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  Emaar announces $55bn Dubai project

  12 June 2026

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  Mohammed Alabbar, the founder of Emaar Properties, has released a statement saying that the Dubai-based real estate developer is about to announce a $55bn project in Dubai.

  On his social media channels including Instagram and X, he said: “Emaar is preparing to unveil its most ambitious project yet: a development worth AED200bn (around $55bn), commanding an extraordinary vista that brings together, in a single frame, three of the city’s timeless icons – Burj Khalifa, Burj Al-Arab and Palm Jumeirah – complete with the finest essentials of modern living, in the city of Dubai.”

  Emaar has delivered some of the world’s most ambitious real estate projects, including the world’s tallest tower, the 828-metre-tall Burj Khalifa, and the surrounding Downtown Dubai development.

  Commenting on the new project, Alabbar added: “This is no ordinary new development. It is a landmark that takes its place in the legacy of the United Arab Emirates, writing a new chapter in the story of a nation that knows no limits to its ambition.”

  In a statement on the Dubai Financial Market on 11 June, Emaar Properties said it “stands on the threshold of a historic announcement” and revealed more details about the project. It said it will have a total development value of AED200bn, with a gross floor area exceeding 4.5 million square metres.

  It added that it will include a mix of landmark residential towers, signature villas and mansions, Grade-A commercial offices, world-class retail destinations, luxury hospitality, and civic and cultural amenities. Altogether, the development will accommodate a projected population of nearly 150,000 residents. The statement also said the development will be connected to proposed metro lines.

  The exact location of the development was not revealed. Emaar has announced major projects in the past without giving precise locations. In June 2023, it announced the $20bn Oasis project. At the time, the details on the site’s location indicated it was situated in a prime location in Dubai, surrounded by high-end developments and within proximity to four international golf courses. It was later confirmed that the site sits between Damac Properties’ Lagoons development and Dubai Investment Park.   

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  Colin Foreman
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  Aramco awards contract for Uthmaniyah gas compression project

  12 June 2026

  

   

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  Saudi Aramco has awarded a key contract as part of its larger project to boost gas compression capacity at the Shedgum and Uthmaniya processing plants in the kingdom’s Eastern Province.

  The Shedgum and Uthmaniya plants currently receive approximately 870 million cubic feet a day (cf/d) and 1.2 billion cf/d of Khuff raw gas, respectively. Through this multibillion-dollar project, Aramco aims to increase the compression and processing capacity of the two plants, as well as construct new pipelines to enhance gas transport.

  Saudi Arabia-based Saipem Nasser Saeed Al‑Hajri Contracting Company (SNSH), a joint venture of Italian contractor Saipem and local contractor Nasser Saeed Al‑Hajri and Partners Company for Contracting, has won the contract for EPC works on the Uthmaniyah gas compression plant package.

  The value of the contract won by SNSH is estimated to be $1.24bn, sources told MEED. Milan-headquartered Saipem declared the share of its contract value to be €900m ($1.04bn), adding that the duration of EPC works is 42 months.

  The scope of work on the package involves the EPC of a new compression plant serving the non‑associated gas field of Uthmaniyah, Saipem said in its statement, adding that “the new compression plant will extend the production life of the field, helping to support the growing energy demand of the Kingdom of Saudi Arabia”.

  The contract for the Uthmaniyah gas compression plant package is the first EPC project awarded under Aramco’s National EPC Champion programme, Euronext Milan-listed Saipem said.

  Shedgum and Uthmaniyah gas compression project

  The contract awarded by Aramco for the Uthmaniyah gas compression plant is one of nine EPC packages comprising the overall Shedgum and Uthmaniyah gas compression project. The list of packages is as follows:

  1. Shedgum gas compression facility and SGP in-plant works
  2. Uthmaniyah gas compression facility and UGP in-plant works
  3. Shedgum gas compression pipelines package
  4. Uthmaniyah gas compression pipelines package
  5. Shedgum and Uthmaniyah central temporary construction facilities
  6. Shedgum and Uthmaniyah early works site preparation
  7. Operation and maintenance of Saudi Aramco Project Management Team temporary construction facilities and accommodation
  8. Shedgum and Uthmaniyah gas compression plant PIA
  9. Shedgum and Uthmaniyah gas compression plant PSA.

  Aramco has awarded the contract for the Shedgum and Uthmaniyah early works site preparation (package 6) to local firm Al-Shalawi International Company Trading and Contracting, sources told MEED.

