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
-
Dubai scales up its metro ambitions23 April 2026
-
Sports Boulevard tenders Wadi Hanifa road works23 April 2026
-
Masdar to develop renewables projects in Montenegro23 April 2026
-
Qiddiya sets new deadline for infrastructure package23 April 2026
-
Detailed design progressing for major Iraqi oil project23 April 2026
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
-
Dubai scales up its metro ambitions23 April 2026

Dubai’s rail sector has rarely seen such a concentrated burst of procurement activity as it has in the past year.
Within the space of a few months, Dubai’s Roads & Transport Authority (RTA) has moved simultaneously on three distinct fronts: tendering design consultancy for the Route 2020 extension that will connect the Expo 2020 metro station to Al-Maktoum International airport; inviting study-and-design bids for a 55-kilometre Airport Express Line linking Dubai International airport to Al-Maktoum International airport; and culminating in Dubai Ruler Sheikh Mohammed Bin Rashid Al-Maktoum’s approval of the AED34bn ($9.2bn) Gold Line, a 42km fully underground route that the emirate is calling the largest transportation project in its history.
These projects form a key part of the Dubai Rail Network Plan 2032, which outlines the development of six public transportation schemes comprising a mix of metro, passenger and high-speed rail lines.
The most prominent feature of the plan is the addition of new lines to Dubai Metro’s existing network, representing a systematic effort to support the shift of Dubai’s economic centre of gravity towards Dubai South and the vast development corridors in between.
The city is also seeking to stay ahead of the curve by investing heavily in infrastructure. Data from regional projects tracker MEED Projects shows that the emirate has awarded over $14bn-worth of transport projects in the past two years alone, with several other multibillion-dollar schemes still moving through the planning stages.
All of this work is being carried out in line with the Dubai 2040 Urban Master Plan, which forecasts the emirate’s population will reach 5.8 million by 2040 – a clear indication of the scale of daily movement the city must accommodate.
Project progress
Dubai Metro Gold Line
On 21 April, Sheikh Mohammed officially announced the launch of the new AED34bn ($9.2bn) Gold Line project.
The line will be a fully underground network spanning over 42 kilometres, with 18 stations.
It will run from Al-Ghubaiba in Bur Dubai to Jumeirah Golf Estates.
The Gold Line will connect with Dubai Metro’s existing Red and Green lines and integrate with the Etihad Rail passenger network.
In October last year, MEED exclusively reported that the RTA had selected US-based engineering firm Aecom to provide consultancy services for the project.
Stage one covers concept design; stage two, preliminary design; stage three, preparation of tender documents; stage four, construction supervision; and stage five, the defects liability period.
Airport Express Line
Procurement has started for another metro line extending from Dubai International airport (DXB) in Al-Garhoud to Al-Maktoum International airport (DWC) in Jebel Ali.
Earlier this month, the RTA invited consultants to bid for a contract to study and design what is referred to as the Airport Express Line.
The proposed line will stretch about 55km and include five stations that will provide passengers with facilities such as remote airline check-in, baggage drop-off and security screening.
The new line will run from the Red Line metro station at DXB through Al-Jaddaf, along Al-Khail Road to a new station at Jumeirah Village Circle (JVC), before continuing on to DWC.
There will be two spur lines. The first will run from the new JVC station to Al-Fardan Exchange metro station at Emirates Golf Club, while the second will branch toward Business Bay, where another station will be built.
Expo 2020 route extension
Dubai is also undertaking the Route 2020 extension of its metro system, which will start from the Expo 2020 metro station and connect with Al-Maktoum International airport’s West Terminal.
Consultants submitted their bids earlier this month for the design contract.
The extension will run for about 3km and feature two stations.
The existing Route 2020 metro link is a 15km line that branches off the Red Line at Jebel Ali metro station. The line comprises 11.8km of elevated tracks and 3.2km of tunnels, and has five elevated stations and two underground stations.
Dubai Metro Blue Line extension
Construction progress on the Dubai Metro Blue Line extension is expected to reach 30% by the end of 2026, according to official accounts.
