Related Articles

• 
  Building on UAE-Turkiye trade

  4 July 2025

  This package on UAE-Turkiye relations also includes:

  > UAE-Turkiye trade gains momentum
  > Turkiye’s Kalyon goes global
  > UAE-Turkiye financial links strengthen
  > Turkish Airlines plans further growth

  ---

  

   

  The UAE-Turkiye Comprehensive Economic Partnership Agreement (Cepa) that came into effect in September 2023 has already exceeded expectations. 

  Non-oil trade between the UAE and Turkiye grew by 11.5% in 2024, reaching a total of $40.5bn. This milestone surpasses a target of the Cepa three years earlier than planned. As a result, Turkiye is now the UAE’s fourth-largest non-oil trading partner, rising from seventh place in 2021.

  Trade between the UAE and Turkiye is growing strongly, with both countries increasingly viewed as strategic hubs for accessing broader markets. 

  The growth story builds on already established business links between the two countries. 

  “UAE-based companies and funds are already very active in Turkiye,” says Burak Daglioglu, president of the investment and finance office of the Presidency of the Republic of Turkiye. 

  “Firms like DP World and others in private equity and venture capital are playing a key role.”

  Strengthening ties

  Since the Cepa was signed in 2023, bilateral investment has accelerated, with Turkish companies also expanding into the UAE. 

  “That’s the mark of a healthy relationship,” he says. “When it’s balanced and bilateral, it’s more sustainable.”

  He adds that companies in both countries see the other not just as a market, but as a hub. “UAE firms use Turkiye to access Europe and Central Asia; Turkish firms use the UAE to reach Asia and Africa. This creates a complementary strategy for both sides.”

  In the energy sector, the focus is on renewables, with UAE firms eyeing major solar and wind projects in Turkiye. “We have huge potential in renewables, and there are ongoing talks with UAE investors,” says Daglioglu.

  In technology, Turkiye is emerging as a regional player in artificial intelligence (AI), financial technology (fintech), and healthcare technology.

  “Our infrastructure is increasingly AI-ready,” he says. “We have data centres, renewable power sources and connectivity. 

  “We also have a robust startup ecosystem, with early-stage funding rising from under $100m a decade ago to over $1bn today.”

  Defence is another key area of cooperation. “There are some ongoing projects in the defence sector between Turkiye and the UAE,” Daglioglu says. “It’s better not to name names at this stage, but it’s a promising area.”

  Venture capital (VC) is also playing an important role in promoting regional innovation. “Ten years ago, the startup scene was nascent. Now, it’s a cornerstone of our investment strategy. Dubai, as a regional VC hub, has been instrumental.”

  To support this growth, Turkiye has developed local VC legislation and attracted international funds, including those from Saudi Arabia, UAE family offices and corporate investors. A joint UAE-Turkiye technology fund worth $300m is also nearing finalisation. 

  “It’s not just about exits anymore. Turkish startups are scaling regionally and globally, with Dubai often serving as their capital and client gateway.”

  Turkiye is also a major industrial hub and, with a population of 85 million, has extensive human resources. “We have the talent, the infrastructure and the resilience,” he says. 

  “From automotive and mobility to chemicals and energy storage, we are expanding our industrial base.”

  We have huge potential in renewables, and there are ongoing talks with UAE investors

  Looking ahead

  Turkiye’s trade with the UAE and the rest of the GCC could be enhanced even further with the Development Road project, which is a 1,200-kilometre highway and railway linking Iraq’s southern Faw Port to Europe through Turkiye. 

  “The Development Road will not happen overnight – it’s a long-term, complex undertaking,” Daglioglu says. “But its impact will be global. Reducing shipping lead times between Asia and Europe by up to a week is hugely significant in today’s fast-moving markets.”

  Designed to connect the Gulf to Europe through Turkiye, the Development Road includes a high-speed rail network for both cargo and passengers, as well as a parallel motorway.

  For Daglioglu, the Development Road corridor offers Turkiye, the UAE and the GCC  states another platform for economic diversification.

  “This is more than a transport project, it’s a regional realignment,” he says. 

  “It will unlock a flow of goods, people, capital and data. Fibre infrastructure can run alongside the rail and motorway, creating a dual-purpose corridor that will support our AI and digital economy ambitions.”

  Historically, Turkiye has been well integrated with northern markets in Europe. Due to years of conflict in Iraq and Syria, however, its southern connectivity has lagged. 

