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  Bahrain says refinery fire from Iran strike has been contained

  6 March 2026

  A fire that broke out at the Sitra refinery in Bahrain after an Iranian missile strike has been contained, according to a statement from the country’s National Communication Centre (NCC).

  Verified videos of the attack show flames springing up almost immediately after a missile hits the complex.

  The videos also seem to show a second missile hitting another location at the site moments later, and then several columns of dark smoke coming from different parts of the refinery.

  The NCC said: “A fire broke out at a unit of the Bapco Energies refinery following an Iranian missile strike. The fire has been fully contained.”

  It added: “There are no reported injuries, and refinery operations continue. An assessment of the damage is currently under way."

  Iran has been firing missiles at a range of targets in nearby countries since it was attacked by the US and Israel on 28 February.

  In November last year, MEED reported that Bahrain’s state-owned Bapco Energies was in the final stages of ramping up volumes processed by new units that were installed as part of the Bapco Modernisation Programme (BMP).

  The project at the Sitra refinery in Bahrain is estimated to have been worth $7bn and was inaugurated by Bahrain’s King Hamad Bin Isa Al-Khalifa in December 2024.

  At the time, the companies involved in the engineering, procurement and construction (EPC) contract for the project were still working on the site to assist with efforts to increase volumes.

  Bapco Energies awarded the main $4.2bn contract to perform EPC works on the BMP to a consortium led by France’s Technip Energies in February 2018.

  The consortium also included Spain’s Tecnicas Reunidas and South Korea’s Samsung E&A.

  Technip Energies also performed the project’s front-end engineering and design work. US oil and gas producer Chevron acted as a consultant on the BMP, while Australia-based Worley was the project management consultant.

  In March 2024, after a series of setbacks and delays, France’s Total Energies was brought in to support Bapco in “optimising” the project.

  The BMP is central to Bahrain’s Vision 2030 economic development strategy, and Bapco has said that it is crucial to boosting the country’s long-term downstream potential.

  The BMP was originally expected to reach mechanical completion in 2023, with operations set to begin in 2024.

  The core objective of the BMP was to upgrade the Sitra refinery – Bahrain’s only oil refining asset, which is 90 years old.

  One of the key units to be built as part of the BMP was a residual hydrocracking unit (RHCU) powered by technology licensed from US-based Chevron Lummus Global. The BMP team has built a two-train RHCU with a capacity of 65,000 barrels a day.

  The Sitra refinery includes seven crude distillation units (CDUs) and vacuum distillation units (VDUs) as part of the BMP.

  The new 225,000 b/d integrated crude and vacuum unit replaced CDUs 1, 2 and 3 and VDUs 1 and 3, which had served Bapco Energies for over 80 years.

  https://image.digitalinsightresearch.in/uploads/NewsArticle/15886753/main.jpg

  Wil Crisp
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  Firm signs $120m Egypt new capital industrial complex deal

  6 March 2026

  Egypt’s Administrative Capital for Urban Development (ACUD), the master developer of the New Administrative Capital (NAC), and local firm Polaris Parks for Industrial Development have signed an agreement to establish an integrated industrial complex in the NAC, located along Ain Sokhna Road.

  Covering 1.8 million square metres, the development is expected to attract more than $120m in direct investment and generate around 15,000 direct and indirect job opportunities, according to a joint statement.

  Designed to combine manufacturing with advanced logistics and a range of supporting services, the complex will cater to several sectors, including food industries, engineering, pharmaceuticals, chemicals and cosmetics.

  The construction works are expected to begin soon, and the project is slated for completion by 2027.

  Founded in 2007, Polaris Parks develops and manages industrial parks across Egypt, with a total portfolio exceeding 10 million square metres.

  GlobalData expects the Egyptian construction industry’s output to grow at an average annual rate of 7.4% between 2026 and 2029.

  This growth will be driven by investments in housing, renewable energy and transport infrastructure, alongside the government’s target of developing 10GW of renewable energy capacity by 2028.

  The industrial construction sector is anticipated to expand by 12.2% in 2025, with robust average annual growth of 9.1% through 2029, driven by investments in manufacturing and rising external demand.

