Read the September 2023 MEED Business Review
30 August 2023
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Decarbonisation has increased the stakes for nuclear energy despite the perceived risks.
With the Middle East and North Africa (Mena) region set to register a rise of at least 30 per cent in power generation capacity by 2030, a strategy is required to advance energy security while reducing carbon emissions and fossil-fuel dependence.
If hydrocarbons are to be scaled back and battery energy storage remains expensive or untested, nuclear is an obvious solution.
Nuclear energy’s benefits have been consistently recognised in the Middle East.
Iran, despite sanctions, has pressed ahead with its nuclear power projects. On the other side of the Gulf, Abu Dhabi signed contracts in 2009 with a South Korean consortium to build its first nuclear power project in Barakah.
More recently, Egypt has started work on its own nuclear project at El-Dabaa.
More projects are planned. Most notably, Saudi Arabia is advancing early plans for its nuclear power projects.
In the latest issue of MEED Business Review, MEED's energy editor Jennifer Aguinaldo looks at the case for adding nuclear to the energy mix and analyses the progress being made as the Mena region pushes for a nuclear future.
She also discusses small modular reactors and their importance in offsetting concerns about capital expenditure, construction delays and spent-fuel reprocessing.
This month's exclusive 14-page market focus, meanwhile, examines the ambitious plans laid out by Kuwait's new cabinet as it enters office with an expansionary budget and programme of strategic projects.
MEED's latest issue also includes a comprehensive report on the future of engineering, procurement and construction in a sustainable world.
We hope our valued subscribers enjoy the September 2023 issue of MEED Business Review.
Must-read sections in the September 2023 edition of MEED Business Review include:
> AGENDA: Mena pushes for nuclear future
> TECHNOLOGY: Small reactors top nuclear agenda
> CURRENT AFFAIRS: Saudi Arabian economy shows signs of weakness
| INDUSTRY REPORT: The future of EPC in a sustainable world Key highlights from the MEED-Mashreq Contractors Forum on 30 May 2023, which discussed how the engineering and construction sector can enable the delivery of large-scale solar, hydrogen and carbon capture and storage projects in the region. > A new era for EPC contractors > Government support vital for clean energy growth > Private sector vital for sustainable development > Green energy drive requires adequate financing |
> INTERVIEW: Acwa Power zooms in on global water opportunities
> RAIL: GCC's ambitious railway project gains momentum
> REAL ESTATE: UAE real estate construction returns to record highs
> INTERVIEW: EuroChem eyes Mena food security opportunity
> INTERVIEW: Kuwait's Gulf Centre United sets course for expansion
> MARKET TALK: NBK anticipates project revival in Kuwait
> KUWAIT MARKET FOCUS:
> COMMENT: Kuwait lays out ambitious plans
> POLITICS: Stakeholders hope Kuwait can execute spending plans
> ECONOMY: Kuwait enjoys sustained non-oil growth
> BANKING: Kuwaiti banks enter bounce-back mode
> ENERGY: Kuwait’s $300bn energy target is a big test
> POWER & WATER: Warming erodes Kuwait’s power and water reserves
> CONSTRUCTION: Kuwait poised for renewed construction activity
> DATABANK: Kuwait’s headline growth dips
> MEED COMMENTS:
> Mena solar awards trajectory improves
> Abu Dhabi seeks control of pipelines
> Time for Riyadh to prove its mettle
> Dubai plots major projects comeback
> GULF PROJECTS INDEX: Gulf index climbs higher in August
> JULY 2023 CONTRACTS: Region records $12bn of deals signed
> MARKET SNAPSHOT: Mena rail projects
> OPINION: Gulf funds help reshape football
> BUSINESS OUTLOOK: Finance, oil and gas, construction, power and water contracts
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Exclusive from Meed
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Egypt faces complex economic reality13 March 2025
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LIVE WEBINAR: GCC Projects Market 202513 March 2025
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Dubai property market rebounds in February13 March 2025
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Siemens Energy wins $1.6bn Saudi deal13 March 2025
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Chinese builders go global13 March 2025
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Dubai property market rebounds in February
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Property prices in Dubai rebounded in February following a decline in January. Average property prices hit a record high of AED1,505 ($410) per square foot, reflecting a month-on-month increase of 1.41% or a rise of AED20.94 compared to January 2025, according to a statement from property agent Better Homes.
