Riyadh steps up the Vision 2030 tempo
22 March 2023

Riyadh has begun pushing ahead with many of its Vision 2030 initiatives at a faster pace and in a much more tangible manner in the past six months, with the go-ahead given for several infrastructure packages on the kingdom’s flagship Neom project.
More than $13bn-worth of work has been awarded on Neom-linked projects since the start of 2022, including initial piling and tunnel blasting and drilling work for the Line development. More than $7bn has also been awarded in just the past five months, including $4.5bn across community housing schemes.
There has been equally robust activity on the other four official Public Investment Fund (PIF) gigaprojects. Projects worth another $1.8bn have been awarded since 2021 on the Diriyah Gate project, alongside $1.5bn-worth on the Roshn housing programme and $1.1bn each on the Red Sea Project and Qiddiya entertainment city.
Investment uptick
The shift in project tempo has also been matched by a step-up in other Vision 2030 initiatives, including the Shareek investment programme, which is aimed at supporting large Saudi companies in boosting the economic contribution of the kingdom’s private sector.
On 1 March, Saudi Arabia announced $51bn-worth of investments across eight Saudi companies as part of the programme. By 2030, Riyadh wants to increase the private sector GDP contribution to 65 per cent, while increasing the country’s non-oil exports from 16 to 50 per cent.
For external investors too, Saudi Arabia’s Vision 2030 plans are the top opportunity in the region, according to a recent poll by Egyptian financial services firm EFG Hermes. The survey showed that 34 per cent of respondents viewed Vision 2030 as the most important source of current investment opportunities.
There are meanwhile 23 companies waiting to list on the Saudi stock exchange. Those companies “are essentially on the runway waiting for the appropriate time, and obviously market conditions”, according to Mohammed ElKuwaiz, the chairman of the Capital Market Authority.
Last year was a record-breaking year for Saudi Arabia’s capital markets, with companies raising about $10.7bn (SR40bn) from initial public offerings (IPOs). The country also led regional IPO activity, with 34 out of the 48 GCC IPOs debuting on either the Tadawul or the Nomu.
Looking ahead, the Saudi market regulator is reviewing a further 77 IPO applications. It is also formulating a framework for dual listings, following the example of Americana, the first company to be dually listed in the kingdom and the UAE.
More broadly, the business confidence in the non-oil private sector continues to swell. In February, Saudi Arabia’s non-oil business activity reached its highest level in eight years due to a surge in demand, according to the Riyad Bank–S&P Saudi Arabia Purchasing Managers’ Index.
The index – in which a figure above 50 indicates expansion – increased from 58.2 to 59.8 in the fastest rate of increase since March 2015. The new orders component of the index rose to a record high of 68.7, with over 42 per cent of surveyed companies reporting a rise in new orders. The overall higher output also saw further employment and purchasing expansion.

Despite tighter monetary conditions, Naif al-Ghaith, Riyad Bank’s chief economist, noted the robust demand and supply balance spurred by the ongoing projects in the kingdom, which has caused “sharper uplifts in output and new orders for firms, as well as rising demand for labour”.
He added that while “prices have responded to the surge in demand, with the increase in input costs evident especially in the services and construction sectors”, business confidence remains high amid expectations for strong ongoing activity over the next 12 months.
Growth forecast
Despite the positive economic signs, the IMF reduced its 2023 GDP projection for Saudi Arabia to 2.6 per cent in January. This is in response to Opec+ agreements to restrict oil production 1.3 percentage points below the projection of 3.9 per cent growth in its October outlook.
Though non-oil growth remains strong, the reduction in oil output will unavoidably impact Saudi Arabia’s topline GDP. At the same time, the toll on oil revenue should be relatively contained and not unduly affect the kingdom’s capital spending, which is at this point being backed by a diverse pool of both sovereign and private assets.
According to a late February forecast by Riyad Capital, Saudi Arabia’s economy could grow by 3 per cent in 2023, driven principally by a pick-up in the non-oil sector, which it predicts will see a growth rate of 5 per cent this year.
In 2022, Saudi Arabia witnessed its strongest growth in the third quarter, when the GDP rate hit 8.8 per cent, according to the IMF, boosted by a 6.2 per cent growth rate for non-oil activity.
Riyad Capital also expects the weaker oil prices during the first half of 2023 to recover in the second half of the year, with Brent crude expected to end 2023 at a level above $100 a barrel.
