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• 
  SEC signs $347m power works deal for Soudah Peaks

  3 December 2025

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  Saudi Electricity Company (SEC) has announced that its transmission subsidiary, National Grid, has signed a SR1.3bn ($347m) agreement with Soudah Development to deliver the electrical infrastructure for Saudi Arabia’s Soudah Peaks project.

  Soudah Peaks is a major high-altitude tourism and real estate development in the Asir mountains, led by Soudah Development, a wholly owned Public Investment Fund (PIF) company.

  The $7.7bn project includes hotels, resorts, residential units, entertainment facilities and outdoor activity zones at elevations of up to 3,000 metres. It will be developed over three phases, with full completion scheduled for 2033.

  Under the agreement, National Grid will develop a full integrated electrical network to support the project’s phased construction.

  The scope includes a central 380/132kV transmission substation with a capacity of 500MVA and two 13.8/132kV substations. The company will also build the electrical interconnection needed to supply all stages of the development.

  The first phase of the initiative will see the development of 454 residential units, 1,010 hotel keys and retail space with a gross leasable area of 20,625 square metres by 2027.

  The overall project includes the development of six main areas: Red Rock Mountain, Tahlal gateway to Soudah Peaks, Sahab, Sabrah, Jareen and Rijal.

  

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  Mark Dowdall
• 
  Jeddah Economic Company appoints new CEO

  3 December 2025

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  Jeddah Economic Company (JEC), the developer of the world’s tallest tower project, has appointed Fabian Toscano as its new CEO.

  In an official statement, JEC said: “Toscano will lead the next phase of development for Jeddah Economic City and the Jeddah Tower. His focus will include accelerating development activity, strengthening global collaborations, and shaping a world-class destination aligned with the ambitions of Saudi Vision 2030.”

  Toscano has previously served as the CEO of AlUla Development Company.

  Last year, JEC signed an estimated SR8bn, 42-month contract with SBG to resume construction work on the tower. SBG then began engaging with the supply chain to work on the project. SBG awarded Beijing-headquartered Jangho Group a facade works contract that involves engineering design and technical services for the project’s structural glass and adhesive curtain walls. 

  At the time, Jeddah Tower’s superstructure was about one-third complete, with 63 floors out of a total 157. SBG was the main contractor on the project in the early and mid-2010s. Germany’s Bauer completed the tower’s piling work.

  The architect is US-based Adrian Smith & Gordon Gill, and the engineering consultant is Lebanon’s Dar Al-Handasah (Shair & Partners).

  Jeddah Tower is the centrepiece of the Jeddah Economic City development. The project’s first phase, which includes the main tower, covers an area of 1.5 million square metres.

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  Yasir Iqbal
• 
  Buro Happold appointed for Riyadh expo masterplan

  3 December 2025

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  Saudi Arabia’s Expo 2030 Riyadh Company (ERC), which is tasked with delivering the Expo 2030 Riyadh venue, has signed a contract with UK-based engineering firm Buro Happold.

  Buro Happold will provide detailed design services for infrastructure works, utilities, the public realm, landscape and engineering, as well as technical support during construction.

  According to an official statement published on its website, Buro Happold said that it is coordinating with Expo 2030’s concept master planner, Lava.

  The company is also coordinating with other firms working on the project. These include: 9e Global, Barc Solutions, Christine Losecaat MBE, Design Confidence, DPA Lighting, Expo Pavilion Group, Event Planning Group, Gorgeous Group, LAND Italia, LAND Research Lab, Montana, Omrania, Plan A, REDAS, Samantha Cotterell, Schlaich Bergermann Partner, Space Agency, Think Hospitality, Thornton Tomasetti, Transsolar KlimaEngineering, Tricon and Linesight.

  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.”

  In November, MEED exclusively reported that contractors submitted commercial bids on 23 November for the tender to undertake the initial infrastructure works at the site.

  

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  Yasir Iqbal
• 
  Kuwait suspends Petrofac from oil and gas tender participation

  3 December 2025

  

   

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  The UK-headquartered engineering company Petrofac has been temporarily banned from participation in tenders in Kuwait’s oil and gas sector, according to industry sources.

  The decision was made earlier this month by Kuwait Petroleum Corporation (KPC), the country’s national oil company.

  In Kuwait, when a company is temporarily banned from participating in tenders, it is described as being “Q-listed”.

  The decision to suspend Petrofac from tender participation came after the company announced that it had applied to appoint administrators, a move that potentially put thousands of jobs at risk and increased uncertainty for projects worth billions of dollars in the Middle East and North Africa (Mena) region.

  One source said: “KPC wants to wait and see what happens with Petrofac’s ongoing restructuring.

