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Rabigh 2 IPP expansion secures $2.58bn financing Administrator5 October 2026
Saudi Arabia’s Rabigh 2 combined-cycle gas-turbine (CCGT) independent power project (IPP) expansion has reached financial close.
In a disclosure to the Saudi Exchange, Acwa said it had secured SR9.69bn ($2.58bn) in long-term financing for the project, which has a generation capacity of 2,313.5MW.
In April, MEED reported that Acwa and Saudi Energy (formerly Saudi Electricity Company) had signed a 31-year power purchase agreement (PPA) with Saudi Arabia’s principal buyer, Saudi Power Procurement Company (SPPC), for the project.
The project involves developing a CCGT plant in the Mecca region. It is being developed by Al-Morjan Two Electricity Company, with Acwa and Saudi Energy each owning a 40% stake in the project.
The contract is valued at SR11.5bn ($3.07bn), the companies said in separate stock exchange filings at the time. The carbon-capture-ready power plant will be implemented under a build, own and operate contract.
The financing has a tenor of about 34 years and was provided by a consortium of local, regional and international lenders.
The lenders are:
- Abu Dhabi Commercial Bank
- Alinma Bank
- Boubyan Bank
- China Minsheng Banking Corporation, Hong Kong Branch
- Commercial Bank of Dubai
- HSBC Bank Middle East
- Industrial and Commercial Bank of China
- Industrial Bank, Beijing Branch
- National Bank of Greece, Cyprus
- Riyad Bank
- Saudi Awwal Bank
- Saudi National Bank
- Standard Chartered Bank, Taiwan
- Sumitomo Mitsui Trust Bank, London Branch
The project scope also includes financing and expanding 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 separate 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.
Acwa also recently started initial commercial operations at the Taiba 1 and Qassim 1 CCGT power plants, as reported by MEED.
The plants have a combined generation capacity of about 3.8GW and are two of four projects procured under the first round of Saudi Arabia’s gas-fired IPP programme by SPPC.
A team of Saudi Energy and Acwa won the contract to develop and operate the projects in 2023.
MEED’s October 2026 report on Saudi Arabia includes:
> COMMENT: Saudi projects hold steady
> GOVERNMENT: Riyadh looks to reset its regional defence outlook
> ECONOMY: Conflict bolsters case for Saudi economic diversification
> BANKING: Saudi lenders readjust to lower lending and deposit climate
> UPSTREAM: Aramco upstream spending gathers pace
> DOWNSTREAM: Sabic steps up Saudi petchems investment
> POWER: Saudi Arabia’s power award activity slows
> WATER: Saudi water sector hits sharp slowdown
> CONSTRUCTION: Saudi construction defies the headwinds
> TRANSPORT: Saudi infrastructure pushes forward amid conflict
> DATABANK: Saudi data indicates project spending shiftTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/20270643/main.jpg -
Dubai announces $490m e-commerce hub expansion plan Administrator5 October 2026
Dubai CommerCity has launched a second expansion phase valued at more than AED1.8bn ($490m), adding over 91,000 square metres (sq m) of office, retail and logistics space across the free zone’s business, social and logistics clusters.
Dubai CommerCity is a joint venture of Dubai Airport Free Zone Authority (Dafza) and Dubai government-owned Wasl Asset Management Group.
The expansion is scheduled for delivery between the first quarter of 2027 and the fourth quarter of 2028.
The developer said the move builds on sustained demand at Dubai CommerCity, where occupancy has reached nearly 96% across its office, logistics and retail assets.
Phase two will comprise a series of developments across Dubai CommerCity’s three districts: the Business Cluster, Logistics Cluster and Social Cluster.
The Business Cluster comprises 13 office buildings with a total leasable area of 108,000 sq m. The Logistics Cluster consists of 84 logistics units with a leasable area of 68,000 sq m, while the Social Cluster features art galleries, restaurants and cafes. The development will also include 4,000 parking spaces.
Dafza and Wasl Asset Management Group announced plans to develop the AED2.7bn ($735m) e-commerce free zone In 2017.
READ THE OCTOBER 2026 MEED BUSINESS REVIEW – click here to view PDFIndustry and logistics drive development at Neom; Saudi Arabia’s investment priorities realign amid conflict; MEED’s 2026 power developer ranking.
