Read MEED’s 2024 Yearbook
31 December 2023
Commentary
Colin Foreman
Editor
A strong performance across various sectors and geographies in 2023 has resulted in a record year for the GCC projects market. By 21 November, according to regional projects tracker MEED Projects, 1,268 contracts totalling $178.6bn had been awarded in the region. The total breaks the previous full-year record of $173.5bn set in 2014 with more than a month to spare.
The market was driven by Saudi Arabia’s gigaprojects as they race to turn Vision 2030 into a reality, heavy investment into the oil and gas sector as national oil companies aim to increase their production capacities and upgrade existing infrastructure, continued investment in clean energy projects, and a buoyant property market in Dubai and the rest of the UAE.
It could be an even better year in 2024, as the market expects more of the same, together with contract awards for major new infrastructure projects, such as the Saudi Landbridge rail link, a new Blue Line for the Dubai Metro, and possibly even awards for building nuclear power plants in Saudi Arabia.
Although the omens may look good, a repeat of 2023 is not guaranteed. There is the ever-present fear that what goes up also comes down, and while the GCC economies have performed well, countries in North Africa and Levant have endured a difficult year as their economies flounder with rising inflation and high debt levels.
While initial fears of a broader regional dispute have largely subsided, the conflict in Gaza has served as a timely reminder that geopolitics is a risk that can never be discounted in the Middle East.
Internationally, the economic outlook is subdued. This will impact trade and put negative pressure on oil prices, which typically means a slowdown in project spending in key markets, including Saudi Arabia and the UAE.
Finally, the US is heading into a presidential election, and as the campaign unfolds throughout the year it will create opportunities and challenges for the region to navigate in 2024.
Published on 31 December 2023 and distributed to senior decision-makers in the region and around the world, the MEED Yearbook 2024 includes:
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> REGIONAL OUTLOOK: GAZA CONFLICT PUTS THE REGION ON EDGE ONCE AGAIN
> MENA ECONOMIES: ANOTHER YEAR OF LIVING DANGEROUSLY
> GIGAPROJECTS: SAUDI GIGAPROJECTS TO CROSS $50bn OF AWARDS
> UPSTREAM: UPSTREAM SECTOR SEES RECORD YEAR
> DOWNSTREAM: SAUDI’S CHEMICAL AMBITIONS DEFINE DOWNSTREAM SECTOR
> CONSTRUCTION: HEADY TIMES FOR BIGGEST CONSTRUCTION MARKETS
> PROJECTS: GULF PROJECTS MARKET VALUE SWELLS IN 2023
> CONTRACTS: REGIONAL PROJECTS MARKET SET TO BREAK RECORD IN 2023
> AWARDS: MEED PROJECTS ANNOUNCES AWARD WINNERS
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The MEED Yearbook 2024 country data files include:
Exclusive from Meed
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Kuwait tenders two Al-Mutlaa City construction packages2 September 2026
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Preferred bidders emerge for Zatca residential PPP2 September 2026
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NWC confirms $347m Saudi sewage treatment plant deal2 September 2026
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Egypt signs PPA for 1GW Ras Shokeir wind farm2 September 2026
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Iraq looks to accelerate oil pipeline projects2 September 2026
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Related Articles
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Kuwait tenders two Al-Mutlaa City construction packages2 September 2026
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Kuwait’s Public Authority for Housing Welfare (PAHW) has tendered two contracts covering the construction of public buildings across five districts at its Al-Mutlaa City residential project.
The first tender covers construction in the N5 and N6 districts, while the second covers N1, N3 and N4.
The tenders were issued on 30 August, with a bid submission deadline of 30 September.
The project is a housing scheme located 38.3 kilometres northwest of the Kuwait metropolitan area.
It covers approximately 104 square kilometres and is expected to house up to 400,000 people.
The mixed-use development will include residential, social, commercial and light industrial areas.
In March 2023, MEED reported that PAHW had appointed France-based Egis as a project management consultant for the Al-Mutlaa City development.
