Monthly briefing: 14 key developments in the region
21 November 2022
By MEED staff
> Lukewarm Cop27 ends
> UAE and US sign $100bn energy programme
> BlackRock looks to invest in projects with PIF
> Riyadh signs construction deals during Seoul visit
> Middle East outpaces global economic growth
> Riyadh Grade A office occupancy hits 98 per cent
> Dubai developer plans world's tallest residential building
> Saudi Arabia launches national automaker
> Alba reaches Block 4 financial close
> Partners award contracts for $8.5bn US chemicals project
> Investors launch Sohar industrial projects
> Aramco and IBM plan Riyadh innovation hub
COP27
Egypt climate conference ends with agreement on payout
Negotiators from nearly 200 countries at the 2022 UN climate summit Cop27, which took place in Egypt on 6-18 November, have agreed to set up a loss and damage fund aimed at helping vulnerable countries to cope with climate disasters. They also agreed that global greenhouse gas emissions need to be cut nearly in half by 2030.
The agreement also reaffirmed the goal of keeping global warming to 1.5 degrees Celsius above pre-industrial levels. However, a deal to phase out the use of fossil fuels, and not just coal, could not be agreed upon after a number of nations, including China and Saudi Arabia, blocked the proposal. Read more

The Middle East was thrust firmly onto the global stage on 20 November when football’s 2022 World Cup kicked off in Qatar
Region pitches to be global sporting hub
OIL
Opec and non-Opec partners cut 2 million b/d of production
Saudi Arabia, the world’s largest crude oil exporter, has started to cut its exports as Opec+ begins to reduce its overall target production by 2 million barrels a day (b/d).
Saudi Arabia had cut its crude oil exports by more than 400,000 b/d by the third week of November, while exports from Opec could be on course to drop by 1 million b/d.
In October, Opec+ announced it would slash its collective target by 2 million b/d from November. Although the actual reduction is expected to be about 1.1 million b/d, it is still the biggest cut since the record reduction announced in April 2020, when oil demand plunged at the start of the pandemic.
UAE-US DEAL
UAE and US sign $100bn clean energy partnership
The UAE and the US have signed a partnership that aims to catalyse $100bn in financing and other support, in addition to deploying 100GW of clean energy in the US, UAE and emerging economies around the world by 2035. They also reaffirmed their commitment to climate action, in line with their 2050 net-zero goals.
The two countries plan to stimulate private and public sector support in four areas: clean energy innovation, financing, deployment and supply chains; carbon and methane management; advanced reactors; and industrial and transport decarbonisation. Read more
PIF-BLACKROCK PARTNERSHIP
PIF and BlackRock agree to explore infrastructure projects
Saudi Arabia’s Public Investment Fund (PIF) has signed a non-binding memorandum of understanding with US asset manager BlackRock to jointly explore infrastructure projects in the Middle East, with a majority of the investment activity focused on Saudi Arabia.
The target projects are in several sectors, including energy, power, utilities, water, environment, transportation, telecommunications and social infrastructure.
BlackRock will look to build a dedicated infrastructure investment team in Riyadh to cover the Middle East region.
In a statement, the PIF said that the aim is to leverage positive Saudi and regional market dynamics to deliver sustainable long-term returns.
The sovereign wealth fund added that the two entities plan to work together to attract regional and international investors to participate in investment projects, and boost foreign direct investment into Saudi Arabia.
This will add value to the Saudi economy and the wider market while facilitating knowledge and skills transfer. Read more
ECONOMIC OUTLOOK
IMF predicts economic growth for the Middle East in 2022
The real GDP of oil exporting countries in the Middle East is projected to grow at 5.2 per cent in 2022, up from 4.5 per cent in 2021, according to the Washington-based IMF.
Growth is projected to slow to 3.5 per cent in 2023 as Opec+ production wanes, oil prices ease and global demand slows.