Distributed to senior decision-makers in the region and around the world, the October 2026 edition of MEED Business Review includes:
> AGENDA: Oxagon takes centre stage at Neom> MARKET FOCUS: Saudi projects hold steady> INDUSTRY REPORT: MEED’s 2026 GCC power developer ranking> LEADERSHIP: The future city does not need to hang above the groundTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/20270228/main.jpg -
Iraq and Turkiye discuss oil and gas deal Administrator5 October 2026
Iraq and Turkiye have opened talks in Ankara on a framework agreement for oil, gas and energy cooperation, according to a statement from the Iraqi Oil Ministry.
Iraq’s Oil Minister Bassem Mohammed Khudair Al-Abadi led the Iraqi side, while the Turkish Energy and Natural Resources Minister Alparslan Bayraktar led the Turkish side.
Officials discussed a proposed roadmap to deepen work on oil and gas infrastructure, petrochemicals, and trade in oil, gas and power.
Discussions about a future long-term deal to govern the Iraq-Turkiye Pipeline (ITP) were central to the talks.
The ITP exports oil from northern Iraq to the port of Ceyhan in Turkiye.
In July, Turkiye and Iraq signed a temporary agreement to allow crude flows through the ITP for a period of 12 months.
Before the temporary agreement was signed, the previous deal governing oil exports through the pipeline was due to expire on 27 ​July.
Speaking last month, Ali Al-Shatri, director general of Iraq’s state organisation for marketing oil (Somo), said the temporary deal was “a prelude” to a much bigger agreement.
As well as governing pipeline exports, the new agreement is expected to cover electricity, chemicals and gas deals as well as the construction of a new oil refinery in Ceyhan.
Under current plans, the new refinery will process Iraqi crude in order to produce refined products that can be exported to Europe.
Bayraktar said: “Following the crude oil transportation agreement signed between our national company … we are clarifying our roadmap for a new, longer-term and more comprehensive agreement.
“In this regard, we plan to activate our joint working groups to rapidly finalise oil and natural gas infrastructure, exploration and production, oil trading, refining-petrochemical and electricity projects.
“In close cooperation with the new Iraqi Government, we will strongly continue to implement these concrete projects for the stability and prosperity of our shared geography.”
Bayraktar said it was important to consider extending the Kirkuk-Ceyhan pipeline to reach Basra in southern Iraq.
He also said it was important to consider expanding the capacity of the ITP to create a strong alternative to the Strait of Hormuz.
The Strait of Hormuz is a key oil export route that has been disrupted by a regional war since the US and Israel attacked Iran on 28 February.
Bayraktar also said that he wanted state-owned Turkish Petroleum Corporation (TPAO) to expand its footprint in Iraq.
He said: “We aim for our national company TPAO to play an active role not only in the Kirkuk fields but also in different fields in Iraq, to ​​reach the target of supplying one million barrels of crude oil as stated by Iraqi Prime Minister Ali ez-Zeydi; and to transform Ceyhan into a global energy hub by increasing trade volume.”
Bayraktar said that Turkiye wanted energy to be a key part of the plan for a north-south trade corridor from the Grand Faw Port to the Turkish border.
Under current plans, the corridor will combine a new railway and highway system.
Bayraktar said that Turkiye also wants the route to include oil and gas pipelines as well as electricity transmission lines.
READ THE OCTOBER 2026 MEED BUSINESS REVIEW – click here to view PDFIndustry and logistics drive development at Neom; Saudi Arabia’s investment priorities realign amid conflict; MEED’s 2026 power developer ranking.
Distributed to senior decision-makers in the region and around the world, the October 2026 edition of MEED Business Review includes:
> AGENDA: Oxagon takes centre stage at Neom> MARKET FOCUS: Saudi projects hold steady> INDUSTRY REPORT: MEED’s 2026 GCC power developer ranking> LEADERSHIP: The future city does not need to hang above the groundTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/20268590/main.jpg -
RTCC/Ictas wins $214m King Salman airport private aviation terminal Administrator5 October 2026
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Saudi Arabia’s King Salman International Airport Development Company (KSIADC) has awarded an estimated SR800m ($214m) construction contract to build the private aviation terminal.
The contract was awarded to a joint venture of Riyadh-based Al-Rashid Trading & Contracting (RTCC) and Turkiye’s IC Ictas.
The scope includes constructing a central courtyard, grand boulevard, parking facilities, access-control checkpoints, logistics and ground-support facilities, internal road networks and landscaping.
