meed-logo

line1 line2 line3
SIGN IN / REGISTER

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.

Related reads:
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. 

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/11310120/main.gif
Sneha Abraham

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

Click here to register
Exclusive from Meed
Related Articles
  • Trump confirms UAE currency swap talks

    22 April 2026

    Register for MEED’s 14-day trial access 

    US President Donald Trump has confirmed that Washington is considering a currency swap agreement with the UAE.

    During an interview with US broadcaster CNBC, Trump acknowledged that the arrangement is being considered. “It is [under consideration], but it’s been a good country. It’s been a good ally of ours,” Trump stated, noting that the request stems from a liquidity challenge rather than a solvency issue.

    Addressing the scale of the conflict’s impact on the federation, he added, “UAE got hit with 1,400 missiles. Now, fortunately, they had the Patriots, and they had a great defence … but they did get hit hard. They were hit the hardest of the group, actually.”

    The president also emphasised the strength of the bilateral economic relationship and his personal regard for the country’s leadership. “They’re really led by incredible people,” Trump told CNBC. “A year ago, I went there and I got them to invest $1tn in the United States. So, yeah, if I could help them, I would.”

    An early report by the Wall Street Journal said that high-level talks were initiated by UAE Central Bank governor Khaled Mohamed Balama, who recently met with Treasury secretary Scott Bessent and Federal Reserve officials in Washington.

    The UAE’s move is viewed as a precautionary effort to protect the dirham’s peg to the dollar and maintain its position as a global financial hub. The conflict has already inflicted significant damage on Emirati oil-and-gas infrastructure and disrupted tanker traffic through the Strait of Hormuz, which has historically been the primary source of the nation’s dollar revenues.

    While swap lines are traditionally managed by the Federal Reserve and reserved for major economies with deep ties to US markets, the Trump administration may look to the Treasury Department for a solution. Trump referenced a recent $20bn swap for Argentina facilitated by Secretary Bessent through the Exchange Stabilisation Fund as a potential model for the UAE.

    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/16512000/main.jpg
    Colin Foreman
  • Egyptian and Chinese firms sign green hydrogen deal

    22 April 2026

    A group of Egyptian companies and China’s UEG have signed a preliminary agreement to explore developing a Mediterranean green hydrogen hub in the port city of Alexandria.

    The memorandum of understanding was signed by:

    • Abu Qir Fertilisers & Chemicals Company (Egypt)
    • AlexFert (Egypt)
    • Orascom Construction (Egypt)
    • UEG Green Hydrogen Development Holding (China)

    In a joint statement, the companies said: “The collaboration marks a significant step toward advancing Egypt’s position as a regional leader in green hydrogen and sustainable energy solutions.

    “The proposed project aims to develop a large-scale green hydrogen production facility powered by renewable energy, with integration into existing ammonia production infrastructure.”

    Under the terms of the deal, UEG and Orascom Construction will lead feasibility studies for 500MW of renewable energy generation and 480 tonnes a day (t/d) of green hydrogen production.

    Abu Qir and AlexFert will evaluate the integration of green hydrogen into ammonia production processes and support access to local resources and infrastructure.

    The renewable energy will be a mix of wind and solar, according to the statement.

    Hany Dahy, the chairman of Abu Qir Fertilisers & Chemicals Company, said: “This partnership reflects Abu Qir’s commitment to leading the transition toward low-carbon ammonia production, leveraging our existing assets while integrating green hydrogen solutions.”

    Joe Williams, the chief executive of the Green Hydrogen Organisation, said: “The announcement of this project comes at a crucial time, as geopolitical tensions in the Middle East highlight the importance of diversifying energy and fuel supply chains.

    “Developing integrated green ammonia and fertiliser production in Alexandria supports local industrial value, and strengthens long-term energy and food security.

    “As green ammonia production scales in Egypt, it can also be used as a clean shipping fuel given Egypt’s strategic maritime location.”

    The preliminary agreement establishes a framework for cooperation while the parties conduct technical, commercial and regulatory assessments.

    Subject to the outcomes, the partners intend to negotiate definitive agreements for the project’s development, according to their statement.

    Abu Qir Fertilisers established North Abu Qir for Agricultural Nutrients in May 2023 to develop a major Egyptian fertiliser project designed to produce 2,400 t/d of ammonium nitrate.

    Located next to Abu Qir Fertilisers in Alexandria, on a site formerly occupied by the Rakta paper manufacturing facility, the project is a joint venture with a capital investment of £E10bn ($190m), of which Abu Qir Fertilisers holds a 45% stake.

    The state-owned companies Egyptian General Petroleum Corporation and Egyptian Petrochemicals Holding Company hold stakes of 45% and 10%, respectively.

    The project focuses on the production of ammonia and nitric acid.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16498782/main.jpg
    Wil Crisp
  • Populous wins Bahrain Sports City contract

    21 April 2026

     

    US-based engineering firm Populous has won a BD5m ($13.5m) contract for the Sports City development at Sakhir in Bahrain.

    The contract was awarded by Bahrain’s Ministry of Works, Municipalities Affairs & Urban Planning.

    The scope covers pre-contract consultancy services, including finalising the masterplan and internal infrastructure, completing phase 1A design works and preparing tender documents.

    Populous is a specialist sports venue designer that formerly operated as part of HOK Group.

