Nuclear project may feature in Trump’s Riyadh visit
10 March 2025
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Saudi Arabia's civilian nuclear power plant project may feature in the planned visit of US President Donald Trump to Riyadh within the next six weeks, industry sources tell MEED.
"I think the main agenda will be Russia, Ukraine and Middle East peace, but energy cooperation – such as the nuclear industry – could also be discussed," one source says.
Trump has said he will likely visit Saudi Arabia on his first overseas trip within the next month and a half, as he did during his first term of office.
Trump's first overseas trip of his first term was to Riyadh in 2017, to announce Saudi investments estimated at the time to be worth $350bn.
His next visit is contingent upon the signing of deals with Riyadh for investments of more than $1tn in the US economy, according to reports.
"I doubt whether the [Saudi] nuclear programme will be on the agenda, but one never knows," says another source familiar with Saudi Arabia's nuclear power plant project. "[Trump] may use the nuclear [project] as a deviation from the main agenda of the talks."
Saudi Arabia is hosting talks between top US and Ukrainian diplomats this week regarding the potential of peace between Moscow and Kyiv.
Duwaiheen nuclear power plant
Saudi Arabia restarted procurement proceedings for its first large-scale nuclear power plant project in Duwaiheen in 2022.
The bid deadline for the main contract to build the project, which will be located close to the border with Qatar, has been extended several times.
The ongoing conflict between Israel, Gaza and other neighbouring countries appears to have contributed to the extended procurement timeline of the Duwaiheen nuclear plant project.
It is understood that Riyadh is using its nuclear power plant project, along with its plan to enrich uranium sources as part of its industrial strategy, as a bargaining chip with the US government. The White House is pushing for the normalisation of relations between Israel and Saudi Arabia and is opposed to uranium enrichment.
A month before the latest conflict between Israel and Hamas started, it was reported that senior Palestinian officials were in Riyadh for talks with senior Saudi and US officials. According to a BBC report in September 2023, the Palestinians were negotiating for hundreds of millions of dollars and more control of land in the occupied West Bank in the event of a three-way deal between Israel, Saudi Arabia and the US.
On 14 October 2023, Saudi Arabia suspended the talks on potentially normalising ties with Israel, which it has never officially recognised as an independent state.
Westinghouse-Kepco dispute resolution
In January, US-headquartered Westinghouse Electric Company resolved its long-running intellectual property dispute with Korea Electric Power Corporation (Kepco) and Korea Hydro & Nuclear Power Company (KHNP).
Westinghouse initiated legal action in the US in 2022 to block Kepco and KHNP from distributing without permission nuclear technology for which it claimed ownership rights.
Westinghouse’s argument was based on the claim that the Korean nuclear reactor model APR1400 relied on the firm's original design and technology, and that the two South Korean companies should be responsible for any damages resulting from the export of APR1400-modelled nuclear reactors.
In response, KHNP filed countersuits in the US to compel Westinghouse to withdraw the case, while simultaneously seeking an out-of-court resolution.
KHNP asserted that it possessed the necessary licences to use the technology, enabling the firm to export it without Westinghouse’s permission. KHNP argued that it should not be held accountable for royalty payments.
Both Kepco and Westinghouse expressed interest in developing Saudi Arabia’s first large-scale nuclear power plant in Duwaiheen, although Westinghouse has since dropped out of the race, according to sources.