It also includes all civil, structural, architectural, and mechanical, electrical and plumbing (MEP) works, along with testing, commissioning and handover activities.
KSIADC is making rapid progress on its overall project masterplan. In July, it reported major progress on landside and airside infrastructure works linked to its third runway and private aviation facilities, as part of the wider airport expansion programme.
Project scale
The project covers an area of about 57 square kilometres (sq km), allowing for six parallel runways, and will include the existing terminals at King Khalid International airport. It will also include 12 sq km of airport support facilities, residential and recreational facilities, retail outlets and other logistics real estate.
The airport aims to accommodate up to 100 million passengers by 2030. The cargo target is to process 2 million tonnes a year by 2030.
Saudi Arabia plans to invest significantly in its aviation sector. Riyadh’s Saudi Aviation Strategy, announced by Gaca, aims to triple Saudi Arabia’s annual passenger traffic to 330 million travellers by 2030.
It also aims to increase air cargo traffic to 4.5 million tonnes and raise the country’s total air connections to more than 250 destinations.
MEED’s October 2026 report on Saudi Arabia includes:
> COMMENT: Saudi projects hold steady
> GOVERNMENT: Riyadh looks to reset its regional defence outlook
> ECONOMY: Conflict bolsters case for Saudi economic diversification
> BANKING: Saudi lenders readjust to lower lending and deposit climate
> UPSTREAM: Aramco upstream spending gathers pace
> DOWNSTREAM: Sabic steps up Saudi petchems investment
> POWER: Saudi Arabia’s power award activity slows
> WATER: Saudi water sector hits sharp slowdown
> CONSTRUCTION: Saudi construction defies the headwinds
> TRANSPORT: Saudi infrastructure pushes forward amid conflict
> DATABANK: Saudi data indicates project spending shiftTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/20268414/main.jpeg -
Contractors submit bids for Libya refinery Administrator5 October 2026
Bids have been submitted for the main contract for Libya’s planned South Refinery project and are currently under technical evaluation, according to industry sources.
The project, located in Ubari in southern Libya, has gained momentum over the past year, and the main contract is anticipated to be worth more than $600m.
The main contract is expected to use the engineering, procurement and construction (EPC) model.
The EPC work is expected to take 50 months, and the facility will be designed to process 30,000 barrels a day (b/d) of crude oil.
In March, US-based engineering company KBR was awarded a contract by Zallaf Exploration, Production & Refining of Oil & Gas Company to provide project management and technical services for the project.
Under the terms of the contract, KBR will provide contract management, project management and supporting technical services throughout the project’s EPC phases.
The refinery is expected to produce:
- Propane and butane for domestic and industrial uses
- Gasoline
- Kerosene
- Diesel
- Fuel oil
In March, KBR said that the project was aligned with its “long-standing commitment to advancing vital oil and gas infrastructure in Libya”.
Libya currently operates five main refineries with a combined nameplate capacity of 380,000 b/d, but actual throughput is closer to 180,000 b/d due to poor maintenance and damage from military clashes.
In addition to the South Refinery project, Libya also plans to upgrade the Zawiya refinery and carry out projects at the Serir, Brega, Tobruk and Ras Lanuf refineries.
READ THE OCTOBER 2026 MEED BUSINESS REVIEW – click here to view PDFIndustry and logistics drive development at Neom; Saudi Arabia’s investment priorities realign amid conflict; MEED’s 2026 power developer ranking.
Distributed to senior decision-makers in the region and around the world, the October 2026 edition of MEED Business Review includes:
> AGENDA: Oxagon takes centre stage at Neom> MARKET FOCUS: Saudi projects hold steady> INDUSTRY REPORT: MEED’s 2026 GCC power developer ranking> LEADERSHIP: The future city does not need to hang above the groundTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/20267178/main.jpg -
Dubai tenders sewage and stormwater projects Administrator5 October 2026
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Dubai Municipality has issued tenders for a 3,000-cubic-metre-a-day sewage treatment plant (STP) and a strategic stormwater drainage system.
The first tender is for the design and construction of the Al-Lissaily STP.
The project, identified as DS311/1, covers the design, supply, installation, construction and commissioning of the plant in the Al-Lissaily area.
Dubai Municipality’s Sewerage and Recycled Water Projects Department is issuing the tender. The bid submission deadline is 29 October.
