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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
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  • Completing infrastructure ahead of time

    10 December 2024

     

    In late December 2023, Bahrain opened the Al-Fateh Highway project to traffic five months ahead of schedule. The highway connects key areas in Bahrain, including Manama, Mina Salman, Sitra, Muharraq, Bahrain Bay and Juffair, and opening the scheme promptly has significantly improved traffic in one of the most congested areas of the country.

    “The secret to success was implementing the project in stages, combined with excellent traffic management,” says Minister of Works Ibrahim Bin Hassan Al-Hawaj. 

    The successful completion of the Al-Fateh Highway project comes at an important time for Bahrain, as it continues to upgrade its road network. 

    “The lessons we learned from Al-Fateh Highway are being utilised on other projects. We are working on the Muharraq Ring Road project, and that is also going to be open for traffic well ahead of time,” says Al-Hawaj.

    Like Al-Fateh Highway, the Muharraq Ring Road project connects key commercial and residential areas in Bahrain, including North Muharraq, Diyar Al-Muharraq and Dilmunia.

    Multifaceted approach

    These projects are part of Bahrain’s comprehensive approach to alleviating road traffic.

    “In 2016, we launched a study that identified projects that could help ease congestion. It proposed a multifaceted approach that covers many things, including public transport and an intelligent transport system, which introduces automation,” explains Al-Hawaj. 

    “We have not implemented everything in the study, but we are working through it gradually with the Traffic Council, headed by his excellency the minister of interior, and including the Ministry of Works, Ministry of Transportation and Ministry of Housing & Urban Planning. We have regular meetings to identify challenges and then put forward suitable projects to solve them,” says Al-Hawaj. 

    The Ministry of Works is responsible for maintaining, improving and expanding the road network. Its projects are split into four categories. 

    The first two categories are the major projects. The first is building new roads, while the second is improving the existing road network, either by widening roads or upgrading intersections. 

    Then there are the other two categories. These are maintaining the existing road network – which is a challenging task with existing traffic – and a fourth category that is known as ‘quick wins’. These small, tactical-level projects can be completed quickly to ease specific traffic black spots. 

    “We have about 60 projects under implementation, valued at BD172m ($456.2m), and among these are 14 strategic projects that amount to BD117m,” says Al-Hawaj.

    Upcoming schemes

    The pipeline of projects under execution will soon be expanded with the addition of a fourth crossing connecting Busaiteen with Bahrain Bay. The Bahrain Tender Board opened prices for the contract to build the signature bridge crossing in late November. 

    “The fourth crossing project is going to start in 2025,” says Al-Hawaj.

    Looking further ahead, more road contracts will be awarded. “There are more than BD200m of future projects approved, and they will go to tender in the coming two years,” says Al-Hawaj.

    There are more than BD200m of future projects approved, and they will go to tender in the coming two years

    One of the roads that suffers from high traffic volumes is Sheikh Jaber Ahmed Al-Sabah Highway, from Umm Al-Hassam to the Alba intersection. 

    “This is our biggest project in the future. There will be four lanes in each direction, and all the intersections will be free-flowing traffic either by underpass or flyovers. We will get rid of all the traffic lights,” says Al-Hawaj. 

    The project will move into the construction phase next year with preparation works. 

    “One of the main lessons from the Al-Fateh Highway project is to free the construction zone from any services before construction starts. It will take some time to redirect the existing utilities, and then we will immediately go into construction,” says Al-Hawaj.

    Another upcoming major scheme is the Bahrain Northern Link Road (BNLR) project that will run along the northern coast of Manama from the Bahrain Bay area in the east to Madinat Salman in the west. Initial estimates suggest that the scheme, which will have sections onshore and offshore, could cost BD500m to deliver. 

    Together with the fourth crossing project and the Northern Muharraq Ring Road, the BNLR scheme will create a new road corridor along the northern edge of Bahrain. 

    Unlike other road projects in Bahrain, the BNLR will be delivered as a public-private partnership project. Dar Al-Handasah was selected for the project’s feasibility study in 2022. 

    Away from roads, another major area of responsibility for the Ministry of Works is sanitation. At present, 86% of premises in Bahrain are connected to the sanitation network and sewage treatment plants (STPs), and there are plans to connect the remaining 14%.

    STP capacity is also increasing. The capacity of Bahrain’s largest plant at Tubli is being doubled, and there is an expansion under way for the STP at Muharraq. The Sitra STP is also being upgraded, using technology from UK company Bluewater, which allows for capacity to increase without adding to the footprint of the site. 

