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• 
  On-site work starts for $5.4bn gas project in Algeria

  1 July 2026

  On-site work has started for the $5.4bn gas project in Algeria’s Illizi South block, days after a key meeting between Algeria’s Oil and Gas Minister Mohamed Arkab and the chief executive of the Saudi company Midad Energy, Sheikh Abdulelah Bin Mohammed Bin Abdullah Al-Aiban.

  The total investment of about $5.4bn will be fully financed by Midad Energy, including approximately $288m allocated to the exploration phase.

  It is being developed in partnership with Algeria’s national oil and gas company Sonatrach.

  Structured under Algeria’s Hydrocarbon Law No. 19-13, the agreement spans 30 years, with a 10-year extension option. It includes a seven-year exploration phase.

  The initial exploration phase is worth $288m and will involve 2D and 3D seismic exploration as well as drilling more than 13 appraisal wells, according to a report by the local news service Algerie360.

  The second phase, with an investment value of approximately $5.1bn, will involve drilling approximately 60 wells and constructing four natural gas compression units.

  The project is projected to produce a cumulative total of 125 billion cubic metres of natural gas and 204 million barrels of liquid hydrocarbons over 30 years.

  This will include 103 million barrels of liquefied petroleum gas and 101 million barrels of condensate.

  Midad Energy has also stated its intention to further expand its investment in Algeria’s oil and gas industry and explore new joint investment opportunities with Sonatrach.

  Algeria’s president, Abdelmadjid Tebboune, signed a presidential decree ratifying the development agreement in March.

  Presidential Decree No. 26-113 was issued on 8 March 2026 and underpinned by Articles 91-7 and 141.

  It approved a contract signed in Algiers on 13 October 2025 between Sonatrach and Midad Energy.

  The contract granted both companies the rights to explore and exploit hydrocarbons in the Illizi South area. Algeria’s National Agency for the Valorisation of Hydrocarbon Resources (Alnaft) announced the contract award on 11 October 2025.

  The block is located about 100 kilometres south of In Amenas, which was raided by Al-Qaeda-linked terrorists in 2013, leading to a hostage crisis.

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

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

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

  > AGENDA: Gulf aviation ambitions face uncertain future > AIRPORTS: Dubai and Riyadh reaffirm airport ambitions > MARKET FOCUS: Levant recovers in three speeds  > INDUSTRY REPORT: Dubai eyes tourism sector recovery > INTERVIEW: EtihadWE prepares roadmap for future projects  > PROJECTS MARKET: Mena project momentum holds despite conflict  > DATA CENTRES: Big Tech falls short on data centre promise > SAVINGS: Retirement creates multibillion-dollar opportunity for region   > LEADERSHIP: Aramco’s citizen developers accelerate digital change

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

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  Wil Crisp
• 
  Gulf aviation’s toughest test since the pandemic

  30 June 2026

  Commentary
  Colin Foreman
  Editor

  The conflict that erupted on 28 February has tested Gulf aviation more severely than any event since the Covid-19 pandemic. Yet the sector’s response has revealed both its vulnerability and its underlying resilience in equal measure.

  The scale of the disruption has been severe. Between 28 February and 5 March alone, more than 15,000 flights were cancelled across seven major regional airports. Jet fuel prices are expected to average $152 a barrel this year, almost 70% above 2025 levels, while the International Air Transport Association now forecasts global airline net profit of $23bn in 2026, roughly half its earlier projection. 

  For Gulf hub carriers, whose business models depend on stable long-haul routings and transfer traffic, the financial hit has been unavoidable.

  The sector’s response has revealed both its vulnerability and its underlying resilience

  What is striking, however, is the speed and confidence of the recovery. Etihad is already operating at 90% of pre-war capacity, with fares back at pre-war levels and no plans to discount. Emirates, despite flying at just 58% of its capacity in March, posted a record annual profit and announced a 20-week salary bonus for staff. Riyadh Air pressed ahead with five new destinations in June. Dubai and Riyadh are together preparing to award tens of billions of dollars in airport construction contracts before the year is out.

  The pattern is consistent across tourism, too. Hotel and resort construction contracts in the GCC have already surpassed last year’s full-year total, and sovereign entertainment projects such as the Sphere Abu Dhabi are being formalised mid-conflict. Governments are making clear that their long-term infrastructure ambitions are not contingent on short-term demand.

  The coming months will determine how quickly international airline confidence, and the passengers that follow it, returns to the Gulf. The signals from within the region point firmly in one direction.

