meed-logo

line1 line2 line3
SIGN IN / REGISTER

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.

Related reads:
 

For more up-to-date information on the region’s largest projects, go to MEED Projects, which tracks trillions of dollars-worth of schemes.

MEED Projects is a subscriber-only service that provides comprehensive, up-to-date and accurate project information. It monitors industry and business development opportunities through market data tailored to your needs.

Be the first to know about new projects; we provide the data so you can win the business. If you would like to see a demo of MEED Projects, or just want to find out more, register your details online or call +971 (0) 4 818 0200.

https://image.digitalinsightresearch.in/uploads/NewsArticle/11372287/main.gif
Sneha Abraham

Register for MEED's guest program now to access this article.

Click here to register
Exclusive from Meed
Related Articles
  • Nakheel awards $143m Dubai Islands infrastructure deal

    20 April 2026

    Register for MEED’s 14-day trial access 

    Dubai-based developer Nakheel, now part of Dubai Holding, has awarded a AED527m ($143m) contract for the construction of the primary infrastructure and utilities works on Island B at the Dubai Islands development.

    The contract was awarded to local firm Al-Nasr Contracting Company.

    The scope covers the construction of roads, water networks, electrical and telecommunications networks, drainage and sewerage systems, and integration with the district cooling plant network at Island A.

    In October last year, Nakheel awarded Al-Nasr Contracting Company a AED169m ($46m) contract for the construction of the internal roads and utilities for the Bay Villas development at Dubai Islands.

    In August, MEED reported that Nakheel had awarded a AED2.6bn ($708m) contract to Abu Dhabi-based Fibrex Contracting to build the Bay Villas project at Dubai Islands. The contract includes the construction of 636 villas.

    The Dubai Islands development consists of five islands spanning 18.6 square kilometres. It features more than 59 kilometres (km) of waterfront and 20km of beaches, as well as parks, golf courses, promenades and cycling paths.

    The offshore island project gained renewed momentum in 2022, when Nakheel unveiled a new masterplan and rebranded it as Dubai Islands.

    The reclaimed islands were originally part of the Palm Deira project, which was partially completed before being put on hold in 2008.

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

    Economic shock threatens long-term outlook; Riyadh adjusts to fiscal and geopolitical risk; GCC contractor ranking reflects gigaprojects slowdown.

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

    > GCC CONTRACTOR RANKING: Construction guard undergoes a shift
    To see previous issues of MEED Business Review, please click here

     

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16476987/main.jpg
    Yasir Iqbal
  • Borouge International appoints chief financial officer

    20 April 2026

    Newly formed chemicals giant Borouge Group International AG (Borouge International) has appointed Patrick Jany as chief financial officer (CFO). He will take office from 1 May, until which time Daniel Turnheim will continue to serve as interim CFO.

    Jany joins Borouge International with more than three decades of international finance leadership across industrial, logistics and chemical businesses. “With 20 years’ CFO experience in publicly listed companies, he brings deep financial expertise and a disciplined approach to capital management,” Borouge International said in a statement.

    Most recently, Jany served as executive vice-president and CFO of Danish shipping company A P Moller-Maersk, where he joined the executive board in 2020 and played a central role in strengthening financial discipline, portfolio management and value creation during a period of major strategic transformation.

    Prior to Maersk, he spent 25 years at Swiss specialty chemicals company Clariant AG, holding a range of senior finance, general management and corporate development roles across Europe, Asia and the Americas, eventually becoming group CFO. Earlier in his career, he held finance leadership roles at Sandoz AG, Clariant’s predecessor.

    Jany holds a Master of Business Administration degree from ESCP Business School.

    “As CFO, he will be part of a strong management team, leading and shaping Borouge International into a global industrial leader with scale, reach and financial discipline, supporting its long-term growth ambitions,” the company said in its statement.

    Chemicals giant

    Abu Dhabi National Oil Company’s (Adnoc Group) overseas investment arm XRG and Austrian energy major OMV completed the creation of Borouge International, a global chemicals giant with the fourth-largest polyolefins production capacity in the world, on 31 March.

    The new entity was formed by the merger of Adnoc Group and OMV’s respective shareholdings in Abu Dhabi chemicals producer Borouge and Austria-based Borealis, as well as the acquisition of Canada-based Nova Chemicals.