  Additionally, Aramco is understood to be in discussions with Indian contractor Larsen & Toubro Energy Hydrocarbon (L&T), among other bidders, for the Shedgum gas compression facility and SGP in-plant works package (package 1), as per sources.

  Separately, the Saudi energy giant was said to be in negotiations with a consortium of China’s Sinopec and Dammam-based Al-Qahtani Pipe Coating Industries for the pipeline package related to the Uthmaniyah gas compression plant (package 4), the sources further said.

  However, Sinopec and Al-Qahtani fell short of providing bond guarantees and failed to meet other requirements set by Aramco, resulting in a split of their consortium, sources told MEED, adding Aramco could now start discussions with other bidders for the package.

  Meanwhile, Khobar-based Arkad Engineering & Construction has emerged as the lowest bidder for the Shedgum gas compression pipelines package, with Aramco expected to award the contract within June, according to sources.

  Contractors submitted bids for packages of the Shedgum and Uthmaniya gas compression capacity expansion project in January, MEED previously reported.

  The Saudi energy giant is understood to have started the solicitation of interest process for the main EPC contract tendering exercise in the fourth quarter of 2024.

  Aramco subsequently issued the tenders for the EPC packages of the scheme during the second quarter of last year and set an initial bid submission deadline of 17 August.

  Aramco then extended the bid submission deadline to 17 November, 7 December, and then to January, according to sources.

  In line with its aim of increasing gas production and processing capacity by 80% by 2030, with 2021 as its baseline, Aramco is investing significant capital in gas projects in the kingdom.

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  Indrajit Sen
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  Uncertainty increases for Shell’s $3.9bn gas project in Iraq

  11 June 2026

  

   

  Uncertainty is increasing for phase two of the Basra Gas Company (BGC) expansion project in Iraq amid fallout from the ongoing regional conflict that started when the US and Israel bombed Iran on 28 February.

  BGC is a joint venture of the Iraqi Ministry of Oil through its subsidiary South Gas Company (51%), London-headquartered Shell (44%) and Japan’s Mitsubishi Corporation (5%).

  In September last year, the World Bank’s International Finance Corporation (IFC) signed a $500m investment deal with BGC for the phase two project.

  The entire phase two project is estimated to be worth $3.9bn, according to the IFC, which says the money will be spent between 2025 and 2030.

  Of the $500m deal that was signed in September, $300m will be provided directly by the IFC, and this was approved by the IFC’s board on 14 January this year, less than two months before the US and Israel attacked Iran.

  The subsequent conflict and the disruption to shipping through the Strait of Hormuz have created major obstacles for the project, according to industry sources.

  One source said: “Many Western workers that were specialists in the oil and gas sector have now left the country due to security concerns.

  “On top of this, it was originally assumed that required equipment for the project could be brought in through the Strait of Hormuz and that operational cash flows could be relied upon to help fund the project.”

  Due to the major disruption to shipping crude exports through the Strait of Hormuz, Iraq has had to dramatically reduce oil production in the Basra region, and, as a result, associated gas production has declined as well.

  One source said: “Right now, the state-owned oil companies in Iraq are in the midst of a financial crisis and it is unlikely that they will be able to contribute to this project in the way that was originally envisioned.”

  The main focus of the BGC phase two expansion project is a new liquefied petroleum gas (LPG) refrigeration train to increase the overall capacity of the upstream facility, where LPG and condensate are obtained through processing of the associated natural gas.

  The scope of the project also includes the construction of a new 22-kilometre-long, 132kV overhead transmission line, which will help to meet the energy demand associated with the project.

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

  GCC looks beyond the Strait; Iraq’s reform window narrows as fiscal assumptions shatter; MEED Top 100 companies.

  Distributed to senior decision-makers in the region and around the world, the June 2026 edition of MEED Business Review includes:

  > AGENDA: Gulf races to reroute trade > EXPORT ROUTES: Regional war boosts oil and gas pipeline project activity > CURRENT AFFAIRS: UAE’s Opec departure fulfils multiple ends > MARKET FOCUS: Iraq’s reform window narrows  > MEED TOP 100: Middle East stocks recover unevenly > OIL & GAS: Insurers will only cover a fraction of war damage to oil and gas facilities > LEADERSHIP: Building the infrastructure that makes net zero possible > LEGAL:  Saudi Arabia’s foreign property ownership milestone > TRADE DEAL: UK-GCC trade deal talks conclude

  To see previous issues of MEED Business Review, please click here

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  Wil Crisp
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  PIF to work with Egypt’s TMG on Saudi real estate schemes

  11 June 2026

  Saudi Arabia’s Public Investment Fund (PIF) and Egyptian real estate conglomerate Talaat Moustafa Group (TMG) have signed a memorandum of understanding (MoU) to explore collaboration on mixed-use real estate projects across PIF-owned developments in Saudi Arabia.

