Middle East contract awards: January 2024
22 February 2024

The region kicked the new year off with $30.5bn of contract awards, which is the biggest value ever recorded in the first month of the year since MEED began tracking contract awards in January 2014.
Six countries in the region recorded contract award values above $1bn, led by Saudi Arabia with $11bn. The oil sector saw the biggest value of deals signed at $8.1bn followed by the construction industry with $7.4bn.
Saudi Arabia
The biggest contract awarded in Saudi Arabia in January stems from the Neom gigaproject. Italian contractor WeBuild secured an estimated SR20bn ($5bn) contract to build dams that will create an artificial lake at the heart of the Trojena mountain resort, which is due to host the Asian Winter Games in 2029.
In December 2023, the value of work already awarded at Neom was only a fraction of the hundreds of billions of dollars-worth of expected contracts that have yet to be inked. About $21bn of contracts have been tendered, while the majority of projects have entered the design stage.
UAE
The UAE recorded the second-biggest value of deals let in January, with $7.9bn of awards. The largest deal signed was a $2.4bn contract awarded by Abu Dhabi National Oil Company (Adnoc) to Egyptian contractor Engineering for Petroleum & Process Industries (Enppi) to build a west-to-east pipeline to transport crude oil produced in Abu Dhabi to the UAE’s northern emirate of Fujairah.
Download the Middle East contracts awarded for January 2024
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Qatar
Qatar saw the third-largest value of deals signed in January at $5.1bn, spurred by four awards worth a total of $6bn for engineering, procurement and construction (EPC) works on the Ruya project, which aims to increase oil production from the Al Shaheen offshore oil field by about 100,000 barrels a day (b/d).
The winner of the biggest package, valued at $2.1bn, was a consortium of the US’ McDermott and Qingdao McDermott Wuchuan Offshore Engineering Company.
Following the conclusion of the Fifa World Cup 2022, the expectation now is that Qatar will resume its development plans and start awarding major contracts.
There are currently several strategic projects in the country’s pipeline that are expected to provide renewed impetus to the construction and transportation market and present opportunities to contractors in the short term.
Egypt
Egypt saw $1.98bn of deals signed in January, with the largest comprising two chemicals contracts worth a total of $2bn. The contracts are for phase three of a nitrogen fertiliser and phosphate industrial complex project in Egypt’s Ain Sokhna region and were won by a team of Petrojet and Ballestra and a team of Petrojet and Wuhan Engineering.
Oman
Oman, meanwhile, recorded $1.96bn of awards in January, the biggest an $800m contract for the Marsa liquefied natural gas (LNG) terminal. French energy major TotalEnergies selected Technip Energies to build the LNG bunkering and export terminal in Oman’s northern city of Sohar.
Kuwait
Kuwait saw $450m of contracts signed in January, most of which was due to a $442m deal let by the Electricity & Water Ministry for the rehabilitation of the Al Zour South power and water distillation station.
Algeria
Algeria rounded out the list of countries that recorded more than $1bn in contract signings in January, with $1.2bn of deals signed. The country saw 1GW of solar photovoltaic contracts awarded during the month by state-owned Algerian Renewable Energies Company (Shaems). Algeria expects the solar projects to generate $3.2bn-$3.6bn in investment.
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Iraq
Iraq recorded $605m of deals inked in January, with the biggest a $400m contract awarded by the Oil Ministry to Petrochina for the Nahr Bin Omar gas utilisation project.
Tunisia
Tunisia recorded a contract award value of $200m off the back of a single deal – a design-and-build contract for the construction of a 2.1-kilometre viaduct linking Tunis and Bizerte, let by the Equipment, Housing & Land Planning Ministry to China’s Sichuan Road & Bridge Group. The European Investment Bank and African Development Bank are co-financing the project.
Jordan
Jordan saw $137m of deals signed in January, the largest an $80m contract inked by the country’s water authority for package one of a project to construct sewer networks, pumping stations and force mains in areas of Karak.