    Adnoc and OMV started the transaction to merge their interests in Borouge and Borealis, as well as acquire Nova Chemicals, in March last year. In July, Adnoc announced it would transfer its stake in Borouge International to XRG upon completion of the transaction.

    Borouge International is headquartered and tax-domiciled in Austria, with regional headquarters in Abu Dhabi, UAE. The new company will operate corporate hubs across North America, Europe and Asia, with innovation centres in the UAE, Austria, Canada, Finland and Sweden.

    Financial prospects

    Borouge International will benefit from a superior resilient margin profile and well over $500m in identified earnings before interest, taxes, depreciation, and amortisation (ebitda) run-rate synergies per annum, with 75% expected to be realised within the first three years, XRG said at the time of creation of the entity.

    “The company’s global reach, combined with long-term shareholders and a robust capital structure, will deliver resilience throughout the business cycle and an enhanced ability to drive consistent performance and sustainable value for shareholders,” XRG said in its statement.

    The new company has also secured credit ratings of A (Negative) / Baa1 (Stable) / A- (Stable) ratings from S&P, Moody’s and Fitch, respectively, “confirming its robust financial position and capital structure and ability to access a range of long-term financing options”.

    “XRG and OMV are committed to maintaining investment-grade credit ratings for Borouge International,” they said.

    Additionally, Adnoc and OMV plan to tender an offer to convert Borouge Plc shares to Borouge International AG shares, thereby “creating a simplified structure that will enable value creation from the new global growth platform”.

    The tender offer is expected to take place in 2027, subject to market conditions and approval by the UAE Capital Market Authority, with its timing “aligning with the new company’s future equity raise, to maximise value for all shareholders”.

    Until then, Borouge International will be privately held, and Borouge Plc shares will remain listed on the Abu Dhabi Securities Exchange (ADX). The recently received credit ratings factor in the impact and flexibility on timing of both the future equity raise and the planned acquisition of Borouge 4 at cost by Borouge International.

    Borouge International also recently announced a dividend payment of $1.32bn for 2025, “reflecting the company’s strong operational performance and record sales”.

    The final shareholder-approved dividend payment for 2025 amounts to $658m (8.1 fils per share), bringing the total 2025 dividend to approximately $1.32bn (16.2 fils per share). The dividend will be paid on or around 7 May to all shareholders of record as of 17 April.

    Including this dividend, Borouge Plc will have distributed $4.89bn in dividends since listing, one of the largest payout levels on the ADX over this period.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16476909/main.gif
    Indrajit Sen
  • Dubai’s RTA opens Hessa Street upgrade

    20 April 2026

    Dubai’s Roads & Transport Authority (RTA) has opened Hessa Street for public traffic after announcing that the construction of the road’s expansion has been completed.

    The scope of the project included expanding Hessa Street from two to four lanes in each direction and developing four intersections with Sheikh Zayed Road, First Al-Khail Street, Al-Asayel Street and Al-Khail Road. 

    The project increases the road’s capacity from 8,000 to 16,000 vehicles an hour in both directions.

    It will reduce the travel time from Sheikh Zayed Road to Hessa Street from 15 minutes to just four minutes.

    The Sheikh Zayed Road intersection will have a two-lane road heading from Sheikh Zayed Road to Hessa Street, eastwards to Emirates Road.

    The upgrade of the First Al-Khail intersection includes increasing the number of lanes from three to four in each direction on the existing Hessa Street Bridge.

    The third improvement covers upgrading the Hessa Street and Al-Asayel Street intersection by increasing the number of lanes from two to four in each direction.

    The Hessa Street and Al-Khail Road intersection upgrade includes the construction of a two-lane road to serve traffic travelling northwards to Al-Khail Road in the direction of Sharjah.

    The project mainly serves residential areas, including Al-Sufouh 2, Al-Barsha and Jumeirah Village Circle.

    In February 2024, MEED exclusively reported that the RTA had awarded a AED689m ($187.5m) contract to Turkiye’s Gunal Construction for the first phase of the Hessa Street improvement project.

    The RTA recently started the construction works on the second phase of the project.

    The scope covers upgrade works on three intersections, including the construction of bridges totalling 8.8 kilometres (km), a 480-metre tunnel, and enhancements to access points on surrounding roads to improve entry and exit flow on a 3km stretch between Al-Khail Road and Sheikh Mohammed Bin Zayed Road.

