Region records record monthly contract awards
22 November 2023
In October, the Middle East and North Africa recorded the largest-ever monthly value of contract awards since MEED began analysing regional contract awards in January 2014.
The $37bn of deals signed were driven by multibillion-dollar awards by regional heavyweights Saudi Arabia and the UAE, and followed on from the $25bn of awards in September – the second-largest monthly awards value so far in 2023.
UAE
The UAE recorded $21bn of deals signed, spurred by two contract awards by Abu Dhabi National Oil Company (Adnoc) worth a total of $16.9bn in the gas sector. The engineering, procurement and construction (EPC) contracts were awarded for work on the Hail and Ghasha offshore sour gas field development project.
An $8.2bn deal was signed with a consortium of Abu Dhabi’s NMDC Energy, formerly National Petroleum Construction Company, and Italian contractor Saipem for the offshore EPC package. The scope of work broadly involves EPC of offshore facilities, including facilities on artificial islands and subsea pipelines.
Meanwhile, Italy-headquartered Tecnimont was awarded the $8.7bn onshore EPC contract. This involves the EPC of onshore facilities including carbon dioxide (CO2) and sulphur recovery and handling.
Other sectors are also poised for project activity in the coming years. MEED reports that the prospects for the rest of this year are promising for the UAE’s construction sector, with nearly $8bn of contracts at the bid evaluation stage and another $2bn at the main contract bid and prequalification stages.
The UAE’s aviation sector is also set for growth, with plans being considered to restart the AED120bn ($33bn) expansion of Dubai’s Al-Maktoum International airport.
An expansion of Sharjah International airport is planned to increase its capacity from eight to 20 million passengers a year. Sharjah Civil Aviation Authority is expected to award the estimated AED2.5bn main construction works package by the end of this year.
Saudi Arabia
Saudi Arabia awarded the second-largest value of deals in October, with $13bn of awards. Saudi Power Procurement Company (SPPC) signed four deals, each worth $1.56bn, for the Qassim and Taiba independent power producer (IPP) projects.
China’s Sepco 3 will undertake the EPC contract for the 1,800MW Qassim 1 IPP and 1,800MW Taiba 1 IPP projects. The firm partnered with a team of Saudi Electricity Company (SEC) and Acwa Power, which won the contracts to develop the two IPP contracts.
A team comprising the local Al-Jomaih Energy & Water, France’s EDF and the local Buhur for Investment won the contract to develop the 1,800MW Taiba 2 IPP and 1,800MW Qassim 2 IPP schemes.
Each project will be developed on a build-own-operate (BOO) basis and will be 100 per cent owned by the successful bidders.
Download the Middle East contracts awarded for October 2023 |
It is also confirmed that the kingdom is the sole bidder to host football’s 2034 World Cup, which will give the projects market a long-term pipeline of work.
In addition, more firms have approached Jeddah Economic Company to take part in the tender for the contract to complete the world’s tallest tower, the 1,000-metre-plus-tall Jeddah Tower project in Saudi Arabia.
Egypt
In October, Egypt recorded $776m of deals signed, the biggest being a $640m contract awarded by the National Authority for Tunnels (NAT) to the local Orascom Construction for the civil works for the Cairo Metro line four package CP402.
Kuwait
Kuwait awarded $714m of deals in October, led by a $540m contract awarded by Kuwait Oil Company (KOC) for constructing crude debottlenecking facilities for the SGC Metering 2 project for East Kuwait area two.
Meanwhile, MEED reports that Kuwait’s Central Agency for Public Tenders (Capt) is preparing to tender five projects for KOC, which could have a total value of $3.5bn, according to industry sources.
Oman
Oman recorded $513m of deals signed in October, with the largest a $310m contract let by the Ministry of Culture, Sports & Youth to a joint venture of the local Saif Salim Issa al-Harrasi and Turkish Sembol Construction for the design-and-build of its cultural complex. The complex comprises three buildings located next to the Ministry of Labour to the south of the Sultan Qaboos Highway and opposite the Muscat International airport development.
