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.
Register for MEED's guest program now to access this article.
Exclusive from Meed
All of this is only 1% of what MEED.com has to offer
Subscribe now and unlock all the 153,671 articles on MEED.com
- All the latest news, data, and market intelligence across MENA at your fingerprints
- First-hand updates and inside information on projects, clients and competitors that matter to you
- 20 years' archive of information, data, and news for you to access at your convenience
- Strategize to succeed and minimise risks with timely analysis of current and future market trends
Related Articles
-
Morocco to invest $300m in Casablanca port expansion9 July 2026
Marsa Maroc, Morocco’s biggest port operator, has announced that it will invest MD3bn ($300m) to expand container-handling capacity at the Port of Casablanca, following the grant of a 20-year extension to its concession for operating Container Terminal 3 (TC3).
The concession extension will be undertaken through Marsa Maroc's subsidiary, TC3PC.
Marsa Maroc will increase TC3’s capacity from 600,000 to 900,000 twenty-foot equivalent units (TEUs) by 2030.
The wider programme is expected to lift the Port of Casablanca’s overall container capacity to more than 2 million TEUs.
Planned works include extending quay infrastructure, modernising cargo-handling equipment and reconfiguring storage areas at the two container terminals operated by Marsa Maroc at the port.
The company said that these upgrades are intended to improve operational efficiency and enhance cargo throughput.
The latest announcement follows Marsa Maroc's unveiling of a MD21bn ($2.1bn) investment programme in March, as it looks to reinforce its position as a leading regional ports player through to the end of this decade.
Marsa Maroc reported consolidated revenue of MD5.7bn ($578m) in 2025, a 16% rise from MD5.8bn ($500m) a year earlier.
The company attributed the growth to increased volumes handled at its terminals, as well as a broader range of logistics services.
Operationally, cargo throughput climbed to more than 67 million tonnes, up 6% year-on-year, and a record for the group.
Container volumes also hit a new milestone, topping 3 million TEUs for the first time, consolidating Marsa Maroc’s standing as Africa’s fourth-largest container operator.
Marsa Maroc is the fourth-largest listed firm in Morocco by market capitalisation, according to UK-based Drewry Maritime Research.
READ THE JULY 2026 MEED BUSINESS REVIEW – click here to view PDFStress test for Gulf aviation; Mixed performance as country outlooks diverge in the Levant; GCC tourism sector pivots from crisis to recovery mode.
Distributed to senior decision-makers in the region and around the world, the July 2026 edition of MEED Business Review includes:
> AIRPORTS: Dubai and Riyadh reaffirm airport ambitions> INDUSTRY REPORT: Dubai eyes tourism sector recovery> DATA CENTRES: Big Tech falls short on data centre promise> LEADERSHIP: Aramco’s citizen developers accelerate digital changeTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/17588652/main.jpg -
Riyadh tenders Quality Valley mixed-use PPP project9 July 2026
Saudi Arabia’s State Properties General Authority, in collaboration with the National Centre for Privatisation & PPP, has tendered a contract to transform the Saudi Standards, Metrology & Quality Organisation's headquarters site in Riyadh’s Al-Muhammadiyah area into a mixed-use district.
The firms have been allowed until 8 October to submit their proposals.
Known as the Quality Valley Riyadh project, the public-private partnership (PPP) scheme will be developed on a design, build, finance, operate, maintain and transfer basis.
In May, MEED reported that 59 firms had expressed interest in the contract to develop the project.
Unless otherwise stated, the interested companies are local. They now include:
Developers / real estate developers:
- Abdulrahman Saad Alrashid & Sons (Artar)
- Ajdan Real Estate Development Company
- AlBawani
- Al-Gihaz Holding
- Al-Ayuni Investment & Contracting
- Alameriah Development
- Alargan Projects Company
- Al-Fahd Company
- Alkhorayef Investment & Development
- Al-Soliman Real Estate
- Al-Saedan Real Estate
- Asyad Holding Company
- Arabian Construction Company (UAE)
- Business Deal Company
- Ezdihar Real Estate Company
- Hay Developments
- Heyazah Real Estate Development
- Kinan International
- Ladun Investment Company
- Lamar Holding (Bahrain)
- Ledar Investment
- Liwan Real Estate Development
- Mada International
- Naif Alrajhi Investment
- Pan Kingdom Real Estate
- Refad Investment & Real Estate Development
- Retal Urban Development Company
- Al-Mozaini Real Estate
- Safari Group
- SkyBridge (US)
- Sumou Real Estate
- Tatweer
- Technical Development Company
- Telad Real Estate
- Zamil Group
- Zeoof Real Estate Investment & Development
Contractors:
- Al-Kifah Holding Company
- BEC Arabia
- Buna Al-Khaleej Contracting Company
- Saudi Binladin Group
- Fanar Arabian International
- International Hospitals Construction Company
- Mohammed Ali Al-Swailem Trading & Contracting (Masco)
- Mobco Civil Construction
- Shar Company
- Shibh Al-Jazira Contracting Company
- Urbas Middle East (Spain)
Consultants:
- Alteraz Design Architectural & Engineering Consultant
- Dar Al-Riyadh
- Meinhardt Group (Singapore)
- Equity Investors
- Ahmed Al-Thunayan Investment Group
- Aldrees Industrial and Trading Company
- Tanami Holding
- Own United
- SAH First Investment Company
- Sumou Global Investment / Poly Manners Architecture
- Financial Services Providers
- GIB Capital
- Mefic Capital
- SNB Capital
The project comprises commercial offices, a four-star hotel and retail facilities. The contract term is 32 years, in addition to a three-year construction period. The site covers about 191,000 square metres.