Kuwait
Kuwait recorded $127m of awards in the first month of the year, the largest a $42m contract awarded by the Electricity, Water & Renewable Energy Ministry to South Korea’s Taihan Electric Wire Company for the supply and installation of 400kV overhead lines running from Khairan to Wafra and Sulaibiya.
Bahrain
Bahrain, meanwhile, saw a single $69m deal signed in January, let by the Electricity & Water Authority to TBEA Shandong Luneng Taishan Cable Company for the construction of a 400kV grid substation and 220kV subsystem in Jasra.
Libya
Libya also recorded a single contract award for the month – a $64m deal signed by the Libyan Administration of Roads & Bridges with Egypt’s The Arab Contractors for the reconstruction of two bridges in the city of Derna.
For more up-to-date information on the region’s largest projects, go to MEED Projects, which tracks trillions of dollars-worth of schemes.
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Qatar’s Public Works Authority (Ashghal) has tendered a contract for the design and construction of the Mekeines to Umm Bab Link Road and associated infrastructure.
The tender was issued on 29 October, with a bid submission deadline of 22 December.
The scope comprises:
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- Dedicated non-motorised user facilities, footpaths and shared-use cycle paths
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Under the scope of work, the appointed contractor will execute full design verification and turnkey construction under Ashghal’s standard Building and Engineering Design and Build General Conditions of Contract (2018 Edition) on a lump-sum basis. Engineering subconsultants must hold Grade 1 or International classification with the Ministry of Municipality across civil, architectural, mechanical and electrical engineering disciplines.
The contract stipulates an execution period of 1,260 calendar days (3.5 years) from the commencement date, followed by a 400-day maintenance liability period.
The project is open to local and international contractors classified as Grade A in roads specialisation by Qatar’s Ministry of Finance (MoF).
Foreign firms may participate independently or within a joint venture, provided the joint venture leader holds the requisite classification, by registering through the MoF e-procurement portal with attested equivalent certification from their home countries.
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The link road serves as a critical logistics corridor connecting western settlements, residential districts and industrial installations, including concession areas operated by QatarEnergy.
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Contractors prepare bids for Petro Rabigh bottom-of-the-barrel project30 October 2026

Contractors are preparing proposals for Saudi Arabia’s Rabigh Refining & Petrochemical Company (Petro Rabigh) for a major project to increase output and improve the efficiency of its integrated refining and petrochemicals complex in Rabigh, on the kingdom’s Red Sea coast.
Petro Rabigh’s downstream complex, which is majority-owned by Saudi Aramco, includes a topping refinery with a 340,000-barrel-a-day (b/d) crude-distillation unit, a 47,000 b/d hydrotreater, a 12 million-cubic-feet-a-day hydrogen plant, a 75,000 b/d naphtha Merox unit and a 60,000 b/d kerosene Merox unit. The complex also includes supporting utilities, product tankage and a marine terminal.
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Petro Rabigh aims to achieve residue-conversion capacity of about 64,000 to 75,000 b/d by adding integrated fuel-oil upgrading and diesel-treatment units.
The company issued the main tender for engineering, procurement and construction (EPC) works earlier this year. Contractors have until 19 November to submit proposals, sources told MEED.
The following companies are understood to be among those bidding for the project:
- CTCI Corporation (Taiwan)
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Petro Rabigh appointed Australia-headquartered Worley last year to carry out front-end engineering and design (feed) work for the bottom-of-the-barrel project.
MEED also reported that Petro Rabigh appointed Worley to provide engineering and project-management consultancy (PMC) services for the project in the first quarter of this year.
Under the contract, Worley will carry out engineering studies and PMC functions. It will also support the development of cost estimates, project-specific execution procedures and technical procedures in line with Saudi Aramco guidelines. The work covers both the design-basis scoping-paper stage and the subsequent feed stage.
Petro Rabigh will draw on Worley’s expertise in design, procurement and processing technologies, including light-naphtha isomerisation; vacuum-residue processing through deasphalting and dewaxing; an ebullated-bed configuration integrated with the diesel-hydrotreating section; and unconverted-oil hydrotreatment.
