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MEED February 2023 Webinar: Saudi Arabia 2023 Outlook and 2022 Review

26 February 2023

The webinar focuses on discussing the economic outlook, investment opportunities, and business strategies in Saudi Arabia for the year 2023.

As a MEED subscriber, you will be invited to exclusive monthly webinars on the trending topics in the region’s top sectors.

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Saudi Arabia 2023 Outlook and 2022 Review brings together industry experts, government officials, and business leaders to share their insights and perspectives on the current state and future of the Saudi Arabian economy.

The discussion covers a range of topics, including the impact of the COVID-19 pandemic on the economy, the government’s plans for economic diversification, and investment opportunities in various sectors such as healthcare, infrastructure, and renewable energy.

The webinar provides an interactive platform for participants to engage with the speakers, ask questions, and exchange ideas. It also offers networking opportunities for participants to connect with other business professionals and potential partners in Saudi Arabia.

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    14 July 2026

    Adnoc Distribution, the fuel retailing business of Abu Dhabi National Oil Company (Adnoc Group), has entered into a definitive agreement to acquire 100% of the share capital of UK energy major Shell’s downstream unit in South Africa.

    The proposed acquisition is estimated to have an enterprise value of approximately $1bn for 100% of the share capital of Shell Downstream South Africa (SDSA), part of Shell South Africa Holdings, prior to adjustment for net debt and working capital.

    The transaction is expected to close in 2027, subject to customary regulatory conditions, other conditions precedent and closing conditions, Abu Dhabi Securities Exchange-listed Adnoc Distribution said.

    Additionally, Adnoc Distribution intends to sell a 28% stake in SDSA to a local empowerment partner and employee stock option plan following completion of the acquisition.

    Furthermore, Adnoc Distribution will enter into a long-term brand licensing agreement upon completion of the acquisition, to retain the Shell brand for retail service stations and lubricants businesses in South Africa.

    BofA Securities acted as the sole financial advisor. A&O Shearman and ENS provided legal counsel to Adnoc Distribution on the transaction.

    SDSA represents Shell’s downstream business in South Africa, including a network of 580 company- and dealer-owned mobility and convenience sites, as well as lubricants, commercial fuels, aviation and marine businesses. The brand had fuel volumes of approximately 3.5 billion litres and operated 360 convenience stores as of 2025.

    The proposed acquisition will mark a step forward in Adnoc Distribution’s international expansion, as well as in its drive to grow its fuel retail presence in Africa.

    South Africa is the fourth country where Adnoc Distribution will operate and follows its acquisition of a 50% stake in TotalEnergies Marketing Egypt in 2023 and the 2018 launch of its retail fuel stations in Saudi Arabia.

    Established in 1973, Adnoc Distribution has 1,032 service stations – 568 in the UAE, 219 in Saudi Arabia and 245 in Egypt, as of 31 March this year.

    As a non-fuel retail leader in the UAE, it operates 386 Adnoc Oasis convenience stores, 37 vehicle inspection centres and other services such as car wash and lube change, and has 400 electric vehicle charging points installed under the E2Go brand in the UAE.

    The company is also a marketer and distributor of fuels to commercial, industrial and government customers throughout the UAE.

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    Stress test for Gulf aviation; Mixed performance as country outlooks diverge in the Levant; GCC tourism sector pivots from crisis to recovery mode.

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  • Expo 2030 Riyadh construction gathers pace

    14 July 2026

     

    Construction activity at the Expo 2030 Riyadh site is accelerating, with Expo Riyadh 2030 Company (ERC) moving to award its first major vertical contracts and advancing infrastructure works across a programme that will eventually require between 50,000 and 70,000 workers at peak.

    Saudi Arabia’s first World Expo runs from 1 October 2030 to 31 March 2031. Riyadh was awarded the hosting rights in November 2023, winning the vote in the first round, and the event is projected to attract more than 40 million visits over its six months. Beyond the event itself, the project carries significant economic weight: ERC, wholly owned by the Public Investment Fund (PIF), expects the construction phase and legacy development to contribute around $64bn to Saudi GDP and generate approximately 171,000 direct and indirect jobs, with the live event contributing a further $5.6bn.

    The masterplan covers 6 million square metres to the north of Riyadh, adjacent to the future King Salman International airport. After the event closes, ERC plans to transform the site into a global village combining retail, food and beverage and an international residential community – meaning every asset being built now is being designed with its post-Expo purpose in mind.

    Infrastructure works under way

    The earliest works on site – bulk earthworks including cut, fill and levelling – have been completed by local contractor Binyah, with millions of cubic metres of material moved to bring the site to design level.

