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  • PIF anchors Brookfield Middle East fund Administrator

    5 August 2026

    Canada’s Brookfield has announced the first close of Brookfield Middle East Partners (BMEP), a private equity fund anchored by Saudi Arabia’s Public Investment Fund (PIF), raising about $2bn.

    The capital was raised from a group of anchor investors comprising PIF and other global and regional institutional partners.

    The fund will invest in businesses based in Saudi Arabia and the wider Middle East, pursuing buyouts, minority growth equity and other opportunities across sectors including financial, business and consumer services, industrials, technology and healthcare.

    Capital will be allocated to investments in the Middle East, with a focus on the GCC. The fund targets allocating 50% of its investments to Saudi Arabia.

    Brookfield is committing $500m to the fund. The $2bn figure is a first close; neither the size of PIF’s commitment nor the fund’s final fundraising target was disclosed.

    “Our partnership with Brookfield is designed to help anchor international private equity into Saudi Arabia and the region. It will also accelerate deal flow while continuing to bring world-class expertise to the local capital market ecosystem,” said Yazeed Al-Humied, deputy governor and head of Mena investments at PIF.

    The fund draws on Brookfield’s offices in Riyadh and its wider global network. As part of the initiative, Brookfield will make the Brookfield Academy, its professional learning programme founded in 2019, available in Saudi Arabia to develop local investment talent.

    PIF and Brookfield agreed to create the fund in October 2024. The announcement follows the approval of PIF’s 2026-30 strategy in April, which focuses on maximising financial returns, improving investment efficiency and increasing private sector participation.

    “We are grateful for the collaboration with PIF and our other strategic anchor partners, reflecting the global confidence and strong demand for private equity opportunities in Saudi Arabia and the region. Brookfield has been active in the Middle East for nearly three decades, and we bring deep local investment expertise, local networks and an owner-operator approach to transforming high-quality businesses. We see a compelling opportunity to partner with businesses across the region and position them for long-term growth,” said Bruce Flatt, CEO of Brookfield Corporation.

    Saudi footprint

    The fund is the latest step in Brookfield’s expansion in Saudi Arabia. Its local unit, Brookfield Arabia for Business Services, received Capital Market Authority approval in June to manage investments and run funds in the country. In May 2025, Brookfield launched a $1bn joint venture with Abu Dhabi’s Lunate focused on residential real estate in the Middle East, with a focus on the UAE and Saudi Arabia.

    The fund also fits a wider PIF pattern of using relationships with global asset managers to channel international capital into the domestic economy rather than deploying Saudi money abroad. In the same month as the BMEP close, PIF signed $24.5bn in memorandums of understanding with the World Bank Group and US Export-Import Bank to draw outside capital into its portfolio companies, alongside a $2bn co-investment agreement with US-based I Squared Capital targeting infrastructure and district cooling.

    Gulf expansion

    Brookfield has signalled a broader push into the Gulf. In May, Flatt said the company intended to increase its investments in the region despite the ongoing conflict.

    “In fact, [we're] doubling down; we are doing more,” Flatt said when asked at the Milken Institute Global Conference on 4 May whether the ongoing conflict in the region was changing the way he thought about the Gulf.

    “When you find great businesses, countries, great people, and the market offers you an opportunity to invest when others are not, it is always the best opportunity in the world, so we are doing more. We have been there for 25 years; we are continuing to do all of the investments we have there, and we are going to do more,” he added.

    Flatt suggested the current period of geopolitical stress could accelerate long-term economic strengthening across the Gulf, arguing that governments and businesses would respond by investing in self-sufficiency and strategic infrastructure.

    Since the conflict began on 28 February, Flatt has travelled to the region to meet senior UAE officials. In Abu Dhabi on 9 April, he met Sheikh Khaled Bin Mohamed Bin Zayed Al-Nahyan, Crown Prince of Abu Dhabi and chairman of the Abu Dhabi Executive Council, to discuss cooperation in investment and asset management between UAE-based institutions and Brookfield.

    Two days later, in Dubai, Flatt met Sheikh Maktoum Bin Mohammed Bin Rashid Al-Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Finance Minister and chairman of Dubai International Financial Centre, to explore opportunities to expand cooperation.

    Regional deals

    Brookfield has also been active elsewhere in the region. In May, the firm formed a joint venture with Kuwait-based Alshaya Group to develop a 480,000-square-foot mixed-use project in the Dubai Hills area of Dubai, a master-planned community developed by Emaar. The project will include Grade A office space, build-to-rent residential units and retail components, with Brookfield Properties acting as development and real estate manager.

