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  Sabic completes $450m divestment of thermoplastics business

  6 August 2026

  Saudi Basic Industries Corporation (Sabic) has completed a transaction to divest its engineering thermoplastics business in the Americas and Europe to German venture capital and private equity firm Mutares, for an enterprise value of $450m.

  Sabic’s Americas and Europe engineering thermoplastics business produces polycarbonate, polybutylene terephthalate and acrylonitrile butadiene styrene resins and compounds, and operates manufacturing sites in Mt Vernon, Bay St Louis and Burkville in the US; Ottawa, Canada; Tampico, Mexico; Campinas, Brazil; Cartagena, Spain; and Bergen op Zoom, the Netherlands.

  The divestment process was initiated by Sabic in January this year and marks a significant milestone in the company’s broader portfolio optimisation programme.

  “The transaction supports Sabic’s continued focus on exiting structurally underperforming assets, reducing cash losses, improving return on capital employed and maximising long-term shareholder value,” the Saudi chemicals giant said.

  The divested business reported an operating loss of approximately $498m for full-year 2025, and approximately $173m for the first half of this year.

  On a pro forma basis, the carve-out of the engineering thermoplastics business improved Sabic’s earnings before interest, taxes, depreciation and amortisation (Ebitda) margin by approximately 130-140 basis points, “reflecting the positive impact of the transaction on the company’s overall profitability and portfolio quality”.

  In addition to agreeing the sale of its engineering thermoplastics business in January, Sabic also began a process to divest its European petrochemicals business to Aequita for an estimated enterprise value of $500m.

  Aequita is a Munich-based venture capital and private equity firm.

  Sabic’s European petrochemicals business produces and markets ethylene, propylene, low- and high-density polyethylene, polypropylene and value-added polymer compounds, and operates manufacturing sites in Teesside, the UK; Geleen, the Netherlands; Gelsenkirchen, Germany; and Genk, Belgium.

  Q2 2026 financial results

  Sabic reported a net loss of $100m for the second quarter of 2026, which it attributed to the impact of the Iran-US regional conflict on its business.

  The company had only returned to profit in the first quarter, registering a net income of $3.52m, after posting a full-year 2025 loss of $6.87bn.

  The Saudi petrochemicals giant also said Q2 2026 revenue fell 5% year-on-year to $6.62bn.

  Sabic posted adjusted Ebitda of $900m for the three months to 30 June, a drop of 18% compared to the previous quarter.

  Adjusted earnings before interest and taxes in Q2 also fell by 72% quarter-on-quarter to $110m, while adjusted earnings per share stood at $0.03.

  Saudi Exchange-listed Sabic said its net debt position remained largely unchanged at $730m at the end of June, compared with $740m at the end of March.

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  Indrajit Sen
• 
  UAE leads Mena project pipeline recovery

  6 August 2026

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  The Middle East and North Africa’s construction project pipeline strengthened in June 2026, recovering some of the momentum lost earlier in the year as the effects of the Israel-Iran conflict continued to work through regional project markets.

  GlobalData’s Construction Projects Momentum Index (CPMI) for the Mena region rose to 0.84 in June, up 5% from 0.80 in May, leaving the region third globally behind South Asia and Sub-Saharan Africa. The three-month moving average held at 0.95, unchanged from May.

  The recovery was led by execution-stage activity, where the score rose to 1.18 in June from 1.06 in May. Pre-execution momentum, however, continued to soften, falling to 0.68 from 0.73. The pre-execution stage captures project planning, design development and procurement preparation, and a sustained decline there can point to a thinning of the future pipeline even when near-term execution holds up.

  Infrastructure drove the sector-level gains, with momentum rising sharply to 1.03 in June from 0.25 in May, the largest increase among the region’s sectors. Industrial momentum rose to 0.78 from 0.40. Residential activity remained elevated at 1.17, easing only marginally from 1.22.

  The gains were partly offset by a steep pullback in institutional activity, where momentum fell to 0.45 in June from 1.72 in May, the largest decline of any sector. Commercial and leisure momentum eased to 0.88 from 1.13, and energy and utilities to 0.59 from 0.82.

  The UAE posted the region’s highest score in June at 1.52, up from 1.16 in May. Algeria rose to 1.26 from 0.68, and Kuwait recovered to 0.76 from 0.26. Egypt reached 1.36, Oman held at 0.87, Qatar rose to 0.86 and Iran eased to 0.81.

