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  Nine contractors submit bids for Oman flood protection dam

  7 August 2026

  

   

  Oman’s Ministry of Agricultural, Fisheries Wealth & Water Resources has received bids from nine contractors for the construction of the Wadi Rijma flood protection dam in Liwa, North Batinah Governorate.

  The Wadi Rijma dam project is one of four flood protection dams being planned in the sultanate to intercept floodwaters flowing from the northern Omani mountain range into the coastal plain.

  The bids include seven local contractors, one from Turkiye and one from China. The lowest offer of $50.6m was made by Strabag Oman.

  The full list of bidders includes: 

  • Strabag Oman ($50.6m)
  • Detonator Engineering ($53.0m)
  • AZ Engineers & Partners ($54.3m)
  • Eksen Project Construction Tourism & Trade (Turkiye, $58.4m)
  • Galfar Engineering & Contracting ($58.7m)
  • The Arab Contractors Oman ($59.3m)
  • Premier International Projects ($59.4m)
  • China International Water & Electric Corporation (China, $60.0m)
  • Khimji Ramdas Construction ($62.4m)

  MEED reported in March that the ministry had issued the tender for the project, which aims to protect flood-prone areas, reduce risks to life and property, and support groundwater recharge where possible.

  The proposed Wadi Rijma dam (R2A) is located between the mountain range to the south and west and the Gulf of Oman to the north and east. The area is characterised by wadis that cut deep valleys before spreading into multiple channels across alluvial fans.

  In June 2025, MEED reported that the Islamic Development Bank (ISDB) had extended a $632m loan to the ministry to fund the construction of four major flood protection dams in the sultanate.

  The four projects are:

  • Wadi Al-Khoud Flood Protection Dam (AK01) in Seeb
  • Wadi Rijma Flood Protection Dam (R2A) in Liwa
  • Wadi Majlas Flood Protection Dam in Qurayat
  • Wadi Ahin Flood Protection Dam in Saham North

  In June, the ministry invited contractors to bid for the construction of the Wadi Al-Khoudh flood protection dam in Wilayat Al-Seeb, Muscat Governorate.

  The contract is being tendered under ISDB’s Climate-Resilient Flood Protection Dams Project.

  The tender marks the revival of a project that has been on hold since 2019. The project was originally planned by the former Ministry of Regional Municipalities & Water Resources and was previously estimated to be worth about $159m.

  The bid submission deadline is 9 August.

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

  Saudi Arabia builds for the global stage; Rising uncertainty creates fresh set of challenges in the Maghreb; Gulf banks remain robust in the face of geopolitical tensions.

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

  > AGENDA: Expo 2030 Riyadh construction gathers pace > WORLD CUP: What the 2026 World Cup means for Saudi Arabia 2034 > MARKET FOCUS: Maghreb fortunes diverge > INDUSTRY REPORT: GCC banks prove resilient amid turmoil > LEADERSHIP: Private capital and the GCC infrastructure inflection > PORTS: Geopolitical risk shapes $513bn of global ports projects > INTERVIEW: Developers look beyond standalone solar

  To see previous issues of MEED Business Review, please click here

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  Mark Dowdall
• 
  Syria signs 760MW solar power purchase agreements

  7 August 2026

  The Syrian Electricity Company (Sec) has signed power purchase agreements (PPAs) with Saudi Arabia’s Mohammed Ahmed Al-Harfi Company for three solar power projects with a combined generation capacity of 760MW.

  The projects will be supported by battery energy storage systems (bess) with a total storage capacity of 1,077MWh and will be located in the Widyan Al-Rabie area of Rif Dimashq.

  The PPAs were signed in Damascus on 5 August under the supervision of Saudi Arabia’s Ministry of Energy. According to the ministry, the agreements range from 20 to 25 years and cover the provision of electricity at tariffs starting from $0.03/kWh.

  Alongside the PPAs, Al-Harfi signed two technical cooperation agreements. 

  Saudi Electricity Project Development Company (PDC) will provide engineering and advisory services to support the management and implementation of the solar projects. Germany’s Siemens Energy will provide technical cooperation and expertise covering substations, power generation and bess.

  The latest agreements build on a memorandum of understanding signed in February between Syria’s former General Establishment for Electricity Transmission and Distribution and Al-Harfi to develop a 210MW solar project supported by an 827MWh bess.

  The projects are among the first major investments signed by Sec since it was established in April following a restructuring of Syria’s electricity sector. The new state-owned utility replaced the former Public Establishment for Generation and the Public Establishment for Transmission and Distribution of Electricity and assumed their assets, contracts and obligations.