  The non-binding agreement covers potential cooperation across the residential, commercial, hospitality and retail sectors, as well as integrated urban environments. PIF said the partnership would accelerate project delivery and value creation across its portfolio.

  TMG, which has nearly 55 years of experience developing large-scale integrated cities, communities and hospitality projects across Egypt, brings technical and managerial capacity to the collaboration. The company previously signed an agreement with Saudi Arabia’s National Housing Company (NHC) in early 2024 to develop more than 27,000 residential units at the Banan City project in Riyadh’s Al-Fursan suburb.

  The MoU also establishes a framework to attract additional investors to future project phases and is intended to expand private sector participation as investors, partners and suppliers.

  PIF said the agreement forms part of its broader strategy to diversify Saudi Arabia’s economy and develop its urban development and livability ecosystem – one of six strategic ecosystems under its 2026-30 strategy. That ecosystem spans housing, retail, office and community spaces and essential services.

  The MoU is subject to the satisfaction of certain conditions precedent and receipt of all necessary regulatory and internal approvals.

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

  

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  Colin Foreman
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  Oman signs $7.5bn of Duqm project deals

  10 June 2026

  Oman’s Public Authority for Special Economic Zones and Free Zones (Opaz) has signed 10 investment agreements and memorandums of cooperation worth RO2.9bn ($7.5bn) for projects in the Special Economic Zone at Duqm (SEZAD).

  The agreements were signed on 8 June during an investment ceremony in Duqm, chaired by Opaz chairman Qais Bin Mohammed Al-Yousef.

  The package includes a RO350m ($910m) agreement with Al-Sahil Power to develop the 890MW Duqm independent power project (IPP).

  MEED reported in January that a consortium comprising Korea Western Power (Kowepo), Qatar’s Nebras Power, the UAE’s Etihad Water & Electricity (EtihadWE) and Oman’s Bhawan Infrastructure Services had signed a PPA for the Duqm IPP project.

  The agreement appears to relate to the same project, suggesting that Al-Sahil Power has been established as a project company to execute the project.

  The project will be developed under a long-term power-purchase arrangement with Nama Power & Water Procurement Company (NamaPWP).

  A consortium of China-headquartered Shandong Electric Power Construction No. 3 Company (Sepco 3) and South Korea’s Doosan Enerbility was recently appointed as the main contractor on the combined-cycle gas turbine plant.

  Commercial operations are scheduled to begin in 2029.

  Green hydrogen project

  The largest agreement signed includes a RO1.6bn ($4.2bn) agreement for the implementation of the second and third phases of Indian renewable energy company ​ACME Group’s green hydrogen project in Duqm.

  Hydrom, Opaz and ACME previously signed project development and land usufruct agreements for the two phases in May 2025

  The development will establish a green hydrogen and green ammonia production complex covering 10 square kilometres.

  Each phase is expected to produce about 71,000 tonnes a year of green hydrogen and 400,000 tonnes a year of green ammonia.

  Total production capacity will reach 142,000 tonnes of green hydrogen and 800,000 tonnes of green ammonia a year once both phases are completed.

  The agreements also include a memorandum of cooperation with OQ Group for the development of a natural gas liquids (NGL) separation and processing plant in Duqm’s petrochemicals zone.

  The proposed facility has an estimated investment value of RO288m ($750m). It will process natural gas liquids into propane, butane and heavier hydrocarbons for export and downstream industrial use.

  Elsewhere, a Chinese investor signed an agreement to develop a silicon-based battery anode materials plant with an investment value of RO192.2m ($500m). The facility will produce materials used in lithium-ion batteries for electric vehicles.

  Other agreements

  Other agreements cover industrial, residential, tourism and manufacturing projects.

  These include a RO30m residential development for Jindal Steel employees, a chemicals manufacturing plant by Duqm Chemical Industries, a steel fabrication facility by DSD Ferrometalco and a precast housing factory to be developed by Al-Qiyada Construction Technology.

  Further memorandums were signed for a RO192.2m industrial complex promoted by Truot Holding and a RO184.5m tourism and commercial development by Ruby Investment & Development.

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  Mark Dowdall