Middle East contract awards: November 2023
19 December 2023
In November, there were $13.1bn of contract awards in the Middle East and North Africa region, in an almost two-thirds reduction on the record $39bn signed the previous month, according to regional projects tracker MEED Projects. The award value total was also below average when compared to the $20bn average monthly awards over the preceding 12 months and the $15bn long-term average for monthly contract awards.
The strong overall project award activity in 2023, particularly in October, nevertheless leaves the region still potentially on track to match, if not exceed, the record value for annual contract awards set in 2014.
As in previous months, November’s contract awards tally was led by multibillion-dollar awards by regional heavyweights Saudi Arabia and the UAE, along with Qatar.
Saudi Arabia
Saudi Arabia recorded $5.5bn of contract awards in November, the biggest of which were a pair of $1.2bn awards by Saudi Power Procurement Company for the 1.2GW Rabigh combined-cycle power plant and the 1.1GW Al-Hinakiyah solar independent power producer plant.
A $1.2bn, 1.1GW solar project at Al-Hinakiyah was awarded under round four of the kingdom’s National Renewable Energy Programme (NREP) along with the $440m, 400MW solar project at Tubarjal. The projects form part of Saudi Arabia’s plan to install 27.3GW of renewable energy capacity by 2024 and 58.7GW by 2030 through the NREP.
Saudi Arabia’s projects market is set for a further boost following the kingdom’s successful bid to host Expo 2030, with Riyadh stating that it plans to invest $7.8bn into related infrastructure. Activity on the kingdom'a gigaprojects also continues, with MEED estimating in late November that $60.6bn of deals had been inked from 2018 to date.
Qatar
Qatar saw $2.6bn of deals inked in November, with the largest a $1.2bn contract signed by North Oil Company with India’s Larsen & Toubro for the Al-Shaheen oil field development Ruya batch one project, which is part of the estimated $6bn project to increase the production potential of the field. The scope of work involves the installation of a large offshore platform and integration with existing facilities.
Download the Middle East contracts awarded for November 2023 |
UAE
The UAE recorded the third-largest value of deals signed in November, at $2.4bn. The biggest was a $1.2bn contract let by local developer Wasl to China State Construction Engineering Corporation for the MGM resort and the Bellagio and Aria hotels on The Island development in Dubai. According to MEED Projects, it is the largest construction deal to be signed in the emirate since local contractor Alec secured the $1.36bn contract to build One Zabeel from local developer Ithra in 2017.
The UAE has also seen movement on other big-ticket projects, with Dubai approving the $4.9bn Blue Line extension to the Dubai Metro network on 24 November. Dubai’s construction market is set to make a pivotal shift next year as the emirate’s focus switches from real estate to public infrastructure projects.
North Africa
In North Africa, Algeria and Morocco both contributed to the November contract awards total, with $960m and $955m of deals signed, respectively. Algeria’s value came from a single award by state-owned Anesrif for a new mining railway between Tindouf and Bechar. The project is part of multibillion-dollar rail building programme by Anesrif that involves the development of a total 12,000 kilometres of railway lines.
In Morocco, the largest contract award was an $875m signing by the National Office of Electricity & Drinking Water (Onee) with a consortium led by Spain's Acciona to deliver the first phase of a major seawater reverse osmosis desalination plant in Grand Casablanca.
Egypt recorded $148m of deals signed in November, down from $776m in October. The biggest deal was signed by the National Authority for Tunnels for the signalling system on phase three of the 10th of Ramadan light rail transit project.
Other GCC
Back in the GCC, several contracts were also signed in Oman, Kuwait and Bahrain in November, with work worth $200m, $117m and $63m being awarded, respectively.
Oman’s projects market is set for growth, with the sultanate reinitiating plans to build the long-stalled Blue City project. The design works are ongoing and are expected to be completed by mid-2024.
Iraq
Iraq rounded out the deals recorded in November, with a $139m contract for a cement plant awarded by the Northern Region Cement Company to Germany's KHD Humboldt Wedag and the Aviation Industry Corporation of China.
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Read the November 2026 MEED Business Review
4 November 2026
Download / Subscribe / 14-day trial access The GCC projects market continues to show resilience against a deteriorating macroeconomic backdrop, with clients committing capital despite the regional fallout from the US-Iran conflict.
According to the IMF, every GCC economy except Oman is projected to contract in 2026. Yet government-backed infrastructure spending has cushioned the blow, led by the UAE, where contract awards are up 6.1% year-on-year.But beneath the headline figures, signs of a slowdown are emerging. Falling residential activity, a retreat in Saudi Arabia’s gigaproject spending and a sharp decline in tendering suggest that the market faces a tougher test as the conflict continues.