Iraq
Iraq awarded $494m of contracts in October, with the biggest a $448m deal signed by the Ministry of Energy with the local Socar for the second phase of the 750MW Nassiriyah gas-fired power plant.
Meanwhile, MEED reports that the procurement process is understood to be under way for projects to convert solid waste to energy in Baghdad. According to local media reports, some 42 companies have expressed an interest or have been prequalified to bid for the contracts.
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Qatar
Qatar recorded two awards worth a total of $154m in October, both let by the Public Works Authority (Ashghal) to the local Generic Engineering Technologies & Contracting for work at the Lusail Formula 1 and MotoGP race circuit.
Several companies are preparing to bid for the contract to develop Qatar’s Facility E independent water and power producer (IWPP) project. General Electricity & Water Corporation (Kahramaa) expects to receive proposals for the contract by 14 December.
Bahrain
Bahrain saw $98m of deals signed in October, the biggest of which was a $60m contract awarded by the Electricity & Water Authority (EWA) to South Korea’s Taihan Electric Wire Company for cable works at the 400kV Jasra Grid substation.
Tunisia
Tunisia awarded $97m of deals in October. The largest was a $72m contract that Tunisia National Water Distribution Utility (Sonede) awarded to India’s Wabag for the Bejaoua water treatment plant.
Tunisia is also moving ahead with green hydrogen plans, with Germany’s Deutsche Gesellschaft fur Internationale Zusammenarbeit (GIZ) awarding a contract for a detailed pre-feasibility study of the country’s green hydrogen and derivatives initiative.
Jordan
Jordan rounds off the list of countries to record contract awards in October, with $64m of deals signed. The biggest was a $40m contract signed by the Jordan Valley Authority and the Ministry of Water & Irrigation to expand pumped capacity from the King Abdullah Canal to the Wadi al-Arab dam.
Green hydrogen plans are also progressing in the country. MEED reports that a consortium of Ireland’s Amarenco and Switzerland-based H2 Global Energy has signed an agreement with the Ministry of Energy & Mineral Resources (MEMR) to develop a green hydrogen and ammonia production facility.
Jordan has also secured a $53m grant for the Aqaba-Amman water desalination and conveyance (AAWDC) project, the tender closing date for which has been extended to 4 December.
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Saudi Arabia names Expo 2030 Riyadh Company CEO
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Saudi sovereign wealth vehicle the Public Investment Fund (PIF) has named Talal Al-Marri as the CEO to lead the newly-launched Expo 2030 Riyadh Company (ERC).
In an official statement published by the Saudi Press Agency, the PIF said that Al-Marri "is expected to lead the Expo 2030 Riyadh team in delivering a world-class exhibition that reflects the kingdom’s ambitions and rapid development, in alignment with the objectives of Saudi Vision 2030".
Al-Marri has previously held several senior executive roles at Saudi Aramco, including president and CEO of Aramco Europe, senior vice president of community services and senior vice president of industrial services.
The announcement follows the establishment of ERC as a wholly-owned subsidiary of the PIF that will build and operate facilities for Expo 2030.
In a statement, the PIF said: “During its construction phases, Expo 2030 Riyadh and its legacy are projected to contribute around $64bn to Saudi GDP and generate approximately 171,000 direct and indirect jobs. Once operational, it is expected to contribute approximately $5.6bn to GDP.”
The masterplan for Expo 2030 Riyadh encompasses an area of 6 square kilometres, making it one of the largest sites designated for a World Expo. Situated to the north of the city, the expo site will be located near the future King Salman International airport, providing direct access to various landmarks within the Saudi capital.
Countries participating in Expo 2030 Riyadh will have the option to construct permanent pavilions, contributing to the event's legacy. This initiative is expected to create opportunities for business and investment growth in the region.
