Related Articles

• 
  Wade Adams wins more work in Dubai

  9 March 2026

  Dubai-based Wade Adams Contracting has been awarded two contracts covering infrastructure works in the Nad Al-Sheba and Villanova communities in Dubai.

  The first contract, which was awarded by local real estate developer Dubai Holding, covers roads and infrastructure works for the spine road at its Nad Al-Sheba residential development.

  The scope of work includes the development of the road network, service reservation, storm water drainage, street lighting, traffic control, potable water system and sewage collection system.

  The work also covers the main irrigation system, fire-fighting system, electrical power ducts, telecommunications, spare ducts, irrigation pump station, storm pump station and all utility tie-in connections to adjacent packages.

  The project area covers 2,800 square metres (sq m).

  The other contract covers the infrastructure works for the La Tilia cluster at the Villanova development.

  The scope of work includes ground investigation, demolition and site clearance, earthworks, road network, Dubai Electricity & Water Authority-related works, street lighting, telecommunications, irrigation, drainage, sewerage and spare ducts.

  In August last year, Wade Adams Contracting was awarded a contract to carry out infrastructure works within the Nad Al-Sheba Gardens development in Dubai, as MEED reported.

  The contract includes enabling works, roads and utility services in Zones C, D and H of the development.

  The project spans an area of over 550,000 sq m within Nad Al-Sheba Gardens.

  This latest contract adds to the work awarded to Wade Adams in January, which included two contracts for grading and enabling works in clusters D and H of Nad Al-Sheba Gardens, as well as infrastructure works in Zone E.

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  Yasir Iqbal
• 
  Firms submit Qiddiya staff accommodation bids

  9 March 2026

  

   

  Saudi gigaproject developer Qiddiya Investment Company (QIC) received bids from contractors on 23 February for a SR980m ($261m) contract covering the construction of staff accommodation at Qiddiya Entertainment City.

  The tender was issued in October last year. 

  The project will cover an area of more than 105,000 square metres (sq m).

  QIC is accelerating plans to develop additional assets at Qiddiya City. Last month, QIC started the main construction works on its performing arts centre at Qiddiya Entertainment City.

  The groundbreaking ceremony was attended by Abdullah Aldawood, managing director of QIC.

  The project site is located near the Tuwaiq Mountains in Qiddiya.

  The Qiddiya City performing arts centre is one of several major projects within the greater Qiddiya development. Other projects include an e-games arena, Prince Mohammed Bin Salman Stadium, a motorsports track, the Dragon Ball and Six Flags theme parks and Aquarabia.

  In December last year, QIC officially opened the Six Flags theme park to the public.

  The theme park covers an area of 320,000 sq m and features 28 rides and attractions, 10 of which are thrill rides and 18 designed for families and young children.

  The Qiddiya project is a key part of Riyadh’s strategy to boost leisure tourism in the kingdom. According to UK analytics firm GlobalData, leisure tourism in Saudi Arabia has experienced significant growth in recent years.

  The kingdom's tourism sector posted record-breaking numbers last year, as over 130 million domestic and international visitors entered the kingdom, representing a 6% increase in visitor numbers compared to 2024.

  

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  Yasir Iqbal
• 
  Oil prices soar above $100 a barrel as conflict intensifies

  9 March 2026

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  Global oil prices have jumped above $110 a barrel as the ongoing US-Israeli war with Iran has fuelled fears of prolonged disruption to shipments through the Strait of Hormuz.

  Major disruption to energy supplies from the region had been threatening to push up prices for consumers and businesses around the world.

  Early on 9 March, global benchmark Brent crude was almost 24% higher at $114.74, its highest level in nearly four years. Prices later rose further and was trading over $115 a barrel as of 9am Gulf Standard Time.

  On 8 March, Iran named Mojtaba Khamenei to succeed his father Ali Khamenei as Supreme Leader, signalling that a week into the conflict hardliners remain in charge of the country.

  The US and Israel launched fresh waves of airstrikes across Iran over the weekend, hitting multiple targets including oil depots.

  About a fifth of the world's oil supply is usually shipped through the Strait of Hormuz. But traffic through the narrow passage has all but halted since the war started on 28 February. The physical supplies from the Gulf are mainly consumed in Asia.

  Many in the markets predicted that oil would hit the $100 a barrel mark this week.

  Last week the markets seemed relatively relaxed about the scenario of millions of barrels of crude and liquefied natural gas being trapped in the Gulf, unable to transit the Strait of Hormuz.

  The escalations over the weekend, alongside scenes of the destruction of energy infrastructure both in Iran and across the Gulf, saw the markets take rapid fright.

  US President Donald Trump responded to the jump in prices by saying that short term rises were a "small price to pay" for removing Iran's nuclear threat.

  His energy secretary, Chris Wright, told US broadcasters on 9 March that Israel, not the US, was targeting Iran's energy infrastructure, amid some concern about rising domestic pump prices caused by the war.

