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: |
> 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
Exclusive from Meed
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Chinese contractor wins Morocco solar plant deal10 August 2026
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Aramco puts out fire at Jizan refinery after Houthi strike10 August 2026
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Shamal picks Dutco for Dubai Zoo site homes10 August 2026
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WEBINAR: Mena Oil & Gas Projects Market 2026-2710 August 2026
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Spanish firm renews Yanbu desalination O&M contract10 August 2026
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Related Articles
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Chinese contractor wins Morocco solar plant deal10 August 2026
China Harbour Engineering Company (CHEC), a subsidiary of China Communications Construction Company (CCCC), has won a contract to build a solar photovoltaic (PV) power plant in Fez in northern Morocco.
Known as GreenPower Morocco 4 (GPM4), the project is being developed by Moroccan company GPM Holding through its utility-scale solar subsidiary GPM Parks.
The project covers engineering design, equipment procurement and installation, construction of an operation and maintenance building, grid connection and commissioning. It also includes upgrades to the associated substation.
According to CHEC, the completed plant will supply electricity to the local grid, although it did not disclose the project’s capacity or contract value.
The project is being developed under Law 13-09, which provides Morocco’s framework for private renewable energy generation.
According to its website, GPM Holding is also developing another solar PV project called GreenPower Morocco 2 (GPM2). This follows the completion of its first solar project, the 34MW project (GPM1) commissioned in Tangier in 2024.
GPM1 was developed by Green Power Morocco, a special purpose vehicle owned by GPM Holding and UAE-based Amea Power. The $30m project covers 75 hectares and includes 91,000 PV panels. It is expected to generate about 66,149MWh a year.
The project has a 25-year power purchase agreement in place with Amendis, a subsidiary of Veolia Morocco. PowerChina was the main engineering, procurement and construction (EPC) contractor.
Chinese contractors have previously been involved in other projects in Morocco’s renewable energy sector.
Shandong Electric Power Construction Company (Sepco 3), a subsidiary of PowerChina, was part of the EPC consortium for the 200MW Noor 2 concentrated solar plants and 150MW Noor 3 concentrated solar power projects at the Noor Ouarzazate complex.
New contract awards have been limited in Morocco in 2026, although six solar PV plants are now in the execution stage under phases one and two of the 305MW Noor Atlas solar PV programme.
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Aramco puts out fire at Jizan refinery after Houthi strike10 August 2026
Saudi Aramco said it had extinguished a fire that broke out at its Jizan refinery on Saudi Arabia’s Red Sea coast after the facility was hit in drone strikes by Yemen-based Houthi rebels on 9 August.
The kingdom’s Ministry of Energy said the fire occurred at an Aramco refinery facility in Jizan and that emergency authorities had completed the necessary procedures to deal with the incident.
The energy ministry did not say what started the fire, saying only that the incident caused no injuries.
The Houthi rebels later claimed responsibility for the attack.
The province of Jizan lies close to Saudi Arabia’s border with Yemen and has repeatedly been targeted by the Houthis in attacks on the kingdom’s energy infrastructure.
The strike on the Jizan refinery was the second attack on the facility by the Houthis in as many weeks. Aramco shut the refinery on 27 July following a similar drone strike, which, according to media reports, damaged the integrated gasification combined-cycle unit and tank farm at the complex.
On a call with investors to discuss Aramco’s second-quarter results, CEO Amin Nasser said recent attacks on the company’s facilities in the world’s top oil-exporting country had caused some disruption to production, but that he was confident operations could be restored quickly. He said the attacks had had no material operational or financial impact.
Jizan refinery complex
Saudi Aramco’s sprawling Jizan refinery complex entered operations in 2021.
Aramco undertook the estimated $16bn-plus project in late 2010. The scheme consists of a refinery with an output capacity of 400,000 barrels a day (b/d), a major marine terminal and a 4GW combined-cycle power plant in Baish, in Saudi Arabia’s southwestern Jizan region.
