Read the September 2024 MEED Business Review

4 September 2024

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Electric vehicle (EV) adoption in the GCC is accelerating. The number of EVs on Dubai's roads rose 72% between year-end 2022 and the end of 2023, suggesting that the city's obsession with fast and expensive sports cars and fuel-inefficient four-by-fours could soon be just a speck in the rearview mirror.

The September issue of MEED Business Review looks at the future of EVs in the GCC and finds that the region is on the cusp of an EV production boom. 

As governments around the region drive forward their sustainable transport policies in line with their goals of reducing carbon emissions and transitioning away from fossil fuels, cohesive policies will prove key to smoothing out what has so far been a bumpy road for hybrid and electric vehicles.

This support for greener transportation options, combined with energy and economic diversification programmes and ambitious industrialisation plans, has also spurred major investments in EV production. As of July, in Saudi Arabia and the UAE planned projects related to the construction of manufacturing and assembly plants for hydrogen-powered and EVs have a total combined capacity of close to 400,000 vehicles a year.

In MEED's latest issue, we also delve into the downstream sector, where China is expected to lead the increasing global demand for liquefied natural gas (LNG) in the coming decade and hydrocarbons producers in the GCC have committed billions of dollars to rapidly expand their LNG production capacities.

Meanwhile, this month's exclusive 15-page market report highlights Kuwait, where prospects are taking a positive turn as the fiscal deficit is pushing the country towards reforms and the suspension of parliament looks set to ignite the projects market.

In addition, our latest issue is packed with insight and analysis. The team assesses the outlook for the project to expand production facilities at Iraq's Khor Mor gas field and discovers how security concerns are threatening the prospects of Libya's oil sector.

This month's issue also features a round-up of the top 15 stadiums being built or refurbished in Saudi Arabia in preparation for the kingdom's hosting of football’s Fifa World Cup 2034. We also examine how communication gaps are hindering Saudi gigaprojects and find out what the region can do to successfully navigate the impact of digital currencies on foreign exchange markets.

What's more, the September issue includes an interview with Diriyah Company’s chief development officer, Mohammed Saad, about legacy building at the Saudi gigaproject.

We hope our valued subscribers enjoy the September 2024 issue of MEED Business Review. 

 

Must-read sections in the September 2024 issue of MEED Business Review include:

> AGENDA: 
> GCC ponders electric future
> Region on the cusp of EV production boom

> CURRENT AFFAIRS:
> Outlook uncertain for Iraq gas expansion project
> Security concerns threaten outlook for Libyan oil sector

INDUSTRY REPORT:
Analysis of the outlook for the downstream sector
> Global LNG demand set for steady growth
> Region advances LNG projects with pace

> SAUDI GIGAPROJECTS: Communication gaps hinder Saudi gigaprojects

> INTERVIEW: Legacy building at Diriyah

> SAUDI STADIUMS: Top 15 Saudi stadium projects

> LEADERSHIP: Navigating the impact of digital currencies on forex markets

> KUWAIT MARKET REPORT: 

> COMMENT: Kuwait’s prospects take positive turn
> GOVERNMENT: Kuwait navigates unchartered political territory
> ECONOMY: Fiscal deficit pushes Kuwait towards reforms
> BANKING: Kuwaiti banks hunt for growth 
> OIL & GAS: 
Kuwait oil project activity doubles
> POWER & WATER: Kuwait utilities battle uncertainty
> CONSTRUCTION: Kuwait construction sector turns corner

> MEED COMMENTS: 
> Saudi World Cup bid bucks global trend for sporting events
> Finance deals reflect China’s role in delivering Vision 2030

> Harris-Walz portents shift in US policy on Gaza
> Aramco increases spending despite drop in profits

> GULF PROJECTS INDEX: UAE leads slight dip in market

> JULY 2024 CONTRACTS: Saudi Arabia boosts regional total again

> ECONOMIC DATA: Data drives regional projects

> OPINION: The beginning of the end

> 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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MEED Editorial
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    1 October 2026

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    Reprioritisation has been the buzzword in Saudi Arabia over the past two years and nowhere has that been more evident than at Neom. 

    The slowdown of development at The Line and the postponement of the 2029 Asian Winter Games at Trojena have dominated international headlines. As these projects scale back, Oxagon’s industrial and logistics base has become the $500bn gigaproject’s flagship development. There are tangible results: in August, the $8.5bn Neom Green Hydrogen project was commissioned, marking Neom’s most significant completion to date. 

    Construction activity elsewhere at Oxagon supports this trend. The AI data-centre campus being developed by Humain and DataVolt has broken ground on its first 100MW phase, backed by $5bn of investment and targeted for service in 2028. Neom has issued an expression of interest for a rail line linking the Port of Neom to Saudi Arabia Railways’ North-South network, tenders are out for an industrial wastewater plant and the upgrade of Highway 55, and the port itself is advancing towards a 2030 capacity target of 1.5 million TEUs. 

    The regional conflict that began in February has strengthened the business case by giving Oxagon’s Red Sea port added strategic weight as a second maritime gateway outside the Strait of Hormuz, at a time when Riyadh has committed to directing about 80% of the Public Investment Fund’s portfolio into domestic investment.

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    Elsewhere, Saudi Arabia’s wider projects market is holding steady despite conflict-related disruption, with contract awards reaching $68bn so far this year. The regional power market is also diversifying, with Aljomaih, EDF and Kepco all more than tripling net capacity in recent years as Acwa retains its lead.

    These developments reflect a kingdom recalibrating rather than retreating, with priority given to projects capable of delivering commercial returns.