  The Development Road, along with recent discussions to reopen direct links with Syria, offers opportunities for southern expansion.

  “We have invested heavily in northern logistics. Now, it’s time to strengthen our southern corridor,” Daglioglu says. “The Development Road could finally make direct access to the GCC markets a reality.”

  The corridor could also open up new avenues for digital infrastructure, such as subsea cables and terrestrial fibre,
  further linking the region’s digital economies.

  “This could be the basis for a digital Silk Road, supporting everything from AI to fintech.” 

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  Colin Foreman
• 
  Soudah Peaks outlines project construction plans

  3 July 2025

  

   

  Register for MEED’s 14-day trial access 

  Saudi Arabia’s Soudah Development Company (SDC) has outlined plans to tender the upcoming construction work at its Soudah Peaks project in the Aseer region.

  While presenting a webinar hosted by MEED on 3 July, Daniel McBrearty, chief development officer at Soudah Peaks, said: “We have several packages ready to be floated to the market by the end of this year.

  “The most immediate of these is the development of site-wide infrastructure required for the project.

  “The high-voltage electrical infrastructure catering to Soudah Peaks will be tendered by Saudi Electricity Company.”

  This package includes one bulk supply point with a capacity of 380kV /132kV, two primary substations and 142 distribution substations.

  The development will also require 15 water storage tanks and pump stations. The tanks will have a storage capacity of 93,150 cubic metres to cater to an expected demand of about 10,984 cubic metres a day (cm/d).

  A total of 14 sewage treatment plants are also planned, with a total capacity of 10,690 cm/d. The development will require 52 sewage lifting stations.

  The infrastructure package will also cover 24 mobile telecommunications or GSM (global system for mobile communications) towers and the relocation of eight existing GSM towers, as well as a package for the drainage culvert.

  SDC began the project procurement process in May when it floated a tender to bid for a contract to develop an employee housing package that will be developed using a design, build, finance, operate and maintain model.

  The tendering timelines are: WP1 Zone 1 Tahlal Town Centre: May 2026 WP2 Zone 1 Tahlal Ridge: August 2026 WP3 Zone 1,2,3,6 Tahlal residential, Sahab, Sabrah and Redrock: June 2026 WP4 Zone 5 Rijal: April 2026 WP5 Site-wide infrastructure: December 2025 General Contractor: Floated in May 2025 Contractor Workforce Housing: Floated in March 2025

  Six development zones

  “The overall masterplan covers an area of more than 635 square kilometres and consists of six development zones: Tahlal, Sahab, Sabrah, Jareen, Rijal and Red Rock,” McBrearty said.

  Tahlal will offer a mix of residential, hospitality, heritage and retail facilities, along with an 18-hole golf course and the Watan Am-Soudah heritage village.

  Sahab will be an international destination for adventure sports and recreation. It will provide views across the valley and within the rolling plateau landscape.

  Sabrah will provide a luxury residential destination supported by high-end hospitality. The development is designed to be integrated within the contours of the southern plateau of Soudah Peaks, with a focus on natural open spaces.

  Rijal will be a hospitality destination with integrated views through to the Rijal Cultural Village. The development will be built around the existing village, which gives it its character.

  The Red Rock zone will offer luxury hospitality, with mansions and glamping camps set within the national park.

  Jareen will allow guests to connect with nature through its agricultural landscape. Visitors can expect authentic experiences such as exploring the mountainside on walking paths and visiting local organic farms.  

  Jareen will be developed as part of the third phase, when the infrastructure and connectivity are fully established within the development.

  Three phases

  “The masterplan will be developed in three phases, and the first phase will include the development of five out of the development’s six zones,” McBrearty said.

  The overall development will offer 2,810 hotel rooms, 1,337 residential units and 30 other attractions.

  The first phase will include 940 hotel keys, 391 residential units and 1,025 staff accommodation units.

  The second phase will increase the total to 1,735 hotel rooms, 641 residential units and 2,150 staff accommodation units.

  The final phase will have over 2,810 hotel rooms, 1,337 residential units and 3,022 staff accommodation units.

  We have several packages ready to be floated to the market by the end of this year. The most immediate of these is the development of site-wide infrastructure
  Daniel McBrearty, Soudah Peaks

  Companies engaged

  In March, SDC appointed US-based engineering firm Aecom as the lead design consultant for the Soudah Peaks development.

  Aecom’s scope of work covers the design work for the first phase of the development.

