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  Read the August 2025 MEED Business Review

  29 July 2025

  Download / Subscribe / 14-day trial access

  The world’s two largest airport construction projects are taking shape in the heart of the GCC, highlighting the region’s bold ambitions to lead global aviation.

  Topping the list, according to UK-based analytics firm GlobalData, is Dubai’s Al-Maktoum International airport, followed closely by Riyadh’s King Salman International airport.

  These massive undertakings not only reflect the sheer scale of investment in infrastructure but also signal the GCC’s strategic push to solidify its status as a premier global travel hub.

  With air travel bouncing back strongly post-Covid, 2024 data shows passenger traffic at many airports reaching – or even surpassing – pre-pandemic levels. This momentum has carried into 2025 and is expected to fuel continued growth in the years ahead.

  Our August issue Agenda section takes an in-depth look at the giant airports being built in the UAE and Saudi Arabia. While these airports are making headlines, we also explore the quieter but equally significant story unfolding elsewhere: the substantial investments being made in expanding airport infrastructure across the broader region. 

  This month’s Maghreb market focus covers Algeria, Libya, Morocco and Tunisia, and finds that resilience is key as the region navigates complex political and economic dynamics.

  MEED's latest issue also includes a comprehensive Gulf banking report. Despite global volatility and tightening liquidity, regional institutions continue to expand assets and profits. Read more here. 

  This issue is packed with analysis. We investigate Syria's fragile security situation; outline the construction plans at Saudi Arabia's Soudah Peaks; find out why plastic is not the enemy; and present a 14-page special report on MEED's Mena Banking Excellence Corporate & Investment Awards.

  In the August issue, the team also speaks exclusively to several executives from Sets about how the firm is playing a crucial role in ensuring heritage is integrated into Saudi Arabia’s rapid development. 

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

  

   

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

  > AGENDA: 
  > Middle East invests in giant airports
  > Broader region upgrades its airports
  > Global air travel shifts east

  > CURRENT AFFAIRS:
  > Syria wrestles fragile security situation

  INDUSTRY REPORT: GCC banks  > Gulf banks navigate turbulent times

  > BANKING: Strategic planning enters a new era of volatility

  > CONSTRUCTION: Soudah Peaks outlines project construction plans

  > INTERVIEW: SETS leads Saudi heritage preservation charge

  > LEADERSHIP: From plastic leakage to leadership in the Gulf

  > MAGHREB MARKET REPORT: 
  > COMMENT: Maghreb pushes for stability
  > GOVERNMENT: Pursuit of political stability dominates Maghreb
  > ECONOMY: Maghreb economies battle trading headwinds
  > OIL & GAS: Oil company interest in Libya increases 
  > INDUSTRY: Algeria’s industrial strategy builds momentum
  > POWER & WATER: Slow year for Maghreb power and water awards
  > CONSTRUCTION: World Cup 2030 galvanises Morocco construction
  > DATABANK: Maghreb economies stabilise

  > MEED COMMENTS: 
  > Riyadh Expo appointments are the launchpad for construction
  > Dubai South real estate faces airport noise concerns
  > Aramco offshore contract awards set to rebound
  > Latest Iraq oil supply deal will test Baghdad

  > GULF PROJECTS INDEX: Gulf projects maintain growth streak

  > JUNE 2025 CONTRACTS: Activity picks up but fails to reach 2024 levels

  > ECONOMIC DATA: Data drives regional projects

  > OPINION: The economics of long war

  > 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
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  Spanish/local firm wins $544m Saudi desalination contract

  28 July 2025

  

  Saudi Water Authority (SWA) has awarded a $544m engineering, procurement and construction (EPC) contract to a consortium of Madrid-headquartered Lantania and local firm Mutlaq Al-Ghowairi Contracting Company for a project to develop a reverse osmosis seawater desalination plant in Jubail, Saudi Arabia.

  The Jubail desalination plant will be able to treat 600,000 cubic metres a day (cm/d) of seawater using reverse osmosis technology.

  The joint venture will carry out the design, supply, construction, assembly and commissioning of the plant, as well as the seawater intake, outfall and all associated infrastructure required for the project.

  According to Lantania, the Jubail desalination plant will be the firm’s third desalination project in the kingdom.

  In March, MEED reported that India’s Larsen & Toubro (L&T) and Lantania had won the EPC contract for the Ras Mohaisen independent water project (IWP) in Saudi Arabia.

  The Ras Mohaisen IWP will be able to treat 300,000 cm/d of seawater using reverse osmosis technology. It will also include storage tanks with a capacity of 600,000 cubic metres – equivalent to two operating days – as well as intake and outfall facilities, process units and pumping stations.

  Lantania has also been involved in the Jubail 3A desalination project.

  In July last year, MEED reported that Saudi Arabia's main producer of desalinated water, Saline Water Conversion Corporation (SWCC), had set a deadline of 4 July to submit proposals for two other water desalination plant projects located in Jubail and Ras Al-Khair.

  SWCC is the world's largest producer of desalinated water, with a capacity of at least 6.6 million cm/d.

  

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  Yasir Iqbal
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  L&T wins Muscat business park deal

  28 July 2025

  

   

  Indian contractor Larsen & Toubro has won a contract to build an office complex at the business park within the Madinat Al-Irfan development in Muscat.