MEED's April 2023 special report on Saudi Arabia includes:
> CONSTRUCTION: Saudi construction project ramp-up accelerates
> UPSTREAM: Aramco slated to escalate upstream spending
> DOWNSTREAM: Petchems ambitions define Saudi downstream
> POWER: Saudi Arabia reinvigorates power sector
> WATER: Saudi water begins next growth phase
> BANKING: Saudi banks bid to keep ahead of the pack
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Jereh wins $392m Bu Hasa oil field facilities project13 November 2026
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PDO awards contract for Al-Ghubar oil field project12 November 2026
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Laing O’Rourke joins the international exit list12 November 2026
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WEBINAR: End-of-Year Mena Market Review13 November 2026
Webinar: The big questions shaping the Gulf market. You decide what gets debated.
Tuesday 24 November 2026 | 11:00 AM GST | Register now
What makes this session particularly interesting is that the audience gets to decide the agenda. Registrants can vote for the topics they’d like Ed and Colin to debate, with the most popular questions forming the final shortlist for the live session.
Topics in the ballot:
- Is the Gulf trying to build too much, too quickly?
- Saudi Arabia or the UAE: where would you place your next big bet?
- Are gigaprojects the best use of public money?
- Who is really responsible when projects go wrong?
- Should the lowest-price tender become a thing of the past?
- Can private capital take over from the government in financing infrastructure and diversification?
- Is the Gulf’s AI and data centre boom a smart bet or the next overbuilding risk?
- Should the Gulf double down on hydrocarbons to fund diversification?
- Is localisation strengthening the economy or making delivery harder?
- Are Gulf countries building complementary economies or competing for the same customers?
The session will also feature live audience polling and Q&A, giving attendees an opportunity to share their views.
Hosted by:
Edward James, head of content and analysis at MEED
A well-known and respected thought leader in Mena affairs, Edward James has been with MEED for more than 19 years, working as a researcher, consultant and content director. Today, he heads up all content and research produced by the MEED group. His specific areas of expertise are construction, hydrocarbons, power and water, and the petrochemicals market. He is considered one of the world’s foremost experts on the Mena projects market. He is a regular guest commentator on Middle East issues for news channels such as the BBC, CNN and ABC News and is a regular speaker at events in the region.
Colin Foreman, editor of MEED
Colin Foreman is editor and a specialist construction journalist for news and analysis on MEED.com and the MEED Business Review magazine. He has been reporting on the region since 2003, specialising in the construction sector and its impact on the broader economy. He has reported exclusively on a wide range of projects across the region including Dubai Metro, the Burj Khalifa, Jeddah Airport, Doha Metro, Hamad International airport and Yas Island. Before joining MEED, Colin reported on the construction sector in Hong Kong.https://image.digitalinsightresearch.in/uploads/NewsArticle/21380319/main.gif -
Syntys breaks ground on 20MW Qatar data centre13 November 2026
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Qatari data centre developer Syntys has broken ground on a 20MW facility to support hyperscale, cloud, artificial intelligence (AI) and advanced computing deployments.
The groundbreaking ceremony took place on 12 November. It was attended by Qatar’s Communications & Information Technology Minister, Mohammed bin Ali bin Mohammed Al-Mannai, along with representatives from Ooredoo Group, Microsoft, Google, Kahramaa, the National Cyber Security Agency, Qatar Free Zones Authority and local banks.
Syntys said the facility is being developed on an existing company campus, where power, fibre connectivity and an operational team are already in place. The company has yet to disclose the project value or planned completion date.
The facility is designed to meet Tier 3 requirements and accommodate a range of rack densities, including higher-density configurations for graphics processing unit (GPU)-based AI and high-performance computing workloads.
It will operate as a carrier-neutral facility, allowing customers to select connectivity providers and establish network resilience in line with their own technical and operational requirements.
The project forms part of Syntys’ strategy to expand its Qatar platform through acquisitions and new development. Earlier this year, the company acquired QData QFZ, adding two operational, Tier 3-compliant, carrier-neutral facilities to its portfolio.
Syntys now owns and operates four campuses in Qatar, allowing customers to establish primary and disaster-recovery environments at separate in-country locations.
The company also designs and operates the facilities supporting Ooredoo’s sovereign AI cloud, which uses Nvidia Hopper GPUs.
The development comes as Qatar implements its Digital Agenda 2030, which identifies digital infrastructure as one of six strategic pillars and targets about QR40bn ($11bn) in economic impact by 2030.
The data centre is expected to support the growth of in-country digital services and enable sensitive workloads to remain within Qatar’s national borders.
