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  Firms submit Qiddiya high-speed rail EPC prequalifications

  22 April 2026

  

   

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  Saudi Arabia’s Royal Commission for Riyadh City, in collaboration with Qiddiya Investment Company (QIC) and the National Centre for Privatisation & PPP, received bids on 16 April from firms for the engineering, procurement, construction and financing (EPCF) package of the Qiddiya high-speed rail project in Riyadh.

  Firms interested in bidding for the project on a public-private partnership (PPP) basis have been given until 30 April to submit their prequalification statements, as MEED reported earlier this month.

  The prequalification notice was issued on 19 January, and a project briefing session was held on 23 February at Qiddiya Entertainment City.

  The Qiddiya high-speed rail project, also known as Q-Express, will connect King Salman International airport and the King Abdullah Financial District (KAFD) with Qiddiya City. The line will operate at speeds of up to 250 kilometres an hour, reaching Qiddiya in 30 minutes.

  The line is expected to be developed in two phases. The first phase will connect Qiddiya with KAFD and King Khalid International airport.

  The second phase will start from a development known as the North Pole and travel to the New Murabba development, King Salman Park, central Riyadh and Industrial City in the south of the city.

  In November last year, MEED reported that more than 145 local and international companies had expressed interest in developing the project, including 68 contracting companies, 23 design and project management consultants, 16 investment firms, 12 rail operators, 10 rolling stock providers and 16 other services firms.

  In November 2023, MEED reported that French consultant Egis had been appointed as the technical adviser for the project. UK-based consultancy Ernst & Young is acting as the transaction adviser, and Ashurst is the legal adviser.

  Qiddiya is one of Saudi Arabia’s five official gigaprojects and covers a total area of 376 square kilometres (sq km), with 223 sq km of developed land. 

  

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  Yasir Iqbal
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  Qatar invites bids for major power grid expansion

  22 April 2026

  Qatar General Electricity & Water Corporation (Kahramaa) has invited bids for a major power transmission expansion project covering substations and extra-high-voltage cables.

  The bid submission deadline is 14 May.

  The engineering, procurement and construction (EPC) contract covers new substations at multiple voltage levels. It also includes the supply and installation of 400kV extra-high-voltage power cables.

  The project is divided into the following packages:

  • Substation packages S1 and S2 cover new 132/11kV substations  
  • Package S3 covers new 66/11kV substations
  • Package S4 includes a new 400/220/132kV substation, along with upgrades and modifications to existing 400kV and 220kV substations
  • Package S5 covers new 132/11kV substations and upgrades to existing 132kV and 66kV substations
  • Cable packages C1 and C2 cover 400kV cables

  The bid bond is set at QR7m ($1.9m) for the full tender, while bids for individual packages require a QR1m ($0.27m) bond per package. 

  Kahramaa stated that foreign companies not registered in Qatar may participate, subject to meeting specified conditions, including registration and certification requirements.

  It added that it may increase or decrease the scope during the contract period in line with Qatar’s Tenders & Auctions Law.

  Kahramaa procurement plan

  Kahramaa’s 2026 procurement plan includes 198 tenders with a total estimated value of QR21.4bn ($5.9bn).

  Electricity transmission projects account for QR8.9bn ($2.4bn) and include the construction of new 400/132kV substations in Al-Wukair and Al-Mashaf, as well as the expansion of 400kV substations at Ras Laffan.

  These also cover the installation of 132kV underground cables between Al-Sailiya and Al-Rayyan over a 24-kilometre route, as well as upgrades to the 400kV and 220kV networks.

  Additionally, there are 64 planned electricity distribution projects managed by the Electricity Distribution Department that cover the medium-voltage and low-voltage networks throughout Doha and the regional municipalities. 

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  Mark Dowdall
• 
  Trump confirms UAE currency swap talks

  22 April 2026

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  US President Donald Trump has confirmed that Washington is considering a currency swap agreement with the UAE.

  During an interview with US broadcaster CNBC, Trump acknowledged that the arrangement is being considered. “It is [under consideration], but it’s been a good country. It’s been a good ally of ours,” Trump stated, noting that the request stems from a liquidity challenge rather than a solvency issue.