    The programme has now moved into utility infrastructure, which has been split into two packages. Nesma is constructing the primary utility networks – the main corridor running around the site carrying high-voltage power lines, water mains, sewerage and communications – while Al-Yamama is delivering the secondary networks that bring services into the central event area, with construction expected to commence this month.

    Power has been a priority. ERC has worked with the Saudi electricity sector since 2025 to develop the site’s demand profile, and an agreement for permanent supply has been signed. Design and procurement of the main substation and primary power infrastructure are under way, with a contract award expected within weeks and full permanent power – at a capacity of 400MW – targeted approximately 18 months ahead of the event.

    An initial 25MW supply to power site operations and support testing and commissioning is already installed and ready to be energised.

    On water, ERC is finalising an agreement with the Royal Commission for Riyadh City (RCRC), the Saudi Water Authority and the National Water Company, with an announcement expected in Q3 and construction targeted to start in 2027.

    Transport and connectivity

    With more than 42 million visits anticipated over the six-month event, transport connectivity is treated as central to the project’s success. ERC is working with RCRC on a mobility plan that covers several modes. Two road enhancement projects around the airport and along King Salman Road are expected to be announced shortly, increasing capacity on the main arteries approaching the site.

    A dedicated Expo metro station on Riyadh Metro Line 4 – which connects the airport to the city centre – will be built within the site boundary, forming the first stop from the airport towards Riyadh, and providing a direct link for international arrivals.

    A park-and-ride programme using dedicated bus lanes will serve domestic visitors parking at locations across the city.

    A hotel within the fenced Expo site is also nearing contract, with a design agreement close to signature. ERC says the intention is to give guests staying on site “the full experience from early morning when the gates open until late at night when the gates close” – an offer it expects will prove particularly popular with international visitors.

    Pavilions and vertical assets

    The Expo's masterplan is organised around five districts, each echoing one of the event’s sub-themes under its overarching theme of Foresight for Tomorrow: planet, people, technology, collaboration and culture. ERC is responsible for delivering a signature pavilion in each district, plus an iconic structure in the Global Collaboration district and a convention centre intended to serve both the event and Riyadh’s long-term conference market.

    The Kingdom of Saudi Arabia (KSA) Pavilion, one of the centrepieces of the event, is also under ERC’s delivery responsibility. Design work is progressing across all these assets with engineering firms taking concepts through to schematic and detailed design.

    For international participating countries, this edition of the Expo marks a significant departure from previous editions. Rather than grouping lower-income countries into shared halls, all participants will have their own national pavilion.

    “In this edition, we are following the ‘one nation, one pavilion’ model, whereby each country has its own pavilion, and we have a dedicated budget to help up to 100 eligible countries deliver those pavilions,” says Murad Al-Sayed, ERC’s chief delivery officer.

    Contracting strategy

    The contracting approach for vertical assets is being calibrated to the complexity of each building. Less complex assets will be procured on a design-and-build basis.

    For the most complex – the KSA Pavilion and the iconic structure – ERC is using a two-stage model, separating enabling works and substructure from the main contract. This allows construction to begin on site while the main package is finalised and brings contractors into the design process earlier.

    “We are adopting different contracting strategies depending on the asset – its size, complexity and anticipated construction duration,” Al-Sayed says.

    For the KSA Pavilion, enabling and substructure works are already in the market, with an award targeted in Q3, allowing construction to start before the main contract – for which nine tier-one contractors, local and international, have been invited to bid – is awarded towards the end of the year. Packages for the remaining signature pavilions are expected to follow later this year and into 2027.

    On commercial terms, ERC is favouring lump-sum contracts where design maturity allows, with provisional sum or remeasurement provisions used where elements remain in development. A final public realm package, covering site-wide finishing works, remains under design and is expected to be tendered in 2026, sequenced deliberately to be installed last and once only ahead of the event.

    Bidding appetite from the market has been strong. ERC says all tenders issued to date have attracted healthy numbers of qualified bids, reflecting a contracting market that has eased over the past 18 months as several gigaprojects elsewhere in the kingdom have reached completion or had their timelines revised.

    Programme and supply chain

    ERC is targeting completion of major construction by the end of 2029, leaving six to nine months for finishing, snagging and operational testing. To ease the build programme for international participants, ERC is making plots available up to 36 months before the event – around nine to 12 months longer than the industry norm – giving countries more schedule float to complete their pavilions.