Crude producers are projected to accrue a cumulative oil windfall of about $1tn in 2022−26, which the IMF said oil-exporting countries like Saudi Arabia and the UAE could use to continue to invest in projects that support future economic growth. Read more
SAUDI-KOREA PROJECTS
Deals worth $30bn signed during royal visit to Seoul
Agreements totalling an estimated $30bn were signed during Saudi Crown Prince Mohammed bin Salman al-Saud’s visit to Seoul, South Korea on 17 November.
The biggest deal was a commitment from Saudi Aramco to invest $7bn in building an integrated refinery and petrochemicals complex in South Korea through its local affiliate S-Oil.
The new plant will have capacity to produce 3.2 million tonnes a year of petrochemicals.
Five South Korean companies – Korea Electric Power Corporation (Kepco), Korea Southern Power Company, Korea National Oil Corporation, Posco Holdings and Samsung C&T Corporation – have also signed agreements with Saudi Arabia’s Public Investment Fund to build and operate a green hydrogen and green ammonia production facility in Saudi Arabia. Read more
RIYADH REAL ESTATE
Riyadh Grade A office occupancy hits 98 per cent
Occupancy levels for prime office space in Riyadh have risen by four percentage points to 98 per cent according to a report by property consultancy Knight Frank.
Average lease rates for prime office space have increased by 18 per cent over the past 12 months to about SR1,775 ($473) a square foot. The company said there is unprecedented demand for Grade A office space.
“As the kingdom’s economic transformation plan unfolds, business activity is rising at an extraordinary pace. Seventy firms have now committed to relocating their regional headquarters to Riyadh, including Aldeham Education Group and French rolling stock manufacturer Alstom,” Knight Frank said. Read more
UAE
Dubai developer plans world’s tallest residential building
Local real estate developer Binghatti and jewellery brand Jacob & Co have announced plans to build the world’s tallest residential structure in Dubai’s Business Bay district.
Known as Burj Binghatti Jacob & Co Residences, the tower will comprise more than 100 storeys and will offer two- and three-bedroom apartments. Amenities in the building will include an infinity pool, a spa and a gymnasium.
Companies recently moved onsite in Business Bay to work on a 116-storey tower for Binghatti. The contractor is Granada Europe Construction. The consultant is Silver Stone Engineering Consultants. Read more
ELECTRIC VEHICLES
Saudi Arabia launches electric vehicle manufacturer
Saudi Arabia’s Crown Prince Mohammad bin Salman al-Saud has announced the launch of Ceer, the first Saudi electric vehicle brand. Ceer is the first Saudi automotive brand to produce electric vehicles in Saudi Arabia.
The company is a joint venture of Saudi sovereign wealth entity the Public Investment Fund and Taiwan-based Hon Hai Precision Industry Company, which trades as Foxconn internationally.
Foxconn will license component technology from BMW for use in the vehicle development process, with the first vehicles – sedans and sports utility vehicles – expected to be available in 2025.
Foxconn will develop the electrical architecture of the vehicles, which will feature infotainment, connectivity and autonomous driving technologies.
Ceer is expected to attract over $150m in foreign direct investment and create up to 30,000 direct and indirect jobs. Read more
Further reading
Alba agrees Block 4 financing
Aluminium Bahrain (Alba) has reached financial close on the 681MW combined-cycle gas turbine plant that comprises Block 4 of the smelter’s Power Station 5. China Export & Credit Insurance Corporation (Sinosure) will provide a $225m facility.
Contracts awarded for US plant
QatarEnergy and Chevron Phillips Chemical Company have reached final investment decision on the Golden Triangle Polymers Plant, an $8.5bn integrated polymers facility in the US. The plant will include the biggest ethylene cracker in the world with a capacity of 2.1 million tonnes a year.
Investors launch Sohar projects
Investors have launched two non-oil industrial projects in Sohar Freezone in Oman. The sultanate’s first petroleum coke calcining facility will be built at a total investment of about $155.9m, while a titanium dioxide production facility will be established at a cost of $112m.
