Related Articles

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  Egypt intensifies efforts to create petroleum stockpile

  16 July 2026

  Egypt is intensifying its efforts to secure and maintain a sufficient strategic stockpile of petroleum products, according to a statement from the country’s cabinet and its Ministry of Petroleum & Mineral Resources.

  The Egyptian government is closely monitoring regional developments and their potential repercussions on the energy sector, according to the statement.

  Egyptian Prime Minister Mostafa Madbouly said that the government is implementing flexible plans and looking at alternative scenarios so that it can respond quickly to emergencies while ensuring the uninterrupted supply of fuel to citizens and key industrial sectors.

  Egypt is intensifying its efforts to build up strategic stockpiles amid heightened uncertainty about future global oil and gas supplies.

  Since the US and Israel attacked Iran on 28 February, there has been significant disruption to shipping through the Strait of Hormuz, which is a key transit route for oil and gas exports from the Middle East.

  On top of this, the regional war has involved multiple direct attacks on refineries in the GCC, increasing uncertainty about the future availability of refined products.

  Aside from Motafa Madbouly, the meeting was also attended by Hassan Abdullah, who is governor of the Central Bank, Minister of Finance Ahmed Koguk and Minister of Petroleum and Minerals Karim Badawi.

  During the meeting, Badawi gave a presentation on the available quantities of different petroleum products and explained the details of the procedures currently being implemented to increase the strategic stock of petroleum products.

  A review of the coordination framework and joint work between the Ministry of Finance and the Central Bank also took place during the meeting.

  This was in order to ensure the management of financial tools needed to strengthen the country’s strategic inventory, according to the statement.

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  Wil Crisp
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  PIF developer tenders 365-metre Mecca residential tower

  16 July 2026

  

   

  Rua Al-Haram Al-Makki has tendered the main construction package for the Ajyad residential tower, a 365-metre high-rise development in Mecca’s central area, close to the grand mosque.

  The bid submission deadline is 30 September. 

  Rua Al-Haram Al-Makki Company was established in October 2017 and is a wholly owned subsidiary of Saudi Arabia’s Public Investment Fund.

  The project team includes US-based Marriott International as residential operator, Hanmi Global Saudi as project management consultant, Saudi Diyar Consultants as construction supervision consultant, and PLP Architecture as lead design consultant and construction-stage design guardian.

  The tower rises 84 floors with four basement levels. It comprises a total of 212 units, including 82 three-bedroom apartments, 85 four-bedroom units, 29 penthouses and 16 duplex villas.

  The scheme has a gross floor area of 209,231 square metres (sq m) and a built-up area of 242,976 sq m.

  The site is currently being cleared by a demolition contractor, with the existing mat foundation and retaining walls to be handed over to the main contractor, who will build the new superstructure on the retained raft.

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  Yasir Iqbal
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  Houthi truce collapse widens Gulf risk map

  15 July 2026

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  The Houthis’ declaration ending the de facto truce with Saudi Arabia has significantly increased the likelihood of renewed attacks on Red Sea shipping and regional infrastructure, broadening the threat environment beyond the Strait of Hormuz.

  S&P Global Market Intelligence says the 13 July exchange is best understood as a potential widening of the renewed US-Iran escalation cycle into the Yemen and Red Sea theatres.

  Houthi claims that Saudi Arabia was responsible for a strike on Sanaa International airport have not been independently confirmed. Saudi Arabia had not formally commented at the time the analysis was written.

  The Yemeni militant group is likely to use the incident as a trigger that allows it to justify renewed military action while aligning with Iran’s wider effort to impose costs on US and Gulf interests, according to the research firm.

  The decision to declare an end to de-escalation with Riyadh materially increases the likelihood of further missile and unmanned aerial vehicle (UAV) activity against infrastructure near the Yemen-Saudi border, as well as renewed pressure on maritime routes in the Red Sea and Bab Al-Mandab.

  Aviation exposure

  The resumption of direct hostilities broadens the range of vessels and ports likely to be subject to Houthi targeting, and presents severe risk to airports and stationary aircraft, S&P Global Market Intelligence says.

  While the Houthis would probably not intentionally down civilian aircraft, there is a significant risk to aircraft in flight, particularly at lower altitudes close to airports, due to incoming UAVs and missiles and interceptor activity.

  The broader risk is to regional logistics rather than any single target set, the analysis says.

  If escalation around the Strait of Hormuz coincides with renewed Houthi activity in the southern Red Sea, Bab Al-Mandab and the Gulf of Aden, commercial operators face a more complex dual-chokepoint environment, with the added likelihood that the Houthis will seek to target Hormuz bypass infrastructure across the Gulf.

  That would raise the likelihood of shipping delays, higher insurance costs, more conservative routing decisions and greater interest in alternative corridors or bypass routes.

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  Colin Foreman
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  Saudi Downtown awards Al-Khobar infrastructure deal

  15 July 2026

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  Saudi Downtown Company, a wholly owned subsidiary of the Public Investment Fund (PIF), has awarded a contract for infrastructure works in downtown Al-Khobar.

  The contract was awarded to local contractor Ansab General Contracting Company.

  The scope of work includes the design and development of overall infrastructure, road networks and street lighting for the downtown Al-Khobar project.

  Saudi Downtown Company was officially launched in 2022 by Saudi Crown Prince Mohammed Bin Salman Bin Abdulaziz Al-Saud, who is also chairman of PIF.

  At the time, the company announced plans to develop downtown areas in 12 cities across the kingdom: Medina, Al-Khobar, Al-Ahsa, Buraidah, Najran, Jizan, Hail, Al-Baha, Arar, Taif, Dumat Al-Jandal and Tabuk.

  SDC’s mandate is to develop more than 10 million square metres of land across its projects

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  Yasir Iqbal
• 
  Saudi Arabia opens third round of gas-fired IPPs

  15 July 2026

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  Principal buyer Saudi Power Procurement Company (SPPC) has opened the qualification process for the third round of conventional independent power projects (IPPs) using combined-cycle gas turbine (CCGT) technology.

  The round is being tendered under the supervision of the Ministry of Energy. Each plant will be built with provision for carbon capture unit readiness, allowing the technology to be deployed at a later stage.

  Each project will be developed on a build-own-operate (BOO) basis, with the winning consortium taking 100% equity in a special purpose vehicle (SPV) set up to develop and operate the plant.

  Each SPV will sign a power purchase agreement with SPPC, which is licensed by the Saudi Electricity Regulatory Authority (SERA) to prepare preliminary studies, tender and award IPPs, and purchase electricity from energy projects in the kingdom.

  The programme forms part of Saudi Arabia’s Circular Carbon Economy approach, which underpins the energy sector element of the Vision 2030 strategy. Riyadh is displacing liquid fuels with natural gas in power generation to cut emissions intensity, while designing new plants so that carbon capture equipment can be retrofitted in support of national emissions targets.

  In April, Acwa and Saudi Energy (formerly Saudi Electricity Company) signed a 31-year power purchase agreement (PPA) with SPPC for the Rabigh 2 IPP expansion.

  The project involves the development of a CCGT plant in the Mecca region. It will have a total capacity of 2,313.5MW.

  The contract is valued at SR11.5bn ($3.07bn), the companies said in separate stock exchange filings.

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  Colin Foreman