The report also said there was a 17% increase in sales volume, reaching AED41bn across 14,929 transactions, marking a 15% month-on-month rise. This resurgence underscores Dubai's resilience and enduring appeal as a global property investment hub.
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Siemens Energy wins $1.6bn Saudi deal
13 March 2025
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Chinese engineering, procurement and construction (EPC) contractor Harbin Electric International has awarded Germany’s Siemens Energy a contract to supply combined-cycle gas turbine (CCGT) units for the Rumah 2 and Nairiyah 2 independent power projects (IPPs) in Saudi Arabia.
The Rumah 2 and Nairiyah 2 CCGT plants will each have a capacity of roughly 1,800MW, requiring an estimated investment of $2bn each.
The value of the contract Siemens Energy won is $1.6bn.
Siemens Energy will supply six SGT6-9000HL gas turbines, four SST6-5000 steam turbines, eight SGen6-3000W generators, two SGen6-2000P generators and associated auxiliary equipment for each site.
The power plants are designed to replace ageing oil-fired stations, reducing carbon dioxide emissions by up to 60% compared to traditional oil-based power generation.
The project includes long-term maintenance agreements to support the plants’ operational reliability over the next 25 years, Siemens Energy said.
It added: “Core components for the power plants will be manufactured at the Siemens Energy Dammam Hub, which is currently expanding to increase local production capacity and support Saudi Arabia’s energy sector.”
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Photo credit: Siemens Energy
READ THE MARCH MEED BUSINESS REVIEW – clck here to view PDFChinese contractors win record market share; Cairo grapples with political and fiscal challenges; Stronger upstream project spending beckons in 2025
Distributed to senior decision-makers in the region and around the world, the March 2025 edition of MEED Business Review includes:
> AGENDA 1: Chinese firms dominate region’s projects market> AGENDA 2: China construction at pivotal juncture> UPSTREAM 1: Offshore oil and gas sees steady capex> UPSTREAM 2: Saudi Arabia to retain upstream dominance> DIRIYAH: Diriyah CEO sets the record straight> SAUDI POWER: Saudi power projects hit record high> AUTOMOTIVE: Saudi Arabia gears up to lead Gulf’s automotive sector> EGYPT: Egypt battles structural issues> GULF PROJECTS INDEX: Gulf hits six-month growth streak> CONTRACT AWARDS: High-value deals signed in power and industrial sectors> ECONOMIC DATA: Data drives regional projectsTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/13483115/main.jpg -
Chinese builders go global
13 March 2025
Commentary
Colin Foreman
EditorRead the March MEED Business Review
It is difficult to fathom the scale of growth experienced by China’s construction sector over the past 20 years. Since 2004, it has grown by over 800%, with a compound annual growth rate of 11% to reach an estimated value of $4.5tn.
That success has created contractors that are now the largest construction companies on the planet. According to GlobalData, seven Chinese companies are among the top 10 largest construction companies in the world, with China State Construction Engineering Corporation topping the list with revenues of $320bn.
In the Middle East and North Africa, Chinese contractors dominated in 2024 by securing $90bn of the $347bn of contracts awarded, according to data from MEED Projects.
The region’s active projects market has created unprecedented demand for contractors. Most notably, project clients in Saudi Arabia have been actively courting international construction companies to come and work in the kingdom.
Many international contractors exited the region over the past decade, which has meant Chinese contractors have had little competition as they stepped in to fill the void and deliver crucial projects.
On top of exploiting the shifting competitive landscape, Chinese successes have been able to meet the budgetary requirements of many projects, offering cost-effective solutions and even providing financing.
At the same time, the maturing Chinese economy has driven contractors to seek opportunities abroad. With a slowing domestic real estate market, they are turning to international markets for growth. The Middle East presents an attractive option due to its wide range of projects, backed by financially secure clients and governments.
The scale of the contractors and the large number of players yet to meaningfully venture overseas means they possess the ability to grow even further in the Middle East and North Africa as the region continues to press ahead with large-scale projects that require vast resources.
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READ THE MARCH MEED BUSINESS REVIEW – clck here to view PDFChinese contractors win record market share; Cairo grapples with political and fiscal challenges; Stronger upstream project spending beckons in 2025
Distributed to senior decision-makers in the region and around the world, the March 2025 edition of MEED Business Review includes:
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