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Jereh wins $392m Bu Hasa oil field facilities project13 November 2026
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The onshore oil and gas business of Abu Dhabi National Oil Company (Adnoc Onshore) has awarded China’s Jereh Group a contract valued at AED1.44bn ($392.1m) for the engineering, procurement and construction (EPC) of wellhead surface facilities and flowlines at the Bu Hasa cluster of oil fields in Abu Dhabi.
The cluster includes the Bu Hasa, Bida Al-Qemzan and Huwaila fields. The objective of the project is to build wellhead surface facilities and lay gathering flowlines that will connect new wells to the existing production network.
The scope of work on the project also covers the design, fabrication and installation of:
- production well module skids
- gas lift skids, which inject gas into wells to help lift the oil
- skid-mounted wellhead control panels
- solar power units
The framework agreement awarded by Adnoc Onshore on a call-off basis has a duration of 36 months, with an extendable option of 24 months, Jereh said in a filing with China’s Shenzhen Stock Exchange, where it is listed.
Adnoc Onshore is Adnoc Group’s largest production subsidiary, accounting for about 2 million barrels a day (b/d) of crude and about 7 billion cubic feet a day of associated gas from four primary onshore asset clusters: Bab, Bu Hasa, North East Bab and South East.
Maintaining and enhancing oil output levels at the Bu Hasa asset is critical to Adnoc Onshore’s contribution to parent company Adnoc Group’s target of expanding crude oil production capacity to 5 million b/d by 2027, an initiative known as Accelerated Integrated Programme 5. The state energy company’s total production capacity currently stands at approximately 4.85 million b/d.
Prior to this contract, Adnoc Onshore selected Jereh Oil & Gas Engineering Company in 2024 for a project to digitally connect 2,443 wells at the Bab, Bu Hasa and South East cluster of onshore oil fields in Abu Dhabi for remote operations. The contract, formally awarded in 2025, was valued at $920m.
Abu Dhabi contracts
The contract for the Bu Hasa wellhead facilities and flowlines is among a trio of projects totalling approximately $2.7bn that has been awarded by Adnoc Group in recent weeks, Jereh announced in its stock market filing.
The largest of the three contracts, valued at $1.7bn, is for the Ruwais Diyab unconventional gas development in Abu Dhabi. Awarded to Jereh on a design, build and operate model, the contract has a duration of 29 months for construction works and 60 months of operations, with up to two five-year extensions available.
Adnoc achieved final investment decision on the Ruwais Diyab unconventional gas development project on 2 November, during the Abu Dhabi International Petroleum Exhibition and Conference 2026.
The project will deliver 345 million standard cubic feet a day (scf/d) of raw gas from 2029 over a 25-year period, with the potential to reach up to 1 billion scf/d in the future.
The scope of work on the Ruwais Diyab project covers:
- wellsite facilities
- a central processing facility
- gas gathering pipelines and product export pipelines
- utilities
The plant will treat the raw gas and recover the liquids produced with it. It will also treat produced water, which is the water that comes up from the wells with the gas, and recover sulphur. Finished products will be delivered to designated receiving facilities.
When the operation period ends, Jereh will either hand the facilities over to Adnoc or decommission them and restore the site, as the contract and the owner require.
The third contract covers Adnoc Onshore’s Bab and North East Bab 1 tie-in project, where the main scope of work involves tying in new oil producer wells and removing and modifying surface facilities at existing producer wells.
The project’s scope also covers supporting works for water supply wells, water injection wells, disposal wells and water-alternating-gas injection wells. Several existing wells will also be upgraded with digital systems.
Jereh said the value of its contract is $599m, with a duration of 60 months. Similar to the Bu Hasa project, this contract also uses a framework model wherein Adnoc Onshore will issue work orders in batches according to its execution plans.
MEED previously reported that Adnoc Onshore had divided the scope of work on the Bab and North East Bab 1 tie-in project into 18 EPC packages. Along with Jereh, Adnoc Onshore has picked Abu Dhabi-based Robt Stone Middle East for a portion of work on the project.
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PDO awards contract for Al-Ghubar oil field project12 November 2026

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Petroleum Development Oman (PDO) has awarded the main contract for a project to build a facility to handle additional oil production from the Al-Ghubar field in the sultanate.
The Al-Ghubar field is located in the Ghaba Salt Basin at Qarn Alam, within majority state-owned PDO’s Block 6 concession area.
The Al-Ghubar gas-oil gravity drainage (GOGD) facility will be designed as a sour (hydrogen sulphide) facility and is expected to handle a maximum oil production rate of 1,800 standard cubic metres a day (cm/d), a total water flow rate of up to 10,421 standard cm/d and gas lift of up to 256,934 standard cm/d. Production from the planned Al-Ghubar GOGD facility will be exported to PDO’s main oil line.