    A greenfield project is also planned. “We have a new plant coming soon at Khalifa City,” says Al-Hawaj. 

    “We are finalising the drawings, and a tender is expected to be issued in the first quarter of 2025. We will start with 20,000 cubic metres a day, but the ultimate capacity will be 40,000 cubic metres a day.” 

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  • Oman’s mining ambitions take a leap forward

    10 December 2024

     

    While Oman is at a disadvantage in terms of hydrocarbon reserves compared to its Gulf neighbours, when it comes to mineral resources, the sultanate, with its considerably large geographical area, enjoys benefits that its Gulf peers – barring Saudi Arabia – do not.

    Exploration for mineral resources and mining activities for metals production are fundamental pillars of Oman Vision 2040 – a socio-economic strategy designed to diversify the sultanate’s economy away from oil and gas revenues and harness the potential of non-hydrocarbon industrial sectors.

    At the forefront of this ambition is Minerals Development Oman (MDO), which was created in 2017 to explore the country’s mineral resources base and develop the mining sector.

    Minerals exploration and production

    MDO, a subsidiary of Oman Investment Authority, continues to advance its exploration campaigns across a range of minerals, including copper, chromite, gypsum, limestone, dolomite and silica.

    The company had a major success recently when its subsidiary, Mazoon Mining, broke ground on a copper concentrate production project in Yanqul in northwestern Oman.

    The Mazoon copper project site, located in the wilayat of Yanqul in Al-Dhahirah Governorate, covers 20 square kilometres (sq km) and comprises five open-pit mines. It is estimated to hold copper ore reserves of 22.9 million tonnes.

    The project includes the construction of a processing plant spanning 56,000 square metres, with the capacity to process 2.5 million tonnes a year (t/y) of copper ore.

    The Mazoon copper project will have the capacity to produce 115,000 t/y of copper concentrate, at a 21.5% copper grade, making it the largest copper concentrate production project in the sultanate.

    Mazoon Mining was granted exclusive rights by Oman’s Energy & Minerals Ministry in 2022 to explore, develop and produce copper concentrates in concession area 12-A1, with gold as a secondary by-product.

    Following feasibility studies, Australian/Canadian firm Lycopodium was appointed as the engineering, procurement and construction management contractor for the Yanqul project.

    Construction of the processing plant is planned to begin in the first quarter of 2025, and production of copper concentrate is set to commence in the first quarter of 2027.

    In addition to the Mazoon copper project, MDO has also initiated the redevelopment of copper mines in Sohar and Liwa, aiming to produce 800,000 t/y of copper ore annually, with confirmed reserves of 2.78 million t/y of copper ore.

    In October, the Omani Ministry of Energy & Minerals awarded MDO a concession agreement to explore and develop silica resources in Block 51F in the wilayat of Mahout in Al-Wusta Governorate. The block covers 2,156 sq km and is estimated to hold silica, limestone and dolomite deposits.

    Steel production investments

    Several other metal production projects in Oman, particularly steel schemes, have also made progress in recent months.

    In late October, Brazilian mining major Vale and China’s Jinnan Iron & Steel Group entered a joint venture (JV) to establish an iron ore concentration plant in Oman’s northern city of Sohar.

    The Brazilian-Chinese JV intends to invest more than $600m in the iron ore concentration plant project, which will be the first such facility in Oman.

    Vale will invest $227m to connect the plant to its agglomerate facilities in the region, while Jinnan will invest about $400m to build, own and operate the plant.

    The planned complex, to be located within Sohar Port and Freezone, is scheduled to start operations by mid-2027.

    The plant will be able to process 18 million t/y of iron ore and produce 12.6 million t/y of high-grade concentrate.

    The proposed iron ore concentration plant project in Sohar is understood to be the second-biggest foreign investment in Oman’s steel industry. As such, it will contribute to the sultanate becoming a key player in the global supply chain for direct reduction grade iron ore (DRI).

    Vulcan Green Steel (VGS), the steel arm of Vulcan Green, which is owned by India’s Jindal Steel Group, is developing the largest green steel project in Oman. VGS broke ground on the estimated $3bn project in December 2023.

    The planned facility, which covers 2 sq km in the Special Economic Zone at Duqm (Sezad), will have two 2.5 million t/y production lines, comprising DRI units, an electric arc furnace and a hot strip mill. 

    The planned facility, set for completion by 2026, will primarily use green hydrogen to produce 5 million t/y of green steel. Once commissioned, it will be the world’s largest renewable energy-based green steel manufacturing complex.

