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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Jordan sets market briefing for Amman water PPP10 April 2026
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Masdar’s move abroad will not be the last10 April 2026
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Turkish firm launches Mecca villas project10 April 2026
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Kuwait gives bidders more time for Al-Khairan IWPP10 April 2026
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Jordan sets market briefing for Amman water PPP10 April 2026
Jordan’s Ministry of Investment, through its Public-Private Partnership Unit (PPPU), has announced a public information session for the South Amman non-revenue water (NRW) reduction PPP project.
The session will be held on 15 April and is being organised in collaboration with the Ministry of Water & Irrigation and Miyahuna, according to a notice published by the PPPU.
The project covers the southern and southeastern areas of Amman and aims to reduce water losses and improve the efficiency of the capital’s distribution network.
According to the ministry, the scheme will serve about 1.4 million people across 17 zones and forms part of Jordan’s wider National Water Strategy.
The planned market briefing is intended to provide early detail on the project’s PPP structure, procurement pathway and performance-based contracting model.
It is also expected to outline the project’s risk allocation and bankability framework to prospective investors, operators and infrastructure companies.
The Ministry of Investment opened prequalification for the scheme in March.
Qualified companies and consortiums have been invited to participate in a two-stage procurement process for the performance-based contract.
The project aims to reduce NRW levels to 25% by 2040, while modernising and expanding the existing network using smart technologies and advanced leak detection systems.
The original deadline was 23 April. That has since been extended to 12 May.
Jordan is among the most water-scarce countries in the world, and losses from distribution networks are estimated to account for about 45% of water supplied.
The country is also advancing its $6bn Aqaba-Amman water desalination and conveyance project that aims to meet about 40% of Jordan’s municipal water demand by 2040.
As MEED recently reported, the project is nearing financial close. Once complete, it will supply about 300 million cubic metres of potable water a year from the Red Sea to Amman and other regions.
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OQ allows more time for natural gas liquids project proposals10 April 2026

Omani state energy conglomerate OQ Group has allowed contractors more time to prepare proposals for a major project to build a natural gas liquids (NGL) facility in the sultanate.
The planned NGL facility will extract condensates in Saih Nihayda in central Oman and transport those volumes to Duqm, located along the sultanate’s Arabian Sea coastline, for fractionation and export, OQ Group has said.
OQ Group intends to deliver the project using a front-end engineering and design (feed)-to-engineering, procurement and construction (EPC) competition model.
The state enterprise issued the main tender for the feed-to-EPC competition “earlier in March”, setting an initial deadline of 8 April for contractors to submit proposals, MEED previously reported. The deadline has now been extended to 6 May, according to sources.
MEED previously reported that OQ had started the prequalification process for the feed-to-EPC contest for the planned NGL project in November last year, with contractors submitting responses by 15 December.
The following contractors, among others, are understood to have been invited to participate in the feed-to-EPC contest for OQ’s planned NGL project, sources told MEED:
- Chiyoda (Japan) / CTCI (Taiwan)
- G S Engineering & Construction (South Korea)
- Hyundai Engineering & Construction (South Korea) / KBR (US)
- JGC Corporation (Japan)
- Kent (UAE)
- Petrofac (UK)
- Saipem (Italy)
- Samsung E&A (South Korea) / Larsen & Toubro Energy Hydrocarbon (India) / Wood (UAE)
- Technip Energies (France)
- Tecnicas Reunidas (Spain)
- Tecnimont (Italy)
The scope of work on the project covers the development, verification and integration of feed deliverables for the following facilities and systems:
- NGL extraction facility – Saih Nihayda:
- Verification and updating of the existing feed to enable dual-mode operation (ethane recovery and ethane rejection).
- Identification and implementation of required process, equipment, utilities, and control system modifications.
- NGL Pipeline – Saih Nihayda to Duqm:
Feed for a new approximately 230km NGL transmission pipeline, including routing, hydraulics, stations, pigging facilities, metering, corrosion protection, leak detection, and safety systems.
- Fractionation unit at Duqm:
- Feed for a new fractionation facility to process ethane and propane + NGL and recover propane, butane, condensate, and provision for future ethane recovery.
- Design accommodating licensed or open-art technology and future tie-in to a planned petrochemical project in Duqm.
- Product pipelines, storage and export facilities at Duqm jetty:
- Feed for product pipelines, cryogenic and atmospheric storage tanks, vapour recovery systems, marine loading arms, and export facilities.
- Integration with existing port and refinery infrastructure, where feasible.
- Supporting systems and studies:
Utilities, offsites, flare systems, safety and environmental studies, cost estimates (class 2+10%), project schedules, constructability assessments, and EPC tender documentation.
Natural gas liquids projects
Gulf national oil companies have been allocating significant capital expenditure to building or expanding NGL production facilities.
QatarEnergy, in September last year, awarded the main EPC contract for its project to add a fifth NGL train at its fractionation complex in Qatar’s Mesaieed Industrial City. The aim of the project, which is estimated to be worth $2.5bn, is to build a fifth NGL train (NGL-5) with the capacity to process up to 350 million cubic feet a day of rich associated gas from QatarEnergy’s offshore and onshore oil fields.
The main EPC contract for the QatarEnergy NGL-5 project was won by a consortium of India’s Larsen & Toubro Energy Hydrocarbons Onshore and Greece-headquartered Consolidated Contractors Group.
Separately, the gas processing business of Abu Dhabi National Oil Company (Adnoc Gas) has also selected the main contractor for a project to install a fifth NGL fractionation train at its Ruwais gas processing facility in Abu Dhabi.