    In late 2025, Brookfield and Qai, Qatar’s artificial intelligence (AI) company and a subsidiary of Qatar Investment Authority, announced a strategic partnership to establish a $20bn joint venture focused on AI infrastructure in Qatar and select international markets. The venture is slated to be backed through Brookfield’s Artificial Intelligence Infrastructure Fund, part of a broader programme targeting up to $100bn in global investment.

    Brookfield has been directly investing in the region since 2015 and has built a portfolio of more than $16bn of managed assets across private equity, real estate and infrastructure.

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    Colin Foreman
  • SSH wins Muscat cultural complex Administrator

    5 August 2026

    Kuwait-based engineering and architecture consultancy SSH has been appointed as the construction supervision consultant for the Sayyid Tarik Bin Taimur Cultural Complex in Oman.

    The firm will provide construction supervision services across the project, overseeing construction activities, monitoring quality, coordinating specialist subconsultants and working with stakeholders throughout delivery.

    SSH was appointed by UK-based Mace, the project management consultant, on behalf of Oman’s Ministry of Culture, Sports & Youth.

    The complex is located in Al-Seeb, Muscat, on a 400,000-square-metre (sq m) site. It is centred on an urban plaza and brings together a range of cultural and institutional facilities.

    These include a 23,000 sq m national library, a 15,500 sq m national archives, four facilities buildings with a combined area of 14,000 sq m and a 5,000 sq m energy and data centre.

    At the heart of the development is the national theatre, comprising a 1,000-seat auditorium and a 250-seat auditorium. The facilities are set within landscaped gardens and water features, alongside a signature canopy structure.

    In October 2023, the Ministry of Culture, Sports & Youth awarded a design-and-build construction contract for the complex to a joint venture of local firm Saif Salim Issa Al-Harrasi and Turkiye’s Sembol Construction, MEED reported.

    In January 2026, UAE-based steel structure manufacturer Emirates Building Systems, a wholly owned subsidiary of Dubai Investments, won a contract to deliver the project’s complete structural steel package.

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

    Saudi Arabia builds for the global stage; Rising uncertainty creates fresh set of challenges in the Maghreb; Gulf banks remain robust in the face of geopolitical tensions.

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

    > MARKET FOCUS: Maghreb fortunes diverge
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/18124477/main.jpg
    Colin Foreman
  • PIF completes $55bn EA buyout Administrator

    5 August 2026

    A consortium led by Saudi Arabia’s Public Investment Fund (PIF) has completed the acquisition of US video games publisher Electronic Arts (EA), taking the company private in a deal valued at $55bn.

    The transaction closed on 4 August, resulting in EA’s delisting from the Nasdaq stock exchange 36 years after its listing. Shareholders will receive $210 in cash for each share, a premium of about 25% on the closing price before the deal was announced in September 2025.

    PIF holds about 94% of the company, while US technology investor Silver Lake holds 5.5% and Affinity Partners, the firm founded by Jared Kushner, holds 1.1%.

    The deal is described as the largest leveraged buyout in history, a structure in which a large share of the purchase is funded by debt that is transferred to the acquired company. The acquisition is backed by about $36bn in equity, with a further $20bn in debt added to EA’s balance sheet.

    EA publishes some of the games industry’s biggest franchises, including EA Sports FC, formerly Fifa, alongside Madden NFL, Apex Legends, Battlefield and The Sims. The company generated revenue of $7.5bn last year, while the October release of Battlefield 6 sold more than 7 million copies in its first three days.

    The acquisition is the second-largest in gaming history, after Microsoft’s $69bn purchase of Activision Blizzard. It ranks among PIF’s largest investments to date under its strategy of building positions in gaming, esports and digital entertainment as part of Saudi Arabia’s Vision 2030 economic diversification programme. The fund already holds stakes in games companies including Take-Two Interactive and owns Japanese developer SNK.

    The consortium’s control of EA strengthens its links to the global football ecosystem through the EA Sports FC franchise, adding to PIF’s investments in the sport, which include English Premier League club Newcastle United and four clubs in the Saudi Pro League. Saudi Arabia has also hosted esports events, including the 2025 Esports World Cup.