  The project involves the development of three eight-storey office buildings surrounding a central park, called the Oasis.

  L&T described the contract as “large”, a term it uses to denote values exceeding INR25bn ($289m).

  MEED reported in August last year that Oman Tourism Development Company (Omran) had issued a tender for the project on 22 August. It is understood that bids were submitted in September last year.

  Omran signed an agreement in April 2024 with Muscat-based Alizz Islamic Bank to establish a financial partnership for the project's development.

  UK analytics firm GlobalData expects the Omani construction industry to register an annual average growth of 4.2% in 2025-28, supported by investments as part of the Oman Vision 2040 strategy. Under this strategy, the government plans to allocate RO20bn ($52bn) to the tourism sector and aims to attract 11 million visitors annually by 2040. 

  In May, the Washington-based IMF said that Oman’s economy is showing steady growth and low inflation despite ongoing oil production cuts.

  Real GDP growth strengthened to 1.7% in 2024, up from 1.2% in 2023, driven by robust non-hydrocarbons activity, particularly in manufacturing and services. Growth is projected to accelerate further, reaching 2.4% in 2025 and 3.7% in 2026 as Opec+ production curbs are phased out and investments in logistics, renewables and tourism gain traction.

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  Yasir Iqbal
• 
  Cyprus gas field to be connected to Egypt

  28 July 2025

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  Cyprus’ Cronos natural gas field is expected to be linked to Egypt’s gas infrastructure by 2027, according to a statement from Egypt’s Ministry of Petroleum & Mineral Resources.

  The statement was released after meetings in Cyprus attended by Karim Badawi, Egypt’s minister of petroleum and mineral resources, and George Papanastasiou, Cyprus’ minister of energy, commerce and industry.

  The meetings were also attended by representatives from the Italian oil and gas company Eni and France’s TotalEnergies.

  Officials are preparing to make their final investment decision (FID) for the development of the field later this year and link the field to Egyptian infrastructure, processing facilities and machinery by 2027, according to the statement.

  Badawi said that Egypt is ready to help complete the project and that providing a new energy corridor in the region would strengthen regional cooperation and benefit both countries.

  The ministers also reviewed developments at Cyprus’ Aphrodite field, including the marine surveying of the planned gas pipeline.

  The survey is currently under way in the economic waters of both Cyprus and Egypt, and is expected to pave the way for a link from Aphrodite to Egyptian facilities.

  

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  Wil Crisp
• 
  Chinese company signs Egypt chemicals deal

  28 July 2025

  Egypt’s Red Sea Refining & Petrochemical Company (RSNRPC) and China National Chemical Engineering Company (CNCEC) have signed a non-binding framework agreement to develop the Red Sea petrochemical project in the Suez Canal Economic Zone, according to a statement from Egypt’s Ministry of Petroleum & Mineral Resources.

  The signing of the agreement for the project, which has previously been estimated to be worth $1.7bn, took place at CNCEC’s headquarters in Beijing.

  At the signing ceremony, Ibrahim Abdel Qadir Makki, chairman of the board of directors of the Egyptian Petrochemicals Holding Company (ECM), said the agreement represented a milestone in the development of a “promising” project.

  He also said that CNCEC had shown it was prepared to potentially contribute to the project’s capital, alongside its potential support in a financing arrangement, covering up to 85% of the value of the engineering, procurement and construction contract (EPC).

  The agreement signing ceremony was also attended by representatives from Chinese financial institutions, including Bank of China, China Export & Import Bank and Sinosure Export Insurance Company.

  Makki said that the Red Sea project has competitive advantages due to its strategic location near the Suez Canal, and the availability of production unit licences.

  He also said that there was increasing global demand for products such as polyethylene and polypropylene (PP).

  Project delays

  Prior to the latest deal with CNCEC, the project had been on hold for more than 18 months.

  The project has seen several setbacks over recent years.

  Previously, the project was set to be developed by Sidpec in Alexandria with a budget of $1.7bn.

  In 2020, Sidpec initiated a review of the feasibility and financial structure of the polypropylene facility, given the economic impact of the Covid-19 pandemic.

  Bids for the polypropylene plant were submitted on 2 October 2019 and, at the time, the contract was expected to be awarded in April 2020.

  There were significant delays to the contract award amid the Covid-19 pandemic, which led to restrictions on movement and a decline in demand for refined products and petrochemicals.

  In October 2020, MEED reported that Sidpec had extended the bid bond for its project to develop the polypropylene facility in Alexandria.

  The companies that submitted bids for the project were:

  • Saipem (Italy)
  • Samsung (South Korea)
  • HQC (China)
  • China National Chemical Engineering Company (China)
  • Technip Energies (France)

  Bids for the project were submitted after several delays and bid deadline extensions.

  Prequalification documents for the project were submitted in April 2019, and the contract for the front-end engineering and design (feed) was awarded to US-based Jacobs.

  Sidpec partnered with the Egyptian Ministry of Petroleum & Mineral Resources and Egyptian Petrochemicals Holding Company (Echem) for the project.

  The project’s scope originally included the construction of a polypropylene plant with a capacity of 450,000 tonnes a year, as well as an air-separating unit and associated facilities.

  

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  Wil Crisp