READ THE MARCH MEED BUSINESS REVIEW – clck here to view PDF
Chinese contractors win record market share; Cairo grapples with political and fiscal challenges; Stronger upstream project spending beckons in 2025
Distributed to senior decision-makers in the region and around the world, the March 2025 edition of MEED Business Review includes:
> AGENDA 1: Chinese firms dominate region’s projects market
> AGENDA 2: China construction at pivotal juncture
> UPSTREAM 1: Offshore oil and gas sees steady capex
> UPSTREAM 2: Saudi Arabia to retain upstream dominance
> DIRIYAH: Diriyah CEO sets the record straight
> SAUDI POWER: Saudi power projects hit record high
> AUTOMOTIVE: Saudi Arabia gears up to lead Gulf’s automotive sector
> EGYPT: Egypt battles structural issues
> GULF PROJECTS INDEX: Gulf hits six-month growth streak
> CONTRACT AWARDS: High-value deals signed in power and industrial sectors
> ECONOMIC DATA: Data drives regional projects
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Wood leadership change holds promise for future
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Neom omitted from Saudi pre-budget statement
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Qiddiya high-speed rail PPP is a bold but risky move
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Contractors prepare Riyadh Expo infrastructure bids
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Fourteen firms have been invited to bid for the contract to undertake the initial infrastructure works at the Expo 2030 Riyadh site.
Saudi Arabia’s Expo 2030 Riyadh Company (ERC), tasked with delivering the Expo 2030 Riyadh venue, floated the tender for the project’s initial infrastructure works in September, as MEED reported.
The firms invited to bid include:
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The overall infrastructure works – covering the construction of main utilities and civil works at Expo 2030 Riyadh – will be split into three packages:
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ERC issued the tender for infrastructure package Lot 1 on 21 September and has set deadlines of 26 October and 9 November for submission of technical and commercial bids, respectively.
ERC is expected to award the contract for the Riyadh Expo infrastructure package in December.
MEED previously reported that ERC was expected to issue the tender for some of the infrastructure packages in September.
In July, US-based engineering firm Bechtel Corporation announced it had won the project management consultancy deal for the delivery of the Expo 2030 Riyadh masterplan construction 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.
The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth vehicle, launched ERC in June as a wholly owned subsidiary to build and operate facilities for Expo 2030.
In a statement, the PIF 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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Consultants bid for New Smart City Salalah design
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Twenty local and international engineering firms have purchased the tender documents for providing the detailed design of Oman’s New Smart City Salalah development.
Oman’s Ministry of Housing & Urban Planning (MHUP) released the tender on 12 October. MHUP has set a deadline of 20 November for firms to submit their bids for the contract.
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The 7.3-square-kilometre scheme is masterplanned by US-based design studio Sasaki.
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This project is part of the sultanate’s RO33bn development pipeline under Oman Vision 2040.
The construction works on the project are set to commence early next year, with 5,827 residential units planned for the first phase.
Oman released the project masterplan details in March this year.
The statement added: “The project plans are part of the Greater Salalah Structural Plan that aims to increase the liveable capacity of Salalah, which is expected to reach a population of 674,000 by 2040.”
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Wood leadership change holds promise for future
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Oil & gas editorUK energy engineering consultancy Wood Group’s announcement of a new CEO taking charge later this year is a positive signal, indicating the company is positioning itself for the future.
The announcement also suggests that the proposed takeover of Wood by Dubai-based Dar Al-Handasah Consultants Shair & Partners Holdings (Sidara) is nearly a done deal. Wood’s board has already accepted a $292m conditional takeover bid from Sidara, with a shareholder vote scheduled for 12 November expected to be a formality.
New ownership would naturally initiate a strategic reset and establish new priorities and goals. Iain Torrens, currently Wood’s interim group chief financial officer, will take over as CEO from Ken Gilmartin and lead the company towards these new goals.
Despite financial difficulties in recent years, Wood has been largely successful in winning key consultancy and engineering contracts on critical oil and gas projects in the Middle East and North Africa (Mena) region. This year alone, the company has secured project contracts in Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the UAE, as well as in other international markets.
Wood’s track record of delivering major Mena energy projects, combined with its strong regional presence, is the key factor that attracted Sidara, and the reason it has been pursuing an acquisition for the past two years.
In addition to the takeover bid, Sidara has offered to assume $1.6bn of Wood’s debt and inject $450m in cash into the company, demonstrating its confidence in Wood’s capabilities.
With a new owner committed to addressing the company’s financial challenges and a new CEO preparing to take the helm, Wood appears poised to enter a period of renewed stability and growth.