  Separately, in a LinkedIn post published on 6 August, Acwa vice-chairman and managing director Raad Al-Saady said he had accompanied the Saudi Ministry of Energy on a visit to Damascus to sign agreements and discuss existing and potential energy projects in Syria.

  He said he represented Acwa and the infrastructure committee of the Saudi Syrian Business Council during the visit.

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

  Saudi Arabia builds for the global stage; Rising uncertainty creates fresh set of challenges in the Maghreb; Gulf banks remain robust in the face of geopolitical tensions.

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

  > AGENDA: Expo 2030 Riyadh construction gathers pace > WORLD CUP: What the 2026 World Cup means for Saudi Arabia 2034 > MARKET FOCUS: Maghreb fortunes diverge > INDUSTRY REPORT: GCC banks prove resilient amid turmoil > LEADERSHIP: Private capital and the GCC infrastructure inflection > PORTS: Geopolitical risk shapes $513bn of global ports projects > INTERVIEW: Developers look beyond standalone solar

  To see previous issues of MEED Business Review, please click here

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  Mark Dowdall
• 
  Lowest bidder emerges for Dewa Solar Park phase seven

  7 August 2026

  

   

  Abu Dhabi Future Energy Company (Masdar) is likely to be awarded the contract to develop the seventh phase of the Mohammed Bin Rashid Al-Maktoum Solar Park after submitting the lowest bid for the project, sources have told MEED.

  Dubai Electricity & Water Authority (Dewa) received bids on 1 July, as previously reported by MEED.

  According to a source, China’s BYD will act as battery energy storage system (bess) supplier for the project, while another Chinese firm, Gotion, is also understood to be in the running to supply battery storage technology.

  Phase seven will add 2,000MW from photovoltaic (PV) solar panels and include a 1,400MW bess with a six-hour capacity, providing a total storage capacity of 8,400 megawatt-hours. 

  Technical and financial offers were opened last month after developers including Saudi Arabia’s Acwa, the UAE’s Etihad Water & Electricity and Masdar submitted bids for the project.

  Dewa completed the prequalification process for the latest phase of the world’s largest single-site solar park in 2025. 

  As previously reported, 47 firms submitted their responses to Dewa’s expression of interest request for the contract in March 2025. The main tender was issued last November.

  The transaction advisory team for the project comprises UK-headquartered Deloitte and US-based CMS and Sargent & Lundy as financial, legal and technical advisers, with Deloitte acting as lead adviser. 

  Dewa phase six

  Masdar is also expected to commission the 1,800MW sixth phase of the MBR Solar Park in the third quarter of this year.

  The $1.5bn facility is being implemented by Shuaa Energy 4, a special purpose vehicle jointly owned by Masdar (40%) and Dewa (60%). It is understood that the winning bidder for Dewa 7 will enter into a similar partnership.

  The companies reached financial close on the sixth phase in 2024.

  India’s Larsen & Toubro (L&T) has been working as the main engineering, procurement and construction (EPC) contractor. The firm is also working with Masdar on Abu Dhabi’s round-the-clock 5.2GW solar PV plus bess project that reached financial close last month. 

  Also in July, a Masdar-led consortium emerged as the frontrunner for a contract to develop Kuwait’s first utility-scale solar PV plant.

  Once completed, the sixth phase will increase the solar park’s total production capacity to 4,660MW. Dewa increased its flagship solar project’s 2030 installed capacity target last year by 45%, from 5,000MW to 7,260MW. This comprises a total investment of AED50bn ($13.6bn).

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

  Saudi Arabia builds for the global stage; Rising uncertainty creates fresh set of challenges in the Maghreb; Gulf banks remain robust in the face of geopolitical tensions.

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

  > AGENDA: Expo 2030 Riyadh construction gathers pace > WORLD CUP: What the 2026 World Cup means for Saudi Arabia 2034 > MARKET FOCUS: Maghreb fortunes diverge > INDUSTRY REPORT: GCC banks prove resilient amid turmoil > LEADERSHIP: Private capital and the GCC infrastructure inflection > PORTS: Geopolitical risk shapes $513bn of global ports projects > INTERVIEW: Developers look beyond standalone solar

  To see previous issues of MEED Business Review, please click here

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  Mark Dowdall
• 
  US Army awards Kuwait air defence work

  7 August 2026

  The US Army Corps of Engineers (USACE) Middle East District has awarded an architect-engineer design task order to a joint venture of US companies Aecom and Black & Veatch for the design of Kuwait’s air defence infrastructure.

