News
-
Sabic registers profit in first quarter of 2026 Administrator8 May 2026
Saudi Basic Industries Corporation (Sabic) returned to profit in the first quarter of 2026, posting a net income of SR13.2m ($3.52m) compared to a SR1.21bn loss a year earlier.
The Saudi petrochemicals giant posted adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) of SR4.15bn for the three months to 31 March, up 25% from the previous quarter.
The company’s revenue fell 6% quarter-on-quarter to SR26.15bn ($6.97m).
Adjusted net income was recorded in at SR816m, compared to a loss in the previous quarter, while adjusted earnings per share stood at SR0.27.
Adjusted earnings before interest and taxes rose to SR1.45bn, an increase of SR1.01bn from the prior quarter.
Sabic said its net position shifted to a debt of SR2.77bn at the end of March, from a net cash position of SR3.61bn at the end of 2025.
“Our transformation journey continues to deliver performance improvements that unlock greater value for our shareholders. We realised $220m at the Ebitda level on a recurring basis during the first quarter of 2026, in line with our planned improvement rate. This keeps us on track towards our cumulative 2030 annual target of $3bn, consisting of $1.4bn in cost excellence and $1.6bn in value creation,” Sabic CEO Faisal Alfaqeer said.
READ THE MAY 2026 MEED BUSINESS REVIEW – click here to view PDFGlobal energy sector forced to recalibrate; Conflict hits debt issuance and listings activity; UAE’s non-oil sector faces unclear recovery period amid disruption.
Distributed to senior decision-makers in the region and around the world, the May 2026 edition of MEED Business Review includes:
> REGIONAL LNG: War undermines business case for Middle East LNG> CAPITAL MARKETS: Damage avoidance frames debt issuance> MARKET FOCUS: Conflict tests UAE diversificationTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/16719476/main1840.jpg -
Dubai extends bids for Hassyan SWRO pipeline packages Administrator7 May 2026
Dubai Electricity & Water Authority (Dewa) has extended the bid submission deadlines for two water transmission pipeline packages linked to phase two of the Hassyan seawater reverse osmosis (SWRO) desalination plant in Dubai.
The tenders cover the supply, installation, testing and commissioning works for glass reinforced epoxy (GRE) water transmission pipelines. The project will enable potable water to be transmitted from the phase two plant into Dubai’s transmission network.
The tender bond for the first package is AED9.6m ($2.6mn). The tender bond for the second project is AED17.9m. The deadlines for the two projects have been pushed back to 2 June and 4 June, respectively.
Local firms Al-Nasr Contracting, Tristar E&C and Wade Adams, along with UAE firm Binladin Contracting Group, are among the companies expected to submit bids for the main contracts for these projects.
In April, Dewa issued two separate tenders for transmission projects in the emirate.
The first tender covers the supply, installation, testing and commissioning of GRE water transmission pipelines and associated works at several locations in Dubai. The closing date for submissions is 4 June. Bidders are required to provide a tender bond of AED9m ($2.45m).
The second tender relates to 132kV cable works and associated modifications at several substations, including the Autosouq, Crystal and Danaro Road substations. The package also includes a new 132kV cable circuit and cable shifting works linked to the DXB INTRL 400/132kV substation.
The bid submission deadline is 11 June, with a required tender bond of AED17.5m.
In January, Dewa announced that construction of the 180 million imperial gallons a day phase one of the Hassyan SWRO independent water project was 90% complete.
READ THE MAY 2026 MEED BUSINESS REVIEW – click here to view PDFGlobal energy sector forced to recalibrate; Conflict hits debt issuance and listings activity; UAE’s non-oil sector faces unclear recovery period amid disruption.
Distributed to senior decision-makers in the region and around the world, the May 2026 edition of MEED Business Review includes:
> REGIONAL LNG: War undermines business case for Middle East LNG> CAPITAL MARKETS: Damage avoidance frames debt issuance> MARKET FOCUS: Conflict tests UAE diversificationTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/16716599/main.jpg -
Teams form for Qiddiya high-speed rail PPP Administrator7 May 2026
Firms are forming joint ventures as part of a public-private partnership (PPP) package to bid for the upcoming works on the Qiddiya high-speed rail project in Riyadh.
