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  Developers break ground on W Residences Dubai

  9 June 2025

  Dubai free zone operator Dubai Multi Commodities Centre (DMCC) and local real estate developer Signature Developers have officially broken ground on W Residences Dubai – Jumeirah Lakes Towers (JLT).

  The project, which is being developed in collaboration with Marriott International, involves the construction of a 38-storey tower that will have 33 residential floors, three basements, two podiums, a ground floor and an amenities level.

  Altogether, it will have 185 residences, including one-, two- and three-bedroom units as well as four-bedroom penthouses.

  DMCC and Signature Developers announced the project in 2024. According to regional projects tracker MEED Projects, the project is at the main contract bid stage. The contractor for the foundation works is TMF Euro Foundations. The development manager is South Africa’s Mirage Leisure & Development. The architect is MAD Architects.

  Uptown project

  DMCC is also developing other tower projects in Dubai. In May this year, MEED reported that it had appointed local construction firm Ali & Sons as the main contractor to build the estimated AED1bn ($272m) next phase of its Uptown Dubai development.

  The second phase includes constructing two 28- and 21-storey mid-rise towers featuring approximately 67,500 square metres (sq m) of commercial space and 5,000 sq m for retail and food and beverage outlets.

  The construction work began last year when local enabling contractor Swissboring started the foundation works on the project.

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  Colin Foreman
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  China State wins Abu Dhabi photovoltaic project

  9 June 2025

  Beijing-based China State Construction Engineering Corporation (CSCEC) has been awarded the engineering, procurement and construction (EPC) contract for a photovoltaic (PV) solar power plant at Tawazun Industrial Park in Abu Dhabi.

  The scope of work includes the design, procurement, installation, commissioning and trial operation of a PV power plant, along with a 24-month warranty period for operation and maintenance.

  Once operational, the PV power station is expected to reduce carbon dioxide emissions by approximately 14,064 tonnes annually. This reduction is equivalent to alleviating the carbon footprint of over 25% of Tawazun Industrial Park.

  The project client is Emerge, which is a joint venture of Abu Dhabi Future Energy Company (Masdar) and France’s EDF Group.

  In January, MEED reported that Emerge had awarded CSCEC a contract to build six solar power plants in Abu Dhabi.

  The EPC contract includes the design, procurement, installation, commissioning, trial operation and 24-month warranty period for operation and maintenance of six independent solar PV power stations.

  Emerge focuses on developing captive or private-to-private renewable energy projects across the GCC region.

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  Colin Foreman
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  Algeria invites foreign companies to develop gold reserves

  9 June 2025

  Algeria’s state-owned mining company has invited local and foreign investors to participate in developing the country’s gold reserves and highlighted significant deposits in the south.

  Bellacine Soltani, Sonarem’s chief executive, said in a statement that the Tirak and Ammasisa mines in Algeria’s Southern Tamanrasset Province hold more than 60 tonnes of gold.

  The two mines have been inactive for more than a decade.

  His comments come ahead of a planned vote on new legislation that could permit foreign companies to hold as much as 80% of mining projects.

  Algeria’s parliament is due to vote on the legislation on 16 June 2025, a move that could potentially mark a major shift for the nation, where state enterprises have majority control.

  The North African country is also looking to streamline the licensing process and trim billions of dollars worth of costly imports, including steel and marble.

  Soltani said that opening the doors to small investors and startup entrepreneurs had already enabled Algeria to extract approximately 60,000 tonnes of ore from gold over the past three years, and about 400kg of pure gold.

  Soltani said Algeria has 140 million cubic metres of marble reserves and is aiming to exploit these reserves to reduce imports.

  Imports of finished and semi-finished marble have cost the public treasury around $290m over the past three years, Soltani said.

  According to Soltani, Sonarem owns more than 15 marble and other stone quarries, with an exploitable reserve value reaching 40 million cubic metres.

  In 2024, 46 gold extraction licenses were issued to companies in Algeria.

