Read the October 2022 MEED Business Review
3 October 2022
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Gulf countries are accelerating their non-oil diversification plans by investing in large-scale non-oil industrial complexes while also looking to boost existing industrial clusters.
As part of their non-oil economic journey, regional governments are backing industries such as aluminium, steel, other metals and minerals, and industrial equipment manufacturing, as well as providing impetus to the hydrocarbon value chain – in the form of petrochemicals and their derivatives.
By doing so, they aim to attract foreign direct investments, drive national revenue, create jobs, improve workforce skills and usher in advanced technology. They also have economic targets to hit, such as Saudi Arabia’s National Industrial Development and Logistics Programme and the UAE’s Operation 300bn.
With more private entities and foreign industrial players joining with state entities to partake in the Gulf’s non-oil economic development campaign, MEED’s October 2022 issue of MEED Business Review takes stock of the level of investments and volume of projects being generated.
This month, MEED also presents its 2022 Power Developer Ranking, covering 93 independent power producer (IPP) and independent water and power producer (IWPP) schemes procured over the past two-and-a-half decades across the six GCC states.
With a net capacity of close to 10.5GW across 28 projects, Saudi Arabia-headquartered utilities developer and investor Acwa Power has managed to pull away and extend its lead over other developers in this year’s index.
Meanwhile, October’s 19-page Market Focus on Saudi Arabia finds high oil prices turbocharging the kingdom’s spending-heavy Vision 2030 plans.
We hope you enjoy the October 2022 edition of MEED Business Review – and if you're not already a subscriber, please do take advantage of our special offer allowing you to buy a single digital issue here.
Must-read sections in the October 2022 edition of MEED Business Review include:
> AGENDA: Gulf states diversify with purpose
> SEZs: Maximising the benefits of GCC economic zones
> GAS: Gas becomes a key economic enabler
> OPINION: Europe’s plans will change world energy
> MEED COMMENTS:
> Frothy Dubai market attracts project prospecting
> Power developers must confront new realities
> MONTHLY BRIEFING: 22 key developments in the region
> LEBANON: IMF warns of slow pace of reforms in Lebanon
> IRAQ: Iraq violence risk still high
> KUWAIT: Kuwait upstream awards expected to rise in 2023
> MEED 2022 POWER DEVELOPER RANKING:
> Acwa Power widens lead in developer ranking
> Renewables redraw future developer ranking
> LEADERSHIP: How family businesses can create a meaningful future
> INTERVIEW: Rene Matthies, Ewec’s CFO and executive director of corporate operations
> ISLAMIC FINANCE: Plugging the gap with Islamic finance
> MEED INSIGHT REPORT: Oil companies roll out new policies and investments
> PROPTECH: Enhancing the real estate marketplace
> SAUDI ARABIA MARKET FOCUS: Riyadh's finances and ambition align
> ECONOMY | Saudi economy soars as globe flounders
> GOVERNMENT | Riyadh looks to renew investor appetite
> BANKING | Saudi lenders eye new growth opportunities
> UPSTREAM | Aramco paces ahead with upstream projects
> DOWNSTREAM | Downstream schemes register progress
> CHEMICALS | Saudi Arabia accelerates chemical projects
> POWER | Saudi Arabia needs to ramp up renewables
> WATER | Riyadh to implement over $30bn of water projects
> CONSTRUCTION | Major projects drive Saudi construction
> MARKET SNAPSHOT: Saudi Arabia hotels
> GULF PROJECTS INDEX: Gulf projects market continues to decline
> AUGUST 2022 CONTRACTS: Egypt tops regional ranking once more this year
> BUSINESS OUTLOOK: Finance, oil and gas, construction, power and water contracts
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Exclusive from Meed
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Diriyah confirms $490m museum construction contract27 April 2026
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UAE mandates In-Country Value for state firms27 April 2026
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UAE GDP projection corrects on conflict24 April 2026
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April 2026: Data drives regional projects24 April 2026
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Boutique Group tenders Tuwaiq Palace hotel in Riyadh24 April 2026
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Diriyah confirms $490m museum construction contract
27 April 2026
Saudi gigaproject developer Diriyah Company has formally announced the award of a SR1.84bn ($490m) construction contract for its Saudi Arabia Museum of Contemporary Art (SAMoCA) within the Diriyah development in Riyadh.
The contract has been awarded to a consortium comprising Egyptian contractor Hassan Allam Construction and Saudi Arabia’s Albawani.
In February, MEED exclusively reported that the contractors were preparing to start construction work on the project. MEED understands Diriyah Company awarded the contract to the consortium in December last year.
The announcement follows Diriyah Company’s award of an estimated SR2.5bn ($666m) contract to build the Pendry superblock package in the DG2 area.
The Pendry superblock includes the construction of the Pendry Hotel alongside residential and commercial assets. The package will cover 75,365 square metres and is located in the northwestern district of the DG2 area.
In February, Diriyah Company also awarded a SR717m ($192m) contract for the construction of the One Hotel, located in the Diriyah Two area of the masterplan, with a gross floor area of more than 31,000 sq m.