The latest development follows Saudi Arabia’s Royal Commission for Riyadh City, Qiddiya Investment Company and the National Centre for Privatisation & PPP receiving prequalification statements from firms by 30 April for the PPP package of the rail project.
The consortiums that are planning to bid for the PPP package are:
- McQuarie / Hitachi / Keolis / Albawani / WeBuild / Hyundai / HyundaiRotem
- Plenary / Siemens / MTR / FCC / Nesma & Partners / Freyssinet
- Vision Invest / CRRC / Mapa
- Mada International / Renfe / Alstom / Hassan Allam Construction / El-Seif Engineering Contracting / China State Construction Engineering Corporation / Limak Holding
- Lamar Holding / Talgo / Mermec / China Harbour Engineering Company / Al-Ayuni Investment & Contracting
The prequalification notice was issued on 19 January, and a project briefing session was held on 23 February at Qiddiya Entertainment City.
The Qiddiya high-speed rail project, also known as Q-Express, will cover 84 kilometres, connecting King Salman International airport and King Abdullah Financial District with Qiddiya City.
The line will operate at speeds of up to 250 kilometres an hour, reaching Qiddiya in 30 minutes.
There are five stations planned: Qiddiya Grand Central Station, Qiddiya Uptown Station, King Abdullah Financial District, Terminal 6 King Salman International Airport (KSIA) and Iconic Terminal at KSIA.
Last month, MEED exclusively reported that contractors had submitted their prequalification statements for the engineering, procurement, construction and financing package by 16 April.
In November 2023, MEED reported that French consultant Egis had been appointed as the technical adviser for the project. UK-based consultancy Ernst & Young is acting as the transaction adviser, and Ashurst is the legal adviser.
READ THE MAY 2026 MEED BUSINESS REVIEW – click here to view PDFGlobal energy sector forced to recalibrate; Conflict hits debt issuance and listings activity; UAE’s non-oil sector faces unclear recovery period amid disruption.
Distributed to senior decision-makers in the region and around the world, the May 2026 edition of MEED Business Review includes:
> REGIONAL LNG: War undermines business case for Middle East LNG> CAPITAL MARKETS: Damage avoidance frames debt issuance> MARKET FOCUS: Conflict tests UAE diversificationTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/16716585/main.jpg -
Contractor wins $218m Aramco-backed logistics hub deal Administrator7 May 2026
Saudi Amana, the local affiliate of UAE-based construction firm Group Amana, has won an estimated SR820m ($218m) contract to build a logistics complex at King Salman Energy Park (Spark) in Saudi Arabia's Eastern Province.
Asmo, the logistics joint venture of Saudi Aramco and DHL Supply Chain, awarded the contract.
Asmo received the main contract bids on 18 March, as MEED reported.
Al-Khobar-based engineering firm House of Consulting Office is the project consultant.
In February, Asmo signed an agreement with Bahrain‑headquartered Arcapita Group Holdings to deliver the project at Spark.
The project will feature a 43,000-square-metre (sq m), temperature-controlled Grade A warehouse; more than 3,000 sq m of offices and staff amenities; 5,300 sq m dedicated to chemicals storage; and an open yard covering about 1.2 million sq m.
Planned for large-scale industrial use, the site is expected to incorporate advanced warehouse and building management systems, end-to-end digital connectivity, automation and robotics.
It will also be developed in line with internationally recognised sustainability standards, featuring solar photovoltaic readiness, electric-vehicle charging infrastructure and a target of Leed Gold certification.
The development aims to support the next stage of Saudi Arabia’s logistics and supply chain expansion.
Under the deal structure, Arcapita will provide funding and retain ownership of the asset, while Asmo will develop the facility and then lease and operate it under a 22-year occupational lease.
