Related Articles

• 
  I Squared eyes $2bn deployment across PIF portfolio

  13 July 2026

  Saudi Arabia's Public Investment Fund (PIF) has signed a memorandum of understanding (MoU) with US infrastructure investor I Squared Capital, under which the firm will pursue the deployment of up to $2bn in real estate and infrastructure assets owned by the sovereign fund and its portfolio companies.

  The non-binding agreement, announced on 13 July, will see the two work with PIF portfolio companies to identify opportunities in digital infrastructure and district cooling, which the parties describe as critical enablers of the real estate sector. I Squared will target allocating up to $1bn in each of the two areas, with the option to scale across additional related business themes.

  The MoU aligns with PIF's 2026-30 strategic objectives to partner with global investors on opportunities within its portfolio and to maximise the value of its portfolio companies. The collaboration is expected to accelerate project delivery and increase the contribution of third-party capital into opportunities across the portfolio.

  Founded in 2012 and headquartered in Miami, I Squared Capital manages $60bn in assets across power and utilities, transport and logistics, digital infrastructure, and environmental and social infrastructure. Its portfolio includes more than 100 companies operating in over 70 countries.

  ---

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

  Stress test for Gulf aviation; Mixed performance as country outlooks diverge in the Levant; GCC tourism sector pivots from crisis to recovery mode.

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

  > AGENDA: Gulf aviation ambitions face uncertain future > AIRPORTS: Dubai and Riyadh reaffirm airport ambitions > MARKET FOCUS: Levant recovers in three speeds  > INDUSTRY REPORT: Dubai eyes tourism sector recovery > INTERVIEW: EtihadWE prepares roadmap for future projects  > PROJECTS MARKET: Mena project momentum holds despite conflict  > DATA CENTRES: Big Tech falls short on data centre promise > SAVINGS: Retirement creates multibillion-dollar opportunity for region   > LEADERSHIP: Aramco’s citizen developers accelerate digital change

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

  https://image.digitalinsightresearch.in/uploads/NewsArticle/17655682/main2812.png

  Colin Foreman
• 
  Former emir of Qatar Sheikh Hamad dies aged 74

  13 July 2026

  Sheikh Hamad Bin Khalifa Al-Thani, the former emir who presided over Qatar's transformation into one of the world's richest states and its largest exporter of liquefied natural gas (LNG), has died at the age of 74.

  The Amiri Diwan, Qatar's official administrative office, announced his death on the morning of 12 July, describing him as a great leader and mourning the loss to the nation. The country declared a four-day period of public mourning, with work suspended across ministries, government agencies and public institutions from Monday 13 July until employees resume on Sunday 19 July. Flags are to be flown at half-mast throughout the mourning period. Funeral prayers were held after Maghrib prayer on 12 July at the Imam Muhammad Bin Abdul Wahab Mosque, after which his body was laid to rest in Lusail Cemetery.

  Sheikh Hamad ruled Qatar from 1995 to 2013 and led its modern economic development. When he took power from his father, the country's finances were strained and its oil reserves were declining. Over the following 18 years, he oversaw an era of rapid economic, social and cultural change that established Qatar as a significant global player in energy, finance and diplomacy.

  Gas foundations

  Central to that transformation was the development of Qatar's North Field gas reserves, one of the largest single accumulations of natural gas in the world. Through a series of international partnerships and investments, Sheikh Hamad's government built the infrastructure that turned the country into the world's largest exporter of LNG, a position that underpinned decades of budget surpluses and funded an expansive development programme across construction, infrastructure and social services.

  The wealth generated by gas exports allowed Qatar to invest heavily both at home and abroad. Sheikh Hamad founded the Qatar Investment Authority (QIA), the sovereign wealth fund that acquired stakes in assets ranging from the London department store Harrods to the football club Paris Saint-Germain. The QIA remains one of the most active sovereign investors in the world and a cornerstone of Qatar's economic strategy.

  Born in Doha in 1952, Sheikh Hamad studied at the UK's Royal Military Academy Sandhurst before joining the Qatar Armed Forces and later serving as defence minister. He was named heir apparent in the late 1970s and took power in 1995 while his father was abroad.