  Saudi Arabia was the main exception among the larger markets, with its score falling to 0.31 in June from 1.16 in May. GlobalData linked the decline to procurement disruption on renewable energy projects under the Public Investment Fund’s giga developments and to the Najran-Asir-Jizan direct road, which faced consecutive bidding delays and consortium withdrawals.

  Israel recovered to 0.65 in June from -1.66 in May, having recorded the region’s weakest scores through the earlier phase of the conflict.

  Whether the June recovery is sustained will depend on the direction of pre-execution activity, which continued to weaken even as execution-stage momentum firmed.

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

  Saudi Arabia builds for the global stage; Rising uncertainty creates fresh set of challenges in the Maghreb; Gulf banks remain robust in the face of geopolitical tensions.

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

  > AGENDA: Expo 2030 Riyadh construction gathers pace > WORLD CUP: What the 2026 World Cup means for Saudi Arabia 2034 > MARKET FOCUS: Maghreb fortunes diverge > INDUSTRY REPORT: GCC banks prove resilient amid turmoil > LEADERSHIP: Private capital and the GCC infrastructure inflection > PORTS: Geopolitical risk shapes $513bn of global ports projects > INTERVIEW: Developers look beyond standalone solar

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

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  Colin Foreman
• 
  Mubadala backs Moove in $250m funding round

  6 August 2026

  UAE-headquartered mobility company Moove has raised $250m in a Series C funding round led by Abu Dhabi’s Mubadala Investment Company, giving the company a valuation of $2.1bn.

  The round was co-led by Woven Capital, the growth fund of Japan’s Toyota, and by Ion Pacific. It also brought in BlueCrest Capital Management and Sona Capital, alongside existing backers including BlackRock, Japan’s MUFG, Franklin Templeton, Uber and the Ontario Power Generation Pension Plan.

  Moove said the funding will support the expansion of its autonomous vehicle business, including fleet ownership and what it terms robotics-first depot infrastructure, or “Nests”, where autonomous fleets are charged, serviced, maintained and orchestrated. The company said the funds will also support new market launches.

  The company expects to grow its autonomous vehicle workforce by more than 220% by the end of the year, increasing from about 150 employees to about 500.

  Founded in 2020 and headquartered in the UAE, Moove finances, owns and operates mobility assets for ride-hailing platforms. It employs 3,300 people and operates about 42,000 vehicles across 29 cities in 13 countries, and has grown to $420m in annual recurring revenue. It has expanded through organic growth and acquisitions, including Kovi in Brazil and Tokyo Taxi in Japan.

  Moove is the largest global fleet partner of ride-hailing company Uber. Through a partnership with Waymo, the autonomous driving unit of US technology group Alphabet, it operates autonomous vehicle fleets in Phoenix and Miami in the US, with operations also planned in London.

  Mubadala first invested in Moove three years ago. The Series C round marks its continued backing of the company as it moves into autonomous fleet operations.

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

  Saudi Arabia builds for the global stage; Rising uncertainty creates fresh set of challenges in the Maghreb; Gulf banks remain robust in the face of geopolitical tensions.

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

  > AGENDA: Expo 2030 Riyadh construction gathers pace > WORLD CUP: What the 2026 World Cup means for Saudi Arabia 2034 > MARKET FOCUS: Maghreb fortunes diverge > INDUSTRY REPORT: GCC banks prove resilient amid turmoil > LEADERSHIP: Private capital and the GCC infrastructure inflection > PORTS: Geopolitical risk shapes $513bn of global ports projects > INTERVIEW: Developers look beyond standalone solar

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

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  Colin Foreman
• 
  Contractors submit interest for Oman oil storage park expansion

  5 August 2026

  

   

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  Contractors have submitted prequalification documents to state-owned Oman Tank Terminal Company (OTTCO) for a major project related to the expansion of the Ras Markaz crude oil storage complex at Duqm, on the sultanate’s Arabian Sea coast.

  The project involves the engineering, procurement and construction (EPC) of eight large storage tanks, each with a capacity of 650,000 barrels. This will increase the Ras Markaz terminal’s total storage capacity by 5.2 million barrels.

  OTTCO issued the prequalification notice on 28 July, with contractors submitting responses by 4 August, according to sources.

  The project represents the second phase of the Ras Markaz oil storage terminal within the Special Economic Zone at Duqm (Sezad).

