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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.
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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.
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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.
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Bid deadline extended for Kuwait oil pipeline Administrator6 May 2026
State-owned upstream operator Kuwait Oil Company (KOC) has extended the bid deadline for a project to develop a crude oil pipeline in the country.
The invitation to bid was originally tendered in October last year, with a bid deadline of 18 January 2026.
Since then, the deadline has been extended several times, and the latest announced bid deadline is 31 May 2026.
The new pipeline will have a diameter of 20 inches and will carry the crude oil blend known as Ratawi-Burgen.
The project scope will involve replacing a 30-kilometre section of the pipeline known as CR-058.
The pipeline originates from the Wafra field and feeds crude oil into the larger 36-inch CR-088 crude oil pipeline.
The pipelines on this network have had documented corrosion issues in the past, which were linked to slow flow rates within the pipelines.
The Wafra field is located in the Partitioned Zone between Kuwait and Saudi Arabia.
Both countries equally share the natural resources contained in this region.
Kuwait is currently pushing to increase its oil production capacity.
In 2024, Kuwait Petroleum Corporation’s chief executive, Sheikh Nawaf Al-Sabah, reiterated that his company plans to increase Kuwait’s oil production capacity to 4 million barrels a day (b/d) by 2035.
In September last year, Kuwaiti Oil Minister Tareq Al‑Roumi announced that the country’s oil production capacity had reached 3.2 million b/d, its highest level in more than 10 years.
Kuwait had a similar capacity in the late 2000s, peaking at a recorded 3.3 million b/d in 2010.
Since the US and Israel’s attack on Iran on 28 February, Kuwait’s oil and gas sector has been rocked by the disruption to shipping through the Strait of Hormuz, through which all of the country’s crude is normally exported.
Kuwait recorded zero crude oil exports in April for the first time since the end of the Gulf War in 1991, according to shipping monitor TankerTrackers.com.
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/16691664/main5905.jpg -
Libya still silent on budget for state oil firms Administrator6 May 2026
Libya’s state-owned National Oil Corporation (NOC) has yet to provide its subsidiaries with details of how much funding they will receive under the country’s new budget, according to industry sources.
The failure to quickly communicate information about how the budget will be distributed has disappointed some industry stakeholders.
One source said: “NOC’s failure to tell its subsidiaries how much money is going to be available to them to spend on projects means that significant uncertainty remains about which projects will progress and when.”
Libya’s rival legislative bodies approved a unified state budget for the first time in more than 13 years earlier this year.
The Central Bank of Libya confirmed on 11 April that both chambers had endorsed the budget, saying that it was a key step towards restoring financial stability after prolonged division.
The budget is valued at LD190bn ($29.95bn), and LD12bn ($1.9bn) has been allocated to NOC.
An additional LD40bn ($6.3bn) has been allocated for “development projects”.
Libya has said a joint committee has been formed to help prioritise development projects, which have been listed in the budget.
The budget was announced at a time when Libya’s oil and gas sector could be positioned to generate windfall revenues as prices remain high due to fallout from the US and Israel’s war with Iran.
One industry source said: “I understand that there might be processes to go through and important decisions that need to be made, but it is also important that NOC acts quickly in order to get projects moving.”
Over the past decade, the country has had two rival governments; the last time the country operated under a single national budget was in 2013.
The country’s two legislatures are the eastern-based House of Representatives and the Tripoli-based High Council of State.
As a result of the US and Israel’s war with Israel, there has been significant disruption to shipping through the Strait of Hormuz, which normally transports around 20% of the world’s oil and gas exports.
Libya is well-positioned to capitalise on this situation, as energy-importing nations seek reliable oil and gas supplies.
The North African country is located near Europe, with several large oil and gas export ports and a pipeline that transports gas to Italy.
Libya has the largest oil reserves in Africa, but has struggled to implement projects to develop them over recent years due to political infighting and security problems.
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/16691662/main.png -
RTCC wins Diriyah civic quarter deal Administrator6 May 2026
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Saudi gigaproject developer Diriyah Company has awarded an estimated SR730m ($195m) construction contract for civic quarter buildings within the Diriyah development in Riyadh.
The contract was awarded to local construction firm Al-Rashid Trading & Contracting Company (RTCC).
The package comprises administrative and public service buildings, including the office, a post office, civil defence, a police station, the Diriyah operations centre and a traffic police station.
According to regional projects tracker MEED Projects, bids for the contract were submitted in December last year.