In December 2024, the RTA awarded a AED20.5bn ($5.5bn) main contract for the construction of the project.
The contract was awarded to a consortium of Turkiye’s Limak Holding, Mapa Group, also of Turkiye, and the Hong Kong office of China Railway Rolling Stock Corporation (CRRC).
The Blue Line will connect the existing Red and Green lines. It will be 30km long, with 15.5km underground and 14.5km above ground.
The line will have 14 stations, seven of which will be elevated. There will be five underground stations, including one interchange station, and two elevated transfer stations connected to the existing Centrepoint and Creek stations.
The project is scheduled for completion in September 2029.
https://image.digitalinsightresearch.in/uploads/NewsArticle/16534887/main.png -
Sports Boulevard tenders Wadi Hanifa road works23 April 2026

Register for MEED’s 14-day trial access
Saudi Arabia’s Sports Boulevard Foundation has issued a tender inviting firms to bid for a contract to build a road and associated infrastructure in the Wadi Hanifa area of Riyadh.
The bid submission deadline is 27 April.
The scope includes construction of an 11.4-kilometre road and associated infrastructure, including public realm works, utilities and security systems.
The scheme is the latest package to progress on Riyadh’s Sports Boulevard project.
The Sports Boulevard Foundation is also evaluating bids for its Global Sports Tower in the development’s Athletics District.
The 130-metre-tall Global Sports Tower will have a gross floor area of 84,000 square metres (sq m) and will include more than 30 sports facilities. The tower will feature what is billed as the world’s tallest indoor climbing wall, at 98 metres, and a 250-metre running track.
Sports Boulevard will run across Riyadh from east to west. Once complete, it is intended to be the world’s longest park, stretching more than 135 kilometres.
The project is divided into multiple districts, including the Wadi Hanifah, Arts, Urban Wadi, Entertainment, Athletics and Eco districts, as well as Sands Sports Park.
The large-scale development aims to transform central Riyadh – currently dominated by major highways – into a recreational corridor.
Sports Boulevard will include 4.4 million sq m of public realm and landmark buildings. Along with the Global Sports Tower, there will be a Centre for Cinematic Arts and a 2,000-seat amphitheatre.
It will also deliver more than 2.3 million sq m of mixed-use commercial, residential and retail space, alongside sports facilities, around the park, known as the Linear Park.
https://image.digitalinsightresearch.in/uploads/NewsArticle/16534345/main.jpg -
Masdar to develop renewables projects in Montenegro23 April 2026
Abu Dhabi Future Energy Company (Masdar) and Elektroprivreda Crne Gore (EPCG) have agreed to establish a 50:50 joint venture to develop and operate renewable energy projects in Montenegro.
The planned projects include solar photovoltaic (PV), wind, hydropower, pumped-hydro storage and battery energy storage systems.
The joint venture will be headquartered in Niksic in western Montenegro and is intended to support Montenegro’s domestic energy needs while also enabling the export of renewable electricity to the Western Balkans and Southern Europe, Masdar said in a statement.
The companies plan to leverage an existing sub-sea interconnection with Italy. Montenegro is connected to Italy via a 600MW HVDC submarine cable, enabling electricity exports to the Italian market.
Masdar has an existing presence in Montenegro through its investment in the 72MW Krnovo wind farm.
The developer has recently accelerated foreign investment plans as part of its broader expansion. In April, it signed a binding agreement with France’s TotalEnergies to establish a $2.2bn joint venture to develop, build and operate renewable energy projects across Asia.
The combined business will have 3GW of operational capacity and 6GW of projects in advanced development, targeted for commissioning by 2030.
Masdar is targeting a global renewable energy portfolio of 100GW by 2030. It recently reached 65GW, two-thirds of the way to that target.
The company plans to deploy an additional $30bn-$35bn in equity and project finance by 2030, adding an average of 10GW of new capacity each year.