  The contract covers the design of multiple National Advanced Surface-to-Air Missile System (Nasams) tactical sites and communication tower infrastructure for the Kuwait Ministry of Defence.

  The award represents a bilateral initiative aimed at strengthening Kuwait’s sovereign air defence capabilities. It was issued under an indefinite delivery/indefinite quantity (IDIQ) contract.

  The task order is the latest in a series of US-backed defence awards in Kuwait this year. In May, the Middle East District awarded a $9.1m firm fixed price contract to local firm Combined Group Contracting Company to build an engine shop and an airframes shop, along with pavement works. The scope includes an option to construct a squadron operational facility.

  In February, the district awarded a $31.4m firm fixed price contract to Kuwait’s Al-Ghanim Combined Group to construct a quick reaction area and combat aircraft loading area. The scope covers four parking shelters, five aircraft sunshades and airfield pavement, together housing 13 aircraft separated by reinforced barricades.

  Air defence focus

  Air defences across the GCC have been in the spotlight this year following a series of attacks originating from Iran. Kuwait has felt a significant impact, with strikes reported on its international airport, oil and gas infrastructure, and US military installations hosted in the country. The disruption has sharpened regional demand for advanced surface-to-air systems and driven renewed investment in protective infrastructure.

  Regional awards

  The USACE’s Middle East District has remained active across the wider region in 2026. In March, it said it had awarded a $48m IDIQ contract to Al-Rawabet Commercial Services Contracting Company for operations and maintenance support at the Falcon 5/F-15QA facilities at Al-Udeid Air Base in Qatar. USACE turned over the $500m facilities associated with that programme in spring 2025.

  The same month, the district awarded a $14.6m firm fixed price contract, with a further $5m in options, to the US’ Pearlson Shiplift Corporation for the refurbishment of the ship lift system at King Abdulaziz Naval Base in Jubail, Saudi Arabia. The work will upgrade vessel-handling infrastructure used by the Royal Saudi Naval Forces.

  In Egypt, the district has awarded a contract to build a maintenance hangar for four CH-47F aircraft, with an apron extension providing five parking spots, an aircraft wash rack and a new access road.

  ---

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

  Saudi Arabia builds for the global stage; Rising uncertainty creates fresh set of challenges in the Maghreb; Gulf banks remain robust in the face of geopolitical tensions.

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

  > AGENDA: Expo 2030 Riyadh construction gathers pace > WORLD CUP: What the 2026 World Cup means for Saudi Arabia 2034 > MARKET FOCUS: Maghreb fortunes diverge > INDUSTRY REPORT: GCC banks prove resilient amid turmoil > LEADERSHIP: Private capital and the GCC infrastructure inflection > PORTS: Geopolitical risk shapes $513bn of global ports projects > INTERVIEW: Developers look beyond standalone solar

  To see previous issues of MEED Business Review, please click here

  https://image.digitalinsightresearch.in/uploads/NewsArticle/18189787/main.gif

  Colin Foreman
• 
  Necessity is the mother of invention for Kuwaiti lenders

  6 August 2026

  

   

  If 2025 was marked by the advent of reform in the shape of public debt and mortgage laws, 2026 has been a year of resilience in the face of sharp shifts in the operating environment.

  Like their peers across the GCC, Kuwait’s banks have stood out this year for their crisis preparedness. With Kuwait facing sustained attacks from Iran – testing a hydrocarbons-based economy that is uniquely vulnerable to such shocks – banks are focusing on maintaining durability under especially challenging conditions.

  The sector entered 2026 in a relatively strong position. As of March 2026 – one month into the US-Israeli campaign against Iran – the non-performing loan (NPL) ratio stood at a creditable 1.7%. A capital adequacy ratio of 17.5% in Q1 is another sign of resilience, underscoring banks’ capacity to absorb unexpected losses.

  Kuwaiti banks’ reserve coverage stands at 223% of problem loans, one of the highest levels of loan-loss allowance coverage for Stage 3 exposures in the region. This is in large part due to the Central Bank of Kuwait’s (CBK’s) strict regulatory requirements.

  Overall, banks have strong capitalisation, solid liquidity, high loan loss-absorption buffers and sound asset quality. That mix provides confidence that the banking sector can continue to support the economy in difficult circumstances.

  Kuwait has retained significant sovereign financial strength. There are large fiscal buffers, there is the existential hydrocarbon wealth, and there is a long track record of supporting the banking sector when required
  Abdulla Al-Hammadi, Moody’s

  Bank dominance

  Banks also remain central to Kuwait’s economy. As the Washington-based IMF has noted, financial intermediation is overwhelmingly bank-based, with domestic currency bond and equity markets underdeveloped by emerging-market standards.

