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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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  • Modon tenders Ras El-Hekma construction contracts

    6 February 2026

     

    Abu Dhabi-based developer Modon Holding has tendered several contracts as part of the first phase of development at Ras El-Hekma, a planned new city on Egypt’s Mediterranean coast.

    MEED understands that the tenders were issued in January.

    These include:

    DP3 assets: covering 146 residential villas, 590 three-bedroom townhouses, 356 four-bedroom townhouses, a mall and other associated works.

    Bids due on 23 February.

    DP4 assets: DP4 includes 54 villas, a clubhouse and other associated infrastructure.

    Bids due on 2 March.

    DP5 assets: The scope covers the construction of two hotels, branded residences, a retail facility and other associated works.

    Bids due on 10 March.

    DP6 assets: This package covers a 200-key Montage hotel, 96-unit Montage-branded residences and related infrastructure.

    Bids due on 17 March.

    DP7 assets: 120 five-bedroom villas, 230 seven-bedroom villas, 284 branded residential units and other infrastructural works.

    Bids due on 3 March.

    MEED understands that the contract duration for all these packages is 21 months from the start of construction.

    Modon has accelerated development works at Ras El-Hekma this year. In January, MEED reported that Modon Holding had awarded a E£15bn ($316m) contract for the construction of a project at Ras El-Hekma.

    The contract was awarded to the local firm Orascom Construction.

    The scope of the contract covers the construction of residential units, commercial facilities and a 70-key hotel.

    In September, MEED reported that Modon Holding had tendered contracts for the infrastructure works for the first phase of the Ras El-Hekma project.

    As part of the first phase, Modon plans to develop more than 50 million square metres (sq m), including hotels and a marina.

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

    Last year, Abu Dhabi-based holding company ADQ appointed Modon Holding as the master developer for the Ras El-Hekma project.

    According to an official statement, Modon will act as the master developer for the entire development, which will cover more than 170 million sq m. 

    Modon Holding will develop the first phase of the project, which will cover 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 Holding.

    In September 2024, Modon signed several memorandums of understanding (MoUs) with local and international firms to join the development. It signed a framework agreement with Orascom Construction to serve as the primary contractor for the project’s first phase. 

    Ras El-Hekma is planned as a combined business and leisure destination, with hotels, leisure facilities, a free zone, a financial district and residential components.

    The master development has been billed as capable of attracting over $150bn in investment.

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

    Spending on oil and gas production surges; Doha’s efforts support extraordinary growth in 2026; Water sector regains momentum in 2025.

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  • AD Ports signs Jordan Aqaba port PPP deal

    6 February 2026

    Abu Dhabi’s AD Ports Group has signed an agreement with Jordan’s Aqaba Development Corporation (ADC) to manage and operate the Aqaba multipurpose port.

    AD Ports will manage and operate the port under a 30-year concession agreement.

    Under the agreement, AD Ports and ADC will establish a joint venture to oversee port operations.

    AD Ports will hold a 70% stake in the joint venture, with the remaining 30% held by ADC.

    AD Ports Group will also invest AED141m ($38.4m) in the joint venture.

    The signing ceremony was held at the Aqaba Special Economic Zone Authority headquarters in Aqaba on 5 February.

    The agreement was signed by Hussein Safadi, CEO of ADC, and Ahmed Al-Mutawa, regional CEO of AD Ports Group.

    Aqaba port handles about 80% of Jordan’s exports and 65% of its imports.

    It serves as a key transit point for Jordan’s neighbouring countries, including Saudi Arabia and Iraq. The port has an annual handling capacity of 11 million tonnes, supported by nine berths, a quay length of 2 kilometres and a draft of 13.5 metres.

    In 2025, the terminal handled over 5.3 million tonnes of cargo and nearly 85,000 car equivalent units of Ro-Ro imports.

    Abu Dhabi has been deeply involved in making investments in Jordan’s infrastructure sector. In February last year, AD Ports Group signed an agreement to manage and operate the Al-Madouneh customs centre in Amman, as MEED reported.

    The Al-Madouneh customs centre covers about 1.3 million square metres (sq m) and was inaugurated in June last year.

    The announcement followed AD Ports Group’s signing of a shareholders’ agreement in January 2024 between its digital arm, Maqta Gateway, and Jordan’s Aqaba Development Corporation regarding their existing joint-venture company, Maqta Ayla.

    The joint venture company will upgrade operations at the Aqaba port complex in Jordan by implementing a port community system “that leverages Maqta Gateway’s expertise, also marking the first-ever export of Abu Dhabi’s key port digitalisation solution”, AD Ports said in a statement.

    AD Ports Group operates the Aqaba cruise terminal, and selected Dubai-based real estate developer Mag Group to lead the first phase of the Marsa Zayed mixed-use project.

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  • Chinese firm wins Ceer automotive supplier park deal

    6 February 2026

     

    Beijing-headquartered Metallurgical Construction Corporation (MCC) has won a contract to undertake the steel structure works on the Ceer automotive supplier park in King Abdullah Economic City (KAEC).

    The supplier park is located next to Ceer’s electric vehicle (EV) production facility in KAEC.

    The automotive supplier park will include production and ancillary facilities for various suppliers and provide the material supply infrastructure for Ceer’s EV plant.