  Sonarem’s exports reached $200m last year, the bulk of which came from phosphate exports, which totalled more than $193m.

  Algeria is currently implementing an industrial strategy that aims to reduce imports of mining materials, satisfy domestic market needs and increase non-hydrocarbon exports.

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  Wil Crisp
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  Twenty-eight firms interested in $1.5bn Morocco airport

  4 June 2025

  Twenty-eight local and international firms have expressed interest in a contract to build a new terminal at Morocco’s largest airport, Mohammed V International airport in Casablanca.

  The estimated MD15bn ($1.6bn) expansion will increase the airport’s capacity to 30 million passengers a year.

  The new terminal will span an area of about 450,000 square metres.

  Morocco’s Office National Des Aeroports (ONDA) issued the expression of interest notice in mid-April, with a submission deadline of 16 May.

  The firms that have expressed interest include:

  • TAV Airports Holding (Turkiye)
  • Makyol Insaat (Turkiye)
  • Sinohydro Corporation (China)
  • Jet Contractors (local)
  • China Civil Engineering Construction Corporation (China)
  • China State Construction Engineering Corporation (China)
  • China International Water & Electric (China)
  • Acciona (Spain)
  • Shandong High-Speed Group Company (China)
  • China Railway 20 Bureau Group Corporation (China)
  • China Railway Construction Corporation (China)
  • Orascom Construction (Egypt)
  • Limak Insaat (Turkiye)
  • IC Ictas (Turkiye)
  • China Gezhouba Group (China)
  • Serka Taahut Insaat (Turkiye)
  • China Harbour Engineering Corporation (China)
  • Sichuan Road & Bridge Group (China)
  • China Road & Bridge Corporation (China)
  • Kalpataru Projects International (India)
  • China Overseas Engineering Group (China)
  • Bymaro (local)
  • Consolidated Contractors Company (Greece)
  • Societe Generale des Travaux du Maroc / Travaux Generaux de Construction de Casablanca (local/local)
  • Beijing Urban Construction Group (China)
  • Sogea Maroc (local)
  • Mabetex Group / Mabco (local/local)

  The terminal is expected to be ready in time for the 2030 Fifa World Cup, which Morocco is co-hosting alongside Portugal and Spain.

  In May, MEED reported that ONDA had awarded an estimated MD294m ($29m) deal for enabling works on the new terminal.

  According to local media reports, the contract was awarded to local firm Societe de Travaux Agricoles Marocaine.

  In January, Morocco’s Transport & Logistics Minister, Abdessamad Kayouh, said that the study to expand the airport’s capacity was nearing completion.

  The project is part of Morocco’s MD42bn ($4.3bn) plan to expand key airports in anticipation of increased passenger flow for the 2030 football World Cup.

  In April, Morocco announced that it will also build a new airport in Casablanca in preparation for the tournament. 

  Morocco plans to upgrade several airports, including those in Tangier, Marrakech and Agadir, increasing their respective capacities to 7 million, 16 million and 7 million passengers annually.

  There are also plans to add a new terminal at Rabat-Sale airport, raising its capacity to handle 4 million passengers, and to increase the capacity of Fez airport to 5 million passengers annually. 

  The new terminal at Mohammed V International airport will be connected to a high-speed train network that will link Kenitra to Marrakech.

   

   

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  Yasir Iqbal
• 
  Read the June 2025 MEED Business Review

  4 June 2025

  Download / Subscribe / 14-day trial access

  The GCC states are playing an increasingly important role in developing future technologies. Governments are accelerating their artificial intelligence (AI) and data centre strategies and the region now boasts a compelling combination of low-cost energy, advanced infrastructure and decisive policy support, positioning it as a hub for data-driven innovation.

  The region is rapidly scaling up its data centre capacity. As of May, there were more than $78bn-worth of planned data centre construction projects, according to regional projects tracker MEED Projects, with a further $680m in active bids and $6.5bn already under construction. 

  With digital infrastructure investments hitting an all-time high, Saudi Arabia and the UAE are overhauling their electricity systems in line with their energy diversification, economic expansion and net-zero targets, as they strive to secure national competitiveness in the AI economy.