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  Indrajit Sen
• 
  Iran war erodes LNG’s image of reliability

  9 March 2026

  Commentary
  Wil Crisp
  Oil & gas reporter

  The 28 February attack by the US and Israel on Iran, and the chaotic conflict that has ensued, has dramatically eroded the image of liquefied natural gas (LNG) as a stable and reliable source of energy, removing around 20% of global LNG supply from the market.

  Within the Middle East and North Africa (Mena) region, disruption to LNG production and distribution has left countries including Egypt and Kuwait with serious concerns over energy supplies.

  Beyond the Mena region, major economies in Europe and Asia are also badly impacted by an absence of shipments from Qatar, one of the world’s biggest LNG producers, which stopped production of LNG on 2 March due to military attacks on several facilities.

  Qatar subsequently declared force majeure on 4 March, helping to push benchmark gas prices to multi-year highs. The Dutch Title Transfer Facility (TTF) rose by more than 80%, hitting its highest levels since fuel markets spiked following Russia’s 2022 invasion of Ukraine, while Asian LNG spot prices also hit three-year highs.

  The latest wave of turmoil for countries that are reliant on LNG has undermined the image of the fuel as a flexible and reliable source of energy, which was widely regarded as one of its key advantages.

  When Kuwait signed its 15-year LNG supply contract deal with Qatar in 2020, Saad Sherida Al-Kaabi, the president and chief executive of Qatar Petroleum, said: “We are confident that the exceptional reliability of our LNG supplies will provide KPC [Kuwait Petroleum Corporation] with the required flexibility and supply security to fuel the State of Kuwait’s impressive growth.”

  Similarly, in Egypt last year, when Prime Minister Mostafa Madbouli made an announcement about bringing a third floating LNG import terminal online, an official government statement said that the terminals would be “ensuring stable energy for households and industry”.

  The latest crisis has highlighted that, in some ways, the LNG market can be even more dramatically disrupted by geopolitical issues than the oil market.

  Unlike the oil market, where producers such as Saudi Arabia maintain spare capacity and US shale producers quickly ramp up production if prices move higher, LNG facilities typically operate close to full capacity, leaving few options to boost production if other producers go offline.

  On top of this, compared to the oil market, much more of the production relies on a relatively small number of producers and transport routes.

  Kuwait’s gas crunch

  In recent years, Kuwait has invested billions of dollars in an energy strategy that has made it structurally reliant LNG imports, and the centerpiece of the country’s LNG infrastructure is its $2.9bn Al-Zour import terminal, which was brought online in July 2021.

  It is the country’s first permanent facility to import LNG and has allowed the country to take delivery of large volumes of gas.

  Between March 2025 and February 2026, Kuwait imported 7,352 kilotonnes (kt) of LNG, making it the second-biggest importer in the Mena region after Egypt, according to data recorded by the market analytics company Energy Aspects.

  The vast majority of Kuwait’s imports came from Qatar, with significant additional volumes also coming from Oman and Nigeria.

  Now, as a result of fallout from the Iran war, Kuwait is going to face serious issues surrounding gas imports, at least in the short term.

  With the Qatari LNG export facilities offline, the Al-Zour facility can’t receive shipments from Qatar, and due to Iran’s Revolutionary Guard Corps (IRGC) effectively closing the Strait of Hormuz, ships cannot reach Kuwait’s import terminal from Oman or Nigeria.

  The gas shortage in Kuwait is also likely to be exacerbated by Kuwait cutting oil production due to an inability to export crude via the Strait of Hormuz.

  On 7 March, state-owned KPC said it had implemented a precautionary reduction in crude oil production due to “threats against safe passage of ships through the Strait of Hormuz”.

  Shutting in production at oil fields will mean that the country will not be able to gather as much associated gas that is produced alongside the crude oil and feeds some domestic power stations.

  Just how severe the consequences of Kuwait’s gas crunch will be remains to be seen.

  Several of Kuwait’s gas power plants have been designed to be able to run on fuel oil in emergencies, so it is possible that the country will be able avoid widespread blackouts.

  When these powers stations are switched to oil they are usually less efficient and have more maintenance issues.

  Last summer, even without a major gas shortage, the country was forced to resort to rolling power cuts across some regions due to high electricity demand and insufficient generating capacity.

  Egypt uncertainty

  Egypt, the Mena region’s biggest LNG importer, is also going to face uncertainty over its LNG supplies in coming months.

  Between March 2025 and February 2026, Egypt imported 9,440kt of LNG, but unlike Kuwait, the majority of its imports are purchased through more short-term agreements, mainly with third parties like trading houses.

  Last year, it was reported that Egypt had signed deals for around 150 cargoes through to the summer of 2026.

  While much of Egypt’s LNG is likely to come from the US, and won’t be directly impacted by the effective closure of the Strait of Hormuz, the recent surge in LNG prices could mean that the North African country will struggle to afford shipments.

  Slava Kiryushin, an international oil and gas lawyer and a partner at the London-headquartered law firm HFW, says that the imports Egypt has already signed contracts for will only provide a partial buffer to the new higher price environment.

  “While having existing deals in place is likely to help to mitigate Egypt’s exposure to the recent surge in LNG prices, it is unlikely that these deals will cover all of the country’s gas demand.