  “Senior officials at KPC believe there is just too much uncertainty about the company’s future and, because of this, it would be unwise to award it more contracts or allow it to submit bids for new tenders.

  “If Petrofac becomes more stable and demonstrates clearly that it can still reliably execute projects in the Middle East, it is highly likely that KPC will end the suspension and allow it to participate in new tenders.”

  Another source said: “Kuwait has paused new tender participation for Petrofac while the restructuring is under way.

  “This isn’t unusual in the market and relates to the process itself, not to performance or capability.”

  Petrofac declined to comment on the suspension when it was contacted by MEED.

  Ongoing restructuring

  On 25 November, Petrofac released a statement saying that it was seeking to appoint administrators to its subsidiary Petrofac International Limited (PIL).

  This subsidiary was previously focused on the group’s engineering and construction activities in the Mena region.

  In its statement, Petrofac said that its subsidiary would “shortly make an application to the Royal Court of Jersey seeking a letter of request under section 426 of the Insolvency Act 1986”.

  It added: “The purpose of this application is to ask the Royal Court of Jersey to issue a letter of request to the High Court of England and Wales and seek its assistance in appointing administrators to PIL.”

  Petrofac said that PIL had no ongoing contracts in the Mena region and it intends to redeploy PIL’s 120 staff to other subsidiaries “wherever possible”.

  It added: “The administration of PIL is expected to facilitate the purpose of Petrofac Limited’s administration, to help preserve the value of the wider Group and to facilitate the planned M&A solutions.”

  Petrofac has said that it is continuing to push ahead with options for alternative restructuring and M&A solutions with key creditors.

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  Wil Crisp
• 
  Read the December 2025 MEED Business Review

  28 November 2025

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  The region boasts a pipeline of over $140bn-worth of railway schemes, according to data from regional projects tracker MEED Projects.

  This puts the GCC at the centre of global rail construction activity, with progress being made on several large-scale rail schemes.

  From the Qiddiya high-speed rail in Saudi Arabia to the planned expansion of Dubai’s metro network and the long-awaited revival of the GCC railway, a new wave of projects is shaping the region’s economic future.

  As leading construction, engineering and technology firms either expand or return to the region after years of reduced activity, MEED’s latest issue of MEED Business Review looks at the scale and ambition of ongoing rail projects.

  We also consider the region’s growing role as a rail hub, with an increasing need for ongoing servicing, upgrades and new technologies.

  This month’s market focus covers Bahrain, where Manama is pushing ahead with diversification amid mounting fiscal constraints and external pressures.

  MEED’s latest issue also includes our 2025 EPC contractor ranking, as well as analysis on the cost advantages, technological gains and strong execution giving Chinese contractors a regional edge.

  This edition is bursting with features and interviews. The team looks at Libya's ramp up of oil activity; visits the under-construction Aramco Stadium in Khobar as it races towards completion; provides an update on Abu Dhabi's $6bn solar and storage project; and interviews Turki AlShehri, regional vice president for Saudi Arabia and the GCC at French power and water developer Engie.

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

  

   

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

  > AGENDA: 
  > Regional rail construction surges ahead
  > Middle East becomes a hub as rail networks mature

  INDUSTRY REPORT: EPC contractor ranking > Larsen & Toubro climbs EPC contractor ranking > Chinese firms expand oil and gas presence

  > CURRENT AFFAIRS: Oil companies ramp up activity in Libya

  > CONSTRUCTION: Aramco Stadium races towards completion

  > RENEWABLES: UAE moves ahead with $6bn solar and storage project

  > INTERVIEW: Engie pivots towards renewables projects

  > BAHRAIN MARKET REPORT: 
  > COMMENT: Manama pursues reform amid strain
  > GVT & ECONOMY: Bahrain’s cautious economic evolution
  > BANKING: Mergers loom over Bahrain’s banking system
  > OIL & GAS: Bahrain remains in pursuit of hydrocarbon resources
  > POWER & WATER: Bahrain advances utility reform
  > CONSTRUCTION: Bahrain construction faces major slowdown
  > TRANSPORT: Air Asia aviation deal boosts connectivity
  > DATABANK: Bahrain’s economy walks precarious path

  > MEED COMMENTS: 
  > Bahrain’s willingness to disrupt takes flight with Air Asia
  > Projects shift from spending plans to investment opportunities
  > Lukoil deal collapse puts $1.8bn of Iraq projects at risk
  > Clear rules drive Saudi Arabia's tariff edge

  > GULF PROJECTS INDEX: UAE fuels Gulf projects expansion

  > OCTOBER 2025 CONTRACTS: Saudi Arabia and UAE lead deal signings

  > ECONOMIC DATA: November 2025: Data drives regional projects

  > OPINION: Riyadh’s American bond

  > 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