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

    Saudi Arabia builds for the global stage; Rising uncertainty creates fresh set of challenges in the Maghreb; Gulf banks remain robust in the face of geopolitical tensions.

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

    > MARKET FOCUS: Maghreb fortunes diverge
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/18122763/main.gif
    Colin Foreman
  • What foreign companies still get wrong about Iraq Administrator

    5 August 2026

     

    Improved security, political stability and stronger oil revenues have brought Iraq back into investor conversations in recent years. Higher oil prices restored state finances, revived public spending and reinforced the narrative that Iraq was once again open for business. Relative calm strengthened that sentiment among regional and international firms.

    Yet Iraq’s investment narrative has improved faster than its operating reality. A common mistake among foreign investors has been to view operations in Iraq primarily through the lens of security. While physical security remains important – particularly in the current regional climate – some of the most persistent risks are structural. These include opaque counterparties with hidden political backing, fragmented authority and overlapping power centres, exposure to sanctions-linked networks, and weak and often corrupt law enforcement and judicial institutions.

    For most firms, the real test begins after market entry: when choosing a partner, bidding for contracts, moving funds, securing government approvals or attempting to enforce a contract or court judgment.

    The current conflict has not changed these risks; rather, it has made them harder to ignore.

    Basic due diligence and document checks are often insufficient to mitigate risks in a market as complex as Iraq

    Counterparty risks and how to mitigate them

    For many foreign investors operating in Iraq, one of the most significant risks lies in dealing with local counterparties – business partners, contractors, suppliers, clients and customers. Companies may appear conventional on paper, but ownership and control are often obscured through proxies.

    One challenge is identifying who ultimately controls or benefits from a business and whether it has links to politically exposed persons, armed groups or sanctioned networks. Another is examining its business practices for signs of corruption or other illicit activity.

    Every so often, we encounter seemingly well-established and reputable Iraqi business groups with extensive foreign partnerships that, following in-depth investigation, appear to be ultimately controlled by or linked to politicians, militia leaders, sanctioned individuals or Iran-aligned armed groups. Such connections often indicate a history of corrupt practices, ranging from bribery and the use of high-placed connections to secure government contracts to involvement in sophisticated money-laundering schemes or smuggling and diversion operations benefiting the Iranian state.

    Foreign firms engaging with local counterparties may enter what appears to be a routine commercial arrangement, only to discover later that they are doing business with a highly sensitive or controversial political actor. The consequences extend beyond commercial risk. Regulatory, legal and reputational repercussions can follow, particularly where sanctions or criminal exposure exists.

    Basic due diligence and document checks are often insufficient to mitigate risks in a market as complex as Iraq. Obtaining a deeper understanding of a potential counterparty’s ownership, control and track record is often constrained by the limited availability of credible information.

    One of Iraq’s paradoxes is that it is not a data-poor jurisdiction. It generates abundant media reporting, leaks and social-media narratives. The challenge lies in judging what information matters, who is driving it, and what is missing.

    The government also maintains a publicly accessible corporate register – Tasjeel – which contains basic information on the ownership of Iraq-registered private companies. The details, however, can be incomplete or out of date, and names on official filings often do not reflect actual control. There is also a notable lack of transparency when it comes to legal searches in Iraq: neither criminal nor civil litigation records are publicly available.

    The availability of information also varies across the country. Iraq is not a single commercial jurisdiction. In practice, overlapping and sometimes competing systems of authority exist, particularly between federal Iraq and the Kurdistan Region. Licensing, customs procedures, taxation, political sponsorship and legal recourse can differ significantly, as can the accessibility of official records, with the Kurdistan Region generally offering less transparency.

    For all these reasons, source-based enquiries remain central to any serious risk assessment in Iraq. Human intelligence gathered on the ground through a network of knowledgeable sources often fills critical information gaps, providing context and insights that cannot be obtained from public records alone.

    The impact of regional war and political changes on structural weaknesses

    The recent deterioration in the regional security environment has renewed attention on Iraq. Investors are once again weighing insurance costs, movement restrictions, supply-chain exposure and the risk of disruption from armed escalation.

    The implications, however, extend well beyond immediate security concerns. Regional conflict often strengthens informal power structures, elevates the influence of armed factions, increases exposure to pro-Iran networks and complicates sanctions assessments. Institutions may slow decision‑making, while border friction, diversion risk and financial scrutiny intensify.