Read more in our November issue Agenda feature.
Our 22-page market focus on the UAE examines how state-backed capital, greater freedom to increase oil production following the UAE’s exit from Opec, and continued investment in energy, transport and water infrastructure are helping the country absorb the economic shock of the Iran conflict.
It also looks at how Abu Dhabi is adjusting its diplomatic approach, and the risks that remain for the wider economy.
This month’s industry report turns to project finance, examining how Gulf lenders are reassessing risk amid regional instability, higher costs and tighter credit limits. While infrastructure funding needs remain undiminished, the conflict is changing the way projects are financed, with lenders paying closer attention to physical security, insurance and risk allocation.
The report also examines the slowdown in public-private partnership activity across the Middle East and North Africa, where the value of awards has fallen sharply despite a pipeline of major deals still to come.
We also speak to WSP’s regional president Dean McGrail about the resilience of the Gulf construction market, the shift towards infrastructure investment and the opportunities emerging in aviation.
H&H chairman Shahab Lutfi discusses how the Dubai developer is pressing ahead with contract awards despite rising costs and softer sales, while the UAE Ministry of Energy & Infrastructure’s Mohammed Al-Mansoori explains how the country is strengthening supply-chain resilience and maintaining infrastructure delivery in the face of disruption.
Elsewhere, we examine the global stadium construction market, where annual spending is forecast to jump by 39% in 2027 as governments prepare for major sporting events, and look at the economic consequences of the Strait of Hormuz closure.
We hope our valued subscribers enjoy the November 2026 issue of MEED Business Review.
Must-read sections in the November 2026 issue of MEED Business Review include:
> AGENDA: GCC projects market holds its nerve
> INTERVIEW: Stability holds as project work continues
> INTERVIEW: H&H continues to deliver Dubai projects
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Project finance
> Project financiers hold the line
> PPP activity fades amid regional instability> INTERVIEW: Building resilience into infrastructure delivery
> STADIUMS: Stadium spending set to jump 39% in 2027
> REGIONAL CONFLICT: Hormuz closure wipes out growth in 2026
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> BANKING: UAE banks profit as credit growth surges
> UPSTREAM: Adnoc steps up crude expansion
> DOWNSTREAM: Adnoc funnels billions into boosting gas processing
> POWER: Gas-fired projects drive resilience in UAE power sector
> WATER: Tasreef scheme drives UAE water investment
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> TRANSPORT: Infrastructure drives UAE growth agenda
> MANUFACTURING: UAE vehicle manufacturing push moves into production> MEED COMMENTS:
> Regional tensions strengthen the case for GCC rail
> Focus turns to the Northern Emirates
> Gulf data centre ambitions face delivery test
> Qatar buys LNG reliability beyond Hormuz> GULF PROJECTS INDEX: Saudi Arabia drives Gulf projects market higher
> SEPTEMBER 2026 CONTRACTS: Middle East contract awards
> ECONOMIC DATA: Data drives regional projects
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UAE economy shows resilience
4 November 2026
Commentary
Colin Foreman
EditorState-backed capital is carrying the UAE projects market through the economic shock of the Iran conflict. Government and government-related entities have accounted for $22.4bn of the $34.6bn of contracts awarded in Dubai so far this year, almost two-thirds of the total, according to regional project tracker MEED Projects. Private developers have deferred new launches, and off-plan residential sales in the emirate fell from $9bn in February to $4bn in August.
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The energy sector is adding momentum. The UAE’s exit from Opec in May has freed Abu Dhabi National Oil Company (Adnoc) to make greater use of its spare crude capacity, and the company is on course to exceed its 2024 upstream project spending this year. Adnoc Gas has awarded $8.2bn of contracts for the second and third phases of its rich gas development programme.
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Non-oil activity is also holding up. The UAE purchasing managers’ index compiled by financial information and analytics provider S&P Global reached a 20-month high of 55.3 in September. Net profits at the 10 biggest UAE banks rose 7% to AED47.8bn ($13bn) in the first half, supported by loan growth of 21%.
Meanwhile, Abu Dhabi is repairing relations with Riyadh after a year of friction over Yemen and Sudan. On 8 October, the two countries signed a memorandum of understanding covering power grid interconnection and freight rail.
Risks remain. The Washington-based IMF expects the GCC economy to contract by 3.8% this year, with recovery dependent on shipping through Hormuz returning to normal. US scrutiny of Iran-linked transactions is also tightening compliance demands on UAE banks. That said, there are reasons to be hopeful. The IMF expects the economy to rebound in 2027 with 7.7% GDP growth.
