Monthly briefing: 20 key developments in the region
25 October 2022
By MEED staff
> Opec and its allies cut oil output
> Saipem wins $4.5bn North Field offshore gas contract
> Qatar to inaugurate 800MW solar farm
> Lebanon and Israel agree maritime border deal
> Aramco launches SME stimulator programme
> Region to be third-largest hydrogen source by 2050
> Egypt ready to supply natural gas to Lebanon
> Riyadh makes debt announcements
> Neom hydrogen project expected to close by year-end
> Abu Dhabi transfers ownership of Etihad Airways to ADQ
> Mipco secures $4bn to refinance Abu Dhabi plant
OIL OUTPUT CUTS
Opec+ to slash production from November to keep prices high
The Opec+ alliance of oil producers has decided to reduce oil production by 2 million barrels a day (b/d) from November to further shore up crude prices, which have fluctuated amid fears that a global recession could curb oil demand.
The decision, which was led by Saudi Arabia and Russia, was taken at a meeting of the group in Austria on 5 October.
The move represents a major reversal in production policy for Opec+, which slashed output by a record 10 million b/d in early 2020 when demand plummeted as a result of the Covid-19 pandemic. Since then, the group has gradually unwound those cuts. Read more
Tight oil market increases unease for stakeholders

The 33rd Opec and non-Opec ministerial meeting on 5 October. Credit: Opec
US FALLOUT
Saudi Arabia and UAE condemn US warning of ‘consequences’
Saudi Arabia and the UAE have rejected as baseless accusations that the Opec+ decision to reduce oil production from November was politically motivated against the US.
Riyadh has insisted decisions by Opec and its allies were taken “purely on economic considerations”, and said its economic advice had been to resist calls to delay the production cut.
The UAE issued a statement calling upon the US to refrain from “politicisation” of the Opec+ decision. US President Joe Biden had previously warned that there would be “consequences” for Saudi Arabia and the Opec+ members for their decision to cut oil output.
EGYPT
World leaders to gather for meeting on climate change
Leaders from almost 200 countries will meet in Sharm el-Sheikh, Egypt, on 6-18 November for the UN’s 27th Conference of the Parties (Cop 27) climate change summit.
Egypt’s International Cooperation Minister, Rania al-Mashat, has previously said that the focus of Cop 27 should be moving from “pledges to implementation”. The conference aims to deliver action on issues critical to tackling the climate emergency, from reducing greenhouse gas emissions, building resilience and adapting to the impacts of climate change, to delivering on the commitments to finance climate action in developing countries.
STEEL
Region could lead global steel decarbonisation efforts
As the global steel industry considers switching to direct reduced iron (DRI) production, the Middle East and North Africa (Mena) region is primed to start producing carbon-neutral steel, according to a report by the Institute for Energy Economics & Financial Analysis.
“The Mena region can lead the world if it shifts promptly to renewables and applies green hydrogen in its steel sector,” says Soroush Basirat, the author of the report.
“The region’s steel sector is dominated by direct reduced iron-electric arc furnace technology, which releases lower emissions than the … coal-fuelled blast furnace and basic oxygen furnace process used in 71 per cent of global crude steel production in 2021.”
The Mena region produced just 3 per cent of global crude steel last year, but accounted for nearly 46 per cent of the world’s DRI production.
Basirat adds: “Mena has an established supply of DR-grade iron ore and its iron ore pelletising plants are among the world’s largest.”
SAUDI ARABIA
Riyadh announces government spending increase in 2022-24
Saudi Arabia has announced increases in government spending in 2022-24 of more than 18 per cent, which is close to SR175bn ($47bn) or 4 to 4.5 per cent of GDP.
The rise in spending targets points to smaller fiscal surpluses in the coming years, according to Moody’s Investors Service.
Increased spending could contribute to reducing the kingdom’s economic reliance on hydrocarbons, provided the spending is successfully deployed to advance government-sponsored diversification projects.
Saudi Arabia’s finances and ambition align
IRAQ
Prime minister-designate vows to act against corruption
Iraq’s prime minister-designate Mohammed Shia al-Sudani has pledged to take action against corruption after authorities announced that ID3.7tn ($2.5bn) had been embezzled from the General Tax Authority’s trust account held by a branch of Rafidain Bank.