    As a result, the risk categories familiar to foreign investors – political, compliance, legal and operational – often become intertwined in Iraq. A politically exposed counterparty can become a sanctions issue; a regulatory delay can turn political; and a commercial dispute may prove unenforceable where the other party operates within a stronger network of influence.

    There is also a new variable in play. Iraq’s new prime minister, Ali Al-Zaidi, is a seasoned businessman with significant interests in banking, the food industry and other sectors. For foreign investors, this background may be viewed as a positive signal, suggesting a greater emphasis on deal-making, investor outreach and easing market entry. However, a businessman at the top can help only up to a point. Iraq’s core business risks are rooted in institutions, networks and entrenched political structures that even a pro‑business leader must navigate.

    Counterparty risk assessment should sit at the centre of any market-entry strategy

    What serious investors should do differently

    None of this means Iraq should be written off. It remains a market with scale, unmet demand and clear areas of opportunity. But it does mean foreign companies need a more disciplined approach.

    Counterparty risk assessment should sit at the centre of any market-entry strategy. That means identifying beneficial ownership, mapping political exposure, screening for sanctions links and understanding the broader network surrounding a local counterparty rather than relying solely on a basic corporate registry check.

    Iraq should also be treated as a market that requires continuous monitoring, not one-off screening. Ownership, influence and compliance exposure can change quickly. A clean partner at onboarding is not guaranteed to remain a low risk a year later.

    About the authors

    Dr Anastasia Nosova is associate managing director at K2 Integrity, a prominent global risk advisory, compliance and corporate investigations firm. Renwar Ahmed is an associate at the company’s Investigations & Disputes practice. 

    MEED’s June 2026 report on Iraq includes:

    > COMMENT: Iraq’s reform window narrows
    > GOVERNMENT: Al-Zaidi takes Iraq’s premiership under US shadow
    > BANKING: Financial challenge tests Iraq’s resolve
    > ECONOMY: Iraq enters era of resilience, reform and rising risks 
    > OIL & GAS:     Iraqi oil and gas sector in crisis
    > POWER & WATER: Focus shifts to delivery of Iraq utilities expansion
    > CONSTRUCTION: Momentum builds in Iraq’s post-war construction sector

    To see previous issues of MEED Business Review, please click here
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  • Riyadh qualifies bidders for Quality Valley PPP project Administrator

    5 August 2026

    Register for MEED’s 14-day trial access 

    Saudi Arabia’s State Properties General Authority (SPGA), in collaboration with the National Centre for Privatisation & PPP (NCP), has qualified five consortiums and three individual companies to bid for the contract to develop the Quality Valley Riyadh project.

    The public-private partnership (PPP) scheme will transform the Saudi Standards, Metrology & Quality Organisation’s headquarters site in Riyadh’s Al-Muhammadiyah area into a mixed-use district.

    The first consortium includes Alrashid Properties, Saudi Bonyan Real Estate Investment and Artar Real Estate Development.

    The second brings together Albawardi, Arabian Real Estate Investment Company (Areic) and US-based SkyBridge.

    The third comprises AlOula and Ajdan.

    The fourth consists of Buna, Bany Holding and Sumou Investment.

    The fifth is formed by Assets for Facilities Management (AFM), BA, Heyazah and Ahmad Mohammed Alsaif & Sons for Trade & Investment.

    The three companies qualified to bid individually are Tanama, Al-Ayuni and Mada International Holding.

    In July, MEED reported that SPGA and NCP had tendered the contract, with bidders allowed until 8 October to submit their proposals.

    Known as the Quality Valley Riyadh project, the scheme will be developed on a design, build, finance, operate, maintain and transfer basis.

    The project comprises commercial offices, a four-star hotel and retail facilities. The contract term is 32 years, in addition to a three-year construction period. The site covers about 191,000 square metres.

    UK-based PricewaterhouseCoopers, US-based engineering firm Jacobs and Saudi Arabia’s Al-Nowaisser & Al-Suwaylimi are advising on the project.

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

    Saudi Arabia builds for the global stage; Rising uncertainty creates fresh set of challenges in the Maghreb; Gulf banks remain robust in the face of geopolitical tensions.

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

    > MARKET FOCUS: Maghreb fortunes diverge
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/18117953/main.jpg
    Colin Foreman
  • L&T announces major contract win from Adnoc Offshore Administrator

    4 August 2026

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    Indian contractor Larsen & Toubro (L&T) has announced that it has been awarded a major contract by the offshore business of Abu Dhabi National Oil Company (Adnoc Offshore).

