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.
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.
Exclusive from Meed
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Adnoc funnels billions into boosting gas processing potential15 October 2026
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Contractors win $317m Qatar road contracts15 October 2026
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Kuwait studies two oil export pipelines to bypass Hormuz15 October 2026
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Gulf Spic submits lowest bid for Kuwait booster stations15 October 2026
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Stability holds as project work continues14 October 2026
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Related Articles
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Contractors win $317m Qatar road contracts15 October 2026

Qatar’s Public Works Authority (Ashghal) has awarded three road development contracts worth more than QR1.1bn ($317m) to local contractors for works across Qatar.
The contracts were formally awarded on 1 October, and each has a three-year construction period.
Qatar Building Engineering Company secured a QR479m ($132m) contract for roads and infrastructure works in the Wadi Al-Banat North Zone 70 area.
The contract covers constructing and upgrading local roads across several streets in the area. The scope also includes surface-water drainage, foul sewerage and treated sewage effluent networks, as well as connections to existing potable water, power and telecommunications infrastructure.
The works include an attenuation tank near the Al-Khor Expressway and Link Road 7 to collect surface water and prevent infiltration into the Northern Aquifer.
The contractor will also carry out groundwater mitigation works at the Al-Khor Expressway’s F1 interchange.
Surface works include paved medians, including sections along Umm Al-Zubar Road near Lusail Palace, as well as landscaping.
Qatar Trading & Contracting Group won the QR457m ($126m) contract to complete the remaining works on the C2021/44 roads and infrastructure scheme in Al-Sheehaniya (Package 1).
The scheme covers site preparation, earthworks, and the construction of roads, pavements, road markings, signage, traffic-calming measures and street lighting.
The scope also includes surface-water drainage and a complete pumping-station package encompassing civil, structural, mechanical, electrical, instrumentation, control and automation works.
The contractor will also install a foul sewerage network with house connections across stages one and two, alongside a treated sewage effluent system, irrigation infrastructure, landscaping and landscape lighting.
JAK Construction was awarded the QR217m ($60m) contract for the remaining works on the C/2021/038 roads and infrastructure project.
The scope covers completing the remaining civil works, road network works, and key public-utility works across Umm Slal Ali, Umm Ebariya Village, South Umm Al-Amad and North Bu Fessela (Package 1).
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Kuwait studies two oil export pipelines to bypass Hormuz15 October 2026
State-owned Kuwait Petroleum Corporation is considering developing two oil export pipelines that would bypass the Strait of Hormuz, according to a senior Kuwaiti oil official.
The pipelines would transport crude oil through Saudi Arabia and the UAE, aiming to diversify Kuwait’s export routes.
Mohammed Al-Abduljalil, the deputy chief executive for planning and innovation at the KPC subsidiary Kuwait Oil Company, told Asharq Bloomberg that KPC had agreed with its partners in Saudi Arabia and the UAE to conduct feasibility studies for two separate projects.
The first project extends from Kuwait’s Ahmadi region through Saudi Arabia to the Red Sea coast. The second extends from the Ahmadi region to Fujairah in the UAE.
The pipelines would build on existing infrastructure and, if the plans are approved, are expected to take around four or five years to complete, Al-Abduljalil said.
He said the first project, currently under study, would use the route of the existing East-West pipeline, which connects the kingdom’s eastern oil-producing regions to its western coast.
The second project would follow the UAE’s Habshan-Fujairah pipeline route, enabling oil exports from the Sea of Oman coast, outside the Strait of Hormuz.
Al-Abduljalil emphasised that both projects remain in a very early stage, noting that the agreement to conduct feasibility studies does not constitute a final investment decision to proceed with implementation.
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Gulf Spic submits lowest bid for Kuwait booster stations15 October 2026

Kuwait-based Gulf Spic General Trading & Contracting Company has submitted the lowest bid for a contract to upgrade gas booster stations in the country.
Gulf Spic’s bid was worth KD41.2m ($132m) and was one of four bids submitted for the contract.