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

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

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

  > AGENDA: Gulf aviation ambitions face uncertain future > AIRPORTS: Dubai and Riyadh reaffirm airport ambitions > MARKET FOCUS: Levant recovers in three speeds  > INDUSTRY REPORT: Dubai eyes tourism sector recovery > INTERVIEW: EtihadWE prepares roadmap for future projects  > PROJECTS MARKET: Mena project momentum holds despite conflict  > DATA CENTRES: Big Tech falls short on data centre promise > SAVINGS: Retirement creates multibillion-dollar opportunity for region   > LEADERSHIP: Aramco’s citizen developers accelerate digital change

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

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  Colin Foreman
• 
  DP World and Bahraini firm break ground on Jafza facility

  30 June 2026

  Dubai-based ports operator DP World and Lintara Properties, the real estate development arm of Bahrain-headquartered Arcapita Group Holdings, have commenced construction of a new 20,000-square-metre (sq m) build-to-suit logistics facility at Jebel Ali Free Zone (Jafza) in Dubai.

  The Grade A asset is being developed by Lintara Properties and will be operated by DP World as part of its integrated, end-to-end supply chain offering in the region.

  The project is slated for completion in Q1 2027.

  The facility will provide high-clearance warehousing, temperature-controlled zones, dedicated dangerous goods storage, office accommodation and related operational support amenities.

  The latest announcement follows Arcapita’s agreement last week with US-based firm Hines to establish an investment platform focused on industrial and logistics real estate assets across the GCC.

  The initiative will be supported by Lintara Properties.

  Arcapita has also signed an agreement with Asmo, the logistics joint venture of Saudi Aramco and DHL Supply Chain, to deliver a 1.4 sq m built-to-suit logistics complex at King Salman Energy Park (Spark) in Saudi Arabia.

  The project will feature a 43,000 sq m temperature-controlled Grade A warehouse; more than 3,000 sq m of office space and staff amenities; 5,300 sq m dedicated to chemical storage; and an open yard spanning about 1.2 million sq m.

  Planned for large-scale industrial use, the site is expected to incorporate advanced warehouse and building management systems, end-to-end digital connectivity, and automation and robotics.

  Lintara Properties was formally launched in October last year as a dedicated real estate asset management, development and investment advisory firm.

  ---

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

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

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

  > AGENDA: Gulf aviation ambitions face uncertain future > AIRPORTS: Dubai and Riyadh reaffirm airport ambitions > MARKET FOCUS: Levant recovers in three speeds  > INDUSTRY REPORT: Dubai eyes tourism sector recovery > INTERVIEW: EtihadWE prepares roadmap for future projects  > PROJECTS MARKET: Mena project momentum holds despite conflict  > DATA CENTRES: Big Tech falls short on data centre promise > SAVINGS: Retirement creates multibillion-dollar opportunity for region   > LEADERSHIP: Aramco’s citizen developers accelerate digital change

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

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  Yasir Iqbal
• 
  Read the July 2026 MEED Business Review

  30 June 2026

  Download / Subscribe / 14-day trial access

  The events that unfolded from 28 February delivered the Gulf aviation sector its toughest test since the Covid-19 pandemic.

  Missile and drone attacks exposed the fragility of one of the region’s most vital economic engines, triggering unprecedented disruption. In just one week, more than 15,000 flights were cancelled across seven major Gulf airports, leaving over 1.5 million passengers stranded and sending shockwaves through global travel networks.

  While the Gulf's national airlines have largely restored services, many international carriers remain absent, highlighting the lasting impact of the crisis.

  So what does this mean for the future of Gulf aviation? In the July issue of MEED Business Review, MEED editor Colin Foreman examines how the industry responded under extraordinary pressure – and why the crisis revealed not only its vulnerabilities, but also the remarkable resilience that will shape its next chapter.

  July’s market focus is on the Levant, and finds the region’s three markets – Jordan, Lebanon and Syria – recovering at different speeds and from very different starting points. 

  This edition also includes a tourism report as the first signs of recovery begin to emerge in Dubai, and the region presses ahead with tourism projects. 

  In the latest issue, we speak to EtihadWE about its roadmap for future projects, examine why the Mena projects market continues to show remarkable resilience despite regional conflict, and investigate whether Big Tech is delivering on its data centre ambitions.

  We also explore the multibillion-dollar opportunity emerging from the region’s evolving retirement savings market and discover how Aramco's citizen developers are accelerating digital transformation from within.

  We hope our valued subscribers enjoy the July 2026 issue of MEED Business Review. 

  

   

  Must-read sections in the July 2026 issue of MEED Business Review include:

  > AGENDA: Gulf aviation ambitions face uncertain future

  > AIRPORTS: Dubai and Riyadh reaffirm airport ambitions

  INDUSTRY REPORT: Tourism investment > Dubai eyes tourism sector recovery > GCC presses ahead with tourism projects