    Mumbai-headquartered L&T described the order as “ultra-mega”, a term the company uses for contracts valued at more than INR150bn ($1.57bn).

    The project will be executed through a consortium, with its subsidiary LTEH Offshore serving as the lead partner, L&T said in a statement on 4 August.

    MEED understands that the contract won by L&T relates to an offshore package that forms part of a major Adnoc Offshore project to produce up to 600 million cubic feet a day (cf/d) of natural gas by developing the Umm Shaif gas cap in Abu Dhabi.

    L&T won the first offshore package of the Umm Shaif gas cap and surface pressure boosting project in a consortium with Saudi Arabia/UAE-based Lamprell, MEED reported in July.

    The following contractors have secured the two offshore packages and one onshore package of the Umm Shaif gas cap project, MEED previously reported:

    • First offshore package – fabrication of a 30,000-tonne gas compression system: Larsen & Toubro Energy Hydrocarbon (India) / Lamprell (Saudi Arabia/UAE)
    • Second offshore package – fabrication of another 30,000-tonne gas compression system: McDermott (US)
    • Onshore package – EPC of gas inlet and processing systems on Das Island: China Petroleum Engineering & Construction Company (CPECC)

    “The project involves the development of multiple offshore facilities. As the lead consortium partner, LTEH Offshore will execute the major share of the project scope, covering engineering, procurement, construction, installation and commissioning (EPCIC) of the offshore facilities, in addition to the upgrade of existing facilities,” L&T said in its statement.

    “A significant portion of the fabrication work will be undertaken at L&T’s state-of-the-art fabrication yards, leveraging the company’s integrated EPCIC capabilities and extensive track record in delivering large and complex offshore developments across the region,” the Bombay Stock Exchange-listed company added.

    Umm Shaif gas cap project

    Adnoc Offshore operates the Umm Shaif hydrocarbons development, which is located 150 kilometres (km) northwest of the city of Abu Dhabi. The field is located within Abu Dhabi’s offshore Umm Shaif and Nasr hydrocarbons concession, previously operated by former Adnoc Group companies Adma-Opco and Zadco.

    In March and April 2018, Abu Dhabi’s Supreme Council for Financial and Economic Affairs (SCFEA) awarded a 10% stake in the Umm Shaif and Nasr offshore block to Italy’s Eni, 20% to France’s TotalEnergies and 10% to China National Petroleum Corporation (CNPC). Adnoc Group retained the majority 60% interest. The operators produce a total of about 460,000 b/d of oil from the Umm Shaif and Nasr block.

    Adnoc, along with its foreign partners, announced achieving a final investment decision (FID) worth $6.2bn on the Umm Shaif gas cap project on 21 July. The FID includes three EPC packages totalling $5.1bn for large-scale offshore infrastructure, “awarded to consortiums comprising major UAE and international contractors,” the state enterprise said without disclosing the contractors it had selected or the scope of work on the packages.

    Adnoc added that, as part of the FID, it has also awarded a $365m contract to its subsidiary Adnoc Drilling for a 14-well drilling and integrated drilling services scope, to be delivered over 18 months using three existing rigs.

    Production from the development is expected by 2030, the Abu Dhabi energy giant said.

    The primary objective of the Umm Shaif gas cap and surface pressure boosting project is to increase gas production by 550 million cubic feet a day (cf/d) and raise associated condensate output by 50,000 barrels a day (b/d).

    Adnoc Offshore intends to feed about 520 million cf/d of the additional produced gas into Adnoc Group’s sales gas grid.

    Adnoc Offshore is understood to have issued the main EPC tender for the Umm Shaif gas cap and surface pressure boosting project in the first quarter of 2025.

    Contractors submitted technical bids for the three EPC packages by the 30 October deadline last year, while commercial bids were submitted by the deadline of 2 February this year.

    The following contractors are among those understood to have been bidding for the three EPC packages, according to sources:

    Offshore package 1:

    • Saipem (Italy) / Seatrium (Singapore)
    • Larsen & Toubro Energy Hydrocarbon (India) / Lamprell (Saudi Arabia/UAE)
    • NMDC Energy (UAE) / Hyundai Heavy Industries (South Korea)

    Offshore package 2:

    • China Offshore Oil Engineering Company (COOEC)
    • McDermott (US)
    • Larsen & Toubro Energy Hydrocarbon (India) / Lamprell (Saudi Arabia/UAE)
    • NMDC Energy (UAE) / Hyundai Heavy Industries (South Korea)

    Onshore package:

    • Archirodon (Greece)
    • China Petroleum Engineering & Construction Company (CPECC)
    • Engineering for the Petroleum & Process Industries (Enppi; Egypt)
    • Galfar Emirates (UAE branch of Oman’s Galfar Engineering & Construction)
    • Target Engineering Construction Company (UAE)

    Australian firm Worley has performed front-end engineering and design (feed) work on the project.

