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  Entries now open for MEED Projects Awards 2026

  21 April 2026

  Enter the awards

  The MEED Projects Awards in association with Mashreq 2026 have officially opened for entries, inviting companies, developers, contractors and project teams to submit their projects for the region’s most prestigious construction awards.

  For over 15 years, the MEED Projects Awards have celebrated the Middle East and North Africa’s most ambitious and transformative projects, recognising technical excellence, innovation, sustainability and delivery impact. Past editions have highlighted landmark developments that set new benchmarks for the region’s built environment, including internationally recognised projects such as Burj Khalifa and Louvre Abu Dhabi.

  “The MEED Projects Awards are the gold standard for recognising outstanding achievements in construction across Mena, showcasing the region’s technical and design excellence while bringing the industry together to celebrate and connect over the very best projects of the year,” said Ed James, head of content and research at MEED.

  “As a long-standing partner of the MEED Projects Awards, Mashreq is proud to support a programme that is recognised for its independence, credibility and industry impact. These awards celebrate projects that set benchmarks for excellence and contribute meaningfully to the region’s development,” said Arun Mathur, executive vice-president and global head of contracting finance at Mashreq.

  Winners are chosen through a rigorous, independent judging process, led by a panel of more than 50 senior industry experts representing developers, contractors, engineers and project specialists. The awards celebrate projects across a wide range of sectors, including Building, Transport, Energy, Water, Healthcare, Education, Hospitality, Culture, Industrial, Power, Small Projects and Developments.

  Being shortlisted or winning a MEED Projects Award places a project among the region’s elite, offering regional recognition, global exposure and industry credibility.

  Submissions are now open, with full category details and entry guidelines available on the official entry platform.

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  MEED Editorial
• 
  Nakheel awards $143m Dubai Islands infrastructure deal

  20 April 2026

  Register for MEED’s 14-day trial access 

  Dubai-based developer Nakheel, now part of Dubai Holding, has awarded a AED527m ($143m) contract for the construction of the primary infrastructure and utilities works on Island B at the Dubai Islands development.

  The contract was awarded to local firm Al-Nasr Contracting Company.

  The scope covers the construction of roads, water networks, electrical and telecommunications networks, drainage and sewerage systems, and integration with the district cooling plant network at Island A.

  In October last year, Nakheel awarded Al-Nasr Contracting Company a AED169m ($46m) contract for the construction of the internal roads and utilities for the Bay Villas development at Dubai Islands.

  In August, MEED reported that Nakheel had awarded a AED2.6bn ($708m) contract to Abu Dhabi-based Fibrex Contracting to build the Bay Villas project at Dubai Islands. The contract includes the construction of 636 villas.

  The Dubai Islands development consists of five islands spanning 18.6 square kilometres. It features more than 59 kilometres (km) of waterfront and 20km of beaches, as well as parks, golf courses, promenades and cycling paths.

  The offshore island project gained renewed momentum in 2022, when Nakheel unveiled a new masterplan and rebranded it as Dubai Islands.

  The reclaimed islands were originally part of the Palm Deira project, which was partially completed before being put on hold in 2008.

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

  Economic shock threatens long-term outlook; Riyadh adjusts to fiscal and geopolitical risk; GCC contractor ranking reflects gigaprojects slowdown.

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

  > AGENDA: Gulf economies under fire > GCC CONTRACTOR RANKING: Construction guard undergoes a shift > MARKET FOCUS: Risk accelerates Saudi spending shift > LEGAL: Redefining the region’s arbitration landscape > QATAR LNG: Qatar’s new $8bn investment heats up global LNG race > INTERVIEW: Leyla Abdimomunova, National Development Division, PIF > LEADERSHIP: Shaping the future of passenger rail in the Middle East

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

   

  

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  Yasir Iqbal
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  Borouge International appoints chief financial officer

  20 April 2026

  Newly formed chemicals giant Borouge Group International AG (Borouge International) has appointed Patrick Jany as chief financial officer (CFO). He will take office from 1 May, until which time Daniel Turnheim will continue to serve as interim CFO.

  Jany joins Borouge International with more than three decades of international finance leadership across industrial, logistics and chemical businesses. “With 20 years’ CFO experience in publicly listed companies, he brings deep financial expertise and a disciplined approach to capital management,” Borouge International said in a statement.