Aramco plans innovation hub
Saudi Aramco and US technology company IBM plan to establish an innovation hub in Riyadh. The hub will support tech-driven economic growth in Saudi Arabia with the help of emerging technologies in hybrid cloud, artificial intelligence and quantum computing.
Exclusive from Meed
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Lowest bidder emerges for Kuwait Airport Terminal 2 operations19 October 2026
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Dubai tenders Al-Maktoum-Dubai South drainage scheme19 October 2026
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Contractor wins $44m Morocco rail stations deal19 October 2026
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Firms submit Dubai multibillion-dollar road scheme interest19 October 2026
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Libya seeks offshore contractors for $8bn gas project19 October 2026
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Related Articles
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Lowest bidder emerges for Kuwait Airport Terminal 2 operations19 October 2026

Ireland’s DAA International has emerged as the lowest bidder for the contract to operate, manage and maintain the new passenger Terminal 2 (T2) at Kuwait International airport, submitting an offer of KD419m ($1.35bn).
Official price-opening records released by Kuwait’s Central Agency for Public Tenders on behalf of the Directorate General of Civil Aviation show three international airport operators submitted commercial bids for the tender.
DAA International’s proposal undercut its nearest rival by about 45%. Turkiye’s TAV Airports Holding submitted the second-lowest offer at KD764.15m ($2.46bn), while South Korea’s Incheon International Airport Corporation bid KD959.48m ($3.1bn).
All three proposals were marked as approved in the tender committee’s price disclosure.
The contract entails the operation, management and improvement of training, maintenance and development services across Terminal 2 and its associated aircraft parking aprons.
The remit also includes corporate management of centralised operation and maintenance across the broader Kuwait International airport model, centralising operational procedures, systems integration and service delivery across the aviation hub.
Technical documents indicate the winning operator will oversee facility management, terminal operational readiness, passenger processing systems, apron operations and staff development programmes before and after the complex’s commercial launch.
MEED reported in June 2023 that six airport operators had initially been invited to bid for the Terminal 2 operating concession.
Terminal 2 is the centrepiece of Kuwait International airport’s multibillion-dollar expansion, aimed at boosting total handling capacity to 25 million passengers a year.
Turkish contractor Limak Insaat is executing the main terminal building under an estimated $4.34bn contract awarded in 2016.
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Dubai tenders Al-Maktoum-Dubai South drainage scheme19 October 2026
Dubai Municipality has invited contractors to submit bids by 5 November for the construction of a stormwater drainage system connecting Al-Maktoum Airport and Dubai South
The project, designated TF-06-C2, involves approximately 20 kilometres of pipelines with diameters ranging from 400mm to 3,000mm. The works will use deep trenchless construction and conventional open-cut methods.
The scheme is one of four projects, for which a project management consultancy (PMC) tender was issued earlier this month.
The tender for TF-06-S1 Supervision of Stormwater Drainage System Projects – Package 4 was issued on 6 October.
The consultancy covers the following projects:
- TF-06-C1: Construction of a stormwater pond connecting Al-Maktoum Airport and Dubai South
- TF-06-C2: Construction of a stormwater drainage system connecting Al-Maktoum Airport and Dubai South
- TF-07-C1: Construction of a stormwater drainage system on Sheikh Zayed Bin Hamdan Road connecting developers
- TF-24-C1: Connecting developers’ areas to the stormwater networks in Dubailand
The projects are part of Dubai Municipality’s wider Tasreef programme, intended to increase Dubai’s rainwater drainage capacity by 700% by 2033 and provide capacity for the emirate’s needs for the next 100 years.
Investment in the UAE water sector has been dominated by stormwater drainage and network resilience schemes this year, as Dubai Municipality advances procurement under its AED30bn ($8.1bn) Tasreef programme.
TF-07-C1
As previously reported, contractors are preparing to submit bids on 22 October for the main construction contract for TF-07-C1.
The project covers more than 100 million square metres between Sheikh Mohammed Bin Zayed Road and Emirates Road, and from Expo Road to Dubailand.