    Gas is produced from the Umm Shaif Khuff and Uweinat reservoirs, as well as from the Arab C and Arab D Early Production Scheme 2. The Umm Shaif Khuff reservoir is a formation that consists of dry gas volumetric reservoirs located in the Umm Shaif field.

    Khuff reservoirs have been in production in Abu Dhabi since August 1989. Umm Shaif Khuff gas is currently produced from 28 active wells within the Umm Shaif field. A majority of these wells supply gas to Adnoc Group subsidiaries Adnoc LNG and Adnoc Gas Processing, with the rest supporting oil reservoirs at the Umm Shaif field through gas injection.

    The Umm Shaif Super Complex (USSC) processes and transports oil, condensates and natural gas in separate pipelines to Das Island for further processing and export. The condensates collected from the USSC are transported to Das Island through an 18-inch pipeline stretching 34.4km, or are spiked into the 36-inch Adnoc main oil line.

    The gas collected from the USSC is transported to Das Island through two 46-inch pipelines, which also run 34.4km.

    Pressure at the Umm Shaif Khuff gas reservoirs will start to decline by the end of 2028. The flowing wellhead pressures at some of the Khuff gas wellhead towers are likely to reduce, so boosting well deliverability and increasing the flowrates is necessary.

    Therefore, new Khuff surface pressure boosting facilities are required to maintain the plateau – with a goal of achieving a 90% gas recovery factor – and increase production beyond the end of the plateau by lowering pressure at the Khuff reservoirs.

    ALSO READ: Adnoc initiates oil production project at key offshore block

    https://image.digitalinsightresearch.in/uploads/NewsArticle/18087628/main.jpeg
    Indrajit Sen
  • Masdar renews $300m revolving credit facility Administrator

    4 August 2026

    Abu Dhabi Future Energy Company (Masdar) has renewed its five-year $300m revolving credit facility with a syndicate of 25 international banks.

    The company said the refinancing strengthens its liquidity position and overall balance sheet resilience as it works towards its target of reaching 100GW of renewable energy portfolio capacity by 2030.

    According to Masdar, the lending syndicate comprises 14 banks from Europe, four from the US and seven from Asia.

    Masdar’s renewable energy portfolio reached 65GW earlier this year, placing the company about two-thirds of the way towards its 100GW target by 2030. Of that, Masdar said 45GW is operational, under construction or has reached final close, while a further 20GW comprises projects in advanced stages of development.

    The company has said it plans to deploy a further $30bn-$35bn in equity and project finance by 2030 to achieve its capacity target, adding an average of 10GW of new capacity each year.

    The next phase of growth will be funded through a combination of equity, green bonds and long-term project finance. 

    Last month, Masdar reached financial close on its $6.1bn round-the-clock renewable energy project in Abu Dhabi, securing a $5.1bn financing package from a consortium of 13 local and international banks.

    The project combines 5.2GW of solar generation with 19GWh of battery energy storage and is expected to begin operations in 2027.

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

    Saudi Arabia builds for the global stage; Rising uncertainty creates fresh set of challenges in the Maghreb; Gulf banks remain robust in the face of geopolitical tensions.

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

    > MARKET FOCUS: Maghreb fortunes diverge
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/18086886/main.jpg
    Mark Dowdall
  • Jordan awards EPC contract for Maan wind farm Administrator

    4 August 2026

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    Jordan’s state-owned Samra Electric Power Company (Sepco) has awarded an engineering, procurement and construction (EPC) contract to Al-Mawakea General Contracting Technology Company for a 25MW wind power project in the Batn Al-Ghul area of Maan Governorate.

    The project is being developed by Jordan’s Ministry of Energy & Mineral Resources (MEMR) under a cooperation agreement signed with Abu Dhabi Future Energy Company (Masdar) in February. The UAE, represented by Masdar, is fully financing the project.

