Read the December 2024 MEED Business Review
4 December 2024
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Regional integration is crucial to the GCC’s ongoing economic success story.
After signing the Al-Ula Accords in January 2021, there has been a renewed sense of togetherness across the GCC that has manifested itself in several important ways.
The December 2024 issue of MEED Business Review examines how close collaboration between the GCC states is driving regional growth and attracting investment.
In 2024, the six GCC states have enjoyed warm relations, and tensions with Iran have cooled following a series of diplomatic rapprochements involving Tehran, Riyadh and Abu Dhabi.
These diplomatic efforts have resulted in a more stable business environment that has produced robust economic growth, record levels of inward investment and record spending on projects.
At the same time, transport projects, including the GCC railway, causeways and road links, are being driven forwards to connect the GCC states. Once built, these schemes should provide a catalyst for further economic activity. Read more about the transport links that are stitching the GCC together here.
The December issue also includes our annual engineering, procurement and construction (EPC) contractor ranking.
The past four quarters have seen the award of an unprecedented value of oil, gas and chemicals projects in the Middle East and North Africa. Between Q4 2023 and Q3 2024, the combined value of regional schemes reached $94bn, soaring above the already elevated $67bn of awards in the previous four quarters.
The surge in contract awards over the past two years is a boon for the EPC sector, with Italian firms emerging as the top EPC contract winners.
This month’s exclusive 15-page market report focuses on Bahrain, where the projects sector is dragging on the economy. MEED’s analysis finds that Manama must course correct after seven straight years of project sector value contraction.
Meanwhile, in this month’s issue, the team assesses the potential impact of the joint resolution issued by Arab and Islamic leaders from across the Middle East and North Africa region when they gathered in Riyadh on 11 November, calling for a ceasefire to end the expanding regional conflict centred on Israeli actions in Gaza and Lebanon.
We also examine Kuwait’s hopes that newly appointed Oil Minister Tariq Suleiman Al-Roumi can push forward key hydrocarbons projects after years of stalled progress, look at how the award of high-profile construction contracts and financial support from the Saudi government have helped Jeddah-based Saudi Binladin Group (SBG) to make a comeback in 2024, and learn why international arbitration is becoming the mechanism of choice for resolving legal disputes arising in the energy sector amid escalating geopolitical tensions.
The December issue is also packed with exclusive interviews. Gregory Jasmin, Khazna Data Centres’ senior director of business development strategy, tells MEED about the firm’s plans to build more 100MW-scale data centres; Mohammad Abdelqader El-Ramahi, chief green hydrogen officer at Abu Dhabi Future Energy Company (Masdar), discusses Abu Dhabi's low-carbon hydrogen agenda; and Sener’s Middle East managing director, Mario Neves, details the Spanish engineering company’s plans for the Middle East region.
We hope our valued subscribers enjoy the December 2024 issue of MEED Business Review.

Must-read sections in the December 2024 issue of MEED Business Review include:
> AGENDA:
> Cooperation strengthens Gulf markets
> Transport links stitch GCC together
> CURRENT AFFAIRS:
> Arab-Islamic summit demands Gaza ceasefire
> Kuwait hopes new oil minister can push projects forward
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INDUSTRY REPORT: |
> CONSTRUCTION: Saudi Binladin Group makes a comeback
> DATA CENTRES: Khazna expects to build more 100MW-scale data centres
> GREEN HYDROGEN: Abu Dhabi bullish on green hydrogen
> INTERVIEW: Sener eyes role in evolving Middle East infrastructure
> LEGAL: Navigating energy disputes through international arbitration
> BAHRAIN MARKET REPORT:
> COMMENT: Bahrain’s projects sector drags on economy
> GOVERNMENT & ECONOMY: Bahrain’s economic growth momentum falters
> BANKING: Bahrain banking works to scale up
> OIL & GAS: Bapco Energies sets sights on clean energy goals
> POWER & WATER: Manama jumpstarts utility sector
> CONSTRUCTION: Bahrain construction struggles to keep pace
> INDUSTRY: Alba positions for the future
> MEED COMMENTS:
> Riyadh may turn to different CEOs to run its projects
> Warming Riyadh-Tehran ties herald regional shift
> Decarbonising steel is hard to resist
> Saudi Arabia power sector unlikely to disappoint
> GULF PROJECTS INDEX: Gulf projects market returns to strong growth
> OCTOBER 2024 CONTRACTS: Region sets stage to break records this year
> ECONOMIC DATA: Data drives regional projects
> OPINION: Middle East faces a reckoning
> BUSINESS OUTLOOK: Finance, oil and gas, construction, power and water contracts
Exclusive from Meed
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Riyadh sets December deadline for Prince Mishaal Road20 November 2025
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Riyadh advances with rail link prequalifications20 November 2025
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Local contractor bids low for $629m Kuwait oil project20 November 2025
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Oman’s Marafiq retenders Duqm desalination plant20 November 2025
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Wood Group wins Iraq oil contract20 November 2025
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Related Articles
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Riyadh sets December deadline for Prince Mishaal Road20 November 2025

The Royal Commission for Riyadh City (RCRC) has allowed contractors until 3 December to submit bids for a contract to develop Prince Mishaal Bin Abdulaziz Road Axis-Taif Road in Riyadh.