    The contract was first tendered in 2021, when Populous emerged as the sole bidder.

    At the time, it was reported that Sports City would include Bahrain’s largest sports stadium and a multi-purpose indoor sports arena.

    The project is expected to provide renewed impetus to Bahrain’s construction and transport sector, which has struggled in recent years, with the total value of awarded contracts falling for a third consecutive year.

    According to regional project tracker MEED Projects, about $400m-worth of contracts had been awarded in Bahrain by the end of October last year – less than half the $1.2bn recorded during the same period the previous year.

    The sector has yet to return to pre-pandemic levels. Before 2020, Bahrain consistently awarded more than $2bn in contracts annually, peaking at nearly $4bn in 2016.

    Bahrain’s construction industry is forecast to record average annual growth of 4.9% in 2026-29, supported by investments in transport infrastructure and renewable energy projects aligned with Bahrain’s Economic Vision 2030.

    Vision 2030 includes the BD11.3bn ($30bn) Strategic Projects Plan, unveiled in October 2021, encompassing 22 national infrastructure projects. It also includes plans to create five new cities by 2030: Fasht Al-Jarm, Suhaila Island, Fasht Al-Azem, Bahrain Bay and the Hawar Islands.

    Growth over the forecast period is also expected to be driven by investments under the National Renewable Energy Action Plan, which targets a 30% reduction in carbon emissions by 2035, compared to 2015 levels, and aims to achieve net-zero emissions by 2060.

    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/16487784/main.jpg
    Yasir Iqbal
  • Entries now open for MEED Projects Awards 2026

    21 April 2026

    Enter the awards

    The MEED Projects Awards in association with Mashreq 2026 have officially opened for entries, inviting companies, developers, contractors and project teams to submit their projects for the region’s most prestigious construction awards.

    For over 15 years, the MEED Projects Awards have celebrated the Middle East and North Africa’s most ambitious and transformative projects, recognising technical excellence, innovation, sustainability and delivery impact. Past editions have highlighted landmark developments that set new benchmarks for the region’s built environment, including internationally recognised projects such as Burj Khalifa and Louvre Abu Dhabi.

    “The MEED Projects Awards are the gold standard for recognising outstanding achievements in construction across Mena, showcasing the region’s technical and design excellence while bringing the industry together to celebrate and connect over the very best projects of the year,” said Ed James, head of content and research at MEED.

    “As a long-standing partner of the MEED Projects Awards, Mashreq is proud to support a programme that is recognised for its independence, credibility and industry impact. These awards celebrate projects that set benchmarks for excellence and contribute meaningfully to the region’s development,” said Arun Mathur, executive vice-president and global head of contracting finance at Mashreq.

    Winners are chosen through a rigorous, independent judging process, led by a panel of more than 50 senior industry experts representing developers, contractors, engineers and project specialists. The awards celebrate projects across a wide range of sectors, including Building, Transport, Energy, Water, Healthcare, Education, Hospitality, Culture, Industrial, Power, Small Projects and Developments.

    Being shortlisted or winning a MEED Projects Award places a project among the region’s elite, offering regional recognition, global exposure and industry credibility.

    Submissions are now open, with full category details and entry guidelines available on the official entry platform.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16487756/main.gif
    MEED Editorial
  • Work advances on Saudi Maaden mine renewables project

    21 April 2026

     

    Local contractor Arabian Qudra Company is advancing construction works on an integrated solar photovoltaic (PV) and battery energy storage system (bess) project at the Al-Baitha bauxite mine in Saudi Arabia.

    The off-grid facility will integrate an 8MWp solar PV array with a 30MWh bess, allowing the mine to operate almost entirely on renewable energy.

    Emerge, a joint venture of Masdar and EDF Power Solutions, is developing the project, including managing financing, design, procurement, construction, operation and maintenance.

    Last August, MEED reported that Maaden Bauxite & Alumina Company (MBAC), a subsidiary of Saudi Arabian Mining Company (Maaden), had signed a 30-year power purchase agreement with Emerge to supply its Al-Baitha bauxite mine with renewable energy.

    Arabian Qudra Company was subsequently appointed as the engineering, procurement and construction (EPC) contractor, with works beginning at the start of 2026.

    The firm is a subsidiary of Abunayyan Holding Company, a privately owned Saudi industrial group.

    The project is expected to generate around 17,300MWh of electricity annually and provide a continuous 24/7 power supply. It will reduce carbon dioxide emissions by approximately 13,800 tonnes a year.

    According to projects tracker MEED Projects, construction is expected to be completed in early 2028.

    Maaden Solar 1

    Maaden is also in the early stages of developing Maaden Solar 1, potentially the world’s largest solar process heat plant. 

    MEED previously reported that US-based GlassPoint had partnered with Saudi Arabia’s Ministry of Investment as a first step towards construction of the planned $1.5bn project.

    In 2025, Spain-headquartered Cox Energy signed a collaboration agreement with the client to participate in the project. The client had been expected to invest approximately $31.1m in the first phase of the project.

    Once complete, Maaden Solar 1 will be a 1,500 megawatt-thermal (MWth) facility. A timeline for the project remains unclear, with construction not expected to begin until at least 2027.

    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/16487404/main.jpg
    Mark Dowdall