Related Articles

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  Saudi Arabia plans Mecca transit-oriented development

  22 October 2025

  Saudi Railway Company (SAR) has signed an agreement with local investment firm Riyad Capital to establish a real estate fund to develop a mixed-use, transit-oriented project in Mecca.

  The project will span more than 90,000 square metres in the Al-Rusifah district, near the Haramain high-speed railway station in Mecca.

  The development is estimated to cost more than SR6bn ($1.6bn).

  Riyad Capital operates through four business lines: asset and wealth management, brokerage, corporate investment banking and securities services.

  In an official statement, the company said its real-estate portfolio spans three continents and is valued at more than $6bn.

  UK-based analytics firm GlobalData expects Saudi Arabia's construction industry to grow by 4% in real terms in 2025, supported by investments in the housing, energy and transport infrastructure sectors.

  The commercial sector is estimated to grow by 3.7% in real terms in 2025 and to register an average annual growth of 3.7% from 2026 to 2029, supported by the government’s Vision 2030 plan. Under that plan, the government aims to attract 150 million tourists annually and add 320,000 hotel rooms by 2030.

  

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  Yasir Iqbal
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  Contractors prepare Riyadh Expo infrastructure bids

  21 October 2025

  

   

  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:

  • Shibh Al-Jazira Contracting (local)
  • Hassan Allam Construction (Egypt)
  • El-Seif Engineering Contracting (local)
  • Al-Ayuni Investment & Contracting (local)
  • Kolin Construction (Turkiye)
  • Al-Yamama Trading & Contracting Company (local)
  • Saudi Pan Kingdom (local)
  • Unimac (local)
  • Mapa Insaat (Turkiye)
  • Yuksel Insaat (Turkiye)
  • IC Ictas / Al-Rashid Trading & Contracting (Turkiye/local)
  • Mota-Engil / Albawani (Portugal/local)

  The overall infrastructure works – covering the construction of main utilities and civil works at Expo 2030 Riyadh – will be split into three packages:

  • Lot 1 covers the main utilities corridor
  • Lot 2 includes the northern cluster of the nature corridor
  • Lot 3 comprises the southern cluster of the nature corridor

  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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  READ THE OCTOBER 2025 MEED BUSINESS REVIEW – click here to view PDF

  Private sector takes on expanded role; Riyadh shifts towards strategic expenditure; MEED’s 2025 power developer ranking

  Distributed to senior decision-makers in the region and around the world, the October 2025 edition of MEED Business Review includes:

  > AGENDA 1: A new dawn for PPPs > AGENDA 2: GCC pushes PPPs to deliver $70bn pipeline > CHINA: China’s Belt and Road initiative surges in Middle East  > TUNISIA: Tunisia’s president faces growing challenge from unions > POWER DEVELOPER RANKING: Acwa Power consolidates power sector dominance > IPPs: GCC enters pivotal year for IPPs > ACQUISITION: Wood takeover could boost Sidara profits > INTERVIEW: SLB strives to boost regional standing  > ALEC: IPO is chance for Alec to showcase its capabilities > SAUDI MARKET FOCUS: Riyadh strives for sustainable growth

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

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  Yasir Iqbal
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  Consultants bid for New Smart City Salalah design

  21 October 2025

  

   

  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.

  The firms that have purchased the tender documents include:

  • Royal Haskoning (Netherlands)
  • Muscat Engineering Consulting (local)
  • Parsons Corporation (US)
  • Design Group Engineering Consultants (local)
  • Khatib & Alami (Lebanon)
  • Tusker Engineering Consultancy (local)
  • F&M Middle East (local)
  • Al-Abraj Consulting Engineers & Architects (local)
  • Dar SSH (Kuwait)
  • WSP (Canada)
  • Renardet SA (Switzerland)
  • Almanarah Engineering Consultancy (local)
  • Isag Consulting Engineers (local)
  • CID Gulf (local)
  • Archplan International (Egypt)
  • National Engineering Office (Pakistan)
  • Salalah Engineering Consultancy (local)
  • Meridian Engineering Consultancy (local)
  • Hayma Engineering Consultancy (local)
  • AAW Partners (local)

  The 7.3-square-kilometre scheme is masterplanned by US-based design studio Sasaki.

  The development will offer over 12,000 residential units, accommodating 60,000 residents across four neighbourhoods. It will also include 3,500,000 square metres (sq m) of open space and parks, 200,000 sq m of retail and hospitality space, 100,000 sq m of cultural space and amenities, two new hospitals and integrated transport links. 

  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.”

  New Smart City Salalah is the latest addition to the sultanate’s portfolio of high‑profile upcoming real estate schemes, which include Sultan Haitham City, Al-Khuwair downtown, Al-Thuraya and the Oman mountain destination.

  GlobalData forecasts the Omani construction industry to expand at an annual average growth rate of 4.2% from 2025 to 2028. Growth in the country will be supported by rising government investments in renewable energy and transport infrastructure, in addition to the housing sector, as part of the Oman Vision 2040 plan.

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  READ THE OCTOBER 2025 MEED BUSINESS REVIEW – click here to view PDF

  Private sector takes on expanded role; Riyadh shifts towards strategic expenditure; MEED’s 2025 power developer ranking

  Distributed to senior decision-makers in the region and around the world, the October 2025 edition of MEED Business Review includes:

  > AGENDA 1: A new dawn for PPPs > AGENDA 2: GCC pushes PPPs to deliver $70bn pipeline > CHINA: China’s Belt and Road initiative surges in Middle East  > TUNISIA: Tunisia’s president faces growing challenge from unions > POWER DEVELOPER RANKING: Acwa Power consolidates power sector dominance > IPPs: GCC enters pivotal year for IPPs > ACQUISITION: Wood takeover could boost Sidara profits > INTERVIEW: SLB strives to boost regional standing  > ALEC: IPO is chance for Alec to showcase its capabilities > SAUDI MARKET FOCUS: Riyadh strives for sustainable growth

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

  https://image.digitalinsightresearch.in/uploads/NewsArticle/14911963/main.jpeg

  Yasir Iqbal
• 
  Wood leadership change holds promise for future

  20 October 2025

  Commentary
  Indrajit Sen
  Oil & gas editor

  UK 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.

   Wood takeover could boost Sidara profits

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  Indrajit Sen
• 
  Neom omitted from Saudi pre-budget statement

  20 October 2025

  Commentary
  Colin Foreman
  Editor

  The 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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  MEED’s October 2025 special report on Saudi Arabia includes:

  > COMMENT: Riyadh strives for sustainable growth
  > GOVERNMENT: Riyadh confronts rising regional chaos
  > ECONOMY: Riyadh looks to adjust investment approach
  > BANKING: New funding sources solve Saudi liquidity challenge
  > OIL & GAS: Aramco turns attention to strategic projects
  > GAS: Saudi Arabia and Kuwait accelerate Dorra gas field development
  > POWER: Saudi Arabia accelerates power transformation
  > WATER: Transmission projects drive Saudi water sector growth
  > CONSTRUCTION: Saudi construction pivots from gigaprojects to events
  > TRANSPORT: Infrastructure takes centre stage in Saudi strategy
  > DATABANK: Saudi Arabia maintains growth momentum

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

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  Colin Foreman