According to a statement, “the scheme will be executed via a forward-funding model, underscoring a long-term commitment to national infrastructure”.
Asmo added that this will be its first purpose-built logistics centre and one of four strategic locations planned to anchor its nationwide logistics network, aligned with the National Transport and Logistics Strategy under Saudi Vision 2030.
READ THE MAY 2026 MEED BUSINESS REVIEW – click here to view PDFGlobal energy sector forced to recalibrate; Conflict hits debt issuance and listings activity; UAE’s non-oil sector faces unclear recovery period amid disruption.
Distributed to senior decision-makers in the region and around the world, the May 2026 edition of MEED Business Review includes:
> REGIONAL LNG: War undermines business case for Middle East LNG> CAPITAL MARKETS: Damage avoidance frames debt issuance> MARKET FOCUS: Conflict tests UAE diversificationTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/16715420/main.jpg -
Kuwait postpones bid deadlines for four downstream oil tenders Administrator7 May 2026
Kuwait has extended bid deadlines for four tendered contracts that are all focused on the country’s Mina Al-Ahmadi (MAA) refinery.
The contracts include a project that has been tendered by state-owned downstream operator Kuwait National Petroleum Company (KNPC) to upgrade water transmission and storage infrastructure at the refinery.
The contract will use the engineering, procurement and construction model and the tender was originally issued in October 2025 with an initial bid deadline of 4 January 2026.
The tender has already seen several extensions and the latest rescheduling has set the bid deadline back from 19 April 2026 until 10 May 2026.
The project is expected to take two years to complete and its scope is focused on expanding water storage capacity at the facility, either through extending existing tanks or building new tanks.
The winning bidder will also be responsible for developing associated infrastructure and upgrading related systems that transport desalinated water to the refinery, such as pipelines and other infrastructure.
In its 2024-25 annual report, KNPC said the project will help to meet demand for water at the facility’s refining and gas production units.
The other three contracts are all maintenance contracts, which were also tendered by KNPC and have had their bid deadlines extended until 30 June 2026.
The first of these is focused on mechanical maintenance of the Clean Fuel Project (CFP) units at the facility, as well as gas liquid production facilities.
The CFP units were added to the refinery as part of the $16bn CFP, and were brought online in 2021.
The project aimed to increase Kuwait’s capacity to produce low-sulfur fuels and, as part of the project, the MAA refinery was integrated with Kuwait’s Mina Abdulla (MAB) refinery.
The project increased the capacity of MAB to 454,000 barrels a day (b/d) and the MAA refinery to 346,000 b/d.
The second maintenance contract is focused on the mechanical maintenance of refining and production units at the MAA facility. The third contract is focused on workshop maintenance at the facility.
The MAA refinery has been hit in several attacks during the US and Israel's war with Iran, which started on 28 February 2026.
The full extent of the damage to the facility is currently unclear.
Last month, MEED revealed that state-owned oil companies in Kuwait have fast-tracked the award of contracts to repair damage to infrastructure in the oil and gas sector.
To expedite the award of contracts, deals were directly negotiated with trusted contractors without public tenders.
The contracts were negotiated by senior officials at Kuwait Petroleum Corporation subsidiaries including Kuwait Oil Company and KNPC, sources said.
It is not known whether any of these contracts related to repairs at the MAA refinery.
READ THE MAY 2026 MEED BUSINESS REVIEW – click here to view PDFGlobal energy sector forced to recalibrate; Conflict hits debt issuance and listings activity; UAE’s non-oil sector faces unclear recovery period amid disruption.
Distributed to senior decision-makers in the region and around the world, the May 2026 edition of MEED Business Review includes:
> REGIONAL LNG: War undermines business case for Middle East LNG> CAPITAL MARKETS: Damage avoidance frames debt issuance> MARKET FOCUS: Conflict tests UAE diversificationTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/16715383/main.jpg -
Oman signs exploration agreement for methane hydrates Administrator7 May 2026
Oman’s Ministry of Energy & Minerals (MEMR) has signed an agreement with Victarens Global Energy for the exploration of methane hydrates in Block 83 in the sultanate.
