meed-logo

line1 line2 line3
SIGN IN / REGISTER

Monthly briefing: 22 key developments in the region

28 September 2022

By Indrajit Sen

> Opec+ agrees minor production increase

> King appoints crown prince as Saudi prime minister

> Lebanon parliament approves $1.2bn draft budget

> Iraq court rules against national oil company

> Libya oil production continues to grow

> President approves Egypt's Olympic plans

> Dubai prepares hydrogen strategy

> GCC central banks raise interest rates

> UK and GCC hold ministerial meeting at the UN

OIL

Oil producers will raise output by 100,000b/d in October

The Opec+ alliance of oil producers decided in September that it would increase oil production by just 100,000 barrels a day (b/d) in October to support crude prices, which have fluctuated in recent weeks amid fears that a global economic recession will curb demand for oil. 

Opec+ members also increased overall oil production by 100,000b/d in September. 

The alliance agreed to increase its July and August crude production by about 50 per cent to 648,000b/d, fully restoring the 5.8 million b/d output that the group had cut at the peak of the Covid-19 pandemic. Read more

IRAN

Deadly protests follow woman’s death in custody

Thirty-five people have been killed in protests in Iran following the death of Mahsa Amini in police custody on 16 September.

Protests have been reported in 31 provinces.

The 22-year-old Amini had been detained for breaking headscarf rules and was reportedly beaten with batons.

Officials said she suffered heart failure and Interior Minister Ahmad Vahidi has stated that she was not beaten. 

President Ebrahim Raisi pledged to crack down on the unrest on 24 September.

The official Islamic Republic News Agency reported on 25 September that there had been large-scale demonstrations to condemn the protests.



21 September: Iranian demonstrators take to the streets of Tehran during a protest for Mahsa Amini, days after she died in police custody. Credit: AFP via Getty Images

SALIK IPO

Dubai toll operator raises over $1bn from oversubscribed stock listing

Dubai toll operator Salik raised $1.017bn from its initial public offering (IPO) on the Dubai Financial Market, as part of a series of IPOs of state enterprises aimed at boosting the size of the emirate's capital market.

The IPO was more than 49 times oversubscribed across all tranches, with total gross demand at $50.2bn.

The company had set its offering price at AED2 ($0.54) a share, giving it a valuation of more than $4bn.

The emirate's government sold more than 1.867 billion shares in the company, or 24.9 per cent, up from the previously announced 1.5 billion shares, equivalent to 20 per cent.

ARAB PEACE

Saudi Arabia, Arab League and EU hold meeting in New York

Saudi Foreign Affairs Minister Prince Faisal bin Farhan al-Saud and Arab League secretary-general Ahmed Aboul Gheit attended a meeting of the Arab Peace Initiative Committee and its sponsors in the EU. The meeting took place at the UN General Assembly in New York. 

The Arab Peace Initiative, which Saudi Arabia launched in 2002, is a proposal to end the Arab-Israeli conflict. The members of the Arab Peace Initiative Committee are Jordan, Egypt, Bahrain, Tunisia, Algeria, Saudi Arabia, Sudan, Iraq, Palestine, Qatar, Lebanon, Morocco and Yemen. The initiative is sponsored by Spain, Sweden and France.

GCC

Two years of high oil prices set to improve regional outlook

Rating agency Moody’s Investors Service has said that elevated oil prices during the next two years will lead to a significant improvement in the fiscal and external positions of GCC sovereigns, partly reversing the sharp deterioration in their balance sheets since 2015. 

Improvements in creditworthiness will hinge on the extent to which regional governments utilise the windfall to address constraints posed by their exposure to cyclical oil price and demand volatility, and by longer-term carbon transition risks, Moody’s said.

The agency expects oil prices to average about $105 a barrel in 2022 and $95 a barrel in 2023. As a result, most hydrocarbon-exporting countries in the GCC will run fiscal and current account surpluses, allowing governments to pay down debts, rebuild fiscal reserves and accumulate foreign-currency buffers.