  Addressing the scale of the conflict’s impact on the federation, he added, “UAE got hit with 1,400 missiles. Now, fortunately, they had the Patriots, and they had a great defence … but they did get hit hard. They were hit the hardest of the group, actually.”

  The president also emphasised the strength of the bilateral economic relationship and his personal regard for the country’s leadership. “They’re really led by incredible people,” Trump told CNBC. “A year ago, I went there and I got them to invest $1tn in the United States. So, yeah, if I could help them, I would.”

  An early report by the Wall Street Journal said that high-level talks were initiated by UAE Central Bank governor Khaled Mohamed Balama, who recently met with Treasury secretary Scott Bessent and Federal Reserve officials in Washington.

  The UAE’s move is viewed as a precautionary effort to protect the dirham’s peg to the dollar and maintain its position as a global financial hub. The conflict has already inflicted significant damage on Emirati oil-and-gas infrastructure and disrupted tanker traffic through the Strait of Hormuz, which has historically been the primary source of the nation’s dollar revenues.

  While swap lines are traditionally managed by the Federal Reserve and reserved for major economies with deep ties to US markets, the Trump administration may look to the Treasury Department for a solution. Trump referenced a recent $20bn swap for Argentina facilitated by Secretary Bessent through the Exchange Stabilisation Fund as a potential model for the UAE.

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  READ THE APRIL 2026 MEED BUSINESS REVIEW – click here to view PDF

  Economic shock threatens long-term outlook; Riyadh adjusts to fiscal and geopolitical risk; GCC contractor ranking reflects gigaprojects slowdown.

  Distributed to senior decision-makers in the region and around the world, the April 2026 edition of MEED Business Review includes:

  > AGENDA: Gulf economies under fire > GCC CONTRACTOR RANKING: Construction guard undergoes a shift > MARKET FOCUS: Risk accelerates Saudi spending shift > LEGAL: Redefining the region’s arbitration landscape > QATAR LNG: Qatar’s new $8bn investment heats up global LNG race > INTERVIEW: Leyla Abdimomunova, National Development Division, PIF > LEADERSHIP: Shaping the future of passenger rail in the Middle East

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

   

  

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  Colin Foreman
• 
  Egyptian and Chinese firms sign green hydrogen deal

  22 April 2026

  A group of Egyptian companies and China’s UEG have signed a preliminary agreement to explore developing a Mediterranean green hydrogen hub in the port city of Alexandria.

  The memorandum of understanding was signed by:

  • Abu Qir Fertilisers & Chemicals Company (Egypt)
  • AlexFert (Egypt)
  • Orascom Construction (Egypt)
  • UEG Green Hydrogen Development Holding (China)

  In a joint statement, the companies said: “The collaboration marks a significant step toward advancing Egypt’s position as a regional leader in green hydrogen and sustainable energy solutions.

  “The proposed project aims to develop a large-scale green hydrogen production facility powered by renewable energy, with integration into existing ammonia production infrastructure.”

  Under the terms of the deal, UEG and Orascom Construction will lead feasibility studies for 500MW of renewable energy generation and 480 tonnes a day (t/d) of green hydrogen production.

  Abu Qir and AlexFert will evaluate the integration of green hydrogen into ammonia production processes and support access to local resources and infrastructure.

  The renewable energy will be a mix of wind and solar, according to the statement.

  Hany Dahy, the chairman of Abu Qir Fertilisers & Chemicals Company, said: “This partnership reflects Abu Qir’s commitment to leading the transition toward low-carbon ammonia production, leveraging our existing assets while integrating green hydrogen solutions.”

  Joe Williams, the chief executive of the Green Hydrogen Organisation, said: “The announcement of this project comes at a crucial time, as geopolitical tensions in the Middle East highlight the importance of diversifying energy and fuel supply chains.

  “Developing integrated green ammonia and fertiliser production in Alexandria supports local industrial value, and strengthens long-term energy and food security.

  “As green ammonia production scales in Egypt, it can also be used as a clean shipping fuel given Egypt’s strategic maritime location.”

  The preliminary agreement establishes a framework for cooperation while the parties conduct technical, commercial and regulatory assessments.

