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Contractors confirm $683m Oman power plant contract Administrator21 August 2026
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China-headquartered Shandong Electric Power Construction No. 3 Company (Sepco 3) and South Korea’s Doosan Enerbility have confirmed their involvement as contractors on the 1,700MW Misfah combined-cycle gas turbine (CCGT) project in Oman.
In a statement, Sepco 3 said it signed the contract on 20 August. On 21 August, Doosan disclosed a KRW930bn ($683m) contract with Jabel Power, the project company for the Misfah plant. The contract runs from 20 August 2026 to 1 April 2029.
The same consortium signed the engineering, procurement and construction (EPC) contract for the 890MW Duqm CCGT power plant in June. At the time, Doosan disclosed a contract worth about $350m.
In May, MEED exclusively reported that the group had been appointed as the main contractor for the two power plants, subject to the official signing.
State offtaker Nama Power & Water Procurement (Nama PWP) had previously signed power-purchase agreements (PPAs) for the development and operation of the plants.
The developer’s contract was awarded to a consortium comprising Korea Western Power (Kowepo), Qatar’s Nebras Power, the UAE’s Etihad Water & Electricity (EtihadWE) and Oman’s Bhawan Infrastructure Services.
As MEED understands, construction works have already commenced on the power plant projects. A China-based procurement listing in June shows that civil works procurement was under way for the Misfah independent power producer (IPP).
The civil package F tender covered piling, reinforcement cages, concrete works and pile testing, with work scheduled to start in July and finish by November
As reported in July, Germany’s Siemens Energy will supply power generation technology and long-term service agreements for the Misfah and Duqm IPP projects.
This includes the supply of six F-class gas turbines, six generators and 20-year long-term service agreements for the equipment.
The Misfah IPP will be led by Nebras Power and located in Wilayat Bousher in Muscat Governorate. The Duqm IPP will be led by Kowepo and located in Wilayat Duqm in Al-Wusta Governorate.
According to Nama PWP, the total investment for the two projects is estimated at approximately RO1bn ($2.6bn).
Synergy Consulting is the financial adviser and lead adviser to Nama PWP for these projects.
In November, Oman’s OQ Gas Networks received final investment approval to proceed with gas supply connections for the facilities.
The Misfah IPP will receive 8.5 million cubic metres a day (cm/d) of natural gas. The Duqm IPP will be supplied with 4.5 million cm/d of natural gas.
In March 2025, the same Sepco 3 and Doosan Enerbility consortium signed an EPC contract with Saudi Electricity Company to expand Riyadh Power Plant 12 (PP12). Located about 150 kilometres northwest of Riyadh, the 1,863MW power plant is expected to be completed in 2028.
READ THE AUGUST 2026 MEED BUSINESS REVIEW – click here to view PDFSaudi 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:
> WORLD CUP: What the 2026 World Cup means for Saudi Arabia 2034> MARKET FOCUS: Maghreb fortunes diverge> INDUSTRY REPORT: GCC banks prove resilient amid turmoil> LEADERSHIP: Private capital and the GCC infrastructure inflection> INTERVIEW: Developers look beyond standalone solarTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/18911106/main.jpg -
Adnoc plans new offshore-to-onshore oil transport pipeline Administrator20 August 2026
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Abu Dhabi National Oil Company is moving ahead with an ambitious plan to build an oil pipeline network that will transport oil from its main offshore oil processing islands in the Gulf to its onshore crude export terminal in Jebel Dhanna, Abu Dhabi.
The planned pipeline network will source crude from Zirku Island and Das Island, where Adnoc gathers and treats oil produced at Abu Dhabi’s offshore fields, among other processing hubs, and transport those volumes across 300 kilometres inland to the Jebel Dhanna terminal.
According to sources, the proposed pipelines will eventually connect to the West-East crude pipeline network currently being built from Abu Dhabi’s Jebel Dhanna to the emirate of Fujairah, and is expected to be commissioned in 2027.
The Abu Dhabi energy giant has awarded a contract for concept studies and front-end engineering and design (feed) to Abu Dhabi-based NT Energies, a joint venture of Abu Dhabi-based contractor NMDC Energy and France’s Technip Energies, sources told MEED.
NT Energies is expected to carry out the concept studies and feed on a “fast-track basis”, with the work anticipated to take seven months, sources said.
A kick-off meeting between the client and the appointed consultant took place on 6 July, sources added.
Additionally, Adnoc has appointed Australia-headquartered Worley to provide project management consultancy (PMC) services, sources further said.
West-East oil pipeline
In May, Adnoc said it was accelerating work on the West-East crude transport pipeline project from Jebel Dhanna to Fujairah, upon directions from its board.
The West-East pipeline project involves constructing a cross-country pipeline to transport crude from Adnoc’s export terminal at Jebel Dhanna to the Fujairah terminal, covering a distance of about 520km.
The pipeline will double Adnoc’s crude export capacity through Fujairah on the Indian Ocean coast and enable shipments to bypass the geopolitically volatile Strait of Hormuz.
Crude will be sourced from Adnoc’s offshore processing centres at Das, Zakum and Umm Lulu islands before being stored at new storage facilities to be built at the Jebel Dhanna terminal.