    The project will comprise five wind turbines with a combined generation capacity of 25MW. Masdar is responsible for providing technical oversight, supervising implementation, managing logistics and shipping, and monitoring progress during the execution phase.

    Sepco will operate and maintain the wind farm after construction is completed and the facility is handed over. MEMR is responsible for securing the project site and obtaining the required regulatory approvals and permits.

    Sepco operates and maintains the government-owned 80MW Maan wind farm in Maan Governorate. The $150m Maan wind power plant (phases one and two) was commissioned in 2017, with Spain’s Elecnor working as the main EPC contractor. The two phases combined have a total installed capacity of 80MW.

    Separately, Masdar signed a joint development agreement with MEMR in 2023 to develop a 1GW wind project with a battery energy storage system near the Port of Aqaba in Jordan. It is understood that the project is still in its initial stages of development. 

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

    Saudi Arabia builds for the global stage; Rising uncertainty creates fresh set of challenges in the Maghreb; Gulf banks remain robust in the face of geopolitical tensions.

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

    > MARKET FOCUS: Maghreb fortunes diverge
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/18084627/main.jpg
    Mark Dowdall
  • Chinese contractor wins Saudi power and gas contracts Administrator

    4 August 2026

    Chinese contractor Ningxia Power Construction has announced it has won two contracts in Saudi Arabia covering power and gas infrastructure projects with a combined value of about RMB280m ($39m).

    The awards cover the third phase of cable laying and connection works for Saudi Aramco’s Master Gas System (MGS-III) project and the first phase of a 380kV transmission line for the Red Sea Aluminium project, the company said in a statement.

    The MGS gas booster station contract covers electrical, instrumentation and control, communications, pre-commissioning, commissioning and defect rectification works.

    The project is located northwest of Al-Mendassah in Medina Province. Construction is scheduled to last 670 days and continue through to partial mechanical completion and mechanical completion.

    The Red Sea Aluminium contract involves the first phase of a 380kV overhead transmission line project.

    The scope includes eight new transmission circuits. Four incoming double-circuit lines will extend about 15.2 kilometres from the connection point to the switchyard. Four outgoing double-circuit lines will run about 0.2 kilometres from the switchyard to the aluminium plant power station. Provision has also been made for two additional outgoing circuits in the future.

    The Red Sea Aluminium complex is a planned integrated aluminium production facility in Yanbu Industrial City being developed by Red Sea Aluminium Holdings (RSAH), a joint venture of Innovation Global Industries, Innovation New Materials and Shandong Innovation Group

    In June, RSAH awarded China’s Shandong Electric Power Construction Corporation (Sepco) an estimated $100m engineering, procurement and construction contract for a 380kV overhead transmission line project at the Red Sea Aluminium complex.

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

    Saudi Arabia builds for the global stage; Rising uncertainty creates fresh set of challenges in the Maghreb; Gulf banks remain robust in the face of geopolitical tensions.

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

    > MARKET FOCUS: Maghreb fortunes diverge
    To see previous issues of MEED Business Review, please click here
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  • Contractors submit bids for key Aramco offshore tenders Administrator

    4 August 2026

     

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    Contractors in Saudi Aramco’s Long-Term Agreement (LTA) pool of offshore service providers have submitted bids for five offshore tenders covering the engineering, procurement, construction and installation (EPCI) of structures at the Abu Safah, Berri, Manifa, Marjan, Safaniya and Zuluf offshore oil and gas fields in Saudi Arabia.

    The tenders are numbers 167, 168, 169, 170 and 171 on Aramco’s Contract Release and Purchase Order (CRPO) system, according to sources.

    Aramco issued the five CRPOs to its offshore LTA contractors in December, setting an initial bid submission deadline of 3 February.

    The Saudi energy giant has since extended the bid submission deadline several times – to 31 March, 1 June, 1 July and then 30 July – to allow LTA contractors sufficient time to prepare proposals.

    At the request of certain bidders, Aramco granted a final two-day extension, with LTA contractors submitting their proposals for the five CRPOs on 1 August, sources told MEED.

    The basic scope of EPCI work on the tenders is as follows:

    • CRPO 167 – eight jackets at the Marjan field development
    • CRPO 168 – four production deck modules (PDMs) at the Abu Safah, Berri, Manifa and Safaniya fields
    • CRPO 169 – three PDMs at the Marjan field development
    • CRPO 170 – three PDMs at the Marjan field development
    • CRPO 171 – three PDMs at the Zuluf field development
    Offshore contract awards

    Aramco spent almost $11bn on offshore EPCI contracts last year, more than double its capital expenditure on offshore projects in 2024, marking another year of robust upstream project spending in Saudi Arabia.