  OTTCO commissioned the first phase of the Ras Markaz crude oil storage park – which covers 10 square kilometres and has a capacity of 26.7 million barrels – in December 2022.

  The storage facility has two parts. The first is a marine services area, which includes a floating station for crude import and export. This zone is about 7 kilometres (km) offshore and is connected via two 42-inch pipelines and associated facilities.

  The floating station, with a depth of up to 42 metres, can accommodate very large crude carriers (VLCCs). It is linked to four main pumps that transfer crude oil to the storage area, which is located more than 120 metres above sea level. OTTCO could add pumps at a later stage to keep pace with future demand for oil storage.

  The second part of the storage facility features oil pumping systems, water treatment facilities, reservoirs, power station networks and other associated systems.

  Region’s largest oil storage park

  The Ras Markaz oil storage facility will be built in five phases over several years, across an area measuring about 40 square kilometres, for which OTTCO signed a land agreement with Sezad in July 2017.

  It will be able to hold 200 million barrels of crude a year. The total investment commitment for the scheme is understood to be $5.2bn.

  The storage terminal at the first phase of the Ras Markaz facility is connected to the estimated $7bn Duqm refinery and other oil derivative production plants at Sezad via a pipeline that will supply crude feedstock, when required, to the refinery.

  In 2017, Sezad awarded Netherlands-based dredging and maritime services specialist Royal Boskalis Westminster a $510m contract to construct the bulk liquid terminal at the Port of Duqm.

  The contract called for, among other things, the construction of a 980-metre quay wall, deepening the port basin to 18 metres and the approach channel to 19 metres, dredging and reclamation works and the establishment of a new double berth jetty island.

  In conjunction with the liquid berth project, about 79 hectares of terminal capacity was developed adjacent to the 4.6km-long secondary breakwater.

  ALSO READ: Omani storage tank operator prepares crude pipeline tender

  Following increased investor interest in Duqm – due to the refining and petrochemicals industrial potential it offers – a further 55 hectares was reclaimed from the sea to create new terminal capacity for existing and future companies looking to invest in Sezad.

  Following the completion of the marine infrastructure works at the liquid terminal, a consortium of Italy’s Saipem and US-based Chicago Bridge & Iron commenced work on a crude tank farm, product export terminal and other facilities. The group was awarded the contract for the Duqm refinery project’s EPC package three in February 2018.

  As a result, storage capacity at the bulk liquid terminal will increase to cater for a variety of refined products from the Duqm refinery. In addition, the pipeline network running from the refinery to the berth will facilitate direct shiploading, particularly of liquefied petroleum gas and high-sulphur fuel oil.

  Dry bulk products, such as petroleum coke and elemental sulphur from Duqm refinery, will be transported by truck to the liquid bulk terminal and stored in warehouses pending export.

  ---

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

  Saudi Arabia builds for the global stage; Rising uncertainty creates fresh set of challenges in the Maghreb; Gulf banks remain robust in the face of geopolitical tensions.

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

  > AGENDA: Expo 2030 Riyadh construction gathers pace > WORLD CUP: What the 2026 World Cup means for Saudi Arabia 2034 > MARKET FOCUS: Maghreb fortunes diverge > INDUSTRY REPORT: GCC banks prove resilient amid turmoil > LEADERSHIP: Private capital and the GCC infrastructure inflection > PORTS: Geopolitical risk shapes $513bn of global ports projects > INTERVIEW: Developers look beyond standalone solar

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

  https://image.digitalinsightresearch.in/uploads/NewsArticle/18128607/main.jpg

  Indrajit Sen
• 
  PIF anchors Brookfield Middle East fund

  5 August 2026

  Canada’s Brookfield has announced the first close of Brookfield Middle East Partners (BMEP), a private equity fund anchored by Saudi Arabia’s Public Investment Fund (PIF), raising about $2bn.

  The capital was raised from a group of anchor investors comprising PIF and other global and regional institutional partners.

  The fund will invest in businesses based in Saudi Arabia and the wider Middle East, pursuing buyouts, minority growth equity and other opportunities across sectors including financial, business and consumer services, industrials, technology and healthcare.

  Capital will be allocated to investments in the Middle East, with a focus on the GCC. The fund targets allocating 50% of its investments to Saudi Arabia.