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> ECONOMY: UAE growth holds up as regional risks persist
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> UPSTREAM: Adnoc steps up crude expansion
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Kuwait appoints KPMG for ports strategic plan
4 November 2026
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Kuwait Ports Authority (KPA) has appointed the local office of UK-headquartered KPMG to develop its ports strategic plan, which aims to improve the competitiveness, connectivity and performance of Kuwait’s commercial ports.
KPMG will act as lead consultant on the strategic consultancy engagement, with Netherlands-based Haskoning Nederland and local engineering firm Dar Gulf Consult providing engineering consultancy support.
KPMG will consolidate the three consultants’ work into a single strategic plan. It will lead the market, commercial and organisational analysis, as well as develop and implement the strategy.
The scope is split into two workstreams. The first covers strategy development, planning and an implementation framework, including an assessment of KPA’s current market position and performance.
The resulting strategic options and roadmap will be developed into detailed functional plans, supported by key performance indicators, a risk framework and a monitoring plan.
Under the second workstream, KPMG will set up and lead a strategic technical support office for 36 months. The office will provide KPA with strategic oversight, technical advisory services and integrated project management support.
KPA operates Kuwait’s three main commercial ports: Shuwaikh Port, Shuaiba Port and Doha Port.
In line with the New Kuwait Vision 2035 development strategy, KPA is transitioning its operations into high-efficiency smart ports by investing heavily in automated machinery, deeper navigational channels and significant berth capacity expansions.
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Combined Group signs Kuwait upstream contract
4 November 2026
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Kuwait-headquartered Combined Group Contracting Company has signed a contract to repair and revamp production facilities in West Kuwait, according to a company statement.
State-owned upstream operator Kuwait Oil Company (KOC) awarded the contract, valued at KD9.7m ($31.4m).
The contract has a five-year term.
KOC issued the invitation to bid on 5 October 2025. The initial bid deadline was 4 January 2026, and a pre-tender meeting was scheduled for 4 November 2025.
The contract award to Combined Group was approved on 13 September 2026.
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 disruptions are the result of a regional war that started on 28 February when the US and Israel attacked Iran.
The disruptions to shipping in the Strait of Hormuz are also creating significant challenges for oil and gas construction projects, which normally import equipment and materials through the waterway.
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Qiddiya seeks interest for water infrastructure packages
4 November 2026
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Qiddiya Investment Company (QIC) has issued an expression of interest for two water infrastructure packages at Qiddiya City, southwest of Riyadh.
According to a source, the first package covers a wastewater treatment plant with a capacity of 60,000 cubic metres a day (cm/d).
The second package involves a wastewater treatment plant with a capacity of 9,000 cm/d. It will also include a “sizeable” reverse osmosis (RO) facility, a source close to the project told MEED.
The deadline for submissions of interest is 8 November.
The infrastructure package will cater to Saudi Arabia’s 360-square-kilometre Qiddiya entertainment city.
QIC, which is owned by Saudi Arabia’s Public Investment Fund (PIF), is overseeing the development of Qiddiya City, including its supporting utilities infrastructure.
In October 2024, MEED reported exclusively that QIC planned to tender its utilities packages individually under an engineering, procurement and construction model.
QIC had previously planned to procure the infrastructure through a public-private partnership (PPP). However, it cancelled this approach despite receiving two bids for a multi-utility package in 2020.
The original utilities package covered power generation, water desalination, sewage treatment and water transmission networks.
In September 2023, QIC signed infrastructure contracts worth SR2.29bn ($611m) with a joint venture of Saudi Real Estate Infrastructure Company (Binyah) and InfraRoad Contracting.
The contracts covered a wider infrastructure package at Qiddiya’s Resort Core, including roads, utility networks, water storage facilities and pumping stations, as well as the construction of a sewage treatment plant (STP).
Two other major PIF-backed developments, the Red Sea project and Amaala, have each awarded multi-utility packages using a PPP model, while contractors are preparing to bid for two separate wastewater treatment plants for Oxagon, Neom’s industrial cluster.
In September, the utilities system serving Saudi Arabia’s Red Sea tourism destination reached commercial operation, marking the start of a 25-year concession for one of the world’s largest integrated off-grid utilities projects.
The project, known as the Marafiq Red Sea Project or Red Sea Utilities Multi-Utilities Project, includes three seawater RO plants, an STP, a waste management centre and 32,500 refrigeration tonnes of district cooling capacity.
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