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  Abu Dhabi begins Dar Al-Funoon Saadiyat construction

  19 August 2026

  

   

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  Abu Dhabi-based piling contractor APCC Piling & Marine Contracting has started the enabling works on Dar Al-Funoon, a cultural development near the Saadiyat Cultural District.

  The project, commissioned by the Department of Culture & Tourism – Abu Dhabi, was designed by the late Canadian-American architect Frank Gehry.

  The venue is scheduled to open in 2030.

  MEED understands that the main contract bids are under evaluation and the project is slated for award soon.

  The complex will feature a multipurpose hall with more than 2,000 seats, a 3,500-seat open-air amphitheatre, a 400-seat studio theatre and a 250-seat jazz venue, bringing total capacity to more than 6,000 across its performance spaces.

  The venue will host leading international productions, delivering high-quality cultural experiences for audiences locally, regionally and globally.

  Upon completion, it will become one of the region’s largest performing arts venues.

  The project was announced by Sheikh Khaled Bin Mohamed Bin Zayed Al-Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council in June, as MEED reported.

  During a review of the plans, he was briefed on the architectural concept and the development and construction phases, as well as the venue’s advanced technical capabilities, which are being designed to meet the highest international standards for staging major global productions.

  The announcement is part of the ongoing development of Saadiyat Island, which already includes Louvre Abu Dhabi, Zayed National Museum, Natural History Museum Abu Dhabi, teamLab Phenomena Abu Dhabi and the upcoming Guggenheim Abu Dhabi.

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  Yasir Iqbal
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  Maaden and Aramco sign deal to create joint venture

  18 August 2026

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  Saudi Arabian Mining Company (Maaden) and Saudi Aramco have signed a shareholders’ agreement to form a joint venture (JV). Maaden will hold a 51% stake in the JV, while Aramco will own the remaining 49%.

  Before signing the shareholders’ agreement, the two Saudi state-owned companies signed a non-binding heads of agreement in January 2025 aimed at establishing the JV.

  “Combining the strengths of two leaders in their respective fields, the JV will focus on copper and other minerals critical to the energy transition,” the two parties said in a joint statement.

  The JV will focus on exploration across Zone 4, also known as the Transition Zone, within the Arabian Platform in Saudi Arabia. Spanning approximately 182,000 square kilometres – nearly 10% of the kingdom’s total land area – the expected exploration area stretches along a 100-kilometre-wide corridor running parallel to the Arabian Shield.

  “It represents a major new opportunity for mineral discovery in the kingdom,” Maaden and Aramco said.

  Copper, which is increasingly significant for electric vehicles, power networks, energy storage and renewable energy systems, will be a main focus of the JV.

  Copper accounts for more than 20% of the $1.2tn mined-metals market. The copper market is currently valued at about $250bn and is projected to grow to more than $400bn by 2035.

  The JV will also explore for other energy transition minerals, including zinc, lead and rare earth elements, “that are expected to be crucial to industries of the future”.

  “Leveraging advanced computational algorithms, [artificial intelligence] AI, and high-performance computing, the JV intends to target areas most likely to contain copper and valuable minerals, accelerating the path from regional screening to target definition and discovery. This is expected to support long-term sector development, reinforce the kingdom’s role in the global minerals value chain, and help meet rising demand for transition minerals,” the partners said.

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  Indrajit Sen
• 
  Kuwait awards oil contract to Baker Hughes

  18 August 2026

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  Kuwait’s state-owned upstream operator Kuwait Oil Company (KOC) has awarded a multi-year contract to the Houston-based oil services company Baker Hughes, according to a statement from the US company.

  The contract is focused on accelerating technology innovation in the country’s upstream energy sector, the statement said.

  Baker Hughes did not disclose the contract value.

  It said that the deal positioned Baker Hughes as a key technology collaborator in the Ahmadi Innovation Valley (AIV), KOC’s flagship initiative aimed at establishing an in-country research and innovation hub to address its strategic oil and gas development priorities.

  Under the terms of the agreement, Baker Hughes and KOC will focus on developing and deploying technology solutions that optimise production as well as addressing other issues.

  Baker Hughes said it is planning to use its portfolio of digital and artificial intelligence (AI) automation solutions as part of the deal.

  These solutions are designed to help operators increase recovery from existing wells, lower operating costs, reduce water production and minimise power consumption, it said.

  Baker Hughes chairman and CEO Lorenzo Simonelli said: “Baker Hughes is committed to deeply understanding KOC’s development aspirations and providing the solutions needed to help achieve them.