The project scope focuses on upgrading gas booster stations 140 and 150 (BS-140 and BS-150).
The full list of bidders was:
- Gulf Spic General Trading & Contracting Company, Kuwait – KD41.2m ($132m)
- Combined Group Contracting Company (CGC), Kuwait – KD45.5m ($146m)
- Heavy Engineering Industries & Shipbuilding Company (Heisco), Kuwait – KD50.7m ($163m)
- Alghanim International General Trading & Contracting Company, Kuwait – KD65.5m ($210m)
The project was first announced in 2014. The invitation to bid was issued in May this year, and bids were submitted ahead of the 11 October deadline.
The scope of work on the project covers:
- Upgrade of BS-140 and BS-150
- Replacement of dehydration facilities
- Laying of pipelines
- Installation of safety system
- Construction of associated facilities
Kuwait’s oil and gas sector is currently in the midst of a major crisis, as disruptions to shipping through the Strait of Hormuz have dramatically reduced exported crude oil volumes.
The disruption is also creating significant challenges for oil and gas construction projects, which normally import equipment and materials through the Strait of Hormuz.
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Stability holds as project work continues14 October 2026

When Dean McGrail describes the performance of the region’s construction market, he keeps returning to a single word: “stable”.
After initial concerns that the market would experience a sharp downturn and project cancellations following the onset of conflict in the region, regional president McGrail says WSP has yet to see a single major contract cancelled across its regional portfolio.
“We have seen some projects re-evaluated – questions around whether the mix between residential and commercial is right, and whether it should be luxury residential,” he says. “But as of today, we have not seen any projects cancelled, which is a real sign of resilience in the market.”
Under the surface
That resilience does not mean nothing has changed. McGrail is careful to separate re-evaluation from cancellation. Projects already on site and selling into the market are pressing ahead. It is schemes that have not yet been released for off-plan sales that are being paused and reconsidered.
“None of the projects we are currently involved in have been put on hold or suspended,” he says. “It is more re-evaluation. Some of that is investor sentiment, but some of it is materials and logistics as well, which people do not necessarily consider.”
Logistics, in particular, is a pressure that rarely makes the headlines. According to McGrail, shipping disruption has complicated the delivery of heavy equipment on certain schemes. “If we have big pieces of kit coming in – chillers or turbines for a power station – that becomes challenging,” he says.
The bigger question is viability. And while rising material costs, set against softening sales prices, are forcing developers to reappraise the numbers, for now the balance sits firmly on the side of continuity. McGrail estimates that revalidation and feasibility work accounts for less than 3% of the firm’s current order book, with the remainder progressing as normal.
“Requests for proposals have not slowed down across any of our disciplines or business units,” he says. “We are definitely seeing an uptick in infrastructure.”
Infrastructure pivot
That focus points to where McGrail expects the next few years of growth to come from. Rail sits at the centre of the UAE story, alongside road upgrades and other major developments in Abu Dhabi. In Dubai, the clearest signal of intent is the expansion of Al-Maktoum International airport.
“Al-Maktoum is a really good indicator of the future direction of travel,” he says. “That is not a project that is slowing down. There has been a commitment to Emirates that it will move there, and it is still progressing.”
The scale of the airport – and the challenge of relocating an airline the size of Emirates in one move – raises the question of how it will be funded. Here, McGrail returns to the theme of stability and to the mechanism that underpins it.
“One of the beauties of this region is the ability of government to step in,” he says. “They can fund it. If the private sector does start to suffer, that is the backstop. They push money into infrastructure – roads, rail, airports – which keeps our industry moving.”
Saudi reset
In Saudi Arabia, the recalibration story predates the conflict, and McGrail says the change should be read as a strength rather than a retreat.
“I am positive,” he says. “When the reprioritisation started at the beginning of 2025, having lived through the global financial crisis here, I saw the decision to stop, re-evaluate and reprioritise expenditure as a positive. When Vision 2030 was set, Saudi Arabia had not won Expo or the World Cup, so the reprioritisation was the right thing to do. Saudi Arabia will come out of it stronger. Short-term pain, long-term gain.”