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

    Economic shock threatens long-term outlook; Riyadh adjusts to fiscal and geopolitical risk; GCC contractor ranking reflects gigaprojects slowdown.

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

    > GCC CONTRACTOR RANKING: Construction guard undergoes a shift
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/16475593/main.jpg
    Yasir Iqbal
  • Kuwait LNG project expected to be worth about $200m

    20 April 2026

     

    The planned Kuwaiti project to develop a reliquefaction unit at the Al-Zour LNG import terminal is expected to be worth about $200m, according to industry sources.

    The client on the project is state-owned Kuwait Integrated Petroleum Industries Company (Kipic).

    The project is focused on the development of a boil-off-gas unit at the import terminal, according to a report in Kuwait’s Al-Anba newspaper.

    The project scope includes engineering, procurement and construction works, along with pre-commissioning, commissioning and performance testing services.

    The list of prequalified companies is:

    • Fluor (US)
    • GS Engineering & Construction (South Korea)
    • Tecnicas Reunidas (Spain)
    • Larsen & Toubro (India)
    • Hyundai Engineering (South Korea)
    • CTCI Corporation (Taiwan)
    • Daewoo Engineering & Construction (South Korea)
    • Hyundai Engineering & Construction (South Korea)
    • Saipem (Italy)
    • Samsung Engineering (South Korea)
    • Sinopec Engineering (China)
    • JGC Holdings (Japan)
    • KBR (US)
    • China National Petroleum Corporation (China)
    • Technip (France)

    Kuwait’s LNG import terminal is currently not operating due to disruption caused by the US and Israel’s war with Iran.

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

    Economic shock threatens long-term outlook; Riyadh adjusts to fiscal and geopolitical risk; GCC contractor ranking reflects gigaprojects slowdown.

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

    > GCC CONTRACTOR RANKING: Construction guard undergoes a shift
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/16445370/main1228.jpg
    Wil Crisp
  • Saudi Arabia’s Misk tenders residential package

    17 April 2026

     

    Saudi Arabia’s Mohammed Bin Salman Foundation (Misk Foundation) has floated two tenders for the construction of a residential community in District 5 of Prince Mohammed Bin Salman Nonprofit City in Riyadh.

    The first tender is split into two packages, one that covers the construction of 237 villas and the other covering 223.

    The second tender covers the construction of a community centre, swimming pool, mosque and school.

    The bid submission deadline for both tenders is 27 April.

    Misk Foundation is jointly developing the project in collaboration with local real estate developer Kinan.

    The estimated SR900m ($240m) project will span an area of about 121,692 square metres.

    In March 2022, the Misk Foundation released the masterplan for Prince Mohammed Bin Salman Nonprofit City.

    Saudi Crown Prince Mohammed Bin Salman Bin Abdulaziz Al-Saud said in November 2021 that the Misk Foundation development in Riyadh will be the world’s first non-profit city.

    “Prince Mohammed Bin Salman Nonprofit City, which implements the digital twin model, will host academies; colleges; Misk schools; a conference centre; a science museum; and a creative centre offering a space to support the ambitions of innovators in sciences and new-generation technology, such as AI [artificial intelligence], IoT [Internet of Things] and robotics,” he said.  

    “It will also feature an arts academy and art gallery, a performing arts theatre, a play area, a cooking academy and an integrated residential complex.

    “In addition, the city will host venture capital firms and investors to support and incubate innovative enterprises to drive community contributions from around the world.”

    The consultants working on the project include Germany’s Albert Speer + Partner as master planner and architect, and UK-based Buro Happold as the engineer. The project manager for the first phase of construction is UK-based Mace.

    MEED’s April 2026 report on Saudi Arabia includes:

    > COMMENT: Risk accelerates Saudi spending shift
    > GVT &: ECONOMY: Riyadh navigates a changed landscape
    > BANKING: Testing times for Saudi banks
    > UPSTREAM: Offshore oil and gas projects to dominate Aramco capex in 2026
    > DOWNSTREAM: Saudi downstream projects market enters lean period
    > POWER: Wind power gathers pace in Saudi Arabia
    > WATER: Sharakat plan signals next phase of Saudi water expansion
    > CONSTRUCTION: Saudi construction enters a period of strategic readjustment
    > TRANSPORT: Rail expansion powers Saudi Arabia’s infrastructure push

    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/16440697/main.png
    Yasir Iqbal