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  PIF to work with Egypt’s TMG on Saudi real estate schemes

  11 June 2026

  Saudi Arabia’s Public Investment Fund (PIF) and Egyptian real estate conglomerate Talaat Moustafa Group (TMG) have signed a memorandum of understanding (MoU) to explore collaboration on mixed-use real estate projects across PIF-owned developments in Saudi Arabia.

  The non-binding agreement covers potential cooperation across the residential, commercial, hospitality and retail sectors, as well as integrated urban environments. PIF said the partnership would accelerate project delivery and value creation across its portfolio.

  TMG, which has nearly 55 years of experience developing large-scale integrated cities, communities and hospitality projects across Egypt, brings technical and managerial capacity to the collaboration. The company previously signed an agreement with Saudi Arabia’s National Housing Company (NHC) in early 2024 to develop more than 27,000 residential units at the Banan City project in Riyadh’s Al-Fursan suburb.

  The MoU also establishes a framework to attract additional investors to future project phases and is intended to expand private sector participation as investors, partners and suppliers.

  PIF said the agreement forms part of its broader strategy to diversify Saudi Arabia’s economy and develop its urban development and livability ecosystem – one of six strategic ecosystems under its 2026-30 strategy. That ecosystem spans housing, retail, office and community spaces and essential services.

  The MoU is subject to the satisfaction of certain conditions precedent and receipt of all necessary regulatory and internal approvals.

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  Colin Foreman
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  Egypt signs $420m Gabal El-Zeit wind agreements

  10 June 2026

  Egypt has signed agreements worth $420m for the investment, operation and power purchase of the 580MW Gabal El-Zeit wind power complex in the Red Sea region.

  Gabal El-Zeit 1 has a capacity of 240MW, while Gabal El-Zeit 2 and 3 have capacities of 220MW and 120MW, respectively.

  The agreements were signed between Egypt’s New and Renewable Energy Authority (NREA), the Egyptian Electricity Transmission Company (EETC) and Dubai-based Alcazar Energy.

  Under the agreements, Alcazar Energy will invest in, operate and manage the farms through a project company established under Egyptian law.

  The company will be responsible for technical operations, maintenance and efficiency upgrades while maintaining a minimum capacity of 580MW throughout the contract period.

  The Egyptian Electricity Transmission Company will purchase the electricity generated by the plant.

  The agreements follow earlier efforts to privatise the Gabal El-Zeit wind complex, involving a deal with UK-headquartered private equity firm Actis.

  According to the Egyptian government, the project supports the country’s state ownership policy and national energy strategy, which aim to increase the share of renewable energy in the electricity mix to 45%.

  The Gabal El-Zeit area on Egypt’s Red Sea coast is one of the country’s most established wind power development zones. The latest Gabal El-Zeit wind farm was completed in 2014, according to MEED Projects data. Germany’s Siemens Gamesa was the main contractor. 

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  > Be recognised among the best in the industry at the MEED Projects Awards 2026 …

  

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  Mark Dowdall
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  Majid Al-Futtaim awards $545m Ghaf Woods contract to ECC

  10 June 2026

  Majid Al-Futtaim Properties has appointed Engineering Contracting Company (ECC) as the main contractor for the Capria East, Capria West and Maravelle Residences developments at its Ghaf Woods community in Dubai, in a deal valued at AED2bn ($545m).

  The contract covers the construction of one-, two- and three-bedroom apartments and duplex residences across the two Capria clusters.

  The award adds to a series of major construction contracts Majid Al-Futtaim has issued across its Dubai communities in recent years.

  In May, local contractor Al-Sahel Contracting was awarded a AED700m contract for the Distrikt development, also at Ghaf Woods.

  In 2024, Majid Al-Futtaim awarded AED3bn in contracts for its Tilal Al-Ghaf community, appointing Innovo Build to build 94 waterfront villas at Elysian Mansions and United Engineering Construction (Unec) to deliver 130 villas at the Alaya development.

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  > Be recognised among the best in the industry at the MEED Projects Awards 2026 …

  

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  Colin Foreman
• 
  Saudi Arabia and Turkiye sign railway agreements

  10 June 2026

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  Saudi Arabia and Turkiye have signed two memorandums of understanding (MoUs) to strengthen bilateral cooperation in the railway and logistics sectors, advancing Riyadh’s ambitions to become a global logistics hub.

  Transport and Logistics Services Minister Saleh Al-Jasser and Turkish Transport and Infrastructure Minister Abdulkadir Uraloglu signed the agreements at the ministry’s headquarters in Riyadh on 9 June, following ministerial talks held with a high-level Turkish delegation. Transport General Authority president Fawaz Al-Sahli and officials from the kingdom’s transport and logistics sector were also present.