  “Because of this, Egypt is likely to need to buy volumes on the spot market, where it will face much higher payments.”

  Exacerbating the need for increased LNG imports, on 28 February Israel shut down production from its offshore gas fields due to security concerns, cutting pipeline exports to Egypt.

  Prior to the fields being taken offline, Egypt was importing about 1.1 billion cubic feet a day (bcf/d) from the Tamar and Leviathan fields.

  On 4 March, addressing concerns about energy supplies in the country, Madbouly said that Egypt had just concluded “several contracts” to procure gas shipments at “preferential prices” in cooperation with a range of countries and international companies.

  However, he did not provide details about exact pricing of the deals.

  Qatar deal

  On top of the LNG deals Egypt has with trading houses, in January, Egypt signed a memorandum of understanding (MoU) with Qatar related to 2026 LNG imports.

  The preliminary deal included plans for 24 LNG deliveries through the summer of this year, when energy demand typically peaks.

  Now, the shuttering of Qatar’s export terminals and the effective closure of the Strait of Hormuz is casting a shadow over the deal and there is increased uncertainty over whether these deliveries will be executed.

  Egyptian chemicals

  As well as impacting power generation in Egypt, the higher gas prices are also likely to cause problems for Egypt’s petrochemicals sector, where natural gas is used as a feed stock.

  In June last year, when Israel cut gas flows to Egypt after strikes on Iran, several major urea producers in Egypt were forced to stop production.

  Misr Fertilizers Production Company (Mopco) is one of the companies that could feel the brunt of the gas shortage.

  It is Egypt’s largest producer of nitrogen-based fertilisers and, in November last year, said that it was planning to invest $200m-$250m in 2026 and 2027, increasing its production capacity in the country.

  Jordan and Bahrain

  Jordan and Bahrain are also likely to be exposed to the surge in global LNG prices. They each respectively imported 665.7kt and 641.2kt of LNG between March 2025 and February 2026.

  Both countries have recently invested in their capacity to import LNG, and were anticipating ramping up imports prior to the latest spike in international prices.

  In April last year, Bahrain LNG Import Terminal (BLNG) received its first delivery of LNG since the terminal was officially commissioned in 2019. And, amid plans to boost imports to meet domestic demand, Spain-headquartered Noatum was awarded a five-year contract by state-owned Bapco Upstream in November to run marine services at the facility.

  In Jordan, a new floating LNG import terminal (FSRU) arrived at the country’s Aqaba port in August 2025.

  At the time, Sufian Batayneh, the general director of the country’s National Electric Power Company (Nepco), said that the terminal would benefit the region by providing LNG to operate Jordan’s power plants, as well as allowing the shipments of gas via pipeline to Egypt.

  Now, with the global price of LNG at multi-year highs, it seems possible that both Jordan and Bahrain will have to choose between paying significantly higher prices for imports or scaling back their plans for increased deliveries.

  Ongoing vulnerabilities

  The latest disruption to the LNG markets has highlighted vulnerabilities to the global LNG supply chain and has undermined the image of stability that was previously seen a key reason why many countries have been making it a central pillar of their energy strategies.

  Just how bad the economic damage will be for the Mena nations that are reliant on LNG imports will largely depend on how long it takes to bring Qatar’s export facilities back online and effectively reopen the Strait of Hormuz.

  If the current disruption to the global LNG market does persist for an extended period of time and significant damage is done to economies like Kuwait and Egypt, other countries in the region may well think twice before committing to the development of LNG import infrastructure as a central part of their energy strategy.

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  Wil Crisp
• 
  Oil companies evacuate staff from Iraq

  9 March 2026

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  Several international companies working in Iraq’s oil sector have evacuated foreign personnel from the south of the country amid rising concerns about reduced security due to the US and Israel’s ongoing war with Iran.

  Companies that have evacuated employees include the US-based service companies Halliburton, KBR and SLB, according to reports by local news services.

  Iraq’s oil production has dropped by nearly 60% as closure of key export routes has forced the country to stop production at key fields.

  Production currently stands at about 1.3 million barrels a day (b/d), down from around 3.3 million b/d before the outbreak of the war, according to Kazem Abdul Hassan Karim, the assistant director general at the department of fields and licensing affairs at the Iraqi Oil Ministry.

  He also said that a drone attack involving two unmanned aircraft targeted the Burjesia oil area southwest of Basra Province and caused material damage to warehouses belonging to a foreign logistics services company.

  The attack did not cause direct damage to oil facilities or production fields, according to Karim.

  Authorities in northern Iraq’s Kurdish region also said on 6 March that production had been stopped at an oil field operated by HKN Energy in the Sarsang area of Duhok Province after a drone attack.

  Amid growing concerns about disruption to oil production and exports due to the Iran war, global crude prices passed $100 a barrel for the first time in nearly four years.

  Brent crude, the international benchmark, jumped 26.3% to $117.08 a barrel on 7 March, the first time market prices have soared above the $100 threshold since Russia’s invasion of Ukraine.

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  Wil Crisp