The nature of the work is shifting with the budget. McGrail sees the kingdom moving towards a model long familiar in the UAE, in which core infrastructure and a handful of landmark buildings are delivered first, before surrounding plots are carved up and sold on.
“You establish a few key iconic buildings, then the plots on the outside are carved up and they look for external investment to come in and develop them,” he says. “It is no different from Downtown Dubai, where Emaar built the Burj Khalifa and a few buildings, then started selling plots.”
That approach is increasingly tied to public-private partnerships (PPPs), although McGrail is measured on how far the model will stretch.
“PPP is definitely becoming more prevalent on some of the larger infrastructure projects, though still not as significant as it was made out to be when they first started talking about it,” he says. He sees industrials, mining, healthcare and schools as a natural fit, rather than PPP becoming a blanket procurement route.
Aviation is another priority. WSP was recently appointed to the rehabilitation of the existing terminal at Jeddah’s King Abdulaziz International airport, alongside a new terminal. It also recently secured a role on the expansion and upgrade of King Fahd International airport in Dammam.
“Aviation is definitely a key area of focus for us as we head into the next 12, 24, 36 months,” McGrail says.
Beyond the two dominant markets, McGrail sees pockets of activity but no challenge to the balance of the portfolio. In Qatar, he points to a recovery taking shape towards the end of last year, with WSP active on the Qatar Children’s Museum and continuing its long-running work with the Public Works Authority (Ashghal). Oman is generating masterplanning work, including reviving the Blue City scheme.
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Riyadh awards $1.5bn metro rolling stock contracts14 October 2026
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Saudi Arabia’s Royal Commission for Riyadh City (RCRC) has signed contracts worth about SR5.5bn ($1.5bn) to procure 94 additional trains for the Riyadh Metro network.
Germany’s Siemens and France’s Alstom have been awarded the contracts. They cover rolling stock manufacture, onboard systems, equipment and related services.
The procurement will increase the metro fleet from 183 to 277 trains. Deliveries are due to begin in phases in 2028, with the additional units subject to testing and operational trials before entering service.
RCRC expects the programme to increase the network’s passenger capacity by 60%.
The additional trains will be distributed across the six metro lines based on current demand and projected ridership.
The Red Line will receive the largest capacity increase, at 142%, followed by the Yellow Line at 116% and the Blue Line at 60%. Capacity on the Orange and Purple lines will increase by 27% and 16%, respectively.
Daily capacity on the Blue Line is set to increase from about 340,000 to 533,000 passengers. Capacity on the Red Line will rise from 154,000 to 370,000 passengers a day, while the Yellow Line will increase from 133,000 to more than 288,000.
The expansion is intended to meet rising demand for public transport as Riyadh prepares to host Expo 2030 and the 2034 Fifa World Cup, alongside continued growth in residential, commercial and entertainment developments.
Speaking at the 37th government press conference, RCRC chief executive Ibrahim Al-Sultan said the metro has carried more than 300 million passengers since it began operating.
Average metro ridership rose by about 25% in the first nine months of 2026 compared with the same period in 2025, he added.
The wider Riyadh public transport system, including buses and the metro, is approaching 500 million passenger journeys.
MEED’s October 2026 report on Saudi Arabia includes:
> COMMENT: Saudi projects hold steady
> GOVERNMENT: Riyadh looks to reset its regional defence outlook
> ECONOMY: Conflict bolsters case for Saudi economic diversification
> BANKING: Saudi lenders readjust to lower lending and deposit climate
> UPSTREAM: Aramco upstream spending gathers pace
> DOWNSTREAM: Sabic steps up Saudi petchems investment
> POWER: Saudi Arabia’s power award activity slows
> WATER: Saudi water sector hits sharp slowdown
> CONSTRUCTION: Saudi construction defies the headwinds
> TRANSPORT: Saudi infrastructure pushes forward amid conflict
> DATABANK: Saudi data indicates project spending shiftTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/20582763/main.png