The previous deadline was 19 November.
The scope of work covers general road improvement works, including street upgrades, drainage works, relocation of existing utilities, dry and wet utilities, and other associated infrastructure. RCRC is investing in improving the road network in and around the kingdom's capital.
Earlier in November, MEED reported that RCRC had begun post-tender clarifications with bidders for a contract covering upgrade works on Najm Al-Din Al-Ayoubi Road in Riyadh.
The scope of work covers general road improvement works, including upgrades to three bridges at Al-Zahabi Road, Abdulrahman Adakhel Road and Atia Al-Saady Road.
In February, RCRC announced plans to develop eight road projects in Riyadh at an estimated cost of more than SR8bn ($2bn).
The projects form part of the second group in the Riyadh Ring Roads and Main Axes development programme.
The schemes include:
- The northern part of the Prince Turki Bin Abdulaziz Al-Awwal Road development project, with a length of more than 6 kilometres (km). The scope includes the development of two main intersections, the construction of three bridges and a tunnel.
- The middle section of the Al-Thumama Road Axis development project. The scheme will cover about 10km and includes the development of five main intersections and the construction of 11 bridges and five tunnels.
- The Imam Abdullah Bin Saud Road development project, which will stretch about 9km and includes the development of four main intersections, the construction of three bridges and two tunnels.
- The Dirab Road development project, which will cover 9km and includes the development of two main intersections and the construction of nine bridges.
- The Imam Muslim Road development project, which stretches 12km and includes the development of four main intersections and the construction of four bridges. The project will serve as the future extension of the Prince Turki Bin Abdulaziz Al-Awwal Road Axis to the south.
- The road network development project surrounding King Abdullah Financial Centre, with a length of 20km. This includes the development of three main intersections and the construction of 19 bridges.
- The construction of a bridge at the intersection of King Salman Road in the east with Abu Bakr Al-Siddiq Road in the north.
- The first package of engineering modifications for crowded sites in Riyadh, encompassing improvements to alleviate traffic congestion during peak times.
In August last year, RCRC confirmed it had awarded four contracts worth SR13bn ($3.46bn) as part of the first phase of the programme to develop the city’s road network.
RCRC said the first phase will develop the axis of the main and ring roads to improve traffic movement in the city.
Other major projects by RCRC include Riyadh Metro, Riyadh Art, Sports Boulevard, King Salman International Park and the Green Riyadh project.
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Riyadh advances with rail link prequalifications20 November 2025

Saudi Arabia Railways (SAR) is expected to begin the second stage of the prequalification process for a contract covering the construction of a new railway line, known as the Riyadh Rail Link, which will run from the north to the south of Riyadh.
MEED understands that the consortiums need to propose self-funded financing arrangements for the project as part of the new round of prequalifications.
Contractors submitted their initial prequalification documents earlier this month.
The scope of work includes constructing a 35-kilometre-long double-track railway line connecting SAR’s North-South Railway to the Eastern Railway network.
The contract also covers the procurement, construction and installation of associated infrastructure such as viaducts, civil works, utility installations, signalling systems and other related works.
The project is expected to form a key component of the Saudi Landbridge railway.
The Saudi Landbridge is an estimated $7bn project comprising more than 1,500km of new track. Its core component is a 900km new railway between Riyadh and Jeddah, which will provide direct freight access to the capital from King Abdullah Port on the Red Sea.
Other key sections include upgrades to the existing Riyadh-Dammam line and a link between King Abdullah Port and Yanbu.
The start of tendering activity for the Riyadh Rail Link project makes the construction of the Saudi Landbridge more likely.
The project is one of the kingdom’s most anticipated infrastructure programmes. Plans to develop it were first announced in 2004, but the project was put on hold in 2010 before being revived a year later.
Key stumbling blocks were rights-of-way issues, route alignment and its high cost.