Under the agreement, Egis is providing programme-level service management, construction logistics and interface management services.
The scope of work also includes cost management, a digital programme management system and a project management information system for the scheme.
Al-Mutlaa City is one of the largest housing infrastructure projects being developed by the government as part of Kuwait’s Vision 2035.
UK analytics firm GlobalData expects Kuwait’s construction industry to grow at an average annual rate of 7.1% in 2025-28, supported by investment in renewable energy, transport and oil and gas projects, as well as spending under the New Kuwait 2035 National Development Plan.
Under this strategy, the government plans to invest KD350m ($1.1bn) to develop several sports projects in the country.
The residential construction sector is expected to register average annual growth of 3.8% in 2025-28, supported by the government’s plan to build 65,500 housing units by 2029 through five projects.
MEED’s September 2026 report on Kuwait includes:
> COMMENT: Kuwait keeps dealmaking alive under fire
> GOVERNMENT: Kuwait shows tentative signs of economic development
> BANKING: Necessity is the mother of invention for Kuwaiti lenders
> OIL & GAS: Regional war to have lasting impact on Kuwaiti oil sector
> POWER & WATER: Kuwait utilities investment shifts towards water
> CONSTRUCTION: Kuwait construction holds up despite regional strife
> MARKET TALK: Kuwait stands resilient amid regional tensionsTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/19245517/main.png -
Preferred bidders emerge for Zatca residential PPP2 September 2026

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Saudi Arabia’s Zakat, Tax and Customs Authority (Zatca), through the National Centre for Privatisation and PPP (NCP), has selected preferred bidders to develop residential buildings at various land ports across the kingdom.
The project covers developments across nine land ports, separated into two packages.
Local firm Saudi Arabian Trading & Construction Company has been selected as the preferred bidder for the first package, which includes the Al-Batha, Salwa, Al-Raqi, Jadidat Arar, Al-Wadiah and Empty Quarter sites.
Bahrain-headquartered Lamar Holding is the preferred bidder for the second package, which includes land ports at Al-Hadithah, Halat Ammar and Al-Durrah.
The project will be implemented as a public-private partnership (PPP) on a design, build, finance, operate, maintain and transfer basis, with a contract duration of 23 years, including the construction period.
The contract covers the construction and management of new residential buildings and associated facilities at the land ports, as well as the rehabilitation of existing facilities.
The project is the latest scheme in the kingdom’s PPP pipeline. In January, Saudi Arabia launched a national privatisation strategy aimed at mobilising $64bn in private sector capital by 2030.
Building on the privatisation programme first introduced in 2018, the strategy focuses on unlocking state-owned assets for private investment and privatising selected government services.
In a statement, NCP said the strategy comprises 147 opportunities drawn from a broader pipeline of more than 500 projects across 18 sectors.
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Egypt signs PPA for 1GW Ras Shokeir wind farm2 September 2026
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A joint venture of the local Hassan Allam Utilities Energy and Infinity Power has signed a power purchase agreement (PPA) with Egyptian Electricity Transmission Company (EETC) for the development of the 1GW Ras Shokeir wind project in Egypt.
The project is located in Egypt’s Red Sea Governorate, within the Gulf of Suez wind corridor. It will cover approximately 143 square kilometres.
The PPA has a 25-year term. The project will supply electricity to Egypt’s national grid.
Ras Shokeir is expected to generate enough electricity to power more than 1.2 million Egyptian homes. It is also expected to avoid more than 1.36 million tonnes of CO2 emissions annually.
The PPA was signed by EETC chairperson Mona Rizk and Infinity Power co-founder and CEO Nayer Fouad, representing the Infinity Power-Hassan Allam consortium.
The signing brings the project closer to development as Egypt seeks to expand its renewable energy capacity. Egypt has set a target for renewable energy to make up 42% of the electricity mix by 2030 and 65% by 2040.
This includes the 500MW Amunet 2 wind project, which is being developed by UAE-headquartered Amea Power following the commissioning of the first Amunet wind project in June 2025.