  Global profile

  Sheikh Hamad used Qatar's growing wealth to raise its international standing well beyond its size. In 1996, he backed the launch of the Al-Jazeera television network, which grew into one of the most influential media organisations in the region and further afield. His government also pursued an active diplomatic role, hosting negotiations and international events that positioned Doha as a mediation hub.

  The most prominent, and most contested, achievement of his tenure came in 2010, when Qatar won the right to host the 2022 Fifa World Cup. The tournament prompted a multibillion-dollar construction programme, spanning stadiums, transport networks, hotels and wider urban infrastructure, and accelerated the build-out of projects across the country. The bid and the subsequent preparations drew scrutiny over labour conditions and allegations of corruption, of which Qatar was later cleared.

  Sheikh Hamad's rule also brought institutional change, including the promulgation of Qatar's first permanent constitution in 2004 and the introduction of municipal elections in which women were permitted to vote and stand as candidates.

  In 2013, he handed power to his son and heir apparent, Sheikh Tamim Bin Hamad Al-Thani, then 33, in a rare voluntary abdication by a hereditary Gulf ruler. The transition allowed for a managed handover of a state that had been reshaped over the previous two decades.

  Tributes were offered by leaders across the Gulf and beyond, including UAE President Mohamed Bin Zayed Al-Nahyan, Egyptian President Abdel Fattah El-Sisi and the UK's King Charles III, who said Sheikh Hamad had dedicated many years of distinguished service to Qatar.

  Qatar was a British protectorate until 1971, with the Al-Thani family having ruled since 1851. Sheikh Hamad leaves a state whose economic weight, built largely on the gas reserves developed during his reign, continues to shape the wider Gulf economy.

  ---

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

  Stress test for Gulf aviation; Mixed performance as country outlooks diverge in the Levant; GCC tourism sector pivots from crisis to recovery mode.

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

  > AGENDA: Gulf aviation ambitions face uncertain future > AIRPORTS: Dubai and Riyadh reaffirm airport ambitions > MARKET FOCUS: Levant recovers in three speeds  > INDUSTRY REPORT: Dubai eyes tourism sector recovery > INTERVIEW: EtihadWE prepares roadmap for future projects  > PROJECTS MARKET: Mena project momentum holds despite conflict  > DATA CENTRES: Big Tech falls short on data centre promise > SAVINGS: Retirement creates multibillion-dollar opportunity for region   > LEADERSHIP: Aramco’s citizen developers accelerate digital change

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

  https://image.digitalinsightresearch.in/uploads/NewsArticle/17651433/main.jpg

  Colin Foreman
• 
  Contractors submit bids for Ras Tanura refinery gas pipeline

  13 July 2026

  

   

  Register for MEED’s 14-day trial access 

  Contractors have submitted bids to Saudi Aramco for a tender to replace a pipeline in the Gas Line Abqaiq-Ras Tanura (GART) transmission network.

  The GART grid transports associated gas and natural gas liquids (NGL) from the Abqaiq oil processing complex as feedstock, northwards to the Ras Tanura refinery in Saudi Arabia’s Eastern Province.

  The aim of the project is to replace the GART-22 pipeline that connects the Juaymah export terminal on the Gulf coast in the Eastern Province to the Ras Tanura refinery, to ensure reliable fuel gas supply and meet ongoing demand.

  The basic scope of work for the project is to install a new 24-inch pipeline system to replace the GART-22 line and the abandoned GART-24 line. It will cover a distance of 18 kilometres between Juaymah and the Ras Tanura terminal.

  The scope also includes the installation of associated scraper trap facilities (launcher and receiver), pressure control valves, motor-operated valves and gas detection and sampling systems.

  Aramco issued the tender for the project in May, setting an initial deadline of 30 June for contractors to submit proposals, MEED previously reported.

  The Saudi energy giant then extended the deadline until 10 July, and then allowed bidders until 12 July. Contractors submitted their proposals by that final deadline, according to sources.