Under the agreement, Victarens Global Energy will perform a study of Block 83, which spans approximately 11,000 square kilometers onshore Oman, over an initial period of two years, extendable for an additional two years based on the outcomes of the studies.
“This step marks the first initiative of its kind in the sultanate to assess the potential of gas production through non-conventional methods, contributing to the diversification and sustainability of energy sources,” the MEMR said in a statement.
The agreement was signed in Muscat by Salim Bin Nasser Al-Aufi, Oman’s Energy & Minerals Minister, and Kenan Issa, CEO of Victarens Global Energy.
The project will be implemented in two main phases. The initial investment for the first phase is estimated at approximately $20m, while the second phase is expected to require around $200m, “reflecting the strategic importance of this project in exploring non-conventional energy resources”, the MEMR said in a statement.
ALSO READ: Oman awards manganese exploration concession deal
The scope of work on the first phase includes geological studies, analysis and reprocessing of existing geophysical data, and carrying out new seismic surveys to determine the volume and thickness of methane hydrate layers within the study area.
Based on the results of this phase, the project will proceed to the second phase, which involves installing extraction equipment and testing the feasibility of commercial production.
Should the project demonstrate economic viability for methane hydrate production, negotiations will be conducted between the MEMR and the company to establish a long-term agreement, including the commercial terms and profit-sharing mechanisms that ensure mutual benefits for both parties.
“This agreement aims to explore and assess methane hydrate resources, supporting the adoption of advanced technologies in the energy sector and reinforcing the transition toward future energy sources, while promoting innovation and sustainability in the utilisation of natural resources. The agreement aligns with the objectives of Oman Vision 2040, which focuses on economic diversification, the development of the energy sector and strengthening the sultanate’s position as a regional hub for energy and advanced technologies,” the MEMR statement added.
READ THE MAY 2026 MEED BUSINESS REVIEW – click here to view PDFGlobal energy sector forced to recalibrate; Conflict hits debt issuance and listings activity; UAE’s non-oil sector faces unclear recovery period amid disruption.
Distributed to senior decision-makers in the region and around the world, the May 2026 edition of MEED Business Review includes:
> REGIONAL LNG: War undermines business case for Middle East LNG> CAPITAL MARKETS: Damage avoidance frames debt issuance> MARKET FOCUS: Conflict tests UAE diversificationTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/16703851/main1050.jpg -
Dubai advances Auto Market construction Administrator6 May 2026
The construction works on the Dubai Auto Market, which is set to become one of the world’s largest and most advanced automotive trading hubs, are progressing.
Enabling works are under way, being carried out by local contractor Rad International Road Construction.
US-based engineering firm Aecom is serving as the project consultant.
In November last year, Dubai Municipality signed a partnership agreement with DP World’s Economic Zones division to establish and manage the market, as MEED reported. Under the agreement, DP World will provide integrated logistics and zone management services, including e-commerce and trade finance solutions.
The Dubai Auto Market will span a 22 million-square-foot complex, to be developed by DP World. It is planned to include more than 1,500 showrooms, clustered workshop zones, warehouses and multi-storey parking facilities, alongside a convention centre, hotel, auction house, retail outlets, and food and beverage areas.
The facility is designed to handle more than 800,000 vehicles a year, including new and used electric, hybrid and conventional models.
The UAE’s construction industry is projected to expand by 5% in real terms in 2026, supported by rising foreign direct investment (FDI), growth in the construction sector and increased oil sector activity.
According to the UAE’s Federal Competitiveness and Statistics Centre, construction value added rose by 8.8% year on year (YoY) in Q2 2025, following YoY growth of 7% in Q1 2025 and 10.8% in Q4 2024.
The commercial construction sector is forecast to grow by 6.4% in 2026 and to record average annual growth of 4.9% from 2027 to 2030, supported by investment in tourism and hotel facilities.