The expo is projected to attract over 40 million visitors. After the event concludes, ERC plans to convert the expo's secured area into a global village, to serve as a multicultural centre for retail and dining. This development will also include an international residential community with various amenities, with a focus on sustainable tourism practices.
Expo 2030 Riyadh will run from 1 October 2030 to 31 March 2031.
In mid-May, MEED reported that Riyadh had begun talks with stakeholders in preparation for the start of the construction works for the event.
The discussions were understood to have been held with the Royal Commission for Riyadh City and the PIF.
German architectural firm Lava Architects and US-based engineering firm Jacobs are assisting with the project masterplan and the design of infrastructure for the site.
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Adnoc prepares tender for next Upper Zakum field expansion
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Adnoc Offshore is preparing to start the tendering process for the next expansion phase of the Upper Zakum field development in Abu Dhabi, the objective of which is to increase the asset’s oil production potential to 1.5 million barrels a day (b/d).
MEED reported in November that the offshore oil and gas production business of Abu Dhabi National Oil Company (Adnoc Offshore) had awarded a contract for pre-front-end engineering and design (pre-feed) and feed services on the project to France-headquartered contractor Technip Energies.
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Pre-feed and feed works on the project, which is known as UZ 1.5MMBD, are in an advanced stage, according to sources. “Adnoc Offshore could be expected to issue the main engineering, procurement and construction (EPC) tender as early as July,” one source said.
Located 84 kilometres offshore in Abu Dhabi, Upper Zakum is the world’s second-largest offshore oil field and fourth-largest oil field.
The UZ 1.5MMBD project is the latest crude output expansion project that Adnoc Offshore has undertaken at the Upper Zakum field development.
Upper Zakum expansion
The first phase of the programme to raise the Upper Zakum offshore field development’s oil production capacity to 1.2 million b/d was launched in 2019. The initial goal was to increase the field’s output potential to 1 million b/d by 2024, which was later increased to 1.2 million b/d, with the project execution timeline eventually extended.
In April last year, MEED reported that Adnoc Offshore had awarded the main EPC contract for the UZ 1.2MMBD EPC-1 project to UAE-based Target Engineering Construction Company. The value of the contract was estimated to be $825m.
The project’s main scope involves the EPC of several surface facilities and plants at the Upper Zakum offshore development’s four main artificial islands: Al-Ghallan, Umm Al-Anbar, Ettouk and Asseifiya – also known as Central Island, West Island, North Island and South Island, respectively.
Spanish contractor Tecnicas Reunidas won the contract for the feed works on the UZ 1.2MMBD EPC-1 project in 2019. UK-headquartered Wood Group was appointed as the project management consultant for the EPC phase.
In November, MEED reported that Adnoc Offshore had also selected Target for the second phase of the Upper Zakum 1.2 million b/d project (UZ 1.2MMBD EPC-2). The value of the contract was estimated to be about $500m, according to sources.
Target began work on the project in December, MEED previously reported.
The scope of work on the UZ 1.2MMBD EPC-2 project covers the EPC of several structures on Assefiya Island.
Adnoc Offshore performed the feed work on the UZ 1.2MMBD EPC-2 project in-house.
Upper Zakum oil production
Adnoc Offshore has committed to a total capital expenditure budget of approximately $30bn, along with its operating partners in the Upper Zakum hydrocarbons concession, Japan Oil Development Company (Jodco) and US-based ExxonMobil.
The strategic objective is to first raise the asset’s oil output from 640,000 b/d to 750,000 b/d through the UZ 750 project, then to 1.2 million b/d through the two phases of the ongoing UZ 1.2MMBD project, and eventually to 1.5 million b/d.
Zakum Development Company (Zadco), which later merged into Adnoc Offshore, awarded EPC contracts for the UZ 750 project in 2012 and early 2013.
The $817m first package was awarded to a consortium of Abu Dhabi’s NMDC Energy (then known as National Petroleum Construction Company) and Technip Energies. Package two, the project’s largest EPC package, worth $3.7bn, was awarded to a consortium of UK-headquartered Petrofac and South Korea’s Daewoo Shipbuilding & Engineering.