The latest award follows Diriyah’s announcement of a SR1.84bn ($490m) construction contract for the Saudi Arabia Museum of Contemporary Art (SAMoCA) within the Diriyah development. The contract was awarded to a consortium of Egyptian contractor Hassan Allam Construction and Saudi Arabia’s Albawani.
In March, Diriyah Company awarded an estimated SR2.5bn ($666m) contract to build the Pendry superblock package in the DG2 area.
The Pendry superblock includes the construction of the Pendry Hotel alongside residential and commercial assets. The package will cover 75,365 square metres and is located in the northwestern district of the DG2 area.
The previous month, Diriyah Company also awarded a SR717m ($192m) contract for the construction of the One Hotel, located in the Diriyah Two area of the masterplan, with a gross floor area of more than 31,000 sq m.
The Diriyah masterplan envisages the city as a cultural and lifestyle tourism destination. Located northwest of Riyadh city centre, it will span 14 square kilometres and combine 300 years of history, culture and heritage with hospitality facilities.
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Hormuz crisis revives 1970s-style energy shock Administrator5 May 2026
Commentary
Colin Foreman
EditorRead the May issue of MEED Business Review
The conflict with Iran is threatening to recalibrate the global energy system. The effective closure of the Strait of Hormuz has caused an energy security crisis reminiscent of the shocks of the 1970s – both in scale and in its potential long-term implications.
The 1973-74 energy crisis, triggered by an Opec oil embargo, sent prices soaring and altered the trajectory of the global economy. It spurred the creation of the International Energy Agency, the development of strategic petroleum reserves and a wave of energy-efficiency policies. It also cemented energy-for-security arrangements between the West and the Gulf – relationships now being tested again by the latest conflict.Today’s disruption – 11 million barrels of oil a day and around 20% of global liquefied natural gas (LNG) shipping capacity – creates a deficit that far exceeds the roughly 5 million barrels a day removed from the market in 1973.
While the shocks of the 1970s ushered in a decade of stagflation and a lasting shift towards diversified supply, the current crisis could accelerate demand destruction and a pivot towards energy sovereignty.
The story is a developing one. From Vietnam’s cancellation of LNG projects in favour of renewables to the surge in electric vehicle adoption across Europe, the perceived unreliability of traditional supply routes is forcing an unprecedented reorientation of capital.
The Middle East – long the indispensable heartbeat of global industry – now risks sustained challenges to its market share as producers in the US, Russia, Africa and South America develop new projects unencumbered by reliance on the Strait of Hormuz.
The structural changes taking root in 2026, like those in 1974, will outlive the conflict itself. Even a swift cessation of hostilities may not allow markets to return to their pre-conflict norms.
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 here
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Brookfield to double down on Gulf investment Administrator5 May 2026
Brookfield CEO Bruce Flatt has said the asset and alternative investment management company intends to increase its investments in the Gulf, despite the ongoing conflict in the region.
When asked whether the war is changing the way he thinks about the Gulf region during an interview with CNBC at the Milken Institute Global Conference on 4 May, he said: “No, short answer no – in fact, [we’re] doubling down, we are doing more.
“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.”
Flatt suggested the current period of geopolitical stress could accelerate long-term economic strengthening across the Gulf, arguing that governments and businesses will respond by investing in self-sufficiency and strategic infrastructure. “They will eventually build better countries because of this,” he said.
Flatt added: “They’re going to build resiliency in all their systems. They’re going to build their own artificial intelligence (AI). They’re going to build their own pipelines to the coast. They’re going to do things they didn’t do before. They have to do it. They probably should have, but they’re going to now, and they’re going to be more resilient.”
UAE meetings
Flatt has also travelled to the region since the conflict began on 28 February, meeting senior UAE officials to discuss investment opportunities and deepen cooperation. 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. The meeting explored ways to strengthen cooperation in investment and asset management between UAE-based institutions and Brookfield, in line with global economic trends and evolving market demands.
Two days later in Dubai, Flatt met Sheikh Maktoum Bin Mohammed Bin Rashid Al-Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance and Chairman of the Dubai International Financial Centre (DIFC). During the meeting, both sides explored opportunities to expand cooperation, highlighting the UAE and Dubai’s value proposition for global investors, including an integrated financial system, a flexible and advanced regulatory environment and world-class digital infrastructure. Discussions also covered Dubai’s role as a bridge between East and West, and the emirate’s emphasis on long-term partnerships and a transparent, business-friendly environment.