The Iraqi Integrity Commission has said it is opening an investigation into the theft
On 13 October, Iraq’s parliament elected Abdul Latif Rashid as the country’s new president. He then tasked Al-Sudani with forming a new government to end a year of political gridlock.
Al-Sudani faces a challenge in the coming weeks as he attempts to appoint a new cabinet of ministers. Members of the Iraqi political bloc led by Shiite cleric Moqtada al-Sadr have said that they will not join the new government.
YEMEN
Houthi rebels attack oil terminal in southern Yemen
Iran-backed Houthi rebels have claimed responsibility for an attack on a cargo ship at an oil terminal in the south of the country on 21 October. The group said the attack by explosives-laden drones was meant to prevent pro-government forces from using the Al-Dhabba terminal for oil exports.
The incident occurred in Ash-Shihr in the Hadramawt governorate, and targeted the Marshall Islands-flagged tanker Nissos Kea. The Greek owners of the tanker said it was undamaged.
The internationally recognised government of Yemen said that its forces had intercepted armed drones launched against the Al-Dhabba oil terminal.
UN special envoy for Yemen, Hans Grundberg, called the attack a “deeply worrying military escalation”. The Yemeni government sent a letter to the UN Security Council regarding the “threat to disrupt international maritime navigation and target ships and oil infrastructures”.
The attack was the first military action announced by the Houthis since a truce between Yemen’s warring sides expired on 2 October.
LEBANON-ISRAEL
Lebanon and Israel reach maritime border deal
Lebanon and Israel have forged a deal to end a long-running maritime border dispute in the gas-rich Mediterranean Sea. Lebanon’s deputy speaker Elias Bou Saab said that an agreement had been reached that satisfies both sides.
It is hoped that the new deal will resolve the two countries’ dispute over a swathe of territory in the Mediterranean Sea in an area where Lebanon aims to explore for natural gas, and near waters where Israel has already found commercially viable quantities of hydrocarbons. Read more
GCC
Region faces green hydrogen production challenges
GCC governments including Oman, Saudi Arabia and the UAE are developing zero-carbon green hydrogen and low-carbon blue hydrogen schemes. However, achieving large-scale production, especially of green hydrogen, will be challenging in the coming years, according to Moody’s Investors Service.
While both green and blue hydrogen will play a role in reducing the global carbon footprint, only green hydrogen has the potential to reduce the reliance of GCC countries on hydrocarbons, but this will take several years, Moody’s says.
In the short to medium term, GCC countries’ access to cheap domestic natural gas, their carbon capture and storage expertise, and the limited availability of infrastructure make blue hydrogen production a more viable option than the more expensive and challenging production of green hydrogen.
Region to be third-largest hydrogen source by 2050
Exclusive from Meed
-
Aramco-backed firm tenders logistics hub expansion9 November 2026
-
Prequalification begins for multibillion-dollar Dubai road9 November 2026
-
Contractor begins early works on Ardara’s AlWadi project9 November 2026
-
Syria in talks for refinery project worth $6bn-8bn9 November 2026
-
Three Libya oil and gas projects see developments9 November 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
-
Aramco-backed firm tenders logistics hub expansion9 November 2026

Asmo, the logistics joint venture of Saudi Aramco and DHL Supply Chain, has set a 15 November deadline for a contract to expand the logistics complex at King Salman Energy Park (Spark) in Saudi Arabia’s Eastern Province.
The logistics hub will add over 124,000 square metres (sq m) at Spark.
Al-Khobar-based engineering firm House of Consulting Office is the project consultant.
The tender for the expansion works comes shortly after Asmo awarded an estimated SR820m ($218m) contract to build the logistics complex’s first phase in May this year.
The overall project will feature a 43,000 sq m, temperature-controlled Grade A warehouse; more than 3,000 sq m of offices and staff amenities; 5,300 sq m dedicated to chemicals storage; and an open yard covering about 1.2 million sq m.
Asmo signed an agreement with Bahrain‑headquartered Arcapita Group Holdings in February to deliver the project at Spark.
Planned for large-scale industrial use, the site is expected to incorporate advanced warehouse and building management systems, end-to-end digital connectivity, automation and robotics.
It will also be developed in line with internationally recognised sustainability standards, featuring solar photovoltaic readiness, electric-vehicle charging infrastructure and a target of Leed Gold certification.