EPC work on UZ 750 began in 2014 and was completed in 2022.
In October 2022, Adnoc Group subsidiary Adnoc Drilling set a world record for drilling the longest oil and gas well at the Upper Zakum concession, stretching 50,000 feet.
The extended-reach wells will tap into an undeveloped part of the Upper Zakum reservoir, potentially increasing the field’s production capacity by 15,000 b/d without expanding or building any new infrastructure, Adnoc said.
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PIF firm prepares Pirelli tyre plant contract award
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Saudi Arabia’s Mena Tyre Company is preparing to award a contract to build a Pirelli tyre manufacturing plant in King Abdullah Economic City (KAEC).
MEED understands that the contract is being finalised and is expected to be signed within the next few weeks.
The tender notice was issued in December last year, and firms submitted their final offers in April.
Mena Tyre Company is a joint venture of Saudi sovereign wealth vehicle the Public Investment Fund (PIF) and Italian tyre maker Pirelli Tyre. The PIF holds a 75% stake in the venture, with Pirelli holding the remaining 25%.
The plant is expected to start production in 2026. It will make tyres for passenger vehicles under the Pirelli brand. It will also manufacture and market tyres under a new local brand targeting the domestic and regional markets.
The plant is expected to have the capacity to produce 3.5 million tyres a year.
In March, MEED exclusively reported that the PIF and Pirelli Tyre had tendered the contract to build an estimated $550m tyre manufacturing plant in KAEC.
UK-based firm Jones Lang LaSalle is the project consultant.
The project is located within the King Salman Automotive Cluster of KAEC, which was officially announced on 6 February by Saudi Arabia’s Crown Prince Mohammed Bin Salman Al-Saud.
The move was part of the kingdom’s push to become a dominant player in the Gulf’s automotive sector. It follows investment in recent years in infrastructure, supply chain development and research to attract global automakers to Saudi Arabia and create an ecosystem for electric vehicle (EV) production in particular – all driven by the Saudi Vision 2030 mandate to diversify the economy.
The cluster is expected to be a major contributor to the National Industrial Development and Logistics Programme (NIDLP), which aims to develop high-growth sectors locally and attract foreign investment.
Several schemes supporting the NIDLP have made significant progress in recent years, including multibillion-dollar EV manufacturing plants backed by the PIF, such as assembly facilities for US-based Lucid Motors and Ceer, the kingdom’s first homegrown EV brand, launched by the PIF in collaboration with Taiwan’s Foxconn.
These facilities are supported by the National Automotive & Mobility Investment Company (Tasaru Mobility Investments), which the PIF established in 2023 to develop the kingdom’s local supply chain capabilities for the automotive and mobility industries.
The PIF then signed several agreements with international companies, including South Korean car maker Hyundai and Pirelli, to establish production facilities in KAEC's automotive cluster.
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Bahrain’s Ministry of Works has opened the commercial bids that it received from firms for a contract covering the pre-contract engineering consultancy services for the next phase of the Sheikh Jaber Al-Ahmed Al-Sabah Highway upgrade.
According to the official notice published by the Bahrain Tender Board, the scope of the contract includes designs to update the highway to at least five lanes each way, update utility corridors, revise the stormwater design and prepare contract drawings and tender documents.
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According to data from regional projects tracker MEED Projects, the construction on the project’s first phase was completed in 2020.
A joint venture of local firm Nass Contracting and Kuwait’s KCC Engineering & Contracting undertook the project’s main construction works.
According to a report by UK data analytics firm GlobalData, Bahrain’s construction industry is expected to grow by 3.5% in real terms in 2025, supported by public and private sector investments in industrial, commercial and energy construction projects, coupled with the rise in the value of awarded tenders.
The report adds that the total value of tenders awarded grew by 145.2% year-on-year in 2024, preceded by an annual growth of 114.1% in 2023.
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