Qatar partnership
Brookfield’s regional activities are not limited to the UAE. In late 2025, the firm and Qai – Qatar’s 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 expected to support Qatar’s ambition to become a hub for AI services and infrastructure in the Middle East. It is slated to be backed through Brookfield’s Artificial Intelligence Infrastructure Fund, part of a broader AI infrastructure programme targeting up to $100bn in global investment.
Brookfield Infrastructure maintains a vast and diversified global portfolio characterised by high-barrier-to-entry assets across five core sectors. The data infrastructure segment has become a primary growth engine, currently comprising 150 data centres with significant operating capacity and about 308,000 operational telecom sites. In the utility and energy midstream space, the firm manages over 1,900 miles of electric transmission lines and a network of 2,100 miles of gas pipelines. The transport sector is another cornerstone of the portfolio, anchored by 22,500 miles of rail operations.
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Insurers will only cover a fraction of war damage to oil and gas facilities Administrator5 May 2026
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Insurers are expected to cover only a fraction of the damage to oil and gas facilities in the Middle East caused by the regional war, according to industry sources.
Standard industrial property and business interruption policies typically exclude damage and disruption caused by acts of war. Companies therefore need specialist war-risk insurance or political violence and terrorism (PVT) insurance to be eligible for payouts.
While most state-owned national oil companies (NOCs) are likely to have arranged this type of cover for major facilities, it is less common among smaller private or publicly traded companies.
As a result, many assets – such as smaller fertiliser plants and chemical facilities – are expected to be uninsured for war-related damage.
“War insurance was never a widely purchased product in the region,” said one source. “It’s one of these things that people never really believe is going to happen.
“In a lot of companies, spending hundreds of thousands of dollars every year for this kind of product was seen as something they couldn’t really justify.”
Even companies that purchased war-risk or PVT insurance before the US and Israel attacked Iran on 28 February are unlikely to be covered for the full extent of war damage.
War-risk insurance for large assets such as oil refineries or LNG terminals typically carries limits of $200m to $500m.
In many cases, repairs to the region’s large and complex oil and gas facilities are likely to cost billions of dollars.
One source said: “If you had, for example, an oil refinery that’s worth $8bn, you couldn’t really buy a war insurance policy to cover the price of a complete rebuild.
“There just isn’t enough insurance capacity in the market to buy that level of cover.
“Very often NOCs were buying cover at the highest level they could find, but this was limited by what markets were prepared to insure.”
Payout timing
Full insurance settlements for war damage are expected to take significant time – potentially 18 months to two years for some policyholders.
Payments typically begin with an initial payout of around 20%-30% of the total claim. This is followed by a second payment mid-project – usually once engineering is complete – and then a final payment.
In most cases, projects to rebuild and repair damaged oil and gas facilities are not expected to be delayed while owners wait for insurance proceeds.
One source said: “A lot of the owners of these damaged facilities don’t see the current situation as the right time to start rebuilding, but that isn’t because they are waiting for insurance money.
“The risk of new attacks and more damage is still high, and they are going to want to wait for signs of more stability before they start rebuilding.”
Experts believe that once the security environment improves, facility owners will begin tendering repair and reconstruction contracts even if insurers have not settled claims.
“A lot of the companies that operate oil, gas and chemical facilities in the region have access to funds that will allow them to rebuild without being reliant on insurers,” said one source.
“Even if they have a policy that they expect to pay out, it is likely that they will go ahead with the project before receiving full payment if they think it is the right time to rebuild.”
Once the security environment improves, the cost of rebuilding fully destroyed units is expected to be higher than when they were originally constructed, due to multiple rebuild projects progressing in parallel across the region.
This is likely to drive a spike in demand for skilled labour and materials, pushing up costs.
Market impact
Insurers providing this type of cover in the region have generally experienced several years of low payout levels, so they are expected to meet claims with limited financial strain.
However, the volume of claims stemming from the US and Israel’s war with Iran is expected to harden the war-risk and PVT insurance market, increasing premiums for owners of oil and gas facilities for some time.
Ultimately, the limited scope of coverage means the financial burden of the war will fall more heavily on asset owners than on insurers.
Even where cover is in place, policy limits mean insurers will only partially offset the cost of rebuilding large facilities, leaving companies and governments to bridge funding gaps.
The experience is likely to prompt a reassessment of risk across the region’s energy sector, with lenders and investors placing greater emphasis on potential political violence-related damage when evaluating projects.
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/16683871/main.jpg