GULF BANKS

Regional banks are returning to pre-pandemic form

After a strong first half, ratings agency S&P Global expects that earnings for most GCC banks will almost reach pre-pandemic levels by the end of this year amid high oil prices and rising interest rates.

In the second half of 2022, S&P forecasts further strengthening of regional banks’ interest margins and a manageable rise in cost of risk amid lingering effects from the Covid-19 pandemic via loans that benefited from support measures and were then restructured. Combined, these factors will be a net positive for banks’ earnings.

SAUDI ARABIA

Saudi infrastructure and property projects top $1.1tn

The aggregate value of property and infrastructure projects since the launch of Saudi Arabia’s National Transformation Plan in 2016 has crossed $1.1tn as the kingdom continues to diversify its economy, according to real estate consultancy Knight Frank. 

The $500bn Neom city development is the biggest of 15 major projects in Saudi Arabia that are currently at various phases of construction. The kingdom plans to have more than 555,000 residential units, 275,000 hotel rooms, 4.3 million square metres (sq m) of retail and 6.1 million sq m of new office space by 2030. 

The country is also developing several large-scale tourism projects as it seeks to increase the economic contribution of the sector from 3 per cent of GDP to 10 per cent by the end of this decade.

JERUSALEM

UK prime minister considers relocating British embassy

UK Prime Minister Liz Truss is considering moving the British embassy in Tel Aviv to Jerusalem. 

Truss spoke about a possible move to the contested city during a meeting with Israeli Prime Minister Yair Lapid on the sidelines of the UN General Assembly in New York in September. 

Despite Israel having designated Jerusalem as its capital, Britain has long maintained its embassy in Tel Aviv. 

When he was president of the US, Donald Trump took the controversial decision to relocate the American embassy to Jerusalem in May 2018. 

Both Israelis and Palestinians claim the city as their capital.

SAUDI ARABIA

First Saudi woman to be sent to space in a crewed mission

Saudi Arabia plans to send a woman into space for the first time as part of its new mission programme. 

A crew will be launched next year that will include the first Saudi female pilot and astronaut. 

The kingdom’s astronaut programme aims to produce qualified Saudi citizens who will take part in short- and long-term space flights, as well as participate in scientific experiments, international research and future space-related missions. 

The new programme comes under the umbrella of Saudi Vision 2030 and will fall under the National Space Strategy, the details of which will be announced in the coming months.

FIFA WORLD CUP

Qatar to shut borders to non-World Cup ticket holders

Entry to Qatar will be restricted from 1 November to citizens, residents and holders of the World Cup Hayya card, the tournament’s organising committee has announced. 

The suspension of visits by people not attending Fifa World Cup matches will continue until 23 December, five days after the final match takes place in Doha. 

The restrictions apply to all air, land and sea borders into Qatar. 

Football fans in possession of a match ticket for the World Cup must also apply for a Hayya entry permit – a pre-approved digital visa linked to a passport that offers free public transport around the country. 

The Hayya card allows entry into Qatar until 23 January 2023. 

Qatari citizens and residents, GCC citizens holding a Qatari identification card, holders of work entry permits and personal visas, and approved humanitarian cases will be exempt from the restrictions.
https://image.digitalinsightresearch.in/uploads/NewsArticle/10042154/main.gif
MEED Editorial

Register for MEED's guest program now to access this article.

Click here to register
Exclusive from Meed
Related Articles
  • Egypt signs gas deal with Qatar Energy and Exxon Mobil

    22 May 2026

    Egypt’s Ministry of Petroleum & Mineral Resources has signed a preliminary gas agreement with state-owned QatarEnergy and US-based Exxon Mobil.

    The memorandum of understanding (MoU) focuses on cooperation in the development of natural gas discoveries in Cyprus.

    The plan involves transporting gas from offshore discoveries in Cypriot waters to Egypt via pipelines.

    In a statement, Egypt’s Ministry of Petroleum & Mineral Resources said that the deal would strengthen the North African country’s status as a regional hub for natural gas trading.