    In July, Aramco selected contractors for five CRPOs – numbers 150, 157, 158, 159 and 160 – worth over $3bn. These involve EPCI work and infrastructure upgrades at the Abu Safah, Berri, Manifa, Marjan and Zuluf offshore fields.

    The Saudi energy giant then picked contractors for four more CRPOs that are part of the large-scale project to expand infrastructure at the Zuluf offshore field development. The tenders are CRPOs 145, 146, 147 and 148, and their combined value is estimated to be almost $6bn.

    In late December last year, Italian contractor Saipem announced securing contracts for CRPOs 162 and 165. The scope of work on CRPO 162 covers the EPCI of two rigid pipelines – a 30-inch pipeline stretching 23.98 kilometres (km) and a 20-inch pipeline, 10.23km-long; replacement of a flexible 10-inch pipeline that spans 5.1km; and modification work on topsides at the Berri and Abu Safah field developments. The duration of this contract is 32 months, Saipem said.

    The scope of work on CRPO 165, lasting 12 months, includes subsea interventions at the Marjan field development and the EPCI of 300 metres of onshore pipeline and associated tie-ins.

    In early January 2026, MEED reported that Aramco had selected US-based McDermott International for CRPO 166. The scope of work is understood to have been carved out of the $15bn Marjan offshore field development project, under which Aramco issued contracts for 20 EPCI packages in 2019. McDermott won the largest share of work on the project, securing an estimated $4.5bn of contracts across two packages.

    The contract for CRPO 166 was single-sourced to McDermott without a competitive tendering process and issued as a change order, sources told MEED.

    Aramco then awarded its second offshore contract of the year, CRPO 156, to Saipem. The scope of work covers the EPCI of a 48-inch trunkline, spanning roughly 65km offshore and 12km onshore, from the Safaniya offshore oil field to the onshore processing facility, plus associated works such as subsea hook-ups.

    CRPO 156 comprises the third package in Aramco’s latest expansion phase at Safaniya – the world’s largest offshore oil field, with a production capacity of nearly 1.2 million barrels a day (b/d). Discovered in 1951, the field is located in Gulf waters approximately 265km north of Aramco’s headquarters in Dhahran.

    MEED also reported that Saipem was selected by Aramco for two more tenders as part of the Safaniya field development expansion phase – CRPOs 154 and 155. The combined contract value for CRPOs 154 and 155 is estimated at $600m, sources said.

    In April, state-owned China Offshore Oil Engineering Company won CRPO 161, which covers the EPCI of four gas jackets at the Arabiyah, Hasbah and Karan offshore fields.

    Healthy contract award pipeline

    Looking ahead, in addition to CRPOs 167-171, which are currently under bidding, Aramco is evaluating bids submitted by its offshore LTA contractors in July and August last year for at least two additional tenders.

    These are CRPOs 163 and 164, relating to the EPCI of infrastructure at the Abu Safah, Berri, Karan, Marjan and Safaniya fields.

    Separately, the offshore LTA contractors are also bidding for a new tender – CRPO 176 – that was issued by Aramco in May, according to sources.

    The scope of work on CRPO 176 covers the EPCI of seven flexible subsea pipelines with a combined length of 17km at the Berri and Marjan offshore field developments.

    Aramco’s LTA pool of offshore service providers comprises the following entities:

    • Saipem (Italy)
    • McDermott International (US)
    • Larsen & Toubro Energy Hydrocarbon (LTEH, India) / Subsea7 (UK)
    • NMDC Energy (UAE)
    • Lamprell (UAE/Saudi Arabia)
    • China Offshore Oil Engineering Company (China)
    • Dynamic Industries (US)
    • Sapura Energy (Malaysia)
    • TechnipFMC (France) / MMHE (Malaysia)
    • Hyundai Heavy Industries (South Korea)

    In April 2025, Aramco renewed its LTAs with the following contractors, whose contracts had either lapsed or were close to expiry:

    • Saipem
    • McDermott International
    • Larsen & Toubro Energy Hydrocarbon / Subsea7
    • NMDC Energy
    • Lamprell
    • China Offshore Oil Engineering Company
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    Indrajit Sen