The facility is located near residential communities and farming areas. The project will therefore include measures for odour control, treated effluent quality, noise mitigation and environmental performance.
The municipality said the plant will incorporate landscaping and architectural features designed to reflect Dubai’s heritage character and the surrounding farming environment.
The second tender is for project TF-07-C1, a strategic stormwater drainage system covering more than 100 million square metres.
The project area extends from Sheikh Mohammed Bin Zayed Road (E311) to the north to Emirates Road (E611) to the south, and from Expo Road in the west to Dubailand in the east.
The project will provide stormwater infrastructure and service connections for more than 20 private developers, as well as the Al-Yalayis 5 community.
It will also support major roads in the Jebel Ali area, including Sheikh Mohammed Bin Zayed Road, Emirates Road, Sheikh Zayed Road, Sheikh Zayed Bin Hamdan Al-Nahyan Road, Hessa Street, Al-Yalayis Road and Al-Fay Road.
The scope includes a major stormwater gravity drainage system, with pipeline diameters of up to 3,000mm.
Dubai Municipality said the project is intended to increase drainage capacity, improve relief for existing and new stormwater systems, and strengthen protection against extreme rainfall events.
The bid submission deadline is 22 October.
The municipality also recently invited contractors to bid for a contract to upgrade and rehabilitate the stormwater system in Abu Hail.
The project comprises a stormwater pumping station with a total discharge capacity of 26 cubic metres a second. It is estimated to cost up to $163m.
Bid submissions are due by 15 October.
READ THE OCTOBER 2026 MEED BUSINESS REVIEW – click here to view PDFIndustry and logistics drive development at Neom; Saudi Arabia’s investment priorities realign amid conflict; MEED’s 2026 power developer ranking.
Distributed to senior decision-makers in the region and around the world, the October 2026 edition of MEED Business Review includes:
> AGENDA: Oxagon takes centre stage at Neom> MARKET FOCUS: Saudi projects hold steady> INDUSTRY REPORT: MEED’s 2026 GCC power developer ranking> LEADERSHIP: The future city does not need to hang above the groundTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/20266881/main.jpg -
Arabian Drilling wins $533m contract for Neutral Zone rigs Administrator2 October 2026
Saudi Arabia-based Arabian Drilling has announced that it has won a four-year contract from Al-Khafji Joint Operations (KJO) to provide four high-specification offshore jack-up drilling rigs to support KJO’s offshore drilling operations in its concession area in the Saudi-Kuwait Neutral Zone.
The contract is valued at approximately SR2bn ($533.33m) and “will contribute to the company’s revenues and financial results commencing at the end of the fourth quarter of 2026”, Arabian Drilling said in a statement.
Following the award, Arabian Drilling’s total backlog will increase to approximately SR18bn ($4.8bn), “providing enhanced revenue visibility and supporting the company’s long-term growth strategy”, the Saudi Exchange (Tadawul)-listed company said.
KJO is jointly owned by Saudi Aramco subsidiary Aramco Gulf Operations Company and Kuwait Petroleum Corporation subsidiary Kuwait Gulf Oil Company.
Saudi Arabia and Kuwait have been producing oil from the Neutral Zone – primarily from the onshore Wafra field and the offshore Khafji field – since at least the 1950s. With a growing need to increase natural gas production, they have been working to exploit the Dorra offshore field, understood to be the Neutral Zone’s only gas field.
Discovered in 1965, the Dorra gas field is estimated to hold 20 trillion cubic metres of gas and 310 million barrels of oil. The two countries have been pressing ahead with their plan to jointly produce 1 billion cubic feet a day of gas from the Dorra gas field through multibillion-dollar projects.
KJO divided the engineering, procurement and construction (EPC) scope of work for the Dorra field gas production project into four packages – three offshore and one onshore. It awarded contracts for all the EPC packages, worth approximately $6.5bn in total, in August.
ALSO READ: ADES completes acquisition of Saipem’s Saudi drilling business
https://image.digitalinsightresearch.in/uploads/NewsArticle/20215339/main5848.jpg -
QatarEnergy gives North Field West topside bidders more time Administrator2 October 2026
QatarEnergy has granted contractors more time to prepare bids for a tender covering the engineering, procurement, construction and installation (EPCI) of large platforms for the North Field gas field in Qatari waters.