    The agreement was witnessed by Egypt’s Prime Minister Mustafa Madbouli.

    It was signed by Muhammad Al-Bajouri, from the legal affairs department of the Ministry of Petroleum & Minerals, and Kanan Nariman, vice-president for the development of liquefied natural gas (LNG) at Exxon Mobil.

    It was also signed by Ali Immunae, director of international exploration and production at QatarEnergy.

    Commenting on the MoU signing, Saad Sherida Al-Kaabi, the minister of state for energy affairs, and president and chief executive of QatarEnergy, said: “This MoU represents an important step in advancing regional energy cooperation across the Eastern Mediterranean through unlocking the long-term commercial potential of natural gas resources across that region.”

    Egypt’s Ministry of Petroleum & Mineral Resources said the agreement paved the way for QatarEnergy and Exxon to take advantage of existing Egyptian infrastructure in the gas sector, especially the country’s existing LNG export terminals.

    Under the terms of the agreement, a study will be conducted to analyse the feasibility of linking the gas discoveries in Cyprus to Egypt’s gas facilities.

    The signatories will also establish a commercial framework aimed at achieving “the maximum possible benefit from natural gas resources in both Egypt and Cyprus”.

    Egypt’s Minister of Oil and Gas Karim Badawi said the ministry has been working with ExxonMobil to explore cooperation on the development of gas discoveries in Cyprus.

    He said the partnership with Egypt would help QatarEnergy and Exxon reduce the cost of developing the discoveries while allowing Egypt to achieve an economic return.

    READ THE MAY 2026 MEED BUSINESS REVIEW – click here to view PDF

    Global energy sector forced to recalibrate; Conflict hits debt issuance and listings activity; UAE’s non-oil sector faces unclear recovery period amid disruption.

    Distributed to senior decision-makers in the region and around the world, the May 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/16944918/main.jpg
    Wil Crisp
  • Eni makes oil and gas discovery in Egypt

    22 May 2026

    A joint venture of Italy’s Eni and state-owned Egyptian General Petroleum Corporation (EGPC) has made a major oil and gas discovery in Egypt’s Western Desert region.

    The partnership, known as Agiba Petroleum Company, made the discovery with an exploratory well drilled in the Bustan South block.

    Initial estimates indicate the presence of approximately 330 billion cubic feet of gas and 10 million barrels of condensate and crude oil.

    Together, this is a total of 70 million barrels of oil equivalent (boe), making the discovery Agiba Petroleum Company’s biggest in 15 years.

    The new discovery is located only 10 kilometres from existing facilities and infrastructure, which should enable rapid development and connection to production.

    The well revealed several sandstone and limestone reservoirs, according to a statement from Egypt’s Ministry of Petroleum & Mineral Resources.

    The ministry said: “This new discovery reflects the success of the Ministry of Petroleum & Mineral Resources’ efforts and the incentives it offered to partners to intensify exploration activities in areas adjacent to existing fields.

    “This facilitates new discoveries near existing infrastructure and production facilities without the need for new infrastructure development.

    “This contributes to reducing the cost of producing a barrel, accelerating the integration of discoveries into the production map, and encouraging partners to implement the latest data collection and analysis technologies to increase the chances of successful exploration.”

    Egypt is seeing increased interest in its oil and gas resources due to disruptions to shipping through the Strait of Hormuz, which have significantly reduced oil and gas exports from the GCC and Iraq.

    READ THE MAY 2026 MEED BUSINESS REVIEW – click here to view PDF

    Global energy sector forced to recalibrate; Conflict hits debt issuance and listings activity; UAE’s non-oil sector faces unclear recovery period amid disruption.

    Distributed to senior decision-makers in the region and around the world, the May 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/16944815/main.jpg
    Wil Crisp
  • Wasl Group launches Cedarwood Estates South villas

    21 May 2026

    Dubai-based real estate developer Wasl Group has announced the launch of Cedarwood Estates South, the newest addition to its expanding freehold portfolio in Dubai.