Hassan Allam Utilities Energy and Infinity Power are also developing Egypt’s $560m West Minya solar plant, which will combine 1,000MWac of solar photovoltaic capacity with a 600MWh battery energy storage system.
In June, MEED reported that a joint venture of Hassan Allam Construction and India’s Sterling & Wilson Renewable Energy had won the engineering, procurement and construction contract for the project.
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NWC confirms $347m Saudi sewage treatment plant deal2 September 2026
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Saudi Arabia’s National Water Company (NWC) has signed a contract worth more than SR1.3bn ($347m) with a Saudi-Chinese consortium to rehabilitate, operate and maintain nine sewage treatment plants (STPs).
The 15-year contract covers plants located across the Hail, Qassim, Al-Jouf and Northern Borders provinces. The plants have a combined treatment design capacity of more than 337,000 cubic metres a day (cm/d).
MEED exclusively reported in January that the consortium comprising China’s Jiangsu United Water Technology and Saudi-based Armada Holding had won the contract for the project.
The contract is for the Northern Cluster Sewage Treatment Plants Package 10 (LTOM10) and includes an initial three-year period for rehabilitation and upgrade works, followed by long-term operation and maintenance.
NWC said the contract was signed with a tariff of SR0.69 ($0.18) a cubic meter.
As MEED understands, United Water will be responsible for design, financing, operation and part of the construction works. Saudi Arabia’s Armada Holding will handle construction, equipment import customs clearance and local business communications. UAE-registered Prosus Holding will act as the financial investor.
LTOM packages
The same consortium is also expected to sign a contract for Package 11 of the LTOM programme in the coming months.
In April, MEED exclusively reported that the consortium won the contract for this project, which will have a combined capacity of about 440,000 cm/d.
Bids for North Western B Cluster (LTOM12) remain under evaluation. The contract covers the construction and upgrade of seven STPs with a combined capacity of about 162,000 cm/d.
NWC also tendered the Eastern A Cluster (LTOM14) package in April, covering the upgrade of six existing STPs with a capacity expansion of 30,000 cm/d at the Al-Jarodia STP.
This will increase total treatment capacity from about 263,000 cm/d to approximately 293,000 cm/d, with an estimated cost of $180m.
The bid submission deadline is 30 September.
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Iraq looks to accelerate oil pipeline projects2 September 2026
Iraq’s Ministry of Oil has held talks with a delegation from Qatari company UCC on accelerating the progress of two major pipeline projects, according to a statement from Iraq’s Office of Media and Government Communication.
The first proposed pipeline route extends from Basra, in southern Iraq, to Haditha, located about 200 kilometres northwest of Baghdad, then on to Faysh Khabur, which lies on the border with Syria and near the border with Turkiye.
The second pipeline extends from Haditha to Syria’s coastal city of Baniyas.
Discussions covered the contract type, implementation timeline and “other technical matters”, according to the statement released by the Iraqi government.
During the meeting, Iraq’s Minister of Oil, Basem Mohammed Khudair Al-Abadi, emphasised the need to expedite the tendering process for the project contracts.
He said all obstacles to progress on the projects needed to be eliminated.
He also said weekly meetings will be held between relevant parties to reach agreements on the economic models for the pipelines and their routes.
The Ministry of Oil said UCC is leading a consortium of companies developing the projects.
It added that the consortium includes US-based Chevron, the investment company TI Capital and France’s TotalEnergies.
In July, Iraq’s cabinet approved Basra Oil Company signing a ​heads of agreement and a non-disclosure agreement with the consortium to explore possible future oil pipeline projects.
Under the terms of the agreement, the consortium will prepare technical and financial feasibility studies for strategic export pipeline projects.
Also in July, US-based KBR was awarded a consultancy contract for the section of pipeline due to extend from Basra to Haditha.
In April, Iraq announced the allocation of $1.5bn for the Basra-Haditha route, while the larger scheme is estimated at around $5bn.
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