Contractors now have until 12 October to submit technical bids for the project, according to sources. Commercial bids are currently due on 10 November.
The following contractors, among others, are understood to be bidding for the North Field West (NFW) production deck modules (PDMs) tender:
- China Offshore Oil Engineering Company (China)
- Larsen & Toubro Energy Hydrocarbon (India)
- McDermott (US)
- Saipem (Italy)
The core scope comprises the EPCI of four PDMs and associated structures. The PDMs will increase gas production from North Field reservoirs and provide additional gas feedstock for the NFW liquefied natural gas (LNG) development.
The tender, issued earlier this year, forms part of the wider NFW project, the third and final phase of the state enterprise’s North Field LNG expansion programme.
The previous deadlines for technical bids were 30 August, 15 September and 28 September, while commercial bids were previously due on 25 October, as MEED reported.
Before issuing the PDMs tender, QatarEnergy awarded US firm McDermott a contract for the EPCI of four offshore jackets that will also support gas feedstock supply for the NFW LNG project. The contract is estimated to be worth about $200m, MEED reported in January.
North Field LNG expansion
QatarEnergy is advancing the three phases of its estimated $40bn North Field LNG expansion project. EPC works on all three projects are progressing.
QatarEnergy is understood to have committed nearly $30bn to the first two phases – North Field East (NFE) and North Field South (NFS) – which will lift Qatar’s LNG production capacity from 77.5 million tonnes a year (t/y) to 126 million t/y by 2028.
QatarEnergy awarded the main EPC contracts for NFE in 2021. The project was intended to raise LNG output to 110 million t/y by 2025. The $13bn EPC package – covering the EPCI of four LNG trains, each with a capacity of 8 million t/y – was awarded in February 2021 to a consortium of Japan’s Chiyoda and France’s Technip Energies.
In May 2023, QatarEnergy awarded the $10bn main EPC contract for NFS to a consortium of Technip Energies and Consolidated Contractors Company (CCC). The contract includes two LNG trains, each with a capacity of 7.8 million t/y.
Once fully operational, the first two phases are expected to add 48 million t/y of LNG supply to the global market.
QatarEnergy took the final investment decision on NFW earlier this year, awarding an EPC contract estimated at $8bn to a joint venture comprising Technip Energies, CCC and Gulf Asia Contracting in February.
Chiyoda carried out the front-end engineering and design work for the NFW LNG project.
The NFW scope covers the EPC of two LNG trains with a combined capacity of 16 million t/y, as well as associated facilities for gas treatment, natural gas liquids recovery and helium extraction.
In addition to LNG, NFW is expected to produce about 175,000 barrels of oil equivalent a day of condensate, ethane and liquefied petroleum gas.
With all three phases under EPC execution – and NFE scheduled for commissioning later this year – QatarEnergy is positioning itself to remain one of the world’s largest LNG suppliers in the long term.
READ THE OCTOBER 2026 MEED BUSINESS REVIEW – click here to view PDFIndustry and logistics drive development at Neom; Saudi Arabia’s investment priorities realign amid conflict; MEED’s 2026 power developer ranking.
Distributed to senior decision-makers in the region and around the world, the October 2026 edition of MEED Business Review includes:
> AGENDA: Oxagon takes centre stage at Neom> MARKET FOCUS: Saudi projects hold steady> INDUSTRY REPORT: MEED’s 2026 GCC power developer ranking> LEADERSHIP: The future city does not need to hang above the groundTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/20208200/main.jpg -
Egypt implements oil and gas storage projects worth $1.1bn Administrator2 October 2026
Egypt is implementing oil and gas storage projects worth a total of £E54bn ($1.1bn), according to a statement released by the country’s cabinet.
Active developments include expanding El-Hamra Petroleum Port in El-Alamein on the Mediterranean coast, as well as building a jet-fuel storage and transport hub at the Badr depot in Cairo.
Other projects include constructing new storage tanks at refinery complexes in Amreya, Alexandria; Assiut; and Cairo.
Over the past 12 years, Egypt has built 84 petroleum storage facilities with a total capacity of 5.2 million tonnes, the cabinet statement said.
Egypt has invested £E42.7bn ($880m) in developing these facilities, with the aim of bolstering domestic energy security.
Completed infrastructure projects include facilities in Sohag (Upper Egypt) and Alexandria.
They also include offshore terminal and storage facilities, a liquid bulk station in Ain Sokhna, and strategic crude oil storage tanks across the country.