The development aims to support the next stage of Saudi Arabia’s logistics and supply chain expansion.
Under the deal structure, Arcapita will provide funding and retain ownership of the asset, while Asmo will develop the facility and then lease and operate it under a 22-year occupational lease.
According to a statement, “the scheme will be executed via a forward-funding model, underscoring a long-term commitment to national infrastructure”.
Asmo added that this will be its first purpose-built logistics centre and one of four strategic locations planned to anchor its nationwide logistics network, aligned with the National Transport and Logistics Strategy under Saudi Vision 2030.
https://image.digitalinsightresearch.in/uploads/NewsArticle/21267403/main.gif -
Prequalification begins for multibillion-dollar Dubai road9 November 2026

Dubai’s Roads & Transport Authority (RTA) has begun prequalifying contractors for a design-and-build contract for a multibillion-dollar new road that will run parallel to Sheikh Zayed Road.
Contractors have until 30 November to submit their prequalification statements.
The latest development follows contractors’ expressions of interest for the project on 10 October, as MEED reported.
The project’s 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 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 to ensure residents can meet 80% of their daily needs 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.
https://image.digitalinsightresearch.in/uploads/NewsArticle/21266194/main.gif -
Contractor begins early works on Ardara’s AlWadi project9 November 2026
Saudi Arabia’s Shibh Al-Jazira Contracting Company (Sajco) has started early construction works on the first cluster of its AlWadi mixed-use development in Abha.
Ardara, backed by the sovereign wealth vehicle the Public Investment Fund (PIF), is developing the AlWadi project.
Sajco will carry out sewerage works, while local engineering firm Dar Al-Riyadh will provide project management and supervision services for the infrastructure works.
The AlWadi project will cover 2.5 million square metres (sq m) and will be developed around architectural styles informed by the heritage and character of the Aseer region.
The masterplan has a planned gross floor area of about 2.02 million sq m. It includes 7,306 apartments, 90 villas and townhouses, and 2,783 hotel keys.
The scheme will also provide 154,082 sq m of retail and food and beverage space, 64,161 sq m of offices, and 59,075 sq m of leisure and entertainment facilities.
The wider development will comprise five districts and include 16 kilometres of waterfront assets and 17km of walking, cycling and sports tracks.
US-based Parsons is the infrastructure designer, while Miami-based OBMI is providing architectural and public realm design services.
https://image.digitalinsightresearch.in/uploads/NewsArticle/21265927/main.jpg -
Syria in talks for refinery project worth $6bn-8bn9 November 2026
Register for MEED’s 14-day trial access
Discussions are under way with international companies to develop a refinery in Syria’s Furqlus area, worth $6bn-8bn, according to a senior official at state-owned Syrian Petroleum Company (SPC).
The project will be “very large” and, after completion, will replace Syria’s Homs refinery, according to SPC’s deputy executive president for refining affairs, Tariq Shalash Al-Abdullah, who spoke to Syria’s state-owned daily newspaper Al-Thawra Al-Souriya.
He said the international companies currently involved in talks about the planned refinery project specialise in design work, engineering and technical studies.
He also stated that, for large-scale projects of this type, consortiums are typically formed from a group of companies with complementary interests in study, manufacturing, financing, implementation and operation.
In June, SPC published an invitation for companies to submit proposals to finance, build and operate the refinery under a build-operate-transfer agreement.
The tender document published by SPC said the refinery would have the capacity to process 210,000 barrels a day (b/d).
It also said the facility would be developed with the option to add an “ancillary petrochemical complex”.
Al-Abdullah said the refinery’s total investment value would depend on the equipment's country of origin, adding that the equipment could potentially be procured from the US, Europe or China.
Another factor that could alter the project’s value is the technology licences selected for the project, according to Al-Abdullah.
The refinery project is expected to take around four years to develop from the date of signing the contract and completing other related preparatory activities.
The project will be developed on a site that covers 400 hectares, according to the document that was published by SPC in June.
SPC invited companies to submit three separate documents relating to their proposals.