Worley recently confirmed its contract award from Petro Rabigh, saying it will deliver engineering, project management, procurement support and related consultancy services for projects across its client’s portfolio.
The scope includes developing design-basis documents, conducting technical evaluations, preparing cost estimates, supporting feed tender packages and providing detailed engineering and execution-phase support as projects advance through development and delivery.
The services will support the evaluation and development of potential new facilities and infrastructure across the complex, including process units, utilities, sulphur recovery facilities and associated infrastructure.
“The work will help Petro Rabigh advance future projects aimed at enhancing the long-term value and performance of its refining and petrochemicals operations,” Worley said in a statement on 28 October.
Separately, Petro Rabigh awarded US-based KBR a 10-year maintenance contract in February to support its polymer plants in Rabigh.
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In March 2024, Petro Rabigh also awarded KBR a similar five-year asset-condition-monitoring contract. Under that programme, KBR is providing predictive-maintenance services at Petro Rabigh’s main plant.
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Contractors submit Riyadh Expo KSA pavilion bids30 October 2026

Contractors submitted bids on 25 October for a contract to design and build the Saudi Arabia pavilion at the Expo 2030 Riyadh site.
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External public realm works are also included.
Expo 2030 Riyadh Company (ERC), tasked with delivering the Expo 2030 Riyadh venue, issued the main tender on 19 May, as MEED exclusively reported.
Earlier this week, ERC appointed UK-based Mace as procurement advisory consultant for Expo 2030 Riyadh, supporting procurement activities across the programme.
Under the appointment, Mace will provide procurement services and advise on the management and delivery of procurement activities, with the aim of supporting the expo’s wider programme objectives.
Expo 2030 Riyadh will run from October 2030 to March 2031 with the theme Foresight for Tomorrow, with host authorities projecting approximately 42 million visits.
The masterplan covers 6 square kilometres, making it one of the largest sites ever designated for a World Expo event.
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The Public Investment Fund, Saudi Arabia’s sovereign wealth vehicle, launched Expo 2030 Riyadh Company – a wholly owned subsidiary – in June 2025 to build and operate facilities for Expo 2030.
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Oman announces $790m industrial investment deals30 October 2026
Oman’s Public Authority for Special Economic Zones and Free Zones has signed 28 investment agreements worth more than RO304m ($790m) for new projects and expansions across the country’s special economic zones, free zones and industrial cities.
The agreements cover more than 2 million square metres (sq m) of land and span industrial manufacturing, food production, logistics, recycling and commercial activities.
About $383.6m of the investment has been allocated to industrial cities operated by the Public Establishment for Industrial Estates (Madayn). Sohar Free Zone accounted for $152m, followed by the Special Economic Zone at Duqm (Sezad) with $143.1m, Salalah Free Zone with $85.6m and Khazaen Economic City with more than $27m.
The projects are expected to support Oman’s efforts to diversify its economy, expand industrial production and attract private investment in line with Oman Vision 2040.
Investment deals
In Sohar Industrial City, Atlas Steel will invest more than $291.1m in a plant producing iron and steel products on a site of about 440,000 sq m.
Fujian Mancheng Industries & Investment will invest $52m in a ceramics facility covering more than 241,000 sq m. Other investments in Madayn’s industrial cities include an $18.2m phosphate and nitrogen fertiliser plant planned by Gulf Company for Organic and Biological Fertilisers in Raysut, as well as projects involving structural metal products, paper and corrugated cardboard, and oil and gas equipment and services in Raysut, Ibri and Nizwa.
In Sohar Free Zone, Sohar Automotive & Advanced Industries Company will invest $98.8m in an automobile assembly complex covering 317,000 sq m. The complex aims to attract vehicle manufacturers, automotive supply-chain companies and advanced-manufacturing businesses.
Voltamp High Voltage Transformers has announced a $39m investment in a plant that will produce power and electrical-distribution transformers for regional and international markets.