  “Working together, we aim to deliver tailored technology solutions at scale that improve production performance and efficiency, supporting KOC’s goals to maximise value from their assets.”

  As part of the agreement, Baker Hughes will build a dedicated research and technology development centre in the AIV to deliver technology solutions and build local expertise.

  Kuwait’s oil and gas sector is currently in crisis due to the regional war that started after the US and Israel attacked Iran on 28 February.

  The war has severely disrupted exports through the Strait of Hormuz, which Kuwait relies on in order to ship crude exports.

  Shaikh Nawaf Saud Al-Sabah, deputy chairman and CEO of Kuwait Petroleum Corporation (KPC), the country’s state energy conglomerate, has described the current crisis as the biggest oil crisis the country has faced since Iraq’s 1990 invasion.

  Kuwait relies on the oil and gas sector for more than 90% of government revenues.

  Despite the dramatic reduction in crude exports, Kuwait’s state-owned oil companies continue to tender some projects.

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  Wil Crisp
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  Contractors announce awards for $8.2bn Adnoc Gas projects

  18 August 2026

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  China-based Wison Engineering and Italian contractor Tecnimont have announced that they have won engineering, procurement and construction (EPC) contracts from Adnoc Gas for the second and third phases of the Rich Gas Development (RGD) programme in Abu Dhabi, respectively.

  Adnoc Gas, the gas processing subsidiary of Abu Dhabi National Oil Company (Adnoc Group), recently announced that it had reached a final investment decision (FID) on RGD phases 2 and 3 earlier this year, with a total project investment of $8.2bn. The FID for the two projects forms part of its previously committed capital expenditure (capex) budget of $28bn for the 2026-30 period.

  The second and third phases of the RGD programme relate to constructing a new gas processing train at the Habshan complex and a natural gas liquids (NGL) fractionation train at the Ruwais gas processing facility, respectively.

  MEED reported in March that Adnoc Gas had selected the main EPC contractors for both the Habshan 7 gas processing train and the Ruwais NGL Train 5 projects.

  Adnoc Gas officially announced the award of the EPC contracts as part of its Q2 2026 financial results, saying it had awarded Wison Engineering a $3.9bn contract for RGD phase 2, while Tecnimont was selected for the $4.3bn phase 3 contract.

  Wison Engineering said the EPC contract for RGD phase 2 is the largest in its history. The total value of the contract is $4.04bn, the Hong Kong-listed company said, adding that the scope of work includes gas pipelines; separation and condensate stabilisation units; acid gas removal units; and the core deep NGL recovery units – critical process facilities in addition to a 220kV switch station.

  Phase 2 will add a new natural gas processing train at the Habshan facility, “expanding Adnoc Gas’ natural gas processing capacity, enhancing operational flexibility, and supporting the UAE’s expanding downstream and petrochemical sectors”, Adnoc Gas said.

  Tecnimont’s parent, Maire, said its scope of work on the RGD phase 3 project includes EPC activities for the fifth NGL fractionation unit, which will separate the various hydrocarbon components, together with treatment and sweetening systems designed to remove impurities and ensure product quality.

  The scope also includes a regeneration gas treatment unit, a propane refrigeration system, ancillary systems and storage facilities. Once completed in 2030, the plant will have an output capacity of 23,000 tonnes a day (t/d), or about 8 million tonnes a year, Milan-headquartered Maire said.

  Phase 3 will add a new NGL fractionation train at Ruwais, “increasing the recovery of higher-value liquids from rich natural gas for export [and] strengthening Adnoc Gas’ global customer portfolio”, Adnoc Gas said in a statement on 10 August.

  Adnoc Gas also reiterated its $5bn capex for the first phase of the RGD scheme, which is under construction. The company awarded $5bn of engineering, procurement and construction management (EPCM) contracts in three tranches for phase 1 of the RGD in June last year, marking the company’s largest-ever capital investment.

  Across all three phases, Adnoc Gas has made a total investment of $13.2bn in the RGD programme.

  “We continued investing through the cycle and advancing megaprojects that will define the next phase of Adnoc Gas’ growth, expanding our processing capacity and product volumes,” the company’s CEO, Fatema Al-Nuaimi, said.

  “Together with Ruwais LNG and our wider portfolio of strategic projects, we are executing one of the industry’s most ambitious gas growth programmes,” she said.

  Al-Nuaimi added: “These investments support our upgraded target of 60% [earnings before interest, taxes, depreciation and amortisation] Ebitda growth by 2030, which was previously 40%. Delivering that ambition will see us invest approximately $28bn between 2026 and 2030.