  Last year, SDC appointed another US-based engineering firm, Parsons Corporation, as the project management consultant for the development.

  Parsons’ scope of work includes project management and site supervision services for the six development zones.

  Project background

  Soudah Peaks is a mountain tourism destination set 3,015 metres above sea level on the country’s highest peak in the Aseer region.

  The project masterplan was formally launched in September 2023 by Saudi Arabia’s Crown Prince Mohammed Bin Salman Al-Saud.

  Speaking at the launch, he said: “Soudah Peaks will be a significant addition to the tourism sector in Saudi Arabia and place the kingdom on the global tourism map while highlighting and celebrating the country’s rich culture and heritage.” 

  Launched in 2021, SDC is wholly owned by Saudi Arabia’s sovereign wealth vehicle, the Public Investment Fund.

  An investment of SR11bn ($3bn) has been planned to develop tourism infrastructure and attractions in the Aseer region in the southwest of the kingdom.

  SDC intends to partner with the local community and private sector to develop hospitality, residential, commercial and entertainment offerings that will attract more than 2 million visitors a year, creating 8,000 direct and indirect permanent jobs by 2030.

  Aseer region seeks new investments for Saudi Arabia

  https://image.digitalinsightresearch.in/uploads/NewsArticle/14194455/main.jpg

  Yasir Iqbal
• 
  Read the July 2025 MEED Business Review

  3 July 2025

  Download / Subscribe / 14-day trial access

  The UAE’s investments in Turkiye, along with the contracts won by Turkish firms in the UAE, highlight the mutual opportunities available to both countries.

  Turkiye is already the UAE’s fourth-largest non-oil trading partner, rising from seventh place in 2021. Last year, non-oil trade between the UAE and Turkiye grew by 11.5%, reaching $40.5bn.

  With this momentum set to continue, MEED's latest issue takes an in-depth look at the growing trade relationship between the two countries. 

  In our 10-page opening Agenda section, MEED editor Colin Foreman speaks exclusively to the president of the investment and finance office of the Presidency of the Republic of Turkiye, Burak Daglioglu, about bilateral investment; and talks to Kalyon Holding CEO Mustafa Kocar about the construction firm’s new focus on the Middle East. 

  There are also interviews with DenizBank CEO Recep Bastug, on the strengthening financial links, and with the vice-president of sales at Turkish Airlines, Erol Senol, on the airline’s plans for further growth. 

  This month’s Levant market focus covers Jordan, Lebanon and Syria and finds all three countries working to recover from recent events beyond their control.

  MEED's latest issue also includes a comprehensive GCC real estate report, covering all six markets in detail. While growth is continuing, the sector is showing signs of facing a more nuanced reality due to economic slowdown, regional tensions, oversupply risks and delivery constraints. Read more here.

  We hope our valued subscribers enjoy the July 2025 issue of MEED Business Review. 

  

   

  Must-read sections in the July 2025 issue of MEED Business Review include:

  > AGENDA: 
  > UAE-Turkiye trade gains momentum
  > Building on UAE-Turkiye trade
  > Turkiye's Kalyon goes global
  > Strengthening UAE-Turkiye financial links
  > Turkish Airlines plans further growth

  > CURRENT AFFAIRS:
  > Middle East tensions could reduce gas investments

  INDUSTRY REPORT: GCC real estate  > GCC real estate faces a more nuanced reality

  > PROJECTS: GCC projects market collapses

  > INTERVIEW: Hassan Allam eyes role in Saudi Arabia’s transformation  

  > INTERVIEW: Aseer region seeks new investments for Saudi Arabia

  > LEADERSHIP: Nuclear power makes a global comeback

  > LEVANT MARKET REPORT: 
  > COMMENT: Levant states wrestle regional pressures
  > ECONOMY: Jordan economy nears inflection point
  > GAS: Jordan pushes ahead with gas plans 
  > POWER & WATER: Record-breaking year for Jordan’s water sector
  > CONSTRUCTION: PPP schemes to drive Jordan construction
  > DATABANK: Jordan’s economy holds pace, for now
  > ECONOMY: Lebanon’s outlook remains fraught
  > RECONSTRUCTION: Who will fund Syria’s $1tn rebuild?