The industrial construction sector is expected to expand by 4.1% in real terms in 2026, then to average 4.4% annually from 2027 to 2030, supported by improved investment in manufacturing facilities.
The infrastructure construction sector is projected to grow by 5.8% in real terms in 2026, before averaging 4.3% annual growth from 2027 to 2030, supported by the government’s focus on improving regional connectivity through road and rail development.
https://image.digitalinsightresearch.in/uploads/NewsArticle/16700367/main.png -
Saudi Arabia extends bid deadline for solar projects Administrator6 May 2026
Saudi Arabia’s principal buyer, Saudi Power Procurement Company (SPPC), has extended the deadline for developers bidding for four solar projects under the seventh round of the National Renewable Energy Programme (NREP).
Round seven of the NREP comprises solar photovoltaic (PV) and wind independent power producer (IPP) projects with a combined capacity of 5,300MW. The renewables programme is being led and supervised by the Ministry of Energy.
The four solar PV projects comprise:
- 1,400MW Tabjal 2 solar PV IPP (Tabrijal, Al-Jouf province)
- 600MW Mawqqaq solar PV IPP (Mawqqaq, Hail province)
- 600MW Tathleeth solar PV IPP (Tathleeth, Aseer province)
- 500MW South Al-Ula solar PV IPP (Al-Ula, Medina province)
The projects were tendered in January, with an initial bid submission deadline of 30 April.
The new deadline is 30 June.
The solar projects are the latest in a string of large-scale power and water developments across the region to have bidding extended in recent weeks.
In the UAE, the bid deadline for the seventh phase of Dubai Electricity & Water Authority’s Mohammed Bin Rashid Al-Maktoum Solar Park was recently pushed back to 1 July.
Bids for the 1,300MW Bilgah and 900MW Shagra wind IPPs are currently still due by 14 May, according to a source.
In January, MEED reported that 16 developers qualified to bid as both managing and technical members for the four solar PV projects under the seventh round of the NREP.
These include:
- Abu Dhabi Future Energy Company (Masdar)
- Alfanar Company (Saudi Arabia)
- Al-Gihaz Holding Company (Saudi Arabia)
- EDF Power Solutions (France)
- Kahrabel (Engie) (UAE / France)
- Sembcorp Utilities (Singapore)
- Jinko Power (HK) (China)
- TotalEnergies Renewables (France)
- Al-Jomaih Energy & Water (Saudi Arabia)
- Korea Electric Power Corporation (Kepco) (South Korea)
- Nesma Renewable Energy (Saudi Arabia)
- Korea Western Power (South Korea)
- Marubeni Corporation (Japan)
- SPIC Shanghai Electric Power (China)
- WahajPeak Holdings (Saudi Arabia)
- FAS Energy for Trading Company (Saudi Arabia)
A further six companies qualified to bid as a managing member only for the solar PV projects. These include:
- Saudi Electricity Company (Saudi Arabia)
- Grupo Empresarial Enhol (Spain)
- Power Construction Corporation of China (Power China) (China)
- GD Power Development (China)
- Gulf Development Public Company (Thailand)
- Reliance NU Energies Private (India)
The renewable energy programme aims to supply 50% of the kingdom’s electricity from renewable energy by 2030.
Earlier rounds under the NREP have already put in place large capacities. Last October, SPPC awarded contracts to develop and operate five renewable energy projects under round six of the NREP.
These comprise four solar PV IPP projects and one wind IPP project with a total combined capacity of 4,500MW.
READ THE MAY 2026 MEED BUSINESS REVIEW – click here to view PDFGlobal energy sector forced to recalibrate; Conflict hits debt issuance and listings activity; UAE’s non-oil sector faces unclear recovery period amid disruption.