The Diriyah masterplan envisages the city as a cultural and lifestyle tourism destination. Located northwest of Riyadh city centre, it will span 14 square kilometres and combine 300 years of history, culture and heritage with hospitality facilities.
https://image.digitalinsightresearch.in/uploads/NewsArticle/16577413/main.jpg -
UAE mandates In-Country Value for state firms
27 April 2026
The UAE Cabinet, chaired by Sheikh Mohammed Bin Rashid Al-Maktoum, Vice President, Prime Minister and Ruler of Dubai, has approved an update to the National In-Country Value (ICV) programme that will shift it from an incentive-based framework to a mandatory requirement.
The mandate will apply to all federal entities and companies in which the UAE government holds a stake of 25% or more. The decision aims to steer government procurement and institutional demand towards national products, leveraging state spending to localise critical industries and strengthen national industrial security.
The cabinet also approved the establishment of the National Industrial Resilience Fund with a capital of AED1bn ($272m) to support the development of local industries. The fund will support the localisation of critical industries and strengthen supply chain resilience, focusing on improving industrial readiness for vital products and securing continuity of supply by leveraging artificial intelligence for forecasting and risk management.
Resources will be allocated based on national priorities, with a focus on food security, manufacturing, primary metals, and mechanical, electrical and chemical industries. Further investment will target pharmaceuticals and active pharmaceutical ingredients, medical supplies, advanced technology and the construction sector.
“Our target is clear: fully localise more than 5,000 critical products,” said Sheikh Mohammed. “We are launching an AED1bn fund to strengthen resilience, expand local production, secure supply chains, and scale the use of artificial intelligence across production and operations.”
MEED’s May 2026 report on the UAE includes:
> COMMENT: Conflict tests UAE diversification
> GVT &: ECONOMY: UAE economy absorbs multi-sector shock
> BANKING: UAE banks ready to weather the storm
> ATTACKS: UAE counts energy infrastructure costs
> UPSTREAM: Adnoc builds long-term oil and gas production potential
> DOWNSTREAM: Adnoc Gas to rally UAE downstream project spending
> POWER: Large-scale IPPs drive UAE power market
> WATER: UAE water investment broadens beyond desalination
> CONSTRUCTION: War casts shadow over UAE construction boom
> TRANSPORT: UAE rail momentum grows as trade routes face strainTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/16577427/main.jpg -
UAE GDP projection corrects on conflict
24 April 2026
MEED’s May 2026 report on the UAE includes:
> COMMENT: Conflict tests UAE diversification
> GVT &: ECONOMY: UAE economy absorbs multi-sector shock
> BANKING: UAE banks ready to weather the storm
> ATTACKS: UAE counts energy infrastructure costs
> UPSTREAM: Adnoc builds long-term oil and gas production potential
> DOWNSTREAM: Adnoc Gas to rally UAE downstream project spending
> POWER: Large-scale IPPs drive UAE power market
> WATER: UAE water investment broadens beyond desalination
> CONSTRUCTION: War casts shadow over UAE construction boom
> TRANSPORT: UAE rail momentum grows as trade routes face strainTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/16554417/main.gif -
April 2026: Data drives regional projects
24 April 2026
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Includes: Commodity tracker | Top 10 global contractors | Brent spot price | Construction output
MEED’s May 2026 report on the UAE includes:
> COMMENT: Conflict tests UAE diversification
> GVT &: ECONOMY: UAE economy absorbs multi-sector shock
> BANKING: UAE banks ready to weather the storm
> ATTACKS: UAE counts energy infrastructure costs
> UPSTREAM: Adnoc builds long-term oil and gas production potential
> DOWNSTREAM: Adnoc Gas to rally UAE downstream project spending
> POWER: Large-scale IPPs drive UAE power market
> WATER: UAE water investment broadens beyond desalination
> CONSTRUCTION: War casts shadow over UAE construction boom
> TRANSPORT: UAE rail momentum grows as trade routes face strainTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/16553627/main.gif -
Boutique Group tenders Tuwaiq Palace hotel in Riyadh
24 April 2026
Saudi Arabia’s Boutique Group, backed by the sovereign wealth vehicle Public Investment Fund (PIF), has retendered a contract to convert Tuwaiq Palace in Riyadh into a hotel.
Contractors have been given a deadline of 31 May to submit proposals.
The scheme comprises 40 hotel rooms and suites and 56 one- and two-bedroom villas.
According to regional projects tracker MEED Projects, the contract was first tendered in 2022.
In January of that year, Crown Prince Mohammed Bin Salman launched Boutique Group to manage and convert historic and cultural Saudi palaces into ultra-luxury hotels.
Boutique Group’s first phase covers three palaces, two of which are under construction. Al-Hamra Palace in Jeddah is being converted to include 33 suites and 44 villas. In July 2023, MEED reported that Jeddah-based Al-Redwan Contracting was appointed the main contractor for the Al-Hamra Palace conversion.
The other project is the Red Palace in Riyadh, which will feature 46 suites and 25 guest rooms. In 2023, local contractor Mobco won the contract to undertake the project.
In 1957, the Red Palace became the headquarters of the Council of Ministers for 30 years, and later served as the main office for the Board of Grievances until 2002.
Jordan-headquartered Dar Al-Omran is acting as supervision consultant on all three projects.
Photo credits: Omrania
MEED’s April 2026 report on Saudi Arabia includes:
> COMMENT: Risk accelerates Saudi spending shift
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> 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 pushTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/16549695/main.jpg