    Sezad could also host another large-scale green steel project if Japanese steel manufacturer Kobe Steel and Tokyo-based Mitsui & Company can reach the final investment decision on a preliminary agreement they signed in April 2023 to develop a low-carbon iron metallics project.

    The two Japanese firms agreed to conduct a detailed business study in line with the goal of commencing low-carbon dioxide iron metallics production by 2027. The project is expected to produce 5 million t/y of DRI using a process called Midrex, where DRI is produced from iron ores through a natural gas or hydrogen-based shaft furnace.

    Polysilicon production

    Oman is also set to become a key regional producer of polysilicon once private player United Solar Polysilicon completes the construction of its estimated $1.35bn production facility in Sohar Port and Freezone in 2025. 

    The polysilicon plant will have the capacity to produce 100,000 t/y of high-quality metallurgical silicon. United Solar Polysilicon broke ground on the factory, which will be spread across 160,000 square metres, in March this year.

    United Solar Polysilicon made further progress with the project in July when it awarded a contract to provide water services to Sohar-based Majis Industrial Services, a subsidiary of Omani state energy conglomerate OQ Group. 

    Polysilicon is a high-purity form of silicon, which is a key raw material in producing solar photovoltaic panels. Polysilicon production involves pouring the liquid metallurgical silicon from the furnace into moulds and then cooling it through mould or continuous casting. After cooling, the metallurgical silicon is ground and packaged for global export.

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  • Oman construction continues its positive trajectory

    10 December 2024

     

    Oman has had its best year for construction and transport contract awards in nearly a decade in 2024. By late November, there had been $4.1bn of awards, which already exceeds the $3.6bn recorded in 2023, according to regional projects tracker MEED Projects. 

    The total for 2024 is the first time the market has exceeded $4bn since 2015 and builds on the steady growth that the sultanate has delivered since it emerged from the Covid-19 pandemic in 2021 and the change in leadership in 2020, when Sultan Haitham Bin Tariq Al-Said replaced Sultan Qaboos Bin Said. 

    Transport contracts

    The big moment for Oman construction in 2024 came in April, when three civil works contracts were awarded for the Hafeet Rail project connecting Oman and the UAE. The estimated AED5.5bn ($1.5bn) design-and-build contract was awarded to a consortium of Abu Dhabi-based National Projects Construction, National Infrastructure Construction Company, Tristar Engineering & Construction and Oman’s Galfar Engineering & Contracting.

    Hafeet Rail may be just the start of rail projects in Oman. In February, it was reported that studies for the proposed Muscat Metro scheme would be completed by the end of 2024. The scheme is expected to stretch 55 kilometres (km) and have 42 stations. The project is expected to cost about RO1bn ($2.6bn).

    There has also been a steady flow of road contract awards in 2024. According to MEED Projects, there were close to $1.9bn of road construction contracts in Oman by the end of November. Three awards totalling $667m were awarded in November to contractors for work on the Adam to Thumrait highway. 

    Airports projects are also being planned. The Civil Aviation Authority appointed Swiss engineering firm Renardet SA & Partners to prepare designs for Musandam airport in March, and later in the year, it tendered engineering and design contracts for the Jabal Akhdar, Masirah and Sohar airports.

    These projects are part of the National Aviation Strategy 2030, which aims to attract an investment of $3.6bn in airport cities over 20 years.

    Real estate

    Real estate development is also gathering pace, with several masterplanned developments going ahead. Since coming to power, Sultan Haitham has pushed ahead with key schemes, some of which had been on hold for a number of years. One of these is the Grand Blue City project, also known as Al-Madina Al-Zarqa, located along the Al-Sawadi seafront, almost 100km northwest of Muscat. The project was first launched in 2005 and stalled during the global finance crisis. 

    In June this year, the Oman Investment Authority-backed Grand Blue City Development Company awarded local contractor Galfar Engineering & Contracting the marine works for the project, which is the clearest sign yet that construction work is gaining momentum.

    The most high-profile new masterplanned project is Sultan Haitham City, which is managed by the Ministry of Housing & Urban Planning (MHUP). In February, MHUP signed contracts worth RO1bn ($2.6bn) to develop the first phase of Sultan Haitham City. The first phase includes the development of a city centre and six of the development’s 19 planned neighbourhoods. Completion is expected in 2030.

    Another masterplanned development near the capital is Al-Khuwair Downtown, which is close to Muscat International airport and is also being developed by the MHUP. Design work is progressing on the scheme, which includes a marina, waterfront with beaches and sports facilities, canal and promenade areas, a cultural quarter and a ministry campus.