  > MEED COMMENTS: 
  > Dubai's tall towers reach new heights
  > Contractors return to Palm Jebel Ali
  > Nuclear U-turn is an opportunity
  > Adnoc pursues global gas ambition

  > GULF PROJECTS INDEX: Gulf projects index continues climb

  > MAY 2025 CONTRACTS: Mena contract award activity remains subdued

  > ECONOMIC DATA: Data drives regional projects

  > OPINION: A farcical tragedy that no one can end

  > 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
• 
  Algeria plans to expand fertiliser plant

  3 July 2025

  

   

  Algeria’s national oil and gas company Sonatrach is developing a project that will expand the country’s fertiliser plant located in Arzew, according to industry sources.

  Sonatrach has not publicly said when it expects to issue the invitation to bid for the main contract for the project.

  The original $2.4bn contract to develop the Arzew Fertiliser Complex was executed by a joint venture of South Korea’s Daewoo E&C and Japan’s Mitsubishi Corporation.

  The joint venture won the contract in April 2008 and completed the facility in April 2013.

  The fertiliser production complex was built in the Arzew industrial zone near Oran, on the Mediterranean coast.

  It produces ammonia from natural gas, and almost all of the ammonia output is converted to urea for producing granular urea to be used as fertiliser.

  The complex includes two ammonia production units, each with a capacity of 2,000 tonnes a day (t/d).

  It also includes two urea production units, each with a capacity of 3,500 t/d, as well as granulation plants and supporting facilities.

  Sonatrach is currently trying to boost Algeria’s capacity to produce fertilisers.

  In December, a total of six companies were shortlisted as part of the tender process for another fertiliser project in Algeria’s Annaba region, according to information released by the Industrial Group for Fertilisers & Phytosanitary Products (Asmidal).

  Asmidal is a wholly owned subsidiary of Sonatrach.

  The scope of the contract being tendered included preparing a front-end engineering and design (feed) study for a project to create a fertilisers, food phosphates and derivatives complex.

  The project is expected to be worth about $1bn.

  https://image.digitalinsightresearch.in/uploads/NewsArticle/14192053/main.jpg

  Wil Crisp
• 
  Kuwait extends bid deadlines for projects worth $1.57bn

  3 July 2025

  State-owned upstream operator Kuwait Oil Company (KOC) has extended the bid deadlines for four strategic oil projects worth a total of $1.57bn.

  The first contract, estimated to be worth KD292m ($951m), is focused on developing a separation facility in the NK SA/BA Area, close to Gathering Centre 23 (GC-23) and GC-24.

  The scope of the contract also includes a new injection facility at GC-31 and effluent water injection networks in north Kuwait.

  The project’s latest bid deadline has been set for 22 July.

  The second contract is to develop the planned Mutriba remote boosting facility in northwest Kuwait.

  It was originally tendered earlier this year with a bid submission deadline of 29 June. The deadline has now been extended to 27 July 2025.

  The project has an estimated budget of about KD130m ($420m) and its scope includes:

  • Development of the Mutriba oil field
  • Installation of the degassing station
  • Installation of manifolds
  • Installation of condensate facilities
  • Installation of wellhead separation units
  • Installation of the pumping system
  • Installation of wellhead facilities
  • Installation of oil and gas treatment plants
  • Installation of a natural gas liquid plant
  • Installation of a water and gas injection plant
  • Construction of associated utilities and facilities

  The onshore Mutriba oil field is located in northwest Kuwait.

  In October 2024, KOC announced that it was preparing to tender a project management contract for a scheme to develop the field.

  At the time, it said four international companies had been invited to participate in the tender process. These were:

  • Schlumberger (US)
  • Halliburton (US)
  • Baker Hughes (US)
  • Weatherford International (US)

  KOC also said that the list of qualified companies could be extended before the invitation to bid was issued.

  The third project, estimated to be worth $100m, is for an effluent water injection network in north Kuwait.

  Effluent water injection or water flooding is a secondary hydrocarbons recovery technique where produced water is injected into a well’s formation under high pressure and temperature conditions to recover more of the oil initially in place.

  The bid deadline has been extended from 24 June to 22 July 2025.

  The fourth project is estimated to be worth around $100m and is focused on the construction of a new injection network in north Kuwait that will service the Sabriyah/Bahra (SA/BA) area.

  Its bid deadline has also been extended from 24 June to 22 July 2025.

  Kuwait is in the middle of an upstream projects push, in line with its goal of producing 4 million barrels a day of oil by 2035.

  https://image.digitalinsightresearch.in/uploads/NewsArticle/14192034/main.jpg

  Wil Crisp