China-based Jereh Group has won the contract for the Al-Ghubar GOGD facility project, sources told MEED.
A project kick-off meeting between PDO and Jereh has also recently taken place, the sources said.
MEED previously reported that Jereh had emerged as the lowest bidder for the project.
The following contractors, among others, are understood to have been bidding for the Al-Ghubar GOGD facility project:
- Engineering for the Petroleum & Process Industries (Egypt) / Petrojet (Egypt)
- GS Engineering & Construction (South Korea)
- Jereh (China)
- Larsen & Toubro Energy Hydrocarbon (India)
PDO floated the tender for the Al-Ghubar GOGD facility project in March, setting an initial bid submission deadline of 4 May, MEED previously reported.
PDO later extended the deadlines for the submission of technical and commercial bids to 26 July and 7 August, respectively. Contractors submitted technical proposals by the revised deadline, according to sources.
After receiving the technical bids for the project in July, PDO granted contractors until 16 August to submit commercial bids. It eventually extended the deadline to 1 September, with contractors submitting commercial proposals by that date, as MEED reported.
The scope of work on the Al-Ghubar GOGD project covers the engineering, procurement and construction (EPC) of the following:
- On-plot scope, consisting of:
- Production separator
- Test separator
- Concentric wash tank
- Wet oil pump
- Water bath heater
- Surge tank
- Gas injection/gas lift compressor (centrifugal)
- Utilities (instrument air compressors, chemical injection skids, drain system, vent system)
- Suction scrubber
- Air coolers
- Discharge scrubbers
- Condensate flash drum
- Atmospheric pressure knock-out drum
- Flare system
- Gas heater
- Water disposal pump
- Oil shipping pump
- 132kV substation and plant substation (housing 6.6kV and 415-Volt switchboard)
- Control room
- Off-plot scope consisting of:
- Off-plot pipeline network (bulk header, test header, gathering infrastructure/ gathering line header, instrument air header, water disposal header)
- Two remote manifold stations
- Tie-in connection to main oil line
- Tie-in to gas network pipeline
PDO previously intended to tender the Al-Ghubar GOGD project under its framework structure with selected EPC contractors, but ultimately tendered it separately.
PDO is the operator of Oman’s Block 6 hydrocarbons concession, the sultanate’s largest and most prolific concession. Situated onshore and covering an area of 75,119 square kilometres, Block 6 contains 202 oil fields and 43 gas fields. PDO produces approximately 680,000 barrels a day of oil and condensates from the fields.
The Omani government holds a 60% stake in PDO through Energy Development Oman. The other shareholders are UK-based Shell (34%), France’s TotalEnergies (4%) and Thailand’s state-owned PTTEP (2%).
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Laing O’Rourke joins the international exit list12 November 2026
Commentary
Colin Foreman
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Laing O’Rourke’s decision to seek a buyer for its Middle East business marks the end of an era for UAE construction.
In the early 2000s, the contractor was among the leading names in the market. Its work at Dubai International airport, the Atlantis hotel on the Palm Jumeirah and the ski slope at Mall of the Emirates made it arguably the UAE’s most prominent contractor during the pre-global financial crisis construction boom.
Its activities were not limited to Dubai. A partnering agreement with Aldar for Al-Raha Beach then made it the most active contractor in Abu Dhabi almost overnight.
The global financial crisis changed its fortunes. The Aldar Laing O’Rourke joint venture ended. Unsettled by payment problems and wider stress in the industry, the company took a more cautious approach to clients and projects in the region. One executive at the time told MEED: “You might see lots of tower cranes, but none of them are doing work that we would want to do.”
The contractor’s appetite partially returned in the late 2010s, when it won Al-Wasl Plaza at the Expo 2020 site in Dubai. It also became a leading player in the growing data centre market, delivering facilities for repeat clients, including Khazna and Equinix.
Data centres have since been its focus. These are significant projects, but they lack the public profile of the airport, Atlantis and Al-Wasl Plaza. As its profile faded, the company sold its UAE joinery arm to Dubai-based Arco Turnkey Solutions in 2025.
Laing O’Rourke now looks set to follow other international contractors that have, for various reasons, left the region, including Murray & Roberts, Balfour Beatty, Multiplex, Carillion and Bam. With a record £17.2bn order book anchored by UK and Australian infrastructure, the group’s priorities clearly lie elsewhere.
Whoever buys the business will inherit strong data centre credentials. For much of the market, however, Laing O’Rourke will be remembered for the landmark projects that defined the UAE’s boom years.
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