    The project is located within The Next Chapter, Wasl’s development in the Jumeirah Golf Estates area.

    Cedarwood Estates South features 74 villas in four-, five- and six-bedroom layouts.

    The launch follows Wasl Group’s award of a contract to Beijing-headquartered China State Construction Engineering Corporation to develop the overall infrastructure for The Next Chapter.

    The masterplan spans 4.68 million square metres across six districts: Central Park, The Village, Town Centre & Grand Lake, Golf Course North, Golf Course South and Equestrian Village.

    The development will offer 780 villas, 62 mansions, 97 branded residences, 752 estate homes and 10,654 apartments.

    It will also include a five-star Mandarin Oriental resort, a tennis stadium, an 18-hole golf course and academy, an equestrian centre, a school, retail centres and other associated facilities.

    Wasl Group is one of Dubai’s largest real estate development and asset management entities, established in 2008 by the Dubai Real Estate Corporation.

    The company was set up to consolidate and manage a significant portfolio of government-owned real estate assets.

    Headquartered in Dubai, Wasl operates across residential, commercial, hospitality and mixed-use segments, and is known for masterplanned communities and urban regeneration projects.

    Over the years, Wasl has delivered several mid- to large-scale developments and partnered with international hospitality brands through its Wasl Hospitality arm, helping to expand Dubai’s hotel inventory and support the city’s wider tourism and economic growth agenda.

    According to data from regional projects tracker MEED Projects, Wasl Group has a portfolio of over 128 projects, valued at about $18bn.

    Wasl’s major developments include Wasl1, Wasl Gate, Wasl Village and Wasl 51.

    Its asset portfolio includes notable landmarks such as the Mandarin Oriental Hotel, One & Only The Palm, One & Only Royal Mirage, Nikki Beach, Grand Hyatt Dubai, Le Meridien Mina Seyahi Beach Resort & Marina, the Westin Dubai Mina Seyahi Beach Resort & Marina, Dubai Creek Golf & Yacht Club and Emirates Golf Club.

    > Be recognised among the best in the industry at the MEED Projects Awards 2026 …

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16936615/main.jpeg
    Yasir Iqbal
  • Foundations progressing for Iraq gas gathering project

    21 May 2026

     

    The construction of foundations is ongoing for the $1.61bn project to develop a gas processing complex at Iraq’s Ratawi oil and gas field, according to industry sources.

    In May last year, China Petroleum Engineering & Construction Corporation (CPECC) was awarded the engineering, procurement and construction (EPC) work for the project.

    The Ratawi gas processing complex is one of four projects constituting Iraq’s Gas Growth Integrated Project (GGIP), which is being developed by French energy major TotalEnergies and its partners. TotalEnergies is the main operator of the GGIP scheme. Basra Oil Company (30%) and QatarEnergy (25%) are the other stakeholders.

    The consortium formalised the investment agreement for the project with the Iraqi government in September 2021.

    The GGIP is estimated to have a total value of $27bn, and the first phase of the project is worth about $10bn.

    When commissioned, the planned facility is expected to process 300 million cubic feet a day (cf/d) of gas. Its capacity is expected to double when a second expansion phase comes online.

    The Ratawi gas processing facility project aims to improve Iraq’s electricity supply by capturing associated gas that would have otherwise been flared at several oil fields, including:

    • Luhais
    • Majnoon
    • Ratawi
    • West Qurna 2
    • Tuba

    Large volumes of gas are flared from these oil fields, causing significant environmental damage. Collecting and processing flared gas will generate increased hydrocarbon revenues and reduce ecological damage.

    The gas tapped and processed from the oil fields will then be used to supply power plants, helping to reduce Iraq’s power import bill.

    As well as supplying to Iraq’s national gas network to generate electricity, the Ratawi gas processing complex will increase the production of gas products, including liquefied petroleum gas and condensates.

    US-based consultant KBR has performed the front-end engineering and design work on the project.