  Most recently, Jany served as executive vice-president and CFO of Danish shipping company A P Moller-Maersk, where he joined the executive board in 2020 and played a central role in strengthening financial discipline, portfolio management and value creation during a period of major strategic transformation.

  Prior to Maersk, he spent 25 years at Swiss specialty chemicals company Clariant AG, holding a range of senior finance, general management and corporate development roles across Europe, Asia and the Americas, eventually becoming group CFO. Earlier in his career, he held finance leadership roles at Sandoz AG, Clariant’s predecessor.

  Jany holds a Master of Business Administration degree from ESCP Business School.

  “As CFO, he will be part of a strong management team, leading and shaping Borouge International into a global industrial leader with scale, reach and financial discipline, supporting its long-term growth ambitions,” the company said in its statement.

  Chemicals giant

  Abu Dhabi National Oil Company’s (Adnoc Group) overseas investment arm XRG and Austrian energy major OMV completed the creation of Borouge International, a global chemicals giant with the fourth-largest polyolefins production capacity in the world, on 31 March.

  The new entity was formed by the merger of Adnoc Group and OMV’s respective shareholdings in Abu Dhabi chemicals producer Borouge and Austria-based Borealis, as well as the acquisition of Canada-based Nova Chemicals.

  Adnoc and OMV started the transaction to merge their interests in Borouge and Borealis, as well as acquire Nova Chemicals, in March last year. In July, Adnoc announced it would transfer its stake in Borouge International to XRG upon completion of the transaction.

  Borouge International is headquartered and tax-domiciled in Austria, with regional headquarters in Abu Dhabi, UAE. The new company will operate corporate hubs across North America, Europe and Asia, with innovation centres in the UAE, Austria, Canada, Finland and Sweden.

  Financial prospects

  Borouge International will benefit from a superior resilient margin profile and well over $500m in identified earnings before interest, taxes, depreciation, and amortisation (ebitda) run-rate synergies per annum, with 75% expected to be realised within the first three years, XRG said at the time of creation of the entity.

  “The company’s global reach, combined with long-term shareholders and a robust capital structure, will deliver resilience throughout the business cycle and an enhanced ability to drive consistent performance and sustainable value for shareholders,” XRG said in its statement.

  The new company has also secured credit ratings of A (Negative) / Baa1 (Stable) / A- (Stable) ratings from S&P, Moody’s and Fitch, respectively, “confirming its robust financial position and capital structure and ability to access a range of long-term financing options”.

  “XRG and OMV are committed to maintaining investment-grade credit ratings for Borouge International,” they said.

  Additionally, Adnoc and OMV plan to tender an offer to convert Borouge Plc shares to Borouge International AG shares, thereby “creating a simplified structure that will enable value creation from the new global growth platform”.

  The tender offer is expected to take place in 2027, subject to market conditions and approval by the UAE Capital Market Authority, with its timing “aligning with the new company’s future equity raise, to maximise value for all shareholders”.

  Until then, Borouge International will be privately held, and Borouge Plc shares will remain listed on the Abu Dhabi Securities Exchange (ADX). The recently received credit ratings factor in the impact and flexibility on timing of both the future equity raise and the planned acquisition of Borouge 4 at cost by Borouge International.

  Borouge International also recently announced a dividend payment of $1.32bn for 2025, “reflecting the company’s strong operational performance and record sales”.

  The final shareholder-approved dividend payment for 2025 amounts to $658m (8.1 fils per share), bringing the total 2025 dividend to approximately $1.32bn (16.2 fils per share). The dividend will be paid on or around 7 May to all shareholders of record as of 17 April.

  Including this dividend, Borouge Plc will have distributed $4.89bn in dividends since listing, one of the largest payout levels on the ADX over this period.

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  Indrajit Sen
• 
  Saudi firms sign $3bn PPA for Rabigh 2 IPP expansion

  20 April 2026

  Acwa and Saudi Energy (formerly Saudi Electricity Company) have signed a 31-year power purchase agreement (PPA) with Saudi Arabia’s principal buyer, Saudi Power Procurement Company (SPPC), for the Rabigh 2 independent power project (IPP) expansion.

  The project involves the development of a combined-cycle gas turbine (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.

  The carbon-capture-ready power plant will be implemented under a build, own and operate contract, with Acwa and Saudi Energy each owning a 40% stake in the project.

  The scope also includes financing and expansion of a 380kV electrical substation.