    On the supply chain, ERC is leaning heavily on local manufacturers for current infrastructure work, covering piping, cabling, electrical equipment and bulk materials. As construction moves above ground and international participants begin work on their pavilions from 2027 onwards, ERC will make its database of prequalified local contractors, suppliers and consultants available to them through a dedicated one-stop shop – a registration exercise already under way and expected to remain open until the event itself.

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    Oman Shapoorji Company, the local branch of India's Shapoorji Pallonji, has won an estimated $67m contract to construct an administrative and commercial buildings complex within the Economic Zone at Al-Dhahirah (Ezad).

    The scope of work includes the construction of an administration building, a commercial centre, a hotel and a health centre.

    The scope also covers the construction of roads, sewers and water, irrigation and landscaping works.

    Oman’s Public Authority for Special Economic Zones & Free Zones (Opaz) tendered the contract.

    In July last year, MEED reported that Opaz had signed seven agreements and memorandums of understanding (MoUs) for the first phase of development of Ezad.

    The zone is located in Al-Dhahirah Governorate in northwestern Oman, on the sultanate’s borders with Saudi Arabia and the UAE. Oman’s Finance Ministry and the Saudi Fund for Development signed an MoU in February 2023 to jointly invest $320m in developing Ezad.

    Among the agreements was a contract awarded by Opaz for the construction of main roads and the surface water drainage system at Ezad, valued at $58m. A consortium of Omani and Saudi contractors won the contract, which had a duration of 24 months.

    Opaz awarded two further contracts for engineering consultancy work to Oman-based Al-Watanyiah United Engineering and Saudi Arabia’s Dar Al-Riyadh. As part of their contracts, both firms were to prepare architectural, structural and infrastructure designs for projects in Ezad; provide technical advice; perform feasibility studies; and assist with approvals.

    Opaz intends to develop 20 square kilometres (sq km) of the total land area allocated to Ezad as part of the first phase of development, with 7.5 sq km of that earmarked for fast-track development.

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  • Modon awards $200m Ras El-Hekma infrastructure deal

    14 July 2026

    Abu Dhabi-based developer Modon Holding has awarded a E£10bn ($200m) contract for infrastructure development works in the Wadi Yemm district of Ras El-Hekma, a planned new city on Egypt’s Mediterranean coast.

    The contract was awarded to a joint venture of Egypt’s Rowad Modern Engineering and Lebanon's Consolidated Contractors Company.

    Wadi Yemm is the first of the 17 planned precincts to move into active delivery.

    It is a mixed-use cultural and hospitality district, anchored by Ras El-Hekma Lighthouse and a 10,000-seat amphitheatre, designed to host cultural and entertainment programming.

    The latest contract award at Wadi Yemm follows the appointment of local contractor Hassan Allam Construction to build the Montage hotel and branded residences project.

    Montage Ras El-Hekma includes 200 guestrooms and suites, along with 96 branded villas.

    Ras El-Hekma is located on a spur of land on Egypt’s northern Mediterranean coastline, about 240 kilometres west of Alexandria.

    Abu Dhabi-based holding company ADQ appointed Modon Holding as the master developer for the Ras El-Hekma project in 2024. Modon will oversee the overall development, which covers more than 170 million square metres (sq m).

    Modon will develop the first phase of the project, covering 50 million sq m. The remaining 120 million sq m will be developed in partnership with private developers, under the supervision of the recently established ADQ subsidiary Ras El-Hekma Urban Development Project Company and Modon.

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  • AtkinsRealis wins key Riyadh infrastructure roles

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    Canadian engineering firm AtkinsRealis has been awarded a contract by the Royal Commission for Riyadh City (RCRC) to support the operation and expansion of the Riyadh Metro and oversee the delivery of major road infrastructure projects across the capital.

    AtkinsRealis will provide engineering consultancy, project management, construction supervision and technical oversight for ongoing works on the Riyadh Metro.

    The agreement was signed during the Saudi Arabia-Canada Investment Forum in Jeddah, held on the sidelines of Canadian Prime Minister Mark Carney’s visit to the kingdom.

    The company will also supervise a portfolio of strategic road development schemes designed to strengthen Riyadh’s wider transport network.

    AtkinsRealis also recently secured a contract to deliver lead design services for the Place & Planet Pavilion at the Expo 2030 Riyadh site.

    The contract was awarded by Expo 2030 Riyadh Company, which is tasked with delivering the Expo 2030 Riyadh venue.

    AtkinsRealis will deliver the full architectural and engineering design for the pavilion, coordinate all relevant design disciplines and embed sustainable design principles throughout.

    The Place & Planet Pavilion is anticipated to be a key attraction at Expo 2030 Riyadh.

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