Distributed to senior decision-makers in the region and around the world, the May 2026 edition of MEED Business Review includes:
> REGIONAL LNG: War undermines business case for Middle East LNG> CAPITAL MARKETS: Damage avoidance frames debt issuance> MARKET FOCUS: Conflict tests UAE diversificationTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/16700361/main.jpg -
EtihadWE awards EPC contract for Fujairah IWP Administrator6 May 2026
Etihad Water & Electricity (EtihadWE) has awarded an engineering, procurement and construction (EPC) contract for the Fujairah 1 independent water producer (IWP) project.
The agreement was signed with a consortium of UAE-based NMDC Infra and Spain’s Lantania Aguas.
The EPC works will be delivered by Lantania NMDC Water. The company was formed after NMDC Infra acquired a 51% stake in Lantania Aguas in January 2026.
Fujairah 1 is the second desalination project procured by EtihadWE under a public-private partnership (PPP) model. It follows the 150-million-imperial-gallon-a-day (MIGD) Naqa’a IWP in Umm Al-Quwain.
The project involves developing a 60 MIGD seawater reverse osmosis (SWRO) desalination plant. The total investment is valued at AED1.046bn ($285m), the utility said in a statement.
The plant will be located at the Port of Fujairah on the Gulf of Oman and will include storage capacity equivalent to 18 hours of production.
Construction is expected to take about 30 months. Initial operations will begin at partial capacity, followed by ramp-up to full output.
Details of the water offtake agreement for Fujairah 1 have not been disclosed. EtihadWE previously signed a 35-year water-purchase agreement for the Naqa’a project.
Mohammed Al-Shehhi, CEO of the development and investment arm of EtihadWE, said the company is “currently developing multiple SWRO projects to be announced in due course”.
In January, Dubai International Financial Centre-based Deloitte Professional Services submitted the lowest bid for a contract to provide consultancy services to Dubai Electricity & Water Authority (Dewa) and EtihadWE.
The contract scope includes conducting a pre-feasibility study for an SWRO IWP and water transmission pipelines project.
The study will assess potential project sites, optimal plant capacity, technical and commercial parameters and the viability of associated water transmission infrastructure.
According to a source, the study’s consultant has not yet been appointed.
https://image.digitalinsightresearch.in/uploads/NewsArticle/16700218/main.jpg -
June deadline for Riyadh section of Saudi Landbridge Administrator6 May 2026
Saudi Arabia Railways (SAR) has set a 2 June bid submission deadline for a design-and-build contract to construct the Riyadh Rail Link, a new railway line running north to south across Riyadh.
The tender was issued on 29 January. The previous bid submission deadline was 29 April.
The scope of work includes constructing a 35-kilometre-long double-track railway line connecting SAR’s North-South railway to the Eastern railway network.
The contract also covers the procurement, construction and installation of associated infrastructure such as viaducts, civil works, utility installations, signalling systems and other related works.
The project is expected to form a key component of the Saudi Landbridge railway.
In January, SAR said it would deliver the Saudi Landbridge project through a “new mechanism” by 2034, after failing to reach an agreement with a Chinese consortium to construct it, as MEED reported.
In an interview with local media, SAR CEO Bashar Bin Khalid Al-Malik said the consortium failed to meet local content requirements and that the project would now be delivered in several phases under a different procurement model.
The project has been under negotiation between Saudi Arabia and China-backed investors keen to develop it through a public-private partnership.
Al-Malik said that the project cost is about SR100bn ($26.6bn).
It comprises more than 1,500km of new track. The core component is a 900km new railway between Riyadh and Jeddah, which will provide direct freight access to the capital from King Abdullah Port on the Red Sea.
Other key sections include upgrading the existing Riyadh-Dammam line, a bypass around the capital called the Riyadh Link, and a link between King Abdullah Port and Yanbu.
The Saudi Landbridge is one of the kingdom’s most anticipated project programmes. Plans to develop it were first announced in 2004, but put on hold in 2010 before being revived a year later. Key stumbling blocks were rights-of-way issues, route alignment and its high cost.
.gif)
https://image.digitalinsightresearch.in/uploads/NewsArticle/16698846/main.jpg