In December 2023, MEED reported that a team of US-based Hill International, Italy’s Italferr and Spain’s Sener had been awarded the contract to provide project management services for the programme.
If it proceeds, the Landbridge will be one of the largest railway projects ever undertaken in the Middle East – and among the biggest globally.
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Local contractor bids low for $629m Kuwait oil project20 November 2025
Kuwait-based Mechanical Engineering & Contracting Company (MECC) has submitted the lowest bid on a contract to develop oil and gas facilities at the Sabriya and Bahra oil fields.
The scope of the project is focused on developing a water separation facility next to Gathering Centre 23 (GC-23) and GC-24.
It also includes developing an injection facility at GC-31.
The full list of bidders for the project is:
- Mechanical Engineering & Contracting Company (MECC) – KD193m ($629m)
- Spetco – KD229m
- Alghanim International – KD239m
The tender was issued on 15 December 2024, with an initial bid submission deadline of 16 March 2025.
The bid deadline was extended more than 10 times before prices were submitted.
The client on the project is state-owned upstream operator Kuwait Oil Company (KOC).
The scope of the project includes:
- Installation of a high-integrity pressure protection system
- Installation of chemical injection systems
- Installation of effluent water transfer pumps
- Installation of a low-pressure (LP) gas pipeline from the new LP gas knockout drum (KOD) to existing LP separator gas crude accumulator (inside GC-23 & 24)
- Installation of interconnecting piping, instrumentation, electrical and civil works
- Installation of a new oil recovery system with pumps, flowmeter and analyser
- Installation of the substation and its equipment/systems
- Installation of tie-ins for process and utilities from/to existing GC-30 to new injection facility
- Installation of sludge collection, treatment and disposal system
- Associated facilities
Kuwait is trying to boost project activity in its upstream sector.
The country’s national oil company, Kuwait Petroleum Corporation, aims to increase oil production capacity to 4 million barrels a day (b/d) by 2035.
In August, Kuwait announced that it was producing 3.2 million b/d.
Earlier this month, KOC said it was planning to spend KD1.2bn ($3.92bn) on its exploration drilling programme through 2030.
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Oman’s Marafiq retenders Duqm desalination plant20 November 2025
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Oman-based Central Utilities Company (Marafiq) has reissued the main contract tender for its planned seawater reverse osmosis (RO) desalination plant in Duqm.
The revised submission deadline is 25 November.
The project has an estimated budget of $100m and will supply industrial water and support wastewater services in the Duqm Special Economic Zone.
The scheme involves building a seawater RO plant, an intake system, pre-treatment facilities, pumping stations, metering stations, pipelines and associated infrastructure.
Marafiq is developing the project in its capacity as the authorised utilities provider for the Duqm Special Economic Zone.
The company intends to develop a plant with a capacity of 45 million litres a day to serve industrial customers, including a planned hot-briquetted iron (HBI) facility proposed by an international steel manufacturer at Duqm Port.
Spain’s Cobra Group and Oman’s Global Chemicals & Maintenance System were previously prequalified to bid for the engineering, procurement and construction contract.
The main contract was initially tendered in December 2024, with the bid submission deadline in February.
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Wood Group wins Iraq oil contract20 November 2025
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Aberdeen-based Wood Group has won a contract to deliver project management and engineering services for PetroChina at the West Qurna-1 oil field in southern Iraq, according to a statement from the company.
Under the terms of the contract, Wood will manage engineering, procurement and construction (EPC) projects at the field.
Located approximately 50 kilometres northwest of Basra, West Qurna-1 holds more than 20 billion barrels of recoverable reserves.
Ellis Renforth, Wood’s president of operations for the Europe, Africa and Middle East region, said: “This contract award deepens our decade-long partnership at West Qurna-1 and reflects the continued trust placed in Wood to deliver complex energy solutions in Iraq.
“We’re proud to combine our global expertise with a strong local workforce to help support Iraq’s energy ambitions.”
The contract will be delivered by nearly 200 Wood employees based in Iraq and the UAE, the company said.
On 17 November, in a vote, 88% of Wood Group’s shareholders backed the company’s takeover by Dubai-based Sidara.
The vote came after months of delay, while Wood struggled to agree its accounts with its auditor.
The company’s accounts were eventually published on 30 October, showing a pre-tax loss of more than £2bn and evidence that the auditor was still not satisfied with the figures going back several years.
Wood Group accepted a $292m conditional takeover bid from Sidara in August.
As of February, Wood Group employed 35,000 people across about 60 countries, many in consulting and engineering roles.
In the Middle East, the company has project contracts in Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the UAE, where it has opened its third office in Sharjah.
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