This expansion will be funded through a mix of equity, green bonds and long-term project financing.
https://image.digitalinsightresearch.in/uploads/NewsArticle/16534112/main.jpg -
Qiddiya sets new deadline for infrastructure package23 April 2026

Saudi gigaproject developer Qiddiya Investment Company (QIC) has set a 13 May deadline for bids for a contract covering new infrastructure works at Qiddiya Entertainment City.
The scope comprises two infrastructure development packages for District 0 of Qiddiya Entertainment City, including the construction of four event park-and-ride facilities.
The tender was issued on 11 March, with an initial bid submission deadline of 22 April.
Lebanese firm Dar Al-Handasah and Saudi-based Sets International are serving as project consultants.
QIC is accelerating plans to develop additional assets at Qiddiya City. Earlier this month, the company received prequalification statements from firms for the engineering, procurement, construction and finance package for the Qiddiya high-speed rail project.
MEED has also reported that QIC received bids from contractors on 23 February for a SR980m ($261m) contract covering the construction of staff accommodation at Qiddiya Entertainment City.
The project will cover an area of more than 105,000 square metres (sq m).
Also in February, QIC started the main construction works on its performing arts centre at the entertainment hub.
The Qiddiya City performing arts centre is one of several major projects within the greater Qiddiya development. Other projects include an e-games arena, Prince Mohammed Bin Salman Stadium, a motorsports track, the Dragon Ball and Six Flags theme parks, and Aquarabia.
QIC officially opened the Six Flags theme park to the public in December last year.
The park covers 320,000 sq m and features 28 rides and attractions, including 10 thrill rides and 18 aimed at families and young children.
The Qiddiya project is a key part of Riyadh’s strategy to boost leisure tourism in the kingdom. According to UK analytics firm GlobalData, leisure tourism in Saudi Arabia has experienced significant growth in recent years.
Saudi Arabia’s tourism sector posted record figures last year, with more than 130 million domestic and international visitors – a 6% increase on 2024.
https://image.digitalinsightresearch.in/uploads/NewsArticle/16533776/main.jpg -
Detailed design progressing for major Iraqi oil project23 April 2026

Detailed design work is progressing on Iraq’s 950-kilometre seawater pipeline network under the Common Seawater Supply Project (CSSP), according to industry sources.
They added that on-site construction would begin only after the detailed design is complete.
Iraq’s state-owned Basra Oil Company (BOC) and China Petroleum Pipeline Engineering (CPP) signed a $2.5bn contract for the pipeline package in September last year.
The project is being supervised by Austria’s ILF Consulting Engineers.
The pipeline package is one of two main CSSP packages.
The second focuses on a seawater treatment facility, expected to have a capacity of 5 million barrels a day (b/d), potentially rising to 7-8 million b/d in later phases.
Processed water will be injected into some of Iraq’s largest oil fields – Rumaila, Zubair, West Qurna 1, West Qurna 2 and Majnoon – and also used in the Maysan and Dhi Qar fields.
Iraq’s Oil Ministry said the injected water will help maintain reservoir pressure and sustain crude production.
CPP is a subsidiary of state-owned China National Petroleum Corporation.
TotalEnergies is responsible for the CSSP as part of the larger $27bn Gas Growth Integrated Project.
Iraq approved a $2.45bn contract with South Korea’s Hyundai Engineering & Construction (Hyundai E&C) in August last year for the engineering, procurement and construction of the seawater treatment plant.
Over recent weeks, Iraq’s oil exports have collapsed by about 80% due to fallout from the US and Israel’s war with Iran.
READ THE APRIL 2026 MEED BUSINESS REVIEW – click here to view PDFEconomic 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:
> AGENDA: Gulf economies under fire> GCC CONTRACTOR RANKING: Construction guard undergoes a shift> MARKET FOCUS: Risk accelerates Saudi spending shift> QATAR LNG: Qatar’s new $8bn investment heats up global LNG race> LEADERSHIP: Shaping the future of passenger rail in the Middle EastTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/16527404/main.jpg