    Another MHUP project is the Omani Mountain Destination on Jabal Al-Akhdar, 150km from Muscat. The $2.4bn destination includes 2,537 housing units, 2,000 hotel rooms, and a health and wellness village, all situated at an altitude of 2,400 metres above sea level.

    Investment avenues

    Foreign investors are also playing a role. Dar Global is developing the Aida project, and this year, it launched The Trump International Resort, Golf Club & Residences. The estimated $500m development comprises a 140-key five-star hotel, villas, serviced apartments, an 18-hole championship golf course, a club and a nightclub.

    As well as traditional real estate investment, public-private partnerships are playing a role. The Asyad Group is tendering a 4,925 square-metre office complex in the Muscat airport free zone, with the selected firm developing it on a design, build, finance, operate and transfer basis over 25 years.

    All these subsectors are expected to generate opportunities for construction companies over the coming years. The market also has the potential to grow far beyond its achievements in 2024. While that growth was positive, analysis of the historical numbers shows that the Oman market can achieve much more. In 2014, when the market peaked, there were over $9bn of awards – more than double the 2024 total. 

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  • Morocco explores offshore wind project

    9 December 2024

    Luxembourg-headquartered European Investment Bank (EIB) has tendered a contract covering the feasibility study of Morocco's first offshore wind project off the coast of Essaouira.

    EIB, which is supporting the Moroccan Agency for Sustainable Energy (Masen) in the project, expects to receive bids from technical and engineering consultants for the contract by 30 January 2025.

    The selected consultant will undertake the project's feasibility and complementary studies and environmental and social impact assessment. 

    The duration of the contract is 29 months, with the possibility of one or more extensions, consisting of a maximum of 14 additional months for a maximum period of 43 months in total, said EIB.

    The value of the contract is €2m, with the possibility of one or more budget increases for additional services, of a maximum amount of €3m, if additional eligible funds are available, the bank added.

    Recent studies indicate Morocco has a high potential to exploit offshore wind, particularly along its Atlantic coast where wind speed is high and where the shallow waters are suitable for fixed-bottom offshore wind.

    Renewable target

    Morocco has set a target for 52% of its energy to be produced from clean energy sources by 2030, one of the most ambitious targets in the Middle East and North Africa region.

    It aims to increase its renewable capacity to 10,000MW by 2030. Solar PV capacity is expected to comprise 4,500MW, with wind and hydroelectric comprising 4,200MW and 1,300MW, respectively.

    Masen tendered contracts to develop and operate the Noor Midelt 2 and Noor Midelt 3 solar photovoltaic (PV) and battery energy storage system (bess) projects this year

    The Noor Midelt 2 solar independent power project (IPP) consists of a 400MW solar PV power plant with battery storage of two hours.

    It replaces a previous scheme that was expected to include thermal concentrated solar power and PV solar components, similar to Noor Midelt 1, which was previously awarded to a consortium of EDF and Masdar.

    The Noor Midelt 3 IPP scheme is expected to have a solar PV capacity of up to 400MW and a bess capacity not exceeding 400 megawatt-hours (MWh).     

    The client has moved the last day for bid submissions from 29 November to 12 December, according to a source close to the projects.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/13095822/main.jpg
    Jennifer Aguinaldo
  • Hassan Allam wins Ramhan Island villas construction deal

    9 December 2024

     

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    Egyptian construction firm Hassan Allam has been awarded a construction contract to build about 321 villas at the Ramhan Island development in Abu Dhabi.

    The contract was awarded by the local firm Eagle Hills, which is led by Mohamed Alabbar, the founder and chairman of Emaar Properties.

    Located off the coast of Abu Dhabi, the Ramhan Island development spans an area of over 4 million square metres.

    The overall development includes the construction of 1,800 villas, 900 residences, a hotel and retail facilities.

    Eagle Hills signed an agreement with US-based hotel operator Marriott International to build a Ritz-Carlton Reserve hotel on Ramhan Island in July.

    The property will feature 50 private one- to four-bedroom villas, including floating villas. The development is expected to open in 2029.

    Mohamed Alabbar launched the Ramhan Island development in May this year.

    GlobalData expects the construction industry in the UAE to expand by 4.6% in real terms in 2024, supported by improved investments in transport, industrial and residential construction projects. Private sector investments in the real estate sector will also support the industry’s growth this year. 

    The construction industry is expected to register an annual average growth of 3.8% in 2025-28, supported by investments in transport, housing and renewable energy projects.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/13095728/main.jpg
    Yasir Iqbal