Read the October 2023 MEED Business Review

3 October 2023

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As work on the 1,000-metre-plus Jeddah Tower gets back on track, Saudi Arabia is set to steal the title of world’s tallest tower from Dubai.

It was a landmark moment for Saudi Arabia’s construction sector in mid-September when Jeddah Economic Company invited firms to bid for a contract to complete the world’s tallest tower project.

Work on the tower “is back in full [swing]”, a source close to the project told MEED.

When completed, Jeddah Tower will be the first structure in history to exceed 1 kilometre in height. Designed to have 170 storeys, it will out-tower Dubai’s Burj Khalifa by more than 172 metres and will put Saudi Arabia firmly in the spotlight. 

MEED editor Colin Foreman provides exclusive details on the kingdom's tall tower plans in the latest issue of MEED Business Review.

He also comments on why Saudi Arabia will be seeking to escape the economic curse of record-breaking towers.

This month's exclusive 21-page market report also focuses on Saudi Arabia as Riyadh acts on multiple fronts to elevate its global influence, from international sports investment to cultivating geopolitical soft power.

MEED's latest issue is packed with analysis on topics including building the world's biggest urban park, tunnelling, the GCC rail project, joining Brics and the project's shaping Dubai's future.

MEED has also interviewed experts in the market including Parsons’ Martin Boson and Engie's Francois-Xavier Boul.

This month's industry report, meanwhile, presents MEED's annual power developer ranking, complete with league tables and analysis.

We hope our valued subscribers enjoy the October 2023 issue of MEED Business Review. 

 

Must-read sections in the October 2023 issue of MEED Business Review include:

> AGENDA: Saudi Arabia’s Jeddah Tower reaches for new heights

> SKYSCRAPERS: Top 10 tallest towers in the region

> TALL TOWER PLANS: Saudi seeks to escape economic curse of record-breaking towers

> CURRENT AFFAIRS: Brics tilts balance of regional interests

> RAIL: Risks remain for GCC railway project

> KING SALMAN PARK: Riyadh builds the world’s largest urban park

INDUSTRY REPORT: MEED's 2023 power developer ranking
The equity gap between Saudi utility developer Acwa Power and the other private utility developers in the GCC region has continued to widen. France's Engie, however, holds a marginal gross capacity lead over Acwa Power if PIF renewable energy contracts are excluded.
> Evolving landscape gives Acwa Power edge
> Power tariffs have room to improve

> TUNNELSTunnelling projects take the front seat

> INTERVIEWParsons’ Martin Boson on long-term opportunities in the Saudi market

> DUBAI PROJECTSTen projects that will shape Dubai’s future

> GIGAPROJECTSSaudi Arabia gigaprojects tracker

> INTERVIEWEngie stages GCC renewables comeback

> OILDevelopment of Dorra field may stoke tensions

> SAUDI ARABIA MARKET FOCUS:

> COMMENTRiyadh reshapes its global role
> POLITICS: Saudi Arabia looks both east and west
> SPORTSaudi Arabia’s football vision goes global
> ECONOMY: Riyadh prioritises stability over headline growth
BANKSSaudi banks track more modest growth path
> UPSTREAMAramco focuses on upstream capacity building

> DOWNSTREAMSaudi chemical and downstream projects in motion
> POWERRiyadh rides power projects surge
> WATERSaudi water projects momentum holds steady
> GIGAPROJECTSGigaproject activity enters full swing
> TRANSPORTInfrastructure projects support Riyadh’s logistics ambitions

MEED COMMENTS: 
> I
raq approval could lead to Exxon’s exit
McDermott financial restructuring is imperative
> Region becomes battery storage hotspot
> Kuwait wastewater projects keep pace

> GULF PROJECTS INDEX: Gulf index rises 2 per cent in September

> AUGUST 2023 CONTRACTSRegion records $14bn of deals signed

> MARKET SNAPSHOTMena oil and gas

> OPINIONRegion to mark golden jubilee of 1973 war

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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Marianne Makdisi
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    Saudi Arabia’s Defence Ministry (MoD) is preparing to award the contract to build a new headquarters building, as part of its P-563 programme in Riyadh.

    MEED understands that bid evaluation has reached advanced stages and the contract award is imminent.

    The MoD issued the tender in April. The commercial bids were submitted in September, as MEED reported.

    Located to the northwest of Riyadh, the P-563 programme includes the development of facilities and infrastructure to support the MoD’s broader initiatives under the kingdom’s Vision 2030 strategy.

    It covers the construction of:

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    In September 2023, MEED reported that Spain-headquartered Typsa had won two contracts for the project.

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    Firms are preparing to submit bids for a contract covering the construction of the Riyadh administrative office for Defence Ministry (MoD) personnel.

    The clients have asked firms to submit their bids by 26 March 2026.

    The MoD is developing the project in collaboration with Saudi Arabia's National Centre for Privatisation & PPP (NCP). 

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    The NCP and MoD started the expression of interest and request for qualification process for the project in May, as MEED reported.

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    Saudi gigaproject developer Qiddiya Investment Company (QIC) is expected to float a tender soon for the construction of the estimated SR7bn ($1.8bn) National Athletics Stadium at its Qiddiya entertainment city development.

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    9 December 2025

     

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    Contractors have submitted commercial proposals to Adnoc Gas for engineering, procurement and construction (EPC) work as part of a design‑update competition for a project to install a fifth natural gas liquids (NGL) fractionation train at its Ruwais gas processing facility in Abu Dhabi.

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    MEED previously reported that participants had submitted technical proposals for feed work on 6 October.

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    The consolidation of Adnoc’s gas processing and liquefied natural gas (LNG) operations into Adnoc Gas has created one of the world’s largest gas-processing entities, with a processing capacity of about 10 billion standard cubic feet of gas a day across eight onshore and offshore sites, which include its Asab, Bab, Bu Hasa, Habshan and Ruwais plants.

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    The company will also acquire its parent Adnoc Group’s 60% share in the Ruwais LNG terminal project at cost in the second half of 2028. UK energy producer BP, Japan’s Mitsui & Co, UK-based Shell and French energy producer TotalEnergies are the other shareholders in the project, holding 10% stakes each.

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    Following the marketed offering of shares, Adnoc Group continues to hold the majority 86% of shares in Adnoc Gas.

    The parent entity listed 5% of Adnoc Gas’ shares on the Abu Dhabi Securities Exchange in March 2023, in an initial public offering from which it raised about $2.5bn.

    Abu Dhabi National Energy Company (Taqa) owns the remaining 5% shares in Adnoc Gas.

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