  The following contractors, among others, are understood to be bidding for the project:

  • ACE Pipeline Arabia
  • Combined Group Contracting Company
  • Gas Arabian Services Company
  • Max Streicher Saudi Arabia
  • National Basics Company
  • Saad Ali Alessa Group
  • Sicim
  • Sinopec Engineering Group Saudi
  • Tecton Engineering & Construction

  Ras Tanura refinery complex

  The Ras Tanura refinery is the oldest, and one of the largest, crude oil refineries in Saudi Arabia. The complex has a refining capacity of 550,000 barrels a day (b/d).

  The facility also has a 305,000 b/d NGL processing facility, a 960,000 b/d crude stabilisation facility, combined steam and gas turbine electrical power generation plants with a summer capacity of 145MW and a winter capacity of 158MW, and a combined 150-pound and 600-pound steam capacity of 6,217 million pounds an hour.

  It has 75 crude oil and products storage tanks with a combined capacity of 5.8 million barrels.

  The Ras Tanura refinery’s major facilities include a 325,000 b/d crude distillation unit, a 225,000 b/d gas condensate distillation unit, a 50,000 b/d hydrocracker and 107,000 b/d of catalytic reforming capacity.

  The facility is Aramco’s only refinery to contain a Visbreaker processing unit, which has a 60,000 b/d capacity.

  The Visbreaker reduces the quantity of residual oil produced in the distillation of crude oil and increases the yield of more valuable middle distillates, heating oil and diesel.

  The refinery complex also produces 17,000 b/d of asphalt, more than any other refinery in Saudi Arabia.

  Ras Tanura receives crude feedstock from the Abqaiq, Safaniya and Manifa oil field developments.

  Crude is typically transferred to Ras Tanura through a pipeline and can also be supplied by ship.

  Most of Ras Tanura’s production is transferred to the Dhahran bulk plant for domestic use, while some products are exported from the nearby Ras Tanura shipping terminal.

  https://image.digitalinsightresearch.in/uploads/NewsArticle/17649169/main2152.jpg

  Indrajit Sen
• 
  AtkinsRealis wins Expo 2030 Riyadh design deal

  13 July 2026

  Canadian engineering firm AtkinsRealis has won a contract to deliver lead design services for the Place & Planet Pavilion at the Expo 2030 Riyadh site.

  The contract was awarded by Expo 2030 Riyadh Company (ERC), which is tasked with delivering the Expo 2030 Riyadh venue.

  AtkinsRealis will deliver the full architectural and engineering design for the pavilion, coordinate all relevant design disciplines and embed sustainable design principles throughout.

  The Place & Planet Pavilion is anticipated to be a key attraction at Expo 2030 Riyadh.

  The latest development follows ERC tendering a contract to build the Saudi Arabia pavilion at the site.

  The pavilion is a major asset located within the KSA District on the eastern side of the Expo 2030 Riyadh masterplan, within the Loop of Nations district.

  The tendering of the pavilion structure followed swift progress on the site’s infrastructure development works.

  In April, ERC awarded two contracts for the next phase of infrastructure works at the site to local firm Al-Yamama Company.

  The scope covers the construction of road networks and infrastructure for water, sewage, electricity, telecommunications and electric vehicle charging.

  These awards followed ERC’s January award of an estimated SR1bn ($267m) contract for initial infrastructure works at the site to local firm Nesma & Partners. That scope covers about 50 kilometres of integrated infrastructure networks, including internal roads and utilities such as water, sewage, electrical and communication systems and electric vehicle charging stations.

  The overall infrastructure works – covering the construction of main utilities and civil works at Expo 2030 Riyadh – are split into three packages:

  • Lot 1 covers the main utilities corridor
  • Lot 2 includes the northern cluster of the nature corridor
  • Lot 3 comprises the southern cluster of the nature corridor 

  The masterplan encompasses an area of 6 square kilometres, making it one of the largest sites designated for a World Expo event. Situated to the north of the Saudi capital, the site will be located near the future King Salman International airport, and will provide direct access to various landmarks within Riyadh.