These were:
- A package outlining the company’s qualifications and legal documents
- A technical proposal
- A financial and investment proposal
According to the tender document, the scope of the refinery project includes developing:
- Three independent atmospheric distillation units, each with a capacity of 70,000 b/d
- Two vacuum distillation units
- Hydrotreating units
- Sulphur recovery units
- A base oil unit
- Power and steam generation facilities
- A grid interconnection substation
- A safe shutdown system
- An environmental water treatment system
- A gas recovery system
- A unit to produce nitrogen and oxygen
- A fire water network
- Maintenance and repair workshops
- Tank farm and storage facilities
Under the plans outlined in SPC’s tender document, at least 85% of the refinery’s products should meet Euro-5 specifications.
SPC is also seeking a “plan for the establishment and integration of an advanced petrochemical complex”, which would be connected to the refinery, according to the document.
Because of this, it said the refinery design must allow diversion of some light and heavy naphtha and liquid petroleum gas (LPG) to be used as feedstock for the future petrochemical complex.
The petrochemical complex is planned to use 20% to 40% of the naphtha and LPG.
https://image.digitalinsightresearch.in/uploads/NewsArticle/21263584/main.png -
Three Libya oil and gas projects see developments9 November 2026

Three key oil and gas projects in Libya have seen developments amid an uptick in activity in the North African country’s hydrocarbon sector.
The contract scopes include seismic work, subsea pipeline development and drilling services.
An invitation to prequalify has been issued for a project to provide two-dimensional (2D) and three-dimensional (3D) offshore seismic surveying services.
The survey area is the Libyan Offshore Area O1, located in the Sirte Basin.
The winner of the contract will be responsible for:
- Acquisition of approximately 6,100 square kilometres (sq km) of 3D full-fold marine seismic data
- Acquisition of approximately 3,000 sq km of 2D full-fold marine seismic data
The client on the project is the Italian oil and gas company Eni.
In a statement posted on the website of Libya’s National Oil Corporation (NOC), it said: “The objective of the survey is to acquire, within the required operational window from September 2027 to March 2028, high-quality broadband seismic data to improve the imaging of Cretaceous reservoir sequences and support future exploration activities.”
The deadline to submit prequalification documents is 2 December 2026.
Deadline extended
Libya’s Mellitah Oil & Gas Company (MOG) has extended the deadline for companies to submit prequalification documents for a major offshore package as part of its Mellitah complex expansion and CO2 management integrated development project, which is estimated to be worth about $8bn.
The previous deadline of 5 November 2026 has been extended to 3 December 2026.
MOG, a joint venture of NOC and Eni, is the project client.
The package, known as WP4B1, focuses on developing offshore pipelines and subsea systems for the E offshore installation and CO2 project.
The turnkey contract will use the engineering, procurement, installation and commissioning (EPIC) model.
As part of the Mellitah complex expansion and 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 also known as wellhead production fixed platform A (WHPA) and Structure E is also known as production platform E (PPE).
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 production platform installed in about 220 metres of water depth as part of the development of Structure E (Package WP1)
- A new wellhead platform installed in 96 metres of water as part of the development of Structure A (Package WP2)
- Modification of the existing Sabratha platform (Package WP3)
- Sealines and subsea systems extending from the Sabratha platform to Structure A (Package WP4A1)
- Sealines and subsea systems for Structure E and the CO2 system (Package WP4B1)
- Supply of seamless carbon steel pipes for CO2 injection from the Mellitah complex to Sabratha platform (Package WP4B2)
- Subsea Production Systems (SPS) for Structure E and CO2 (Package WP4B3)
- Upgrading the existing onshore Mellitah complex (WP5)
The package known as WP4B1 has been broken down into two phases.
The first phase focuses on the installation of the project’s subsea CO2 pipeline and its related system network.
The second phase of WP4B1 is focused on the pipeline to structure E and its related subsea system network.
Monitoring drilling
MOG has also issued a separate invitation for prequalification relating to a contract to provide hydrogen sulphide monitoring services for offshore drilling.
The contract focuses on providing H2S monitoring services for 18 offshore development wells as part of the “Structures A&E” project.
Four of the wells will be subsea wet wells and a further 14 will be dry tree wells.
The deadline for submitting prequalification documents is 3 December 2026.
The work will be carried out in the zone known as Area D, Block NC41.
H2S monitoring in the oil and gas industry involves tracking H2S gas concentrations in the air using electronic sensors and detectors to protect workers, prevent fatal exposures and avoid equipment damage.
https://image.digitalinsightresearch.in/uploads/NewsArticle/21263383/main.jpg