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  MEED’s March 2026 report on Egypt includes:

  > COMMENT: Egypt’s crisis mode gives way to cautious revival
  > GOVERNMENT: Egypt adapts its foreign policy approach
  > ECONOMY & BANKING: Egypt nears return to economic stability
  > OIL & GAS: Egypt’s oil and gas sector shows bright spots
  > POWER & WATER: Egypt utility contracts hit $5bn decade peak
  > CONSTRUCTION: Coastal destinations are a boon to Egyptian construction

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

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  Yasir Iqbal
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  Riyadh to award Expo 2030 metro station in June

  6 March 2026

  

   

  Saudi Arabia’s Royal Commission for Riyadh City (RCRC) is expected to award the design-and-build contract by 30 June for the construction of a new metro station catering to the Expo 2030 site in the north of Riyadh.

  The new metro station will be located on Line 4 (Yellow Line) of the Riyadh Metro network.

  MEED understands that the tender was floated in early February, with a bid submission deadline of 3 May.

  RCRC had instructed interested bidders to submit the required documentation by 26 February.

  The client is expected to open the bids on 3 May.

  Construction work on the Expo 2030 Riyadh site is progressing at an accelerated pace. In January, Saudi Arabia’s Expo 2030 Riyadh Company (ERC), tasked with delivering the Expo 2030 Riyadh venue, awarded an estimated SR1bn ($267m) contract to deliver the initial infrastructure works at the site.

  The contract was awarded to the local firm Nesma & Partners.

  The scope of work covers about 50 kilometres (km) of integrated infrastructure networks, including internal roads and essential utilities such as water, sewage, electrical and communication systems, and electric vehicle charging stations.

  Contractors are also bidding for infrastructure lots two and three. In December, MEED reported that ERC had floated another tender for the project’s initial infrastructure works.

  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, providing direct access to various landmarks within Riyadh.

  Countries participating in Expo 2030 Riyadh will have the option to construct permanent pavilions. This initiative is expected to create opportunities for business and investment growth in the region.

  The expo is forecast to attract more than 40 million visitors.

  In a statement, the Public Investment Fund said: “During its construction phases, Expo 2030 Riyadh and its legacy are projected to contribute around $64bn to Saudi GDP and generate approximately 171,000 direct and indirect jobs. Once operational, it is expected to contribute approximately $5.6bn to GDP.”

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

  Riyadh urges private sector to take greater role; Chemical players look to spend rationally; Economic uptick lends confidence to Cairo’s reforms.

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

  > AGENDA: Saudi Arabia’s private sector picks up the baton > RAMADAN: Data disproves the Ramadan slowdown story > INDUSTRY REPORT: Chemicals producers look to cut spending > INDUSTRY REPORT: Global petrochemical project capex set to rise until 2030 > MARKET FOCUS: Egypt’s crisis mode gives way to cautious revival > LEADERSHIP: Delivering Saudi Arabia’s next phase of rail growth > POWER: Lessons learnt from a power plant decommissioning > INTERVIEW: Abu Dhabi’s Enersol charts acquisitions path > INTERVIEW: Lina Noureddin, CEO of Lamar Holding, on the evolving PPP landscape > INTERVIEW: Contract award marks Metito’s return to municipal projects

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

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  Yasir Iqbal
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  Alba to acquire EU’s largest primary aluminium producer

  6 March 2026

  Aluminium Bahrain (Alba) has reached an exclusive agreement with American Industrial Partners (AIP) to acquire 100% of France-based Aluminium Dunkerque.

  The proposed cash transaction, which will be fully underwritten by a syndicate of banks, aims to create a geographically diversified industrial group with a combined footprint across the GCC and Europe. Located in Loon-Plage, the Dunkerque facility produces approximately 300,000 tonnes of aluminium a year and is considered one of the lowest-carbon primary producers in Europe.

  The move aligns with Alba’s broader strategy to build a low-carbon aluminium platform. Alba’s chairman, Khalid Al-Rumaihi, said in a statement that the partnership will help the group capture market opportunities driven by global decarbonisation and electrification.

  As part of the deal, Alba has expressed a willingness to offer a shareholding position to the French sovereign wealth fund, Bpifrance, to foster a strategic partnership. The transaction is expected to close in 2026, pending consultative processes with works councils and regulatory approvals from French and EU authorities.

  AIP was represented in this transaction by Goldman Sachs, Societe Generale and Messier & Associes as financial advisers, and Jones Day and Baker Botts as lawyers.

  Alba was represented in this transaction by Rothschild & Co as financial adviser, and White & Case and BDGS Associes as lawyers.

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

  Riyadh urges private sector to take greater role; Chemical players look to spend rationally; Economic uptick lends confidence to Cairo’s reforms.