It will provide stormwater infrastructure and service connections for more than 20 private developers and Al-Yalayis 5, as well as supporting major roads in the Jebel Ali area. The construction scope includes a major gravity drainage system with pipeline diameters of up to 3,000mm.
TF-24-C1
Bids for TF-24-C1 were submitted on 1 October, with Nael Construction & Contracting, Al-Nasr Contracting Company and Al-Kharafi & Sons understood to be among the bidders.
The project will connect developers’ areas in Dubailand to the stormwater network. It includes 18km of stormwater drainage pipelines with diameters of up to 1,800mm and 3.5km of gravity sewer pipelines with diameters of up to 1,000mm.
As MEED understands, the main contract tender for TF-06-C1 has yet to be released.
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Contractor wins $44m Morocco rail stations deal19 October 2026
Morocco’s national railway operator, Office National des Chemins de Fer (ONCF), has awarded a MD437.6m ($44.5m) contract to local firm Jet Contractors to build five railway stations along the Benguerir-Marrakech corridor.
The project forms part of the wider Kenitra-Marrakech high-speed rail development programme.
Jet Contractors will build one high-speed rail station and four regional express rail stations.
These include two stations in Benguerir, and one each at Sidi Bou Othmane, Sidi Ghanem and Marrakech Stadium.
The scope of work includes construction and fit-out of the stations and associated infrastructure, including concrete structures, platforms, ancillary facilities, passageways, circulation areas and connection zones within the stations.
It also covers architectural finishing works; testing and commissioning of electrical networks; and all mechanical, electrical and plumbing services.
The contractor will also provide all safety, security and protection systems, including alarms, fire detection and firefighting systems, and surveillance systems.
Morocco awarded multiple civil works contracts in 2024 to international and local firms to build its Kenitra-Marrakech high-speed railway line.
The rail project is part of a $37bn strategy to connect more of Morocco’s cities, ports and airports by rail. It will stretch 375 kilometres from Kenitra on the northwest coast to Marrakech in the south.
The project is divided into seven lots, each measuring 36km to 64km. The rail link will pass through cities including Rabat, Sale and Casablanca.
The link will extend the Al-Boraq high-speed rail line between Tangier, Rabat and Casablanca. The line began operating in 2018 and was Africa’s first high-speed railway system.
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Firms submit Dubai multibillion-dollar road scheme interest19 October 2026

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Contractors submitted expressions of interest on 10 October for a design-and-build contract for a multibillion-dollar new road that will run parallel to Sheikh Zayed Road.
Dubai’s Roads & Transport Authority (RTA) held an online meeting after the submissions to prepare for the prequalification phase of tendering, expected to start in a few weeks.
The scope covers about 30 kilometres (km) of works.
These include about 15km of viaduct along First Al-Khail Street and more than 14.5km of bridge ramps, along with other associated infrastructure works.
The RTA floated the expression of interest notice to contractors in early September.
The project is another significant initiative aimed at alleviating pressure on the existing Sheikh Zayed Road section from Hadiqa Street to Hessa Street.
Dubai has previously explored bold concepts to expand capacity on Sheikh Zayed Road, including proposals to introduce double-decker sections to add extra lanes without widening the existing corridor.
The idea was discussed in the context of rising congestion and limited right-of-way along one of the city’s busiest arterial roads, with elevated decks potentially carrying through traffic while existing at-grade lanes served local access.
The plans ultimately became standalone schemes, with subsequent efforts focusing instead on corridor-wide upgrades, interchange improvements and complementary public transport expansions to manage demand more sustainably.
The latest project aligns with Dubai’s continued investment in upgrading and expanding its road network to keep pace with rapid population growth and rising commuting demand.
Planning for growth
Dubai launched the 2040 Urban Master Plan in March 2021, referencing studies indicating that the emirate’s population will reach 5.8 million by 2040, up from 3.3 million in 2020. The daytime population is set to increase from 4.5 million in 2020 to 7.8 million in 2040.