The Jizan refinery covers an area of 12 square kilometres. The complex processes Arabian Heavy and Arabian Medium crude grades to produce 80 million b/d of gasoline, 250 million b/d of diesel and more than 1 million tonnes a year of petrochemical products such as benzene and paraxylene.
A multiple-pier marine terminal supports the supply of crude oil from oil fields located mainly in the kingdom’s Eastern Province to the refinery, as well as the export of surplus refined products to overseas markets. The terminal has been designed to accommodate very large crude carriers.
A 4,000MW combined-cycle power plant uses approximately 90,000 b/d of vacuum residue from the refinery to generate electricity, hydrogen and water for the refinery, while conveying excess power to the national grid.
The hydrocracker unit comprises two parallel trains with a combined capacity of 54,500 b/d. The diesel hydrotreater plant comprises two trains, each with a capacity of 87,500 b/d.
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Shamal picks Dutco for Dubai Zoo site homes10 August 2026
Dubai-based Shamal Holding has awarded local contractor Dutco Construction the main construction works contract for a low-rise residential project on the site of the former Dubai Zoo in Jumeirah 1.
The project will comprise 90 low-rise homes and is designed as a residential leasing community that will remain under Shamal’s ownership, with all homes offered for premium leasing.
The development will retain mature trees from the former zoo and is planned around shared courtyards, landscaped open spaces and a central park. Residents will have access to a clubhouse, wellness area, children’s play area, family pool, lounge and gym.
The architect is DXB Lab. The local H&H is the development manager for the project.
Dutco has previously worked with Shamal on infrastructure elements of the Dubai Harbour and Dubai Harbour Marinas developments.
Shamal’s wider real estate portfolio includes the Naia Island, Dubai Harbour and Nad Al-Sheba Gardens developments. The company also holds hospitality and leisure assets, including partnerships with Jumeirah, Hilton and Baccarat, and operates attractions such as Skydive Dubai and Deep Dive Dubai.
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WEBINAR: Mena Oil & Gas Projects Market 2026-2710 August 2026
Webinar: Mena Oil & Gas Projects Market 2026-27
Thursday 27 August 2026 | 11:00 AM GST | Register now
Agenda:
- Summary of the Mena oil, gas and petrochemicals projects market
- Overview of major megaprojects, including project programmes
- Analysis of active contracts and spending to date
- Review of top contracts by work already awarded
- Long-term capital expenditure outlays and forecasts
- Key contracts expected to be tendered and awarded over the next 18 months
- Leading clients, contractors and market participants
- Spending by segment: oil, gas and petrochemicals (upstream, downstream, onshore and offshore)
- Audience Q&A
Hosted by: Indrajit Sen, MEED’s oil & gas editor
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Spanish firm renews Yanbu desalination O&M contract10 August 2026
Spain’s Aqualia has announced it has renewed a contract to operate and maintain three floating desalination plants in Yanbu on Saudi Arabia’s Red Sea coast.
The contract was awarded by the National Shipping Company of Saudi Arabia (Bahri) and will run until 14 September 2028, with an option to extend for a further two years.
The three reverse osmosis (RO) plants are mounted on barges and have a combined production capacity of 150,000 cubic metres a day (cm/d). Each plant has a capacity of 50,000 cm/d.
The three plants were originally deployed at Al-Shuqaiq and are designed to be relocated along Saudi Arabia’s coastline according to water demand. The barges are currently located at Yanbu.
The $255m floating desalination project was commissioned for the Saudi Water Authority in 2022, with Bahri as the developer and UAE-based Metitio as the main contractor.
Bahri is publicly listed on the Saudi Exchange but has significant government ownership, with the Public Investment Fund (PIF) holding 22.5% and Saudi Aramco Development Company owning 20% of the company.
Aqualia is providing operation and maintenance services in Saudi Arabia through its joint venture Haji Abdullah Alireza Integrated Services Company (Haaisco), in which it holds a 51% stake.
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