    GGIP masterplan

    The GGIP programme is focused on developing four major projects in Iraq:

    • The Common Seawater Supply Project (CSSP)
    • The Ratawi gas processing complex
    • A 1GW solar power project for Iraq’s electricity ministry
    • A field development project at Ratawi, known as the Associated Gas Upstream Project (AGUP)

    The CSSP is designed to support oil production in Iraq’s southern oil and gas fields – mainly Zubair, Rumaila, Majnoon, West Qurna and Ratawi – by delivering treated seawater for injection, a method used to boost crude recovery rates and improve long-term reservoir performance.

    In August last year, TotalEnergies awarded China Energy Engineering International Group the EPC contract for the 1GW solar project at the Ratawi field. A month later, QatarEnergy signed an agreement with TotalEnergies to acquire a 50% interest in the project.

    Civil works and piping work have started for the project to develop a second central processing facility (CPF) at Iraq’s Ratawi oil and gas field as part of the AGUP portion of the GGIP.

    In September, Turkiye’s Enka signed a contract to develop the second CPF at Iraq’s Ratawi field as part of the second phase of the field’s development.

    Enka has yet to give a value for the contract, but it is believed to be worth more than $1bn.

    In November, US-based KBR was selected by Enka to provide detailed design services for the project.

    Enka’s contract covers the engineering, procurement, supply, construction and commissioning of the CPF for the project.

    The aim of the project is to process oil and associated gas from the Ratawi oil field to increase production capacity to 210,000 barrels a day of oil and 154 million standard cf/d of gas.

    The 1GW Ratawi solar scheme will be developed in phases, with each phase coming online between 2025 and 2027. It will have the capacity to provide electricity to about 350,000 homes in Iraq’s Basra region.

    The project, consisting of 2 million bifacial solar panels mounted on single-axis trackers, will include the design, procurement, construction and commissioning of the photovoltaic power station site and 132kV booster station.

    Separately, in June, TotalEnergies awarded China Petroleum Pipeline Engineering an EPC contract worth $294m to build a pipeline as part of a package known as the Ratawi Gas Midstream Pipeline.

    Also, TotalEnergies awarded UK-based consultant Wood Group a pair of engineering framework agreements in April 2025, worth a combined $11m, under the GGIP scheme.

    The agreements have a three-year term under which Wood will support TotalEnergies in advancing the AGUP.

    One of the aims of the AGUP is to debottleneck and upgrade existing facilities to increase production capacity to 120,000 barrels a day of oil on completion of the first phase, according to a statement by Wood.

    READ THE MAY 2026 MEED BUSINESS REVIEW – click here to view PDF

    Global energy sector forced to recalibrate; Conflict hits debt issuance and listings activity; UAE’s non-oil sector faces unclear recovery period amid disruption.

    Distributed to senior decision-makers in the region and around the world, the May 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/16934508/main.png
    Wil Crisp
  • WEBINAR: Iraq Projects Market 2026

    20 May 2026

    Webinar: Iraq Projects Market 2026 
    Thursday 4 June | 11:00 AM GST  |  Register now

    Agenda:

    • Overview of the Iraq projects market landscape
    • 2025-26 projects market performance
    • Value of work awarded 2026 YTD
    • Assessment of key current and future projects
    • Key drivers, challenges and opportunities
    • Summary of the key clients, contractors and consultants
    • Size of future pipeline by sector and status
    • Ranking of the top contractors and clients
    • Short and long-term market outlook
    • Audience Q&A

    Hosted by: Edward James, head of content and analysis at MEED

    A well-known and respected thought leader in Mena affairs, Edward James has been with MEED for more than 19 years, working as a researcher, consultant and content director. Today, he heads up all content and research produced by the MEED group. His specific areas of expertise are construction, hydrocarbons, power and water, and the petrochemicals market. He is considered one of the world’s foremost experts on the Mena projects market. He is a regular guest commentator on Middle East issues for news channels such as the BBC, CNN and ABC News and is a regular speaker at events in the region. 

    Click here to register

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16925011/main.gif
    Edward James