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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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  • Kuwait halves drilling contractor pool

    22 September 2026

     

    State-owned upstream operator Kuwait Oil Company (KOC) has reduced the number of approved contractors for onshore drilling and shallow-well maintenance from 51 to 24.

    Firms that are no longer qualified include major contractors such as Italy’s Saipem, Oklahoma-based Helmerich & Payne and Houston-based Patterson-UTI Energy.

    The latest list still includes a wide range of Kuwaiti, regional and international companies, according to the latest update on its electronic system, published on 21 September 2026.

    The full list of contractors that are now qualified to participate in tenders is:

    • Burgan Company for Well Drilling, Trading & Maintenance (Kuwait)
    • Kuwait Drilling Company (Kuwait)
    • Sun Drilling Kuwait (Kuwait)
    • TDL Kuwait for Oil Rigs & Natural Gas Extraction Activities, Services and Facilities (Kuwait)
    • United Precision Drilling (Kuwait)
    • Abraj Energy Services (Oman)
    • Adnoc Drilling Company (UAE)
    • Arabian Drilling Company (Saudi Arabia)
    • Anton Oilfield Services (China)
    • China Oilfield Services (China)
    • Egyptian Drilling Company (Egypt)
    • CNPC Bohai Drilling Engineering Company (China)
    • Great Wall Drilling Company (China)
    • John Energy (India)
    • Kerui Oilfield Service (China)
    • KCA Deutag Drilling (Germany)
    • Mohammed Al-Barwani Petroleum Services (Oman)
    • Nabors Drilling International (US)
    • National Drilling & Services Company (Oman)
    • Sea & Land Drilling Contractors (Oman)
    • Sinopec International Petroleum Service Corporation (China)
    • Karamay Jianye Energy (China)
    • Modern Drilling Company (Egypt)
    • Grey Wolf Drilling International (US)

    An earlier list, which was published on 11 February, included 51 qualified companies.

    The reduction in qualified drilling contractors follows KOC’s notice on 27 April this year, informing existing qualified contractors that they would need to reapply.

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  • Seven bid for Bahrain highway upgrade

    21 September 2026

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    Seven contractors have submitted bids for the next phase of the Sheikh Jaber Al-Ahmed Al-Sabah Highway upgrade project.

    According to results published by the Bahrain Tender Board, the firms that have submitted bids include:

    • Nass Contracting Company
    • Haji Hassan Group
    • Almoayyed Contracting Group
    • Mohammed Abdulmohsen Al-Kharafi & Sons
    • Eastern Asphalt & Concrete Production
    • Cebarco Bahrain
    • Kingdom Asphalt

    The contract scope includes expansion works on 2 kilometres of the highway. It consists of a four-lane dual carriageway with service roads on both sides.

    The scope of works also includes excavation and backfill work, construction of stormwater drainage networks, a pumping station, installation of ducts for future utilities, upgraded street lighting, traffic signs and directional signage.

    The project aims to improve traffic capacity, reduce congestion and enhance safety along the transport corridor linking Manama with industrial zones.

    In April, MEED reported that Bahrain had approved a financing agreement framework to fund the construction of the next phase of the Sheikh Jaber Al-Ahmed Al-Sabah Highway upgrade.

    In March last year, the Kuwait Fund for Arab Economic Development and the Bahraini government signed a KD10m ($32.4m) loan agreement to fund the second phase of the project, which is expected to cost about $404m.

    This was followed in September 2025 by the appointment of US-based Parsons Corporation on a $1.5m contract to provide pre-contract engineering consultancy services for the project.

    According to data from regional project tracker MEED Projects, construction of the first phase was completed in 2020.

    A joint venture of local firm Nass Contracting and Kuwait’s KCC Engineering & Contracting undertook the main construction works.

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    Nuclear power ambitions gather pace; Kuwait keeps dealmaking alive despite war; Region invests in raising gas processing capacity.

    Distributed to senior decision-makers in the region and around the world, the September 2026 edition of MEED Business Review includes:
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  • Oman reveals Sohar airport and Salalah Thumrait Road plans

    21 September 2026

    Oman is planning a new passenger terminal at Sohar Airport to expand regional air connectivity and strengthen the airport’s role in the national aviation network.

    According to Said Bin Hamoud Al-Maawali, Oman’s minister of transport, communications and information technology, new routes are expected to be announced before the end of the year. Potential destinations include Dammam in Saudi Arabia, Gwadar in Pakistan, and southern Iran.

    The planned terminal and additional routes will give residents of northern Oman more travel options.

    Al-Maawali also provided an update on the long-delayed Salalah-Thumrait truck road, saying the project will be procured through a conventional tendering model rather than a public-private partnership (PPP).

    In August 2023, Oman shortlisted five of eight prequalified teams to compete for the Salalah-Thumrait truck road project, which was set to be the sultanate’s first PPP road project.

    The 67-kilometre road project is specially designed for heavy vehicles. 

    The road is a key link in Dhofar’s transport network, connecting Thumrait with Salalah and supporting movement between the interior and the governorate’s main urban and economic centre.