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

  > AGENDA: Saudi Arabia’s private sector picks up the baton > RAMADAN: Data disproves the Ramadan slowdown story > INDUSTRY REPORT: Chemicals producers look to cut spending > INDUSTRY REPORT: Global petrochemical project capex set to rise until 2030 > MARKET FOCUS: Egypt’s crisis mode gives way to cautious revival > LEADERSHIP: Delivering Saudi Arabia’s next phase of rail growth > POWER: Lessons learnt from a power plant decommissioning > INTERVIEW: Abu Dhabi’s Enersol charts acquisitions path > INTERVIEW: Lina Noureddin, CEO of Lamar Holding, on the evolving PPP landscape > INTERVIEW: Contract award marks Metito’s return to municipal projects

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

  https://image.digitalinsightresearch.in/uploads/NewsArticle/15885558/main.jpeg

  Colin Foreman
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  Conflict duration will determine impact on aviation sector

  6 March 2026

  The Middle East’s aviation and travel sectors are grappling with the fallout following the 28 February military actions involving the US, Israel and Iran, and subsequent retaliatory strikes.

  According to a 5 March report by Fitch Ratings, the duration of this disruption will be the key factor in determining the financial and operational impact on airlines, airports and the broader hospitality industry. While the current baseline suggests the conflict may last less than a month – limiting the damage to rated issuers – the scale of the immediate disruption is unprecedented for the region’s aviation hubs.

  Between 28 February and 5 March, more than 15,000 flights were cancelled across seven major regional airports, affecting over 1.5 million passengers. Major international hubs, including Dubai, Abu Dhabi and Doha, have faced significant congestion and scheduling challenges as carriers scramble to reroute or divert services.

  The impact is most acute for carriers whose primary hubs are located within the affected corridor. “Flight operations over the UAE and Qatar appear particularly constrained, which is important given the scale of the region’s hub carriers’ operations,” said Fitch.

  Airlines are facing a sharp spike in operating costs. Rerouting around restricted airspace often requires longer flight paths, additional technical stops, and increased expenses for crew overtime and passenger handling. While passenger compensation may be limited because the conflict is classified as an event outside the airlines’ control, the cost of issuing refunds, vouchers and accommodation remains a burden on balance sheets.

  Another challenge is higher fuel prices, which is a perennial risk for the industry during Middle East instability. Fitch said most of the region’s carriers have maintained a disciplined approach to risk management with hedge levels for the next three months ranging from 50% to over 80%, providing a significant buffer against immediate price volatility.

  The insurance market is also seeing shifts. Aviation policies typically grant insurers the right to cancel cover during active conflict. “War cover would typically relate to aircraft damage, although business interruption policies usually exclude war risks,” said Fitch.

  The broader outlook for regional travel remains resilient. Global lodging companies with exposure to the Middle East are generally well-diversified enough to absorb the impact of travel disruptions. Similarly, aircraft lessors – supported by globally diversified fleets and long-term, fixed-rate lease contracts – face very limited credit risk.

  For the region’s major aviation players, the focus now is on how quickly the safe haven status of the Gulf’s primary hubs can be restored. If the conflict remains short-lived, the impact on annual growth and profitability is expected to be temporary.

  A prolonged period of airspace instability would test the flexibility of the region’s transport infrastructure at a time when aviation remains a central pillar of the GCC’s economic diversification strategy.

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

  Riyadh urges private sector to take greater role; Chemical players look to spend rationally; Economic uptick lends confidence to Cairo’s reforms.

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

  > AGENDA: Saudi Arabia’s private sector picks up the baton > RAMADAN: Data disproves the Ramadan slowdown story > INDUSTRY REPORT: Chemicals producers look to cut spending > INDUSTRY REPORT: Global petrochemical project capex set to rise until 2030 > MARKET FOCUS: Egypt’s crisis mode gives way to cautious revival > LEADERSHIP: Delivering Saudi Arabia’s next phase of rail growth > POWER: Lessons learnt from a power plant decommissioning > INTERVIEW: Abu Dhabi’s Enersol charts acquisitions path > INTERVIEW: Lina Noureddin, CEO of Lamar Holding, on the evolving PPP landscape > INTERVIEW: Contract award marks Metito’s return to municipal projects

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

  https://image.digitalinsightresearch.in/uploads/NewsArticle/15885300/main.jpg

  Colin Foreman