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Neom omitted from Saudi pre-budget statement
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EditorThe pre-budget statement issued by Saudi Arabia’s Ministry of Finance on 30 September provided valuable insight into how the economy will develop in 2026.
The headline figures show that expenditure is set at SR1.313tn ($349bn) in 2026, compared to revenues of SR1.147tn, resulting in a deficit of approximately SR166bn, or around 3.3% of GDP.
For the gigaprojects programme, a key detail was which projects were mentioned in the statement, as this implies that these are considered strategic and will continue to receive backing during a period many expect to be defined by reprioritisation.
Four of the official gigaprojects – Roshn, Red Sea Global, Diriyah and Qiddiya – are mentioned multiple times throughout the document. Neom, however, is not mentioned. All five were referenced in the 2025 pre-budget statement.
Neom’s omission from the pre-budget statement comes at a pivotal time for projects in Saudi Arabia. While project priorities have not been officially communicated, it is widely believed within the construction sector that event-driven projects – including Expo 2030 Riyadh and the Fifa World Cup 2034 – will be prioritised.
Although the Asian Winter Games is scheduled to be held at Neom’s mountain resort, Trojena, in 2029 – and had previously been assumed to be a priority – reports over the summer suggested the event may be postponed to 2033, with South Korea or China potentially stepping in to host the 2029 edition.
Other priority projects are expected to include transport and social infrastructure, as well as developments in and around Riyadh, including Diriyah, Qiddiya and projects led by Roshn.
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Qiddiya high-speed rail PPP is a bold but risky move
20 October 2025
Commentary
Yasir Iqbal
Construction writerSaudi Arabia’s Qiddiya high-speed rail project is the latest GCC rail scheme to be structured as a public-private partnership (PPP). Past schemes planned as PPPs include railways serving mining assets in Oman, Bahrain’s metro network, and the Red and Green Line extensions of the Dubai Metro. However, none of these projects moved into construction as a PPP.
The Qiddiya high-speed rail scheme offers an opportunity to set a successful precedent for the region. Led by the Royal Commission for Riyadh City, in collaboration with Qiddiya Investment Company and the National Centre for Privatisation & PPP, the project represents a litmus test of the kingdom’s ability to leverage private capital and expertise to deliver complex mobility infrastructure.
The project will connect King Salman International airport and King Abdullah Financial District (KAFD) with Qiddiya City, transporting passengers at speeds of up to 250 kilometres an hour and reducing travel time to just 30 minutes. Beyond its engineering appeal, it is the project’s PPP structure that makes it transformative.
It signals a maturing market increasingly willing to share risks and rewards between public and private players – a model proven globally to drive efficiency, innovation and long-term value for money.
International experience offers key lessons for the success of the Qiddiya high-speed rail project. As highlighted in a KPMG report, factors such as effective procurement and financing, political commitment and strong operational planning are critical.
The Hong Kong Mass Transit Railway system, for example, succeeded by aligning rail development with real estate value capture.
Similarly, projects such as the Nottingham Express Transit in the UK and Manila’s Mass Transit Railway demonstrate that transparent risk allocation and a robust business case can lead to financial and policy success.
Despite these successes, it is worth noting that PPPs have fallen out of favour in some countries due to cost overruns, inflexible contracts and disputes over value for money. These experiences serve as a cautionary reminder for Saudi Arabia.
While PPPs can attract private investment and accelerate delivery, they also require careful structuring, rigorous due diligence and transparent governance. The Saudi government must, therefore, maintain oversight while allowing private partners the flexibility to innovate.
For the Qiddiya high-speed rail, meticulous project planning, a credible feasibility framework and maintaining private sector confidence in regulatory stability will be vital.
If executed well, the Qiddiya high-speed rail could become a benchmark for future PPP ventures in the Gulf. The scheme stands as both a symbol and a significant challenge in Saudi Arabia’s broader drive to modernise its transport sector under Vision 2030.
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