The fifth NGL fractionation train will have an output capacity of 22,000 tonnes a day, or about 8 million tonnes a year.
The Ruwais NGL Train 5 project represents the second phase of Adnoc Gas’ ambitious Rich Gas Development (RGD) programme, and its budget value is estimated to be around $4bn, Peter Van Driel, Adnoc Gas’ chief financial officer, confirmed in February. The company expects to achieve final investment decision on the project within the first quarter of 2026, Van Driel said at the time.
ALSO READ: PDO awards Oman gas plant expansion project
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Masdar’s move abroad will not be the last10 April 2026
Commentary
Mark Dowdall
Power & water editorMasdar’s new joint-venture agreement with France’s TotalEnergies will not be the last time we see regional energy investors use strong balance sheets and domestic growth to build larger positions overseas.
For Masdar in particular, the deal broadens its international exposure at a time when investors are asking questions about the Middle East’s geopolitical risk.
By combining portfolios, the two companies start with 3GW of operational capacity and another 6GW in advanced development.
The deal covers nine Asian countries, reflecting a prudent strategy that spreads capital across markets with different risk profiles and growth trajectories.
In Kazakhstan, which already includes 2.6GW of assets under development, there is clear logic behind this move.
The country is expected to see a significant increase in renewable generation over the next decade, supported by strong wind resources and the availability of large land areas for utility-scale developments.
There is also a practical advantage in partnering with TotalEnergies, which already has project delivery experience and an established presence in several of these markets.
The US-Iran ceasefire announced on 8 April has brought some respite to energy infrastructure stakeholders in the region.
For investors and developers, however, the long-term uncertainty remains. Until there is clear evidence of regime change, the removal of sanctions or lasting peace in the region, the outlook will be less clear.
With uncertainty one of the biggest killers of investor confidence, many will now be looking at this agreement and thinking whether they should also follow suit.
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/16340038/main.jpg -
Turkish firm launches Mecca villas project10 April 2026
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Turkish real estate investment firm Emlak Konut has announced the launch of Hayat Makkah, its first development in Saudi Arabia.
The project is part of the National Housing Company’s (NHC) wider Mecca Gate masterplan.
According to the company, Hayat Makkah will feature 1,014 villas, with home sizes ranging from 150 to 5,000 square metres.
NHC and Emlak Konut signed an investment agreement worth over SR1bn ($266m) in November last year to develop the project.
The agreement was signed on the sidelines of the Cityscape Global 2025 event in Riyadh.
Ertan Keles, chairman of Emlak Konut, said the firm is in talks with stakeholders about launching a second project, while a third development is also being lined up in Jeddah.
GlobalData expects the Saudi Arabian construction industry to grow by 3.6% in real terms in 2026, supported by an increase in foreign direct investment (FDI) and investments in the housing and manufacturing sectors.
The residential construction sector is expected to grow by 3.8% in real terms in 2026 and register an average annual growth rate of 4.7% between 2027 and 2030, supported by the country’s aim – under Saudi Vision 2030 – to increase homeownership from 65.4% in 2024 to 70% by 2030, including by building 600,000 homes by 2030.
According to the General Authority for Statistics, Saudi Arabia attracted a net FDI inflow of SR72.3bn ($19.3bn) in the first nine months of 2025, an increase of 32.7% year-on-year (YoY) compared to the same period in 2024.
Similarly, the total value of real estate loans from banks grew by 11.5% YoY in 2025, preceded by an annual growth of 13.3% in 2024, according to the Saudi Central Bank (Sama).
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/16340004/main.png -
Kuwait gives bidders more time for Al-Khairan IWPP10 April 2026

Kuwait has extended bidding for the first phase of the Al-Khairan independent water and power producer (IWPP) project.
The project is being procured by the Kuwait Authority for Partnership Projects (Kapp) and the Ministry of Electricity, Water & Renewable Energy (MEWRE).
The facility will have a capacity of 1,800MW and 150,000 cubic metres a day of desalinated water. It will be located in Al-Khairan, adjacent to the Al-Zour South thermal plant.
The new deadline is 30 April. The original deadline was 31 March.
The main contract was tendered last September. Three consortiums and two individual companies were previously prequalified to participate.
These include:
- Abu Dhabi National Energy Company (Taqa) / A H Al-Sagar & Brothers (Saudi Arabia) / Jera (Japan)
- Acwa (Saudi Arabia) / Gulf Investment Corporation (Kuwait)
- China Power / Malakoff International (Malaysia) / Abdul Aziz Al-Ajlan Sons (Saudi Arabia)
- Nebras Power (Qatar)
- Sumitomo Corporation (Japan)
The Al-Khairan IWPP project is part of Kuwait’s long-term plan to expand power and water production capacity through public-private partnerships (PPPs).
The winning bidder will sign a set of PPP agreements covering financing, design, construction, operation and transfer of the project.
The energy conversion and water purchase agreement is expected to cover a 25-year supply period.
Kapp extended another deadline recently for a contract to develop zone two of the third phase of the Al-Dibdibah power and Al-Shagaya renewable energy project.
The PPP authority is procuring the 500MW solar photovoltaic independent power project (IPP) in partnership with the ministry.
The bid submission deadline was moved to the end of April, a source close to the project told MEED.
According to the MEWRE, the total generation capacity currently offered under partnership projects has reached 6,100MW, equivalent to about 30% of Kuwait’s existing power capacity.
The ministry and Kapp are also preparing to tender the main contract for the 3,600MW Nuwaiseeb power and water desalination plant after plans were approved by Kuwait’s Council of Ministers last November.
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