  “Kuwait has retained significant sovereign financial strength. There are large fiscal buffers, there is the existential hydrocarbon wealth, and there is a long track record of supporting the banking sector when required,” says Abdulla Al-Hammadi, an analyst at Moody’s.

  Bank assets reached 250% of GDP in 2024 – among the highest in the GCC, according to the IMF. This is supported by strong balance sheets, high liquidity and a large Islamic finance segment. Kuwait Finance House, Boubyan Bank, Kuwait International Bank and Warba Bank – the four main Islamic lenders – together account for KD53bn ($172bn), or 51% of total banking sector assets.

  Early 2026 performance metrics show a solid rise in assets at listed Kuwaiti banks, growing by 12.5% year-on-year to KD130.82bn ($366.4bn) in Q1. Net profits increased by a smaller margin, 1.1%, to KD382.96m ($1.07bn) in the same quarter, according to KPMG.

  National Bank of Kuwait (NBK), the largest bank by assets, reported net profit of KD324.8m ($1.06bn) for the first half of 2026, a 3% year-on-year increase. Despite the impact of the conflict, the second quarter saw profits rise 4.5% to KD181.2m ($588.4m).

  Ratings support

  Ratings agencies have retained their confidence in Kuwaiti banks. In a rating action announced on 18 June, Moody’s affirmed the long-term deposit ratings of eight Kuwaiti banks, reflecting their resilient credit profiles supported by strong capital, provisioning reserves and liquidity buffers.

  Under Moody’s central scenario – which assumes a prolonged disruption to the Strait of Hormuz through autumn and persistently high and volatile energy prices – the expected deterioration in operating conditions remains within the absorption capacity of these banks’ baseline credit assessments.

  Kuwait’s strong sovereign ratings and high level of system support provide additional comfort. Government financial assets are estimated at more than 475% of GDP, while the debt burden was around 19% of GDP as of March 2026 – factors that underpin the government’s capacity to support the banking system in the event of stress.

  Nor is Kuwait at particular risk of external funding outflows. According to S&P Global, Kuwait has a comfortable net external asset position that mitigates such risks.

  “Depositor confidence has remained stable. The banks continue to access international interbank markets,” says Al-Hammadi. “Their liquidity buffers will support their ability to continue lending and absorb any potential shock.”

  Regulatory response

  Regulatory supervision is another core strength. The CBK has a reputation for hands-on oversight of the banking sector. In March, it rolled out a stimulus package to encourage banks to lend as the Iran conflict buffeted the region. The measures included a temporary easing of macroprudential requirements, with the minimum liquidity coverage ratio and net stable funding ratio reduced from 100% to 80%. The minimum regulatory ratio was cut from 18% to 15%.

  These measures appear to have had the intended effect. According to NBK’s research arm, domestic credit growth picked up in May, rising by half a percentage point over the previous month to 6.7% in year-on-year terms. Signs of stronger business lending, with gains across services, trade and real estate, will have been particularly welcome.

  “Many Kuwaiti banks have concentrated their lending activity around the Kuwait economy,” says Al-Hammadi. “Overall GDP is under pressure given recent developments in the hydrocarbon sector. It’s still an oil-driven economy, but if you look at non-oil activity, it has continued to benefit from government investment.”

  Credit growth will be supported by improving economic sentiment, so long as deposit growth keeps pace. However, lending is unlikely to match previous years’ levels.

  “Our expectation is that lending growth will drop, given what is happening in the macroeconomic environment. Growth could be a bit slower compared to previous years,” says Al-Hammadi.

  The CBK has urged local banks to be flexible towards customers, although anecdotal evidence suggests greater caution, including tighter personal loan limits.

  Reforms, including the mortgage and housing law, provide an additional opportunity for Kuwaiti banks to support broader growth. The Real Estate Financing Law permits banks to offer supported loans under which the state covers interest payments via the Kuwait Credit Bank, while borrowers repay only the principal.

  Although hydrocarbon-sector growth will be negatively impacted by events in the Gulf this year, banks should be able to secure growth by focusing on the non-hydrocarbon economy.

  “We see growth driven by the non-oil economy and some of the project finance opportunities, which will benefit from the banking sector’s capital and liquidity position. It places the banks in the right place to grab this opportunity,” says Al-Hammadi.

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  MEED’s September 2026 report on Kuwait also includes:

  > OIL & GAS: Regional war to have lasting impact on Kuwaiti oil sector
  > CONSTRUCTION: Kuwait construction holds up despite regional strife

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  James Gavin