  The Public Investment Fund, Saudi Arabia’s sovereign wealth vehicle, launched ERC – a wholly owned subsidiary – in June 2025 to build and operate facilities for Expo 2030.

  ---

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

  Stress test for Gulf aviation; Mixed performance as country outlooks diverge in the Levant; GCC tourism sector pivots from crisis to recovery mode.

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

  > AGENDA: Gulf aviation ambitions face uncertain future > AIRPORTS: Dubai and Riyadh reaffirm airport ambitions > MARKET FOCUS: Levant recovers in three speeds  > INDUSTRY REPORT: Dubai eyes tourism sector recovery > INTERVIEW: EtihadWE prepares roadmap for future projects  > PROJECTS MARKET: Mena project momentum holds despite conflict  > DATA CENTRES: Big Tech falls short on data centre promise > SAVINGS: Retirement creates multibillion-dollar opportunity for region   > LEADERSHIP: Aramco’s citizen developers accelerate digital change

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

  https://image.digitalinsightresearch.in/uploads/NewsArticle/17642053/main.jpg

  Yasir Iqbal
• 
  Conflict fails to dent Saudi Arabia’s A+ rating

  13 July 2026

  Ratings agency Fitch has affirmed Saudi Arabia's long-term foreign-currency issuer default rating at A+ with a stable outlook, citing fiscal and external balance sheets that remain significantly stronger than those of similarly rated peers.

  In a rating action published on 10 July, Fitch said the kingdom's economy and public finances had proved resilient to the US-Iran war, supported by significant fiscal buffers in the form of deposits and other public-sector assets. Oil dependence and governance scores had improved but remained weaknesses, while geopolitical risk stayed high.

  A deal allowing a ceasefire and the reopening of the Strait of Hormuz is broadly in place, although Fitch warns that flare-ups highlight risks to its near-term sustainability. The agency says further US or Israeli military action against Iran remains quite likely. It expects the reopening of the strait to return the oil market to oversupply, pulling Brent down to an average of $60 a barrel in 2028 from $87 a barrel in 2026.

  Fitch forecasts real GDP growth will slow to 0.6% in 2026, hit by disruption to trade during the closure of the strait. Flows through the East-West pipeline support oil production during the war, but output at an annual average of 9 million barrels a day will sit below the 2025 level.

  Growth is expected to rebound in 2027 as flows normalise, before easing to 2.9% in 2028, supported by the phased opening of gigaprojects and guidance that sovereign wealth vehicle the Public Investment Fund will keep domestic spending largely unchanged.

  The fiscal deficit is projected to narrow in 2026 as higher oil prices offset lower volumes, before widening to 4.7% in 2027 on a fiscal breakeven oil price of $94 a barrel. Fitch projects government debt will rise to 41.3% of GDP by the end of 2028, from 31.8% at the end of 2025, above the government's guidance of a 40% ceiling.

  The agency describes the external balance sheet as healthy, with sovereign net foreign assets of 38.5% of GDP by the end of 2028. Banks have been resilient to the war, with non-performing loans at 1.1% and a Tier 1 capital ratio of 19.2% at the end of the first quarter of 2026.

  ---

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

  Stress test for Gulf aviation; Mixed performance as country outlooks diverge in the Levant; GCC tourism sector pivots from crisis to recovery mode.

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

  > AGENDA: Gulf aviation ambitions face uncertain future > AIRPORTS: Dubai and Riyadh reaffirm airport ambitions > MARKET FOCUS: Levant recovers in three speeds  > INDUSTRY REPORT: Dubai eyes tourism sector recovery > INTERVIEW: EtihadWE prepares roadmap for future projects  > PROJECTS MARKET: Mena project momentum holds despite conflict  > DATA CENTRES: Big Tech falls short on data centre promise > SAVINGS: Retirement creates multibillion-dollar opportunity for region   > LEADERSHIP: Aramco’s citizen developers accelerate digital change

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

  https://image.digitalinsightresearch.in/uploads/NewsArticle/17644782/main.gif

  Colin Foreman