  Brookfield is committing $500m to the fund. The $2bn figure is a first close; neither the size of PIF’s commitment nor the fund’s final fundraising target was disclosed.

  “Our partnership with Brookfield is designed to help anchor international private equity into Saudi Arabia and the region. It will also accelerate deal flow while continuing to bring world-class expertise to the local capital market ecosystem,” said Yazeed Al-Humied, deputy governor and head of Mena investments at PIF.

  The fund draws on Brookfield’s offices in Riyadh and its wider global network. As part of the initiative, Brookfield will make the Brookfield Academy, its professional learning programme founded in 2019, available in Saudi Arabia to develop local investment talent.

  PIF and Brookfield agreed to create the fund in October 2024. The announcement follows the approval of PIF’s 2026-30 strategy in April, which focuses on maximising financial returns, improving investment efficiency and increasing private sector participation.

  “We are grateful for the collaboration with PIF and our other strategic anchor partners, reflecting the global confidence and strong demand for private equity opportunities in Saudi Arabia and the region. Brookfield has been active in the Middle East for nearly three decades, and we bring deep local investment expertise, local networks and an owner-operator approach to transforming high-quality businesses. We see a compelling opportunity to partner with businesses across the region and position them for long-term growth,” said Bruce Flatt, CEO of Brookfield Corporation.

  Saudi footprint

  The fund is the latest step in Brookfield’s expansion in Saudi Arabia. Its local unit, Brookfield Arabia for Business Services, received Capital Market Authority approval in June to manage investments and run funds in the country. In May 2025, Brookfield launched a $1bn joint venture with Abu Dhabi’s Lunate focused on residential real estate in the Middle East, with a focus on the UAE and Saudi Arabia.

  The fund also fits a wider PIF pattern of using relationships with global asset managers to channel international capital into the domestic economy rather than deploying Saudi money abroad. In the same month as the BMEP close, PIF signed $24.5bn in memorandums of understanding with the World Bank Group and US Export-Import Bank to draw outside capital into its portfolio companies, alongside a $2bn co-investment agreement with US-based I Squared Capital targeting infrastructure and district cooling.

  Gulf expansion

  Brookfield has signalled a broader push into the Gulf. In May, Flatt said the company intended to increase its investments in the region despite the ongoing conflict.

  “In fact, [we're] doubling down; we are doing more,” Flatt said when asked at the Milken Institute Global Conference on 4 May whether the ongoing conflict in the region was changing the way he thought about the Gulf.

  “When you find great businesses, countries, great people, and the market offers you an opportunity to invest when others are not, it is always the best opportunity in the world, so we are doing more. We have been there for 25 years; we are continuing to do all of the investments we have there, and we are going to do more,” he added.

  Flatt suggested the current period of geopolitical stress could accelerate long-term economic strengthening across the Gulf, arguing that governments and businesses would respond by investing in self-sufficiency and strategic infrastructure.

  Since the conflict began on 28 February, Flatt has travelled to the region to meet senior UAE officials. In Abu Dhabi on 9 April, he met Sheikh Khaled Bin Mohamed Bin Zayed Al-Nahyan, Crown Prince of Abu Dhabi and chairman of the Abu Dhabi Executive Council, to discuss cooperation in investment and asset management between UAE-based institutions and Brookfield.

  Two days later, in Dubai, Flatt met Sheikh Maktoum Bin Mohammed Bin Rashid Al-Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Finance Minister and chairman of Dubai International Financial Centre, to explore opportunities to expand cooperation.

  Regional deals

  Brookfield has also been active elsewhere in the region. In May, the firm formed a joint venture with Kuwait-based Alshaya Group to develop a 480,000-square-foot mixed-use project in the Dubai Hills area of Dubai, a master-planned community developed by Emaar. The project will include Grade A office space, build-to-rent residential units and retail components, with Brookfield Properties acting as development and real estate manager.

  In late 2025, Brookfield and Qai, Qatar’s artificial intelligence (AI) company and a subsidiary of Qatar Investment Authority, announced a strategic partnership to establish a $20bn joint venture focused on AI infrastructure in Qatar and select international markets. The venture is slated to be backed through Brookfield’s Artificial Intelligence Infrastructure Fund, part of a broader programme targeting up to $100bn in global investment.

  Brookfield has been directly investing in the region since 2015 and has built a portfolio of more than $16bn of managed assets across private equity, real estate and infrastructure.

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  Colin Foreman