  The June edition of MEED Business Review explores the implications of this rapid growth in data centre investment, and what it means for the long-term technological leadership of the Gulf states in the fields of digital innovation and AI.

  MEED's latest issue also includes a 13-page market report on Iraq, which is facing economic challenges as lower oil prices threaten Baghdad's spending plans. While the country's oil, gas and chemicals project market has surged to its highest value in a decade and the revival of a Syrian oil export route could provide a large economic boost, Baghdad is spending heavily on housing and infrastructure construction projects, and on its efforts to address the country's significant power deficit. The hope is that the strong projects activity will set the country on a more positive growth trajectory.

  In addition, this month's issue features a report on the region's banking sector, where structural evolution is taking place in the areas of retail, digital and small and medium-sized enterprise banking. Through a series of case studies, we look at the financial institutions that are leading the way when it comes to innovation in these domains.

  Meanwhile, this month's ranking of the Top 100 regional listed companies reveals that although the valuations of regional listed oil sector companies has fallen, other sectors are holding up well despite volatile global conditions and lower oil prices. Despite the oil sector weighing on the overall performance of MEED's top 100, a total of 54 initial public offerings in the Middle East and North Africa (Mena) region raised $12.6bn in 2024. 

  This issue, the team also assesses the potential impact of the snap decision by US President Donald Trump to lift sanctions on Syria; looks at how the planned Disney theme park on Yas Island is a major boost to Abu Dhabi's tourism offering; and examines how the uptick in investment activity throughout the Middle East-Asia corridor is set to continue alongside the recently announced multibillion-dollar Gulf-US investments in sectors such as defence, energy and AI.

  In the June issue, we also examine what Saudi Arabia's 19% first-quarter 2025 cut in government capital expenditure – and the coinciding drop in contract awards – means for the kingdom; and speak exclusively to Estelle Brachlianoff, Veolia Group CEO, about the French water and waste-treatment firm's plans for expansion in the Mena region.

  We hope our valued subscribers enjoy the June 2025 issue of MEED Business Review. 

  

   

  Must-read sections in the June 2025 issue of MEED Business Review include:

  > AGENDA: 
  > Data centres churn investments
  > Gulf seizes AI opportunities

  > CURRENT AFFAIRS:
  > US announces lifting of Syria sanctions

  INDUSTRY REPORT: 2025 Top 100 Listed Companies  > Middle East stocks defy lower oil prices

  > TOURISM: Abu Dhabi hopes bigger is better with Disney theme park

  > TRADE: Emerging Gulf-Asia corridor grows despite headwinds

  > SAUDI ARABIA: Riyadh confirms capital expenditure cuts

  > INTERVIEW:
  > Mena crucial to Veolia’s growth plan

  > IRAQ MARKET REPORT: 
  > COMMENT: Iraq maintains its pace, for now
  > GOVERNMENT & ECONOMY: Iraq’s economy faces brewing storm
  > OIL & GAS: Iraqi energy project value hits decade-high level
  > PIPELINES: Revival of Syrian oil export route could benefit Iraq
  > POWER: Iraq power sector turns a page
  > CONSTRUCTION: Iraq pours billions into housing and infrastructure projects
  > DATABANK: Iraq forecast dips on lower oil prices

  > MEED COMMENTS: 
  > Adnoc takes a leap forward in becoming a chemicals giant
  > Timing is ripe for Aramco to enter India
  > US-Gulf AI deals usher in new era
  > Saudi construction needs more clarity

  > GULF PROJECTS INDEX: Gulf projects index leaps 4.3%

  > APRIL 2025 CONTRACTS: Region sees $8bn of project signings in third straight month of weaker awards activity

  > ECONOMIC DATA: Data drives regional projects

  > OPINION: Dealmaking trumps the Truman Doctrine

  > BUSINESS OUTLOOK: Finance, oil and gas, construction, power and water contracts

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

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  MEED Editorial