    READ THE OCTOBER 2026 MEED BUSINESS REVIEW – click here to view PDF

    Industry and logistics drive development at Neom; Saudi Arabia’s investment priorities realign amid conflict; MEED’s 2026 power developer ranking.

    Distributed to senior decision-makers in the region and around the world, the October 2026 edition of MEED Business Review includes:

    To see previous issues of MEED Business Review, please click here
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  • Contractor wins Dammam airport water infrastructure deal

    1 October 2026

    Saudi Arabia-based Alkhorayef Water & Power Technologies has won an SR80m ($21.3m) contract to rehabilitate water and wastewater infrastructure at King Fahd International airport in Dammam in the kingdom’s Eastern Province.

    The contract was awarded by Dammam Airports Company (DACO), and work is scheduled to be completed within 18 months, the firm said in a disclosure to the Saudi Exchange (Tadawul) on 29 September.

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    It includes pumps, storage tanks and reservoirs, reverse osmosis facilities, piping and tie-ins, as well as electrical and instrumentation works.

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    In September, it also appointed WSP Middle East, the regional arm of Canadian engineering firm WSP, to develop the airport’s expansion under its masterplan.

    The expansion is intended to increase annual passenger capacity to more than 19.3 million by 2030, with a longer-term target of 32 million passengers. 

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  • Kuwait tenders LNG project

    1 October 2026

     

    State-owned Kuwait Integrated Petroleum Industries Company (Kipic) has tendered a project to develop a reliquefaction unit at the Al-Zour liquefied natural gas (LNG) import terminal.

    The project focuses on developing a boil-off gas (BOG) unit at the terminal, with bids due on 22 December.

    A meeting for contractors to discuss the project is scheduled for 18 October.

    The project scope includes engineering, procurement and construction works, along with pre-commissioning, commissioning and performance testing services.

    The list of prequalified companies is:

    • Fluor (US)
    • GS Engineering & Construction (South Korea)
    • Tecnicas Reunidas (Spain)
    • Larsen & Toubro (India)
    • Hyundai Engineering (South Korea)
    • CTCI Corporation (Taiwan)
    • Daewoo Engineering & Construction (South Korea)
    • Hyundai Engineering & Construction (South Korea)
    • Saipem (Italy)
    • Samsung Engineering (South Korea)
    • Sinopec Engineering (China)
    • JGC Holdings (Japan)
    • KBR (US)
    • China National Petroleum Corporation (China)
    • Technip (France)

    A BOG unit at an LNG facility captures, compresses and processes natural gas vapours that evaporate from cryogenic storage tanks, enabling the gas to be recycled back into the system rather than flared.

    In April, MEED revealed that contractors expected the project to be worth about $200m.

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  • Riyadh approaches contractors for 2km tower

    1 October 2026

     

    Register for MEED’s 14-day trial access 

    Saudi Arabia’s Public Investment Fund (PIF) has reached out to contractors as part of a market-sounding exercise for the construction of the proposed 2-kilometre megatall tower project.

    MEED understands that a PIF subsidiary, the Tower District Real Estate Development Company, is undertaking the process.

    It is understood that several experienced international contractors, as well as some prominent local contractors, have been approached.

    The latest development follows PIF receiving offers in June last year from firms seeking a contract to provide project management consultancy (PMC) services for a new central business district (CBD) on the outskirts of Riyadh, which includes the proposed 2km tower.

    The PMC role covers both the tower and the surrounding district.

    Firms understood to have been invited to bid include US-based Aecom, Jacobs, Parsons and Turner, as well as the UK’s Mace.

    UK-based Foster & Partners is working as the architect for the tower after winning a design competition launched in late 2022.

    Record breaker

    The proposed tower would be more than double the height of the world’s tallest building, Dubai’s Burj Khalifa, which stands 828 metres tall. It is expected to be at least several hundred metres taller than the 1,000-metre-plus tower under construction in Jeddah.

    Contractors that have priced megatall towers in the region say a 2km-tall structure could cost about $5bn to construct, depending on the final design.

    The 2km tower and the surrounding CBD – known as Project Rise – sit within a larger masterplanned development to the north of Riyadh called the North Pole.


    MEED’s October 2026 report on Saudi Arabia includes:

    > COMMENT: Saudi projects hold steady
    > GOVERNMENT: Riyadh looks to reset its regional defence outlook
    > ECONOMY: Conflict bolsters case for Saudi economic diversification

    > BANKING: Saudi lenders readjust to lower lending and deposit climate
    > UPSTREAM: Aramco upstream spending gathers pace
    > DOWNSTREAM: Sabic steps up Saudi petchems investment

    > POWER: Saudi Arabia’s power award activity slows
    > WATER: Saudi water sector hits sharp slowdown
    > CONSTRUCTION: Saudi construction defies the headwinds
    > TRANSPORT: Saudi infrastructure pushes forward amid conflict
    > DATABANK: Saudi data indicates project spending shift

    To see previous issues of MEED Business Review, please click here
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  • Singapore’s Temasek plans Middle East expansion

    1 October 2026

    Singapore’s Temasek plans to open offices in Riyadh and Abu Dhabi early next year as it targets investment and partnership opportunities in Saudi Arabia, the UAE, Qatar and the wider region.

    The state-owned investor had a net portfolio value of S$518bn ($401bn) as of 31 March 2026.

    It said the new offices will serve as regional hubs for Temasek and its portfolio companies, with some businesses expected to co-locate to work more closely with partners and pursue deals alongside the group. The openings are subject to regulatory approvals.

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