In December 2022, Sheikh Mohammed Bin Rashid Al-Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, approved the 20-Minute City Policy as part of the second phase of the Dubai 2040 Urban Master Plan.
In addition to the road projects, the RTA’s Dubai Metro Blue Line extension and Dubai Metro Gold Line form part of Dubai’s plans to improve residents’ quality of life by cutting journey times, as outlined in the policy.
The policy aims for residents to have 80% of their daily requirements within a 20-minute journey, on foot or by bicycle. This goal will be achieved by developing integrated service centres with all necessary facilities and increasing population density around mass transit stations.
READ THE OCTOBER 2026 MEED BUSINESS REVIEW – click here to view PDFIndustry and logistics drive development at Neom; Saudi Arabia’s investment priorities realign amid conflict; MEED’s 2026 power developer ranking.
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> AGENDA: Oxagon takes centre stage at Neom> MARKET FOCUS: Saudi projects hold steady> INDUSTRY REPORT: MEED’s 2026 GCC power developer ranking> LEADERSHIP: The future city does not need to hang above the groundTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/20745908/main.jpg -
Libya seeks offshore contractors for $8bn gas project19 October 2026
Libya’s Mellitah Oil & Gas Company (MOG) has invited companies to prequalify for a major offshore package as part of its Mellitah Complex Expansion & CO2 Management Integrated Development Project, which is estimated to be worth about $8bn.
The package is estimated at around $3bn and focuses on developing offshore pipelines and subsea systems for the “E” Offshore Installation Project and CO2 project.
The deadline to submit prequalification documents is 5 November. The contract will use the engineering, procurement, installation and commissioning (EPIC) model.
MOG is a joint venture of Libya’s National Oil Corporation and Italian oil and gas company Eni.
This is not the first time MOG has invited submissions for the offshore pipelines and subsea systems package. The company originally launched a prequalification process for the EPIC contract in 2021, but the project experienced delays and the process was eventually cancelled. The prequalification process was restarted nearly three years later, but it was also ultimately abandoned.
Complex expansion
As part of the Mellitah Complex Expansion & CO2 Management Integrated Development Project, two offshore structures – Structure A and Structure E – will be developed in Libya’s offshore block NC 41.
Structure A is in the central-western part of the area, about 80 kilometres (km) from the Libyan coast, with a water depth of 95-105 metres.
Structure E is located in the central-eastern part of the area, about 130km from the Libyan coast, in a water depth of 205-235 metres.
The scope of the wider project includes:
- A new wellhead platform installed in 96 metres of water as part of the development of Structure A
- A new production platform installed in about 220 metres of water depth as part of the development of Structure E
- Modification of the existing Sabratha platform
- Sealines and subsea systems for structures A and E
- Upgrading the existing onshore Mellitah complex
Project contract awards
In June 2024, MOG awarded an offshore engineering, procurement and construction (EPC) contract worth €1.2bn ($1.28bn), which was part of the Mellitah Complex Expansion & CO2 Management Integrated Development Project.
The contract was awarded to a consortium of three Italian companies: Rosetti Marino, Kerry Project Logistics and Gruppo Antonini.
In a statement, Rosetti Marino said its share of the project contract was worth €400m ($428m), comprising 33% of the total contract value.
Rosetti Marino said its scope of work includes EPC and load-out activities to deliver the topside of the approximately 6,000-tonne gas production wellhead platform, named WHP-A, to be installed off the coast of Libya.
Project setbacks
During 2023 and 2024, several setbacks affected the Mellitah Complex Expansion & CO2 Management Integrated Development Project.
In November 2023, MOG restarted the prequalification process for an upstream offshore package worth an estimated $700m.
The project scope involves modifications to the offshore Sabratha platform at the Bahr Essalam field.
Less than two months later, MOG restarted prequalification for a second package as part of the integrated development project.
The scope of the second package covers key sealine and subsea systems.
No reason was given for restarting the prequalification process for two of the project’s packages.
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