UK-based PricewaterhouseCoopers, US-based engineering firm Jacobs and Saudi Arabia’s Al-Nowaisser & Al-Suwaylimi are advising on the project.
READ THE JULY 2026 MEED BUSINESS REVIEW – click here to view PDFStress test for Gulf aviation; Mixed performance as country outlooks diverge in the Levant; GCC tourism sector pivots from crisis to recovery mode.
Distributed to senior decision-makers in the region and around the world, the July 2026 edition of MEED Business Review includes:
> AIRPORTS: Dubai and Riyadh reaffirm airport ambitions> INDUSTRY REPORT: Dubai eyes tourism sector recovery> DATA CENTRES: Big Tech falls short on data centre promise> LEADERSHIP: Aramco’s citizen developers accelerate digital changeTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/17603519/main.jpg -
Egypt gold project to start commercial production next year9 July 2026
Egypt’s Abu Marawat gold project is on track to begin commercial production in 2027, according to a statement by the North African country’s Petroleum & Mineral Resources Ministry.
This target was highlighted during a meeting with Abu Marawat Gold Mines Company to review and discuss the Environmental and Social Impact Assessment study for the gold mining and extraction project in the Abu Marwat area of the Eastern Desert.
Abu Marawat Gold Mines Company is the Egyptian joint-venture company set up to develop and run the Abu Marawat gold project.
It is owned by Canada’s Aton Resources and Egypt’s Mineral Resources & Mining Industries Authority (MRMIA).
During the meeting, Yasser Ramadan, chairman of the MRMIA, said that the Marawat project serves as a practical model for the Petroleum & Mineral Resources Ministry’s strategy to establish modern mining operations.
The Abu Marwat project is located in the Arabian-Nubian Shield region of the Eastern Desert.
The concession covers an area of more than 57 square kilometres.
Aton Resources has been advancing the exploration and development of the Abu Marawat concession since its award in 2007, with active exploration starting on the ground in 2009.
The meeting with Abu Marawat Gold Mines Company was attended by executives from the Petroleum & Mineral Resources Ministry, the MRMIA and the Egyptian Environmental Affairs Agency, as well as representatives from the Red Sea and Qena governorates, members of the House of Representatives and local community leaders.
READ THE JULY 2026 MEED BUSINESS REVIEW – click here to view PDFStress test for Gulf aviation; Mixed performance as country outlooks diverge in the Levant; GCC tourism sector pivots from crisis to recovery mode.
Distributed to senior decision-makers in the region and around the world, the July 2026 edition of MEED Business Review includes:
> AIRPORTS: Dubai and Riyadh reaffirm airport ambitions> INDUSTRY REPORT: Dubai eyes tourism sector recovery> DATA CENTRES: Big Tech falls short on data centre promise> LEADERSHIP: Aramco’s citizen developers accelerate digital changeTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/17603106/main.jpg -
Firms submit King Salman airport project prequalifications8 July 2026
Register for MEED’s 14-day trial access
Saudi Arabia’s King Salman International Airport Development Company (KSIADC) received prequalification statements on 1 July from contractors for two new packages at King Salman International airport (KSIA) in Riyadh.
These include the construction of a permanent East-West corridor and landside access roads serving the North and South terminals.
The scope covers the construction of roads, bridges and tunnels.
The client is expected to float the tenders soon.
The latest development follows KSIADC's selection of three groups to deliver the Terminal 6 apron, taxiways and other airfield infrastructure at KSIA.
KSIADC, which is backed by Saudi sovereign wealth vehicle the Public Investment Fund, will initially deliver the project on an early contractor involvement basis.
In March, MEED exclusively reported that KSIADC had selected three groups for the construction of Terminal 6.
In November last year, MEED reported that KSIADC was targeting mid-2026 to award the contract for the construction of Terminal 6.
MEED reported in May 2025 that US firm Bechtel Corporation had been appointed as the delivery partner for the terminals at KSIA.
According to local media reports, KSIADC’s acting CEO, Marco Mejia, said the project developer has completed the project’s masterplan.
The reports added that Terminal 6 will boost the airport’s capacity by 40 million passengers.
The project is expected to be delivered before the start of Expo 2030 Riyadh.
https://image.digitalinsightresearch.in/uploads/NewsArticle/17588533/main.jpg -
WEBINAR: Saudi Giga Projects: Market Update for Q3 20268 July 2026
Webinar: Saudi Giga Projects: Market Update for Q3 2026
Tuesday 21 July 2026 | 11:00 AM GST | Register now
Agenda:
- Saudi projects market outlook and giga projects update
- 2026 contract awards, project activity and market performance
- Giga project reprioritisation, funding allocation and delivery progress
- Key project announcements, milestones and market developments to watch
- Major contracts awarded across construction, infrastructure and utilities
- Upcoming tenders and contract award opportunities over the next 6–12 months
- Geopolitical risks and their impact on project execution and investment
- Progress across NEOM, The Red Sea, Diriyah, Qiddiya and New Murabba
- Major non-giga project opportunities and growth sectors across Saudi Arabia
- Short-, medium- and long-term outlook for the Saudi projects market
- Audience Q&A
Hosted by: Yasir Iqbal, MEED's construction editor
https://image.digitalinsightresearch.in/uploads/NewsArticle/17588750/main.jpg