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ALSO READ: Oman’s Madayn prepares $637m investment drive
In Sezad, Al-Jazir Feed Plant will invest $104m in a shrimp-feed facility to support an integrated shrimp-farming project.
In Salalah Free Zone, Al-Nawras Industries will invest $50m in a steel-structures manufacturing facility, while Integrated Gypsum Company will invest $20m in gypsum-products production. Marai Dhofar will invest $15.6m in the production of Italian cheeses and other dairy products.
Projects in Khazaen Economic City include a plant by Aleemit International Services to manufacture electric-vehicle chargers and components, with an investment of more than $8.8m, and a $6.5m facility by Joger Modular Building Technologies to produce precast-concrete building components.
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Sabic swings back to profit in Q3 with $224m net income30 October 2026
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Saudi Basic Industries Corporation (Sabic) returned to profitability in the third quarter of the year, reporting adjusted net income of SR840m ($224m) as revenue and earnings improved from the previous quarter.
The Saudi chemicals giant had posted an adjusted net loss of $100m in the second quarter.
Revenue increased 14% on a quarter-on-quarter basis to $7.51bn, while adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) climbed 40% to $1.27bn. Adjusted Ebitda surged 434% to $578.67m.
Sabic’s net debt stood at $808m as of 30 September compared with $728m as of 30 June.
Adjusted earnings per share rose to SR0.28 ($0.07) from a loss of SR0.13 ($0.03).
The recovery occurred despite persistent margin pressure across the global petrochemicals sector and heightened geopolitical risk in the Middle East.
Additionally, Sabic said it achieved $949.33m of its broader portfolio optimisation programme target of $3bn by 2030 in positive recurring Ebitda impact from its transformation efforts.
During the third quarter, Sabic received its Local Content Certificate for 2025 from the Local Content and Government Procurement Authority, recording a score exceeding 61% – an increase of more than nine percentage points over the prior evaluation period. The company attributed the increase to domestic procurement agreements, including a memorandum of understanding with Lenovo.
Capital projects
After several years of subdued project spending, Sabic is beginning to step up investment in new production capacity, with major projects reaching key milestones this year.
In February, affiliate Petrokemya awarded China National Chemical Engineering Group Corporation the main engineering, procurement and construction (EPC) contract for a new ethylene oxide catalyst production facility. The 4,000-tonne-a-year (t/y) unit at Jubail Industrial City includes catalyst carrier washing, drying facilities and associated utilities.
Major ammonia-urea complex
In September, Sabic Agri-Nutrients awarded South Korea’s Samsung E&A a $3.465bn EPC contract for its seventh production complex in Jubail Industrial City (San VII).
The project will have an annual capacity of approximately 1.2 million metric tonnes of conventional ammonia and 2.6 million tonnes of urea, integrated with a post-combustion carbon-capture unit.
The Ministry of Energy approved feedstock allocation for the project in March. San VII will expand the company’s total urea capacity by 54%, from approximately 4.8 million t/y to 7.4 million t/y.
The development reflects a shift in project scope. Originally conceived as San VI – a low-carbon facility designed to yield 1.2 million t/y of blue ammonia alongside specialised nutrients – the scheme was re-engineered as a conventional ammonia and urea plant using carbon-capture systems to manage emissions intensity.
Construction is scheduled to begin in the fourth quarter of 2026. Commissioning is slated for the third quarter of 2030, with full commercial operation targeted before year-end 2030.
Sabic Agri-Nutrients positions the project as central to its 2040 strategy to expand export market share and support international supply chains.
Greenfield methanol plant
San VII is not the only major project moving forward.
Also in September, Sabic subsidiary Saudi Methanol Company (Ar-Razi) secured feedstock approval from the Ministry of Energy to build a 1.8 million t/y greenfield methanol plant in Jubail.
The project aligns with Sabic’s focus on scale in core petrochemical chains and provides intermediate feedstock for expanding domestic downstream manufacturing.
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