Storage facilities have become a strategic priority for Egypt since the US and Israel attacked Iran on 28 February, triggering a regional war that has disrupted shipping through the Strait of Hormuz.
The disruption has made imports of hydrocarbon products into Egypt less predictable, increasing the importance of strategic stockpiles.
READ THE OCTOBER 2026 MEED BUSINESS REVIEW – click here to view PDFIndustry and logistics drive development at Neom; Saudi Arabia’s investment priorities realign amid conflict; MEED’s 2026 power developer ranking.
Distributed to senior decision-makers in the region and around the world, the October 2026 edition of MEED Business Review includes:
> AGENDA: Oxagon takes centre stage at Neom> MARKET FOCUS: Saudi projects hold steady> INDUSTRY REPORT: MEED’s 2026 GCC power developer ranking> LEADERSHIP: The future city does not need to hang above the groundTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/20208195/main.jpg -
Bankability key to Saudi PPP pipeline Administrator2 October 2026
Saudi Arabia’s National Centre for Privatisation & PPP (NCP) holds structured talks with bidders and lenders before launching transactions to ensure projects in its pipeline are bankable, according to a senior official.
Speaking on a panel at MEED’s Shaping Mega Projects conference in Riyadh on 28 September, Tariq Alghaziri, executive vice-president at the NCP, said the centre carries out market sounding with potential bidders and debt providers, including commercial and Islamic banks, before announcing deals.
“Bankability is a key word for us,” he said. “You can structure the deal in the way you want. You can have whatever technicalities and technologies are required, but is it suitable for the private sector to deliver? That’s the big question.”
Alghaziri said the national privatisation strategy, approved at the end of 2025 and published at the start of 2026, sets the NCP’s targets up to 2030 and outlines its project pipeline. The strategy coincides with the third phase of Vision 2030, which he said is focused on measuring impact after earlier phases established the legal framework and enabled the private sector.
Public-private partnership (PPP) contracts typically run for 25 years and, in some cases, more than 40 years, he said, which makes early engagement essential. “When we launch it, all the bidders, suppliers, EPC contractors, banks and ECAs are on the same page, and then they just have to align on commercial points and not negotiate legal aspects.”
Risk transfer
Jonathan Looker, managing director for Saudi Arabia at UK consultancy Mott MacDonald, said the public and private sectors often perceive risk very differently.
"Can you put yourself in the shoes of the person you’re trying to transfer risk to?” he said. “There isn’t one single allocation model that is fit for every project.”
Looker said failure to agree on risk can prevent projects from reaching financial close. "I’ve unfortunately been involved in a number of projects where we just can’t get the deal done because there is not a meeting of minds around a specific aspect of risk.”
Alghaziri said Saudi regulations now state that the party with the capacity to manage a risk should take it, but that risk carries a cost. “You cannot just give the risk without pricing it,” he said. The NCP has trained more than 300 people over the past five or six years, including through a PPP professional certification it introduced in the kingdom.
Early planning
Hesham Ouf, senior director of finance at Roshn Group, the Public Investment Fund (PIF) subsidiary, said risk management begins at the feasibility stage. “You need to have the stage gates right from the beginning until the project is delivered,” he said.
Ali Al-Kuwari, senior manager of export development at Qatar Development Bank (QDB), said early disclosure of procurement needs allows lenders to assess project risk. “For me, the answer is very easy. I’ll ask for a sovereign guarantee,” he said.
Wesley Thomson, partner and head of environmental, social and governance (ESG) at UK property consultancy Knight Frank, said climate exposure is becoming a central risk for long-life assets. “Mitigation is not the right word any more. I prefer to say adaptation, because the truth is you need to adapt to what we’re seeing.”
READ THE OCTOBER 2026 MEED BUSINESS REVIEW – click here to view PDFIndustry and logistics drive development at Neom; Saudi Arabia’s investment priorities realign amid conflict; MEED’s 2026 power developer ranking.
Distributed to senior decision-makers in the region and around the world, the October 2026 edition of MEED Business Review includes:
> AGENDA: Oxagon takes centre stage at Neom> MARKET FOCUS: Saudi projects hold steady> INDUSTRY REPORT: MEED’s 2026 GCC power developer ranking> LEADERSHIP: The future city does not need to hang above the groundTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/20207592/main.png