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  • Saudi Arabia tenders Dariya-Afif road dualisation

    21 September 2026

     

    Saudi Arabia’s Ministry of Transport has launched an estimated SR1.1bn ($296m) tender for the dualisation of the Dhariya-Afif road over approximately 65 kilometres, alongside the reconstruction of sections of the existing roadway.

    The bid submission deadline is 1 October.

      MEED understands that the bidders include:

      • Al-Ayuni Investment & Contracting (local)  
      • Alomaier Trading & Contracting Company (local)  
      • Al-Rashid Trading & Contracting Company (local)  
      • Al-Rawaf Contracting (local)  
      • Alshalawi International (local)  
      • Almabani (local)  
      • Alyamama (local)  
      • El-Seif Engineering Contracting (local)  
      • FCC Construction (Spain)  
      • Hassan Allam Construction (Egypt)  
      • Kolin Construction (Turkiye)  
      • Mohammed Ali Al-Swailem Group (Masco) (local)  
      • Saudi Pan Kingdom (Sapac) (local)  
      • Shibh Al-Jazira Contracting (local)

      The scheme covers the construction of a dual carriageway on the Dhiba/Sakaka/Afif route.

      The works include reconstructing parts of the existing road and connecting at-grade intersections in line with approved design plans and cross-sections.

      The project scope also includes the construction of bridges and culverts at multiple locations, including:

      • Station 935+44 with a length of 300 metres
      • Station 455+56 with a length of 250 metres
      • Station 335+76 with a length of 550 metres

      Local firm Euro Group Engineering Consultancy is the project consultant.

        The Roads General Authority is the project client.

        The contract duration is 47 months from the construction start date.

        According to UK analytics firm GlobalData, Saudi Arabia’s construction industry is expected to grow by 3.6% in real terms in 2026, supported by an increase in foreign direct investment and continued investment in the housing and manufacturing sectors.

        The infrastructure construction sector is expected to grow by 4.3% in real terms in 2026 and to record an average annual growth rate of 5.2% from 2027 to 2030, supported by government investment in transport infrastructure projects to improve regional connectivity.

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      • ADES completes acquisition of Saipem’s Saudi drilling business

        18 September 2026

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        Al-Khobar-based ADES Holding Company has completed a transaction to acquire Italian oil and gas contractor Saipem’s shallow-water drilling subsidiary based in Saudi Arabia.

        Under the deal, ADES Saudi, an indirect subsidiary of Saudi Stock Exchange (Tadawul)-listed ADES Holding, will acquire Saudi Arabian Saipem, which operates a fleet of five jack-up rigs.

        The fleet includes three owned rigs – Perro Negro 7, Perro Negro 8 and Perro Negro 10 – as well as two leased rigs, Perro Negro 11 and Perro Negro 13. Four of the acquired rigs operate in Saudi Arabia, while Perro Negro 10 operates in Mexico under a charter structure and retains a valid contract in Saudi Arabia.

        ADES began the transaction to acquire Saudi Arabian Saipem in June, when it was estimated to be valued at about $285m. The deal was structured on a debt-free, cash-free basis, which was to be settled entirely in cash upon closing.

        Following completion, ADES operates a fleet of 128 units, comprising 88 offshore units – including 51 premium units – and 40 onshore rigs.

        The transaction also marks ADES’ entry into Mexico, extending the company’s international footprint to 21 countries, and adds approximately SR3.7bn ($992.9m) in backlog as of the completion date.

        The purchase of Saudi Arabian Saipem by ADES Holding follows the company’s takeover of Dubai-based, Oslo-listed Shelf Drilling in November last year, in a transaction valued at $379m. Following the completion of the cash merger, Shelf Drilling was wholly delisted from the Oslo Stock Exchange.

        The combined Shelf Drilling-ADES entity has been operating as a global player in shallow-water drilling in the world’s most prolific basins, with a fleet of 83 offshore jack-ups, including 46 premium jack-ups and 40 onshore rigs. The acquisition expanded ADES Holding’ global footprint from 13 to 19 countries, allowing entry and deeper operational integration into Southeast Asia, India, West Africa, the North Sea and the broader Mediterranean.

        Saudi Arabian Saipem generated revenues of SR636m ($170m) in 2025, highlighting the scale of the business being transferred.

        The divestment aligns with Saipem’s broader industrial strategy of reducing exposure to mature shallow-water drilling markets and concentrating resources on deepwater and harsh-environment offshore projects, where technical complexity and barriers to entry are generally higher.

        These segments have attracted growing investment in recent years as operators pursue offshore developments in regions such as the North Sea, Brazil, West Africa and the US Gulf of Mexico.

        For ADES, the acquisition further expands its presence in the Middle East offshore drilling market, particularly in Saudi Arabia, one of the world’s largest offshore jack-up rig markets, driven by activity from Saudi Aramco.

        Saipem previously said proceeds from the transaction will be used in accordance with the objectives outlined in its industrial plan. The Milan-listed company was advised on the transaction by Moelis & Company as financial adviser and Clifford Chance, together with AS&H Clifford Chance, as legal counsel.

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

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