  “We’re able to make these investments because we’re in a strong financial position. What matters here is this: we are reaffirming our dividend policy; we fund this growth programme and we deliver returns to shareholders. That is not an either/or,” she said.

  Second-quarter financial results

  Adnoc Gas detailed its capex plan at a media roundtable to discuss its financial results for the second quarter of the year (Q2 2026).

  The company achieved net income of $665m in Q2 2026 – above the upper end of the $400m-$600m guidance range provided in the first quarter – “reflecting strong operational performance in a challenging operating environment. This was supported by resilient margins in the domestic gas business”.

  Supported by its cash flow from operations, the company’s board has approved a quarterly dividend of $940m, payable in September, in line with its commitment to deliver annual dividend growth of 5% through 2030.

  Adnoc Gas remains the largest dividend payer on the Abu Dhabi Securities Exchange (ADX), where it listed in March 2023.

  Additionally, the company said: “Continued disruption to maritime movements through the Strait of Hormuz affected product liftings during the second quarter. Through proactive inventory, logistics and supply-chain management, Adnoc Gas worked closely with customers and partners to mitigate the impact of these disruptions, manage temporary constraints and fulfil commitments wherever possible.”

  For Q3 2026, Adnoc Gas said it expects profit in the range of $600m to $800m, “based on the assumption that maritime routes through the Strait of Hormuz continue to be disrupted”.

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  Indrajit Sen
• 
  Firms submit Mid Island Parkway prequalifications

  18 August 2026

  

   

  Abu Dhabi’s Modon Infrastructure has received expressions of interest and prequalification statements for the next phase of Abu Dhabi’s Mid Island Parkway Project (MIPP), which will be developed as a public-private partnership.

  Modon Infrastructure will act as the lead developer and will hold a majority equity stake in the project company. It will award contracts for engineering, procurement and construction; operations and maintenance; and project advisory services.

  Phase two of the MIPP involves constructing about 11 kilometres (km) of highways, comprising a mix of three-, four- and five-lane sections. The highways will connect the Um-Yifeenah, Al-Jubail, Al-Sammaliyyah and Sas Al-Nakhl islands to Khalifa City and the E10 road.

  The scope also includes the construction of three interchanges – E20, E10 and Dumbbell – on Al-Sammaliyyah Island.

  The project includes several major structures, including the E20 interchange, which will feature cast-in-place box-girder and void-slab bridges, and the E10 interchange, which will feature cast-in-place box-girder bridges. It also includes I-girder bridges between Raha Beach West and Sas Al-Nakhl Island, as well as a causeway at Sas Al-Nakhl Island.

  Further elements include a cast-in-place balanced cantilever bridge between Sas Al-Nakhl Island and Al-Sammaliyyah Island; a tunnel between Al-Sammaliyyah Island and Bilrimaid Island; and a cut-and-cover tunnel on Bilrimaid Island. Another tunnel will connect Bilrimaid Island to Um-Yifeenah Island.

  Abu Dhabi awarded three packages for phase one of the MIPP in 2024. The contract for Package 1A was awarded to a joint venture of Turkish contractor Dogus Construction and UAE firm Gulf Contractors. Package 1B was awarded to a joint venture of Yas Projects (Alpha Dhabi Holding) and China Railway International Group. Beijing-headquartered China Harbour Engineering Company and the UAE’s Agility Engineering & Contracting Company won the contract for Package 1C.

  Phase one starts at the existing Saadiyat Interchange, connecting the E12 to the MIPP, and ends at the recently constructed Um-Yifeenah Highway.

  It comprises a dual main road with a total length of 8km, including four traffic lanes in each direction, two interchanges, a tunnel and associated infrastructure works.

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

  Saudi Arabia builds for the global stage; Rising uncertainty creates fresh set of challenges in the Maghreb; Gulf banks remain robust in the face of geopolitical tensions.

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

  > AGENDA: Expo 2030 Riyadh construction gathers pace > WORLD CUP: What the 2026 World Cup means for Saudi Arabia 2034 > MARKET FOCUS: Maghreb fortunes diverge > INDUSTRY REPORT: GCC banks prove resilient amid turmoil > LEADERSHIP: Private capital and the GCC infrastructure inflection > PORTS: Geopolitical risk shapes $513bn of global ports projects > INTERVIEW: Developers look beyond standalone solar

  To see previous issues of MEED Business Review, please click here

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  Yasir Iqbal