  > INTERVIEW: EtihadWE prepares roadmap for future projects 

  > PROJECTS MARKET: Mena project momentum holds despite conflict

  > DATA CENTRES: Big Tech falls short on data centre promise

  > SAVINGS: Retirement creates multibillion-dollar opportunity for region

  > LEADERSHIP: Aramco’s citizen developers accelerate digital change

  > INTERVIEW: Samsung E&A’s hydrocarbons business rooted in Mena

  > LEVANT MARKET FOCUS: 
  > COMMENT: Levant recovers in three speeds
  > GOVERNMENT: Jordan consolidates as deeper reforms lag
  > BANKING: Caution governs Jordanian bank lending
  > POWER & WATER: Record investment drives Jordan’s utilities market
  > ECONOMY: Gulf liquidity outpaces Syria’s financial revival
  > PROJECTS: Momentum builds for Syrian projects
  > OIL & GAS: Activity ramps up in Syria’s oil and gas sector
  > CONSTRUCTION: Prospects improve for Levant construction
  > OIL & GAS: Lebanon taps foreign players to assess resources
  > DATABANK: Jordan faces fresh round of challenges

  > MEED COMMENTS: 
  > UAE clears the path for recovery
  > Water tariffs near their floor
  > Petrofac seeks to reclaim lost ground
  > The UAE’s eastern pivot

  > GULF PROJECTS INDEX: Gulf index extends growth streak into 15th month

  > MAY 2026 CONTRACTS: Middle East contract awards

  > ECONOMIC DATA: Data drives regional projects

  > OPINION: The price of permanent risk

  > BUSINESS OUTLOOK: Finance, oil and gas, construction, power and water contracts

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

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  MEED Editorial
• 
  L&T wins feed contract for Oman green steel project

  30 June 2026

  Singapore-based Meranti Green Steel has awarded Indian contractor Larsen & Toubro (L&T) the front-end engineering and design (feed) work for its project to develop a major green iron production facility in the Indian Ocean coastal city of Duqm in Oman.

  The feed work will be carried out by L&T’s Minerals and Metals business, .

  Located within the Special Economic Zone at Duqm (Sezad) in the sultanate’s Al-Wusta Governorate, Meranti’s planned green iron complex will have the capacity to produce 2.5 million tonnes a year (t/y) of hot briquetted iron (HBI).

  The Singaporean firm received a conditional allocation of natural gas feedstock for the proposed facility from Oman’s state-owned Integrated Gas Company last July. To be produced using natural gas and a portion of green hydrogen, Meranti’s green HBI will provide steelmakers with a transportable, low-CO₂ iron unit suitable for electric arc furnace steelmaking.

  Separately, Meranti recently appointed Italian firm Bedeschi to supply the material-handling systems for the HBI plant in Sezad. “Their work will shape how iron ore pellets move into the plant and how green HBI moves out towards the port,” .

  As it progresses towards final investment decision (FID) on the project – now expected in Q3 this year – Ruaya Rajab Al-Kathiri Law Firm (RAK) as local legal counsel and Norton Rose Fulbright as international legal counsel.

  The RAK team is led by partners Rajabalkathiri and Ruaya Al-Kathiri, while the team at Norton Rose Fulbright is led by partner Andrew Digges.

  Meanwhile, New York-based Marsh Risk has secured the role of insurance adviser and broker for the Meranti green HBI project.

  “Together with Marsh Risk, we are developing the project’s insurance programme across both the construction and operational phases, including risk reviews of project agreements, engagement with lenders, EPC and O&M contractors, and insurance and reinsurance market assessments,” .

  Offtake agreements

  Meranti Green Steel has secured full offtake coverage for the first module of its green HBI production, covering the full planned Module 1 capacity of 2.5 million t/y. Volumes are allocated across four partners, including 1 million t/y to Thyssenkrupp Materials Trading and 250,000 t/y to Interfer Edelstahl & Interfer Austria.

  The remaining volumes will be supplied to Glencore and to Meranti’s new steel plant in Rayong, Thailand, to support the ramp-up of its green hot-rolled coil production.

  The offtake agreements also include the allocation of additional volumes among the four offtakers for a potential second HBI module in Oman, subject to certain conditions being met.

  Distribution among offtakers is structured as follows: Thyssenkrupp Materials Trading will focus on Germany, Belgium and the Netherlands; Interfer Edelstahl & Interfer Austria will focus on Italy and Austria; and Glencore will focus on other markets.

  “These long-term offtake arrangements underpin the commercial viability of Meranti’s green HBI project in Oman and support further progress toward the FID. The offtake agreements include key commercial terms including pricing frameworks, product specifications, and delivery start and duration,” Meranti said in an earlier statement.

  “Oman’s competitive energy costs, access to renewable power, local raw material processing and supportive regulatory framework enable scalable, cost-competitive low-carbon iron production,” the company added.

  “By supplying green HBI through a diversified offtake structure that includes global traders, MGS ensures broad market access to low-CO₂ iron units, also for smaller electric arc furnace [based] producers. Meranti’s approach supports decarbonisation across both integrated and electric arc furnace steelmaking routes, while maintaining supply reliability, flexibility and cost efficiency,” it said.

  ALSO READ: India’s Jindal Steel to build $390m facility in Oman

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  Indrajit Sen