  According to regional project tracker MEED Projects, construction works have commenced on the project and a joint venture of Egypt's Elsewedy Electric and China's Sinohydro has been working as the main contractor.

  Rabigh 1 extension

  In January, Saudi Energy announced a spearate energy conversion agreement with SPPC for the purchase of electricity from the Rabigh 1 power plant expansion.

  The contract is valued at SR5.33bn ($1.42bn).

  It covers the development, financing, construction, ownership and operation of the gas-fired power plant, which will have a generation capacity of 1,179MW.

  A joint venture of Elsewedy Electric and Germany’s Siemens Energy is undertaking the engineering, procurement and construction work for the project, which is expected to be completed by the end of 2026.

  US/India-based Synergy Consulting is the financial advisory consultant to Saudi Energy on this project.

  Last October, Saudi Energy signed two further PPAs with SPPC for the PP13 and PP14 CCGT power plants in Riyadh.

  The plants have a total capacity of 3,356MW.

  Under the contracts, valued at SR12.83bn ($3.4bn), SPPC will purchase the power generated by the plants for 21 years.

  ---

  MEED’s April 2026 report on Saudi Arabia includes:

  > COMMENT: Risk accelerates Saudi spending shift
  > GVT &: ECONOMY: Riyadh navigates a changed landscape
  > BANKING: Testing times for Saudi banks
  > UPSTREAM: Offshore oil and gas projects to dominate Aramco capex in 2026
  > DOWNSTREAM: Saudi downstream projects market enters lean period
  > POWER: Wind power gathers pace in Saudi Arabia
  > WATER: Sharakat plan signals next phase of Saudi water expansion
  > CONSTRUCTION: Saudi construction enters a period of strategic readjustment
  > TRANSPORT: Rail expansion powers Saudi Arabia’s infrastructure push

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

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  Mark Dowdall
• 
  Dubai’s RTA opens Hessa Street upgrade

  20 April 2026

  Dubai’s Roads & Transport Authority (RTA) has opened Hessa Street for public traffic after announcing that the construction of the road’s expansion has been completed.

  The scope of the project included expanding Hessa Street from two to four lanes in each direction and developing four intersections with Sheikh Zayed Road, First Al-Khail Street, Al-Asayel Street and Al-Khail Road. 

  The project increases the road’s capacity from 8,000 to 16,000 vehicles an hour in both directions.

  It reduces the travel time from Sheikh Zayed Road to Hessa Street from 15 minutes to just four minutes.

  The Sheikh Zayed Road intersection upgrade included building a two-lane road heading from Sheikh Zayed Road to Hessa Street, eastwards to Emirates Road.

  The upgrade of the First Al-Khail intersection involved increasing the number of lanes from three to four in each direction on the existing Hessa Street Bridge.

  The third improvement covered upgrading the Hessa Street and Al-Asayel Street intersection by increasing the number of lanes from two to four in each direction.

  The Hessa Street and Al-Khail Road intersection upgrade included the construction of a two-lane road to serve traffic travelling northwards to Al-Khail Road in the direction of Sharjah.

  The project mainly serves residential areas, including Al-Sufouh 2, Al-Barsha and Jumeirah Village Circle.

  In February 2024, MEED exclusively reported that the RTA had awarded a AED689m ($187.5m) contract to Turkiye’s Gunal Construction for the first phase of the Hessa Street improvement project.

  The RTA recently started the construction works on the second phase of the project.

  The scope covers upgrade works on three intersections, including the construction of bridges totalling 8.8 kilometres (km), a 480-metre tunnel, and enhancements to access points on surrounding roads to improve entry and exit flow on a 3km stretch between Al-Khail Road and Sheikh Mohammed Bin Zayed Road.

  ---

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

  Economic shock threatens long-term outlook; Riyadh adjusts to fiscal and geopolitical risk; GCC contractor ranking reflects gigaprojects slowdown.

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

  > AGENDA: Gulf economies under fire > GCC CONTRACTOR RANKING: Construction guard undergoes a shift > MARKET FOCUS: Risk accelerates Saudi spending shift > LEGAL: Redefining the region’s arbitration landscape > QATAR LNG: Qatar’s new $8bn investment heats up global LNG race > INTERVIEW: Leyla Abdimomunova, National Development Division, PIF > LEADERSHIP: Shaping the future of passenger rail in the Middle East

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

  https://image.digitalinsightresearch.in/uploads/NewsArticle/16475593/main.jpg

  Yasir Iqbal