  Agreement scope

  The first MoU covers logistics services and operations, including the exchange of expertise, policies and regulations. The second focuses on railway technologies, signalling and communication systems, railway digitalisation, human capacity development, the localisation of the railway industry and measures to reduce the sector’s environmental impact.

  More broadly, the agreements cover cooperation on railway standards and related innovations, the exchange of expertise on the design, operation and maintenance of rail projects, and engineering, infrastructure and safety standards.

  The two sides will also cooperate on research and development, with provision for joint workforce training through specialist railway academies.

  Riyadh said the agreements will help support its National Strategy for Transport and Logistics Services and Saudi Vision 2030, which seeks to position the kingdom as a logistics bridge connecting three continents.

  Turkish projects

  Turkish contractors have already established themselves as key players in the region’s rail sector. In 2012, Yapi Merkezi secured a $2.1bn contract for work on the Haramain high-speed rail network in Saudi Arabia, while Turkish firms Mapa and Limak are leading the ongoing civil works on Dubai’s $5.5bn Metro Blue Line project as part of a China Railway Rolling Stock Corporation (CRRC) consortium. Turkish consultancy Proyapi Muhendislik ve Musavirlik Anonim Sirketi has also won design contracts for the 111km Kuwait National Rail Road project.

  The agreements signed by Saudi Arabia and Turkiye may also give momentum to longstanding discussions around a rail corridor linking the GCC with Turkiye. The route, which has been discussed for years, has gained renewed impetus in recent months as the effective closure of the Strait of Hormuz has pushed regional governments to accelerate the development of overland trade alternatives.

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

  GCC looks beyond the Strait; Iraq’s reform window narrows as fiscal assumptions shatter; MEED Top 100 companies.

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

  > AGENDA: Gulf races to reroute trade > EXPORT ROUTES: Regional war boosts oil and gas pipeline project activity > CURRENT AFFAIRS: UAE’s Opec departure fulfils multiple ends > MARKET FOCUS: Iraq’s reform window narrows  > MEED TOP 100: Middle East stocks recover unevenly > OIL & GAS: Insurers will only cover a fraction of war damage to oil and gas facilities > LEADERSHIP: Building the infrastructure that makes net zero possible > LEGAL:  Saudi Arabia’s foreign property ownership milestone > TRADE DEAL: UK-GCC trade deal talks conclude

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

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  Colin Foreman
• 
  Joint venture tenders Algeria field development contract

  10 June 2026

  

   

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  Hassi Bir Rekaiz Group (GHBR), which operates Algeria’s Hassi Bir Rekaiz field, has issued a tender for phase 2A of the asset’s field development project.

  GHBR is a joint venture of Algeria’s national oil and gas company Sonatrach and Thailand’s national exploration and production company PTTEP.

  The scope of the contract focuses on the “provision of engineering and supervision services”, according to documents published by Sonatrach.

  The tender has been issued with a bid deadline of 16 June 2026.

  In May, GHBR signed a $1.1bn contract for phase two of the Hassi Bir Rekaiz development project.

  The contract was won by a consortium of Egypt’s Petrojet and Italian engineering and contracting company Arkad.

  Petrojet’s portion of the project was estimated to be worth around $600m, and Arkad’s portion was estimated to be worth $500m.

  The contract used the engineering, procurement, construction and commissioning model.

  The scope of the project contract is focused on the construction of a central processing facility (CPF) capable of processing crude oil and associated gas.

  It also includes developing off-plot pipelines, as well as related utilities and infrastructure.

  The CPF will have the capacity to process 32,000 barrels a day (b/d) and will be designed to support future expansions.

  The related infrastructure will include an extensive pipeline network spanning approximately 217 kilometres, as well as a road network.

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

  GCC looks beyond the Strait; Iraq’s reform window narrows as fiscal assumptions shatter; MEED Top 100 companies.

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

  > AGENDA: Gulf races to reroute trade > EXPORT ROUTES: Regional war boosts oil and gas pipeline project activity > CURRENT AFFAIRS: UAE’s Opec departure fulfils multiple ends > MARKET FOCUS: Iraq’s reform window narrows  > MEED TOP 100: Middle East stocks recover unevenly > OIL & GAS: Insurers will only cover a fraction of war damage to oil and gas facilities > LEADERSHIP: Building the infrastructure that makes net zero possible > LEGAL:  Saudi Arabia’s foreign property ownership milestone > TRADE DEAL: UK-GCC trade deal talks conclude

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

  https://image.digitalinsightresearch.in/uploads/NewsArticle/17163750/main3325.jpg

  Wil Crisp