    The facilities include:

    • Cold stamping, body-in-white assembly and stamping facility – Shin Young (South Korea)
    • Hot stamping, sub-frames and axles subsystem supply facility – Benteler Group (Austria)
    • Façade and exterior-trim supply facility – JVIS (US)
    • Instrument panel, trims and console supply facility – Forvia (France)
    • Seat supplier – Lear Corporation (US)

    Earlier this week, MEED exclusively reported that Ceer had awarded a contract to build the automotive supplier park to Jeddah-based construction firm Modern Building Leaders (MBL).

    Netherlands-based engineering firm Arcadis is the project consultant, and Pac Project Advisors is the project management consultant.

    Ceer retendered the project in September last year.

    The latest contract award is another significant contract win for MCC in Saudi Arabia. In January, MEED reported that MCC had won a contract to undertake the steel structure works on Mohammed Bin Salman Stadium at the Qiddiya City project on the outskirts of Riyadh.

    The 45,000-seat stadium will feature a fully combined retractable pitch, roof and LED wall.

    The stadium’s main construction works are being undertaken by a joint venture of Spanish firm FCC Construction and local firm Nesma & Partners.

    In January, MCC won another contract to undertake steel structure works for the expansion of Medina airport in Saudi Arabia.

    The scope covers work on boarding bridges, Terminal Two and the renovation of Terminal One.

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  • Abu Dhabi sets February deadline for road tender

    5 February 2026

     

    Abu Dhabi’s Department of Municipalities & Transport (DMT) has set a deadline of 9 February for a design-and-build contract for the construction of two bridges serving Hudayriyat Island in Abu Dhabi.

    The scope of work covers the construction of a two-lane bridge connecting 32nd Street to Shakhbout Bin Sultan Street, and a single-lane bridge on 8th Street.

    The scope also covers the upgrade of signalised intersections.

    The previous deadline was 26 January.

    Shakhbout Bin Sultan Street is a two-way road with three lanes in each direction, providing access to and from Hudayriyat Island.

    DMT issued the project tender in November last year.

    The Hudayriyat Island masterplan was unveiled in 2023. The integrated development comprises residential communities and other leisure and mixed-use facilities.

    The masterplan features 53.5 kilometres (km) of coastline, including 16km of beaches.

    Some of the major destinations on Hudayriyat Island include the Velodrome Abu Dhabi, Surf Abu Dhabi, a wide range of sports, commerce and leisure amenities, the largest park in Abu Dhabi and a 220km-long network of cycle tracks.

    Project developments

    In December, MEED exclusively reported that UK-headquartered firm Innovo Group had won a AED5bn ($1.3bn) contract to build two residential developments, Nawayef East and Nawayef West, on Hudayriyat Island.

    In November 2023, Modon appointed local contractor Trojan General Contracting as the main contractor for the sports hotel, as MEED reported.

    Modon also awarded the local National Marine Dredging Company an $803m enabling works contract in April 2023. 

    Abu Dhabi-based Hilalco completed the construction of mountain bike trails on the island earlier in 2023.

    In November 2022, Chinese contractor China Harbour Engineering Company was awarded the main contract for dredging and reclamation works at Hudayriyat Island.

    In 2019, Modon appointed the local Wade Adams to undertake the initial landscaping and infrastructure works on the island.

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

    Spending on oil and gas production surges; Doha’s efforts support extraordinary growth in 2026; Water sector regains momentum in 2025.

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  • Aramco defers bid submissions for Safaniya onshore project

    5 February 2026

     

    Saudi Aramco has postponed the bid submission deadline for a project to construct onshore surface facilities to boost productivity at the Safaniya offshore oil field development in Saudi Arabia.

    The Safaniya field is the world’s largest offshore oil field, with a production capacity of nearly 1.2 million barrels a day (b/d). Discovered in 1951, the field is located in the Gulf waters, approximately 265 kilometres north of Aramco’s headquarters in Dhahran.

    Aramco has pushed back the bid submission deadline for the Safaniya onshore surface facilities project until 17 March, according to sources. The earlier bid submission date was 31 January.

    Aramco issued the main tender for engineering, procurement and construction (EPC) works on the Safaniya onshore surface facilities project on 9 July last year. Contractors were initially given deadlines of 24 October and 7 November to submit technical and commercial bids for the project, MEED previously reported.

    Prior to that, Aramco is understood to have issued the solicitation of interest document for the Safaniya field onshore surface facilities project in May, with contractors submitting responses by 28 May.

    The EPC scope of work has been divided into two packages:

    • Package 1 – Water treatment and injection plant:
      • Building new water injection units
      • Expansion of gas-oil separation plant one
      • Building storage tanks, transfer pumps and substation
      • A central processing facility at the Zuluf field development, including water transfer pumps, chemical injection skids and other components
         
    • Package 2 – Produced water utilities:
      • Fire water system
      • Potable water units
      • Utilities
      • Nitrogen generation system
      • Site buildings
      • Electrical infrastructure
      • Security systems
      • Telecommunications networks

    In addition to pursuing the onshore facilities project to boost Safaniya’s productivity, MEED also previously reported about Aramco issuing three key offshore tenders last year for the field’s next expansion phase.

    Contractors in Aramco’s Long-Term Agreement pool of offshore service providers submitted bids for the three tenders – Contracts Release and Purchase Order (CRPO) numbers 154, 155 and 156 – by 31 August. Aramco is evaluating bids for the three tenders and is expected to award contracts within the first quarter.

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