff amenities; 5,300 sq m dedicated to chemicals storage; and an open yard covering about 1.2 million sq m.
Asmo signed an agreement with Bahrain‑headquartered Arcapita Group Holdings in February to deliver the project at Spark.
Planned for large-scale industrial use, the site is expected to incorporate advanced warehouse and building management systems, end-to-end digital connectivity, automation and robotics.
It will also be developed in line with internationally recognised sustainability standards, featuring solar photovoltaic readiness, electric-vehicle charging infrastructure and a target of Leed Gold certification.
The development aims to support the next stage of Saudi Arabia’s logistics and supply chain expansion.
Under the deal structure, Arcapita will provide funding and retain ownership of the asset, while Asmo will develop the facility and then lease and operate it under a 22-year occupational lease.
According to a statement, “the scheme will be executed via a forward-funding model, underscoring a long-term commitment to national infrastructure”.
Asmo added that this will be its first purpose-built logistics centre and one of four strategic locations planned to anchor its nationwide logistics network, aligned with the National Transport and Logistics Strategy under Saudi Vision 2030.
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Prequalification begins for multibillion-dollar Dubai road9 November 2026

Dubai’s Roads & Transport Authority (RTA) has begun prequalifying contractors for a design-and-build contract for a multibillion-dollar new road that will run parallel to Sheikh Zayed Road.
Contractors have until 30 November to submit their prequalification statements.
The latest development follows contractors’ expressions of interest for the project on 10 October, as MEED reported.
The project’s scope covers about 30 kilometres (km) of works. These include about 15km of viaduct along First Al-Khail Street and more than 14.5km of bridge ramps, along with other associated infrastructure works.
The project is another significant initiative aimed at alleviating pressure on the existing Sheikh Zayed Road section from Hadiqa Street to Hessa Street.
Dubai has previously explored bold concepts to expand capacity on Sheikh Zayed Road, including proposals to introduce double-decker sections to add extra lanes without widening the existing corridor.
The idea was discussed in the context of rising congestion and limited right-of-way along one of the city’s busiest arterial roads, with elevated decks potentially carrying through traffic while existing at-grade lanes served local access.
The plans ultimately became standalone schemes, with subsequent efforts focusing instead on corridor-wide upgrades, interchange improvements and complementary public transport expansions to manage demand more sustainably.
The latest project aligns with Dubai’s continued investment in upgrading and expanding its road network to keep pace with rapid population growth and rising commuting demand.
Planning for growth
Dubai launched the 2040 Urban Master Plan in March 2021, referencing studies indicating that the emirate’s population will reach 5.8 million by 2040, up from 3.3 million in 2020. The daytime population is set to increase from 4.5 million in 2020 to 7.8 million in 2040.
In December 2022, Sheikh Mohammed Bin Rashid Al-Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, approved the 20-Minute City Policy as part of the second phase of the Dubai 2040 Urban Master Plan.
In addition to the road projects, the RTA’s Dubai Metro Blue Line extension and Dubai Metro Gold Line form part of Dubai’s plans to improve residents’ quality of life by cutting journey times, as outlined in the policy.
The policy aims to ensure residents can meet 80% of their daily needs within a 20-minute journey, on foot or by bicycle. This goal will be achieved by developing integrated service centres with all necessary facilities and increasing population density around mass transit stations.
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Contractor begins early works on Ardara’s AlWadi project9 November 2026
Saudi Arabia’s Shibh Al-Jazira Contracting Company (Sajco) has started early construction works on the first cluster of its AlWadi mixed-use development in Abha.
Ardara, backed by the sovereign wealth vehicle the Public Investment Fund (PIF), is developing the AlWadi project.
Sajco will carry out sewerage works, while local engineering firm Dar Al-Riyadh will provide project management and supervision services for the infrastructure works.
The AlWadi project will cover 2.5 million square metres (sq m) and will be developed around architectural styles informed by the heritage and character of the Aseer region.
The masterplan has a planned gross floor area of about 2.02 million sq m. It includes 7,306 apartments, 90 villas and townhouses, and 2,783 hotel keys.
The scheme will also provide 154,082 sq m of retail and food and beverage space, 64,161 sq m of offices, and 59,075 sq m of leisure and entertainment facilities.
The wider development will comprise five districts and include 16 kilometres of waterfront assets and 17km of walking, cycling and sports tracks.
US-based Parsons is the infrastructure designer, while Miami-based OBMI is providing architectural and public realm design services.
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