  Subject to the outcomes, the partners intend to negotiate definitive agreements for the project’s development, according to their statement.

  Abu Qir Fertilisers established North Abu Qir for Agricultural Nutrients in May 2023 to develop a major Egyptian fertiliser project designed to produce 2,400 t/d of ammonium nitrate.

  Located next to Abu Qir Fertilisers in Alexandria, on a site formerly occupied by the Rakta paper manufacturing facility, the project is a joint venture with a capital investment of £E10bn ($190m), of which Abu Qir Fertilisers holds a 45% stake.

  The state-owned companies Egyptian General Petroleum Corporation and Egyptian Petrochemicals Holding Company hold stakes of 45% and 10%, respectively.

  The project focuses on the production of ammonia and nitric acid.

  https://image.digitalinsightresearch.in/uploads/NewsArticle/16498782/main.jpg

  Wil Crisp
• 
  Chinese company approves $68.5m biotech project in Egypt

  22 April 2026

  China’s Tongling Jieya Biotechnology is planning to develop a factory that will produce disposable sanitary products in Egypt, according to a stock market filing.

  As part of the plan to develop and operate the facility, the company is establishing a subsidiary in the North African country.

  The total investment in the project is estimated to be approximately RMB467,101,200 ($68.5m).

  In its statement, Tongling Jieya Biotechnology said that it would “implement the investment in stages based on market demand and business progress, adjusting the investment amount and method as needed, and fulfilling the corresponding review procedures and information disclosure obligations”.

  The facility is expected to produce up to 10 billion wet wipes a year, as well as 2 billion baby diapers and 100,000 tonnes of nonwoven fabrics.

  This is expected to generate about $270m in annual revenue and employ around 1,000 people when the facility is operating at full capacity.

  The plan to establish the subsidiary and develop the factory was approved at a company board meeting on 8 April 2026.

  In its statement, the company said: “The management was authorised to handle the signing of agreements and documents related to this investment and construction, and to apply for administrative permits or filings with the relevant authorities such as the Ministry of Commerce and the State Administration of Foreign Exchange.”

  The construction and implementation of the project still requires approval from Egyptian government departments.

  Under current plans, the factory will be developed in the China-Egypt TEDA Suez Economic and Trade Cooperation Zone, located within the wider Suez Canal Economic Zone (SC Zone).

  The land for the project has already been purchased, covering an area of 160,000 square metres.

  The scope of the project will include developing:

  • 14 production lines
  • Quality control facilities
  • Auxiliary equipment

  The statement from Tongling Jieya Biotechnology estimates a two-year construction period for the project.

  The contract for the land on which the project will be built was signed with TEDA Special Economic Zone Development Company on 23 December 2025, with a value of $8,465,400.

  Tongling Jieya Biotechnology said the planned facility in Egypt is important for the company’s “globalisation strategy”.

  It said: “Egypt is located at the crossroads of Asia, Africa and Europe, with a superior geographical location, and has signed a number of free trade agreements with major European and American markets, which is conducive to the company’s further expansion and coverage of global markets outside the United States.”

  Established in 2008, the China-Egypt TEDA Suez Economic and Trade Cooperation Zone has become one of the SCZone’s most prominent industrial hubs.

  By July last year, it had attracted 185 companies and over $3bn in cumulative investment.

  The land deal for this project was one of three agreements announced in December last year relating to the zone, with a total value of more than a billion dollars.

  At the time, SC Zone chairman Walid Gamal El-Din said that the largest was a project led by the Chinese chemical fibre specialist Xin Feng Ming.

  This will involve the construction of an integrated polyester fiber and polymer complex with investments exceeding $800m.

  The facility is expected to be built over about 400,000 square meters and developed in three phases, with a combined annual production capacity of 1.08 million tonnes.

  It is expected to create around 3,000 jobs.

  A second project with Chaoyang Langma will establish a $190m tyre manufacturing complex producing heavy-duty truck and passenger car tyres.

  The facility will span 200,000 square meters and employ about 1,400 workers.

  https://image.digitalinsightresearch.in/uploads/NewsArticle/16498781/main.jpg

  Wil Crisp