The pipeline will be segmented into three sections:
- Jebel Dhanna to Habshan main pumping station (MPS) – 115km
- Habshan MPS to Sweihan depot – 254km
- Sweihan depot to Fujairah terminal – 153km
Adnoc awarded Egyptian contractor Engineering for Petroleum & Process Industries (Enppi) an engineering, procurement and construction management (EPCm) contract for the project in February 2024.
Adnoc’s total spend on EPCm works could be as high as $3bn, MEED previously reported.
Sources have told MEED that Adnoc has, in turn, appointed state-owned China Petroleum Pipeline (CPP) and locally based Bin Asheer to carry out construction works on the three segments of the West-East pipeline network.
READ THE AUGUST 2026 MEED BUSINESS REVIEW – click here to view PDFSaudi 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:
> WORLD CUP: What the 2026 World Cup means for Saudi Arabia 2034> MARKET FOCUS: Maghreb fortunes diverge> INDUSTRY REPORT: GCC banks prove resilient amid turmoil> LEADERSHIP: Private capital and the GCC infrastructure inflection> INTERVIEW: Developers look beyond standalone solarTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/18887774/main0639.jpg -
Contractors confirm Al-Maktoum airport people-mover award Administrator20 August 2026
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A team of Japan’s Mitsubishi Corporation and Indian contractor Larsen & Toubro (L&T) has confirmed that it has won a design-and-build contract for the automated people-mover (APM) system for phase one of Al-Maktoum International airport in Dubai.
In a statement released earlier today, L&T classified the contract as large, a term the company uses to denote an order value of $261m-$523m.
MEED exclusively reported in July that Dubai Aviation Engineering Projects (DAEP) had selected a contractor to deliver the APM system as part of the first phase of the $35bn expansion of the airport.
The APM system will serve as a critical facility for operations at Al-Maktoum International. The system will run under the apron of the entire airfield and the airport’s terminals. It will consist of several tracks, taking passengers from the terminals to the concourses.
Four underground stations will be built as part of the first phase. The overall plan includes 14 stations at the airport.
The firms submitted the bids for the project in July last year, as MEED exclusively reported.
The contract is the latest in a series of awards signed by DAEP recently. It has awarded contracts valued at about AED13bn ($3.5bn), with construction works currently under way on several airport packages.
These include enabling works, the second runway and the initial structural foundations for passenger terminals and gates.
Upcoming awards
In June, DAEP said that it will award contracts worth over AED55bn ($15bn) by the end of this year for construction works at Al-Maktoum International airport.
The projects slated for contract awards include the substructure works for the western passenger terminal, the fourth aircraft concourse building and the baggage handling system, in addition to the superstructure works for the western passenger terminal and the first, second and third aircraft concourses.
The packages also encompass long-span structural frameworks for buildings covering about 1.5 million square metres (sq m), infrastructure works for the southern airfield area and power generation and district cooling plants supporting the construction programme.
The award of the facade and roofing packages is also planned for this year.
Construction progress
In May last year, MEED exclusively reported that DAEP had awarded a AED1bn ($272m) deal to UAE firm Binladin Contracting Group to construct the second runway at the airport.
The enabling works on the terminal were awarded to Abu Dhabi-based Tristar E&C.
Construction on the project’s first phase is expected to be completed by 2032.
Construction of substructure works began in November last year, when DAEP formally selected a contractor to deliver the package.
The government approved the updated designs and timelines for its largest construction project in April 2024.
In a statement, the authorities said the plan is for all operations from Dubai International airport to be transferred to Al-Maktoum International within 10 years.
According to an official description on DAEP’s website, the expanded airport’s West Terminal will be a seven-level, 800,000 sq m facility with an annual capacity of 45 million passengers.
It will be the second of three terminals at the airport.
In September 2024, MEED exclusively reported that a team comprising Austria’s Coop Himmelb(l)au and Lebanon’s Dar Al-Handasah had been confirmed as the lead masterplanning and design consultant on the expansion of Al-Maktoum.
The airport’s construction is planned to be undertaken in three phases. It will cover an area of 70 square kilometres south of Dubai and will have five parallel runways and 430 aircraft gates.
It will be five times the size of the existing Dubai International airport and will have the world’s largest passenger-handling capacity of 260 million passengers a year. For cargo, it will have the capacity to handle 12 million tonnes a year.
READ THE AUGUST 2026 MEED BUSINESS REVIEW – click here to view PDFSaudi 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:
> WORLD CUP: What the 2026 World Cup means for Saudi Arabia 2034> MARKET FOCUS: Maghreb fortunes diverge> INDUSTRY REPORT: GCC banks prove resilient amid turmoil> LEADERSHIP: Private capital and the GCC infrastructure inflection> INTERVIEW: Developers look beyond standalone solarTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/18884056/main.png -
Saudi Arabia awards estimated $1bn phosphate rail deal Administrator20 August 2026
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Saudi Arabian Railways (SAR) has awarded an estimated SR4bn-plus ($1.1bn) contract to add another track to the first section of the existing phosphate transport railway network in the kingdom’s Eastern Province.
The contract was awarded to local firm Alomaier Trading & Contracting Company.
The scope includes track doubling, alignment modifications, utility bridges, culvert widening and hydrological structures, as well as the conversion of the AZ1 siding into a mainline track.
The scope also covers support for signalling and telecommunications systems.
The existing railway line runs from the Waad Al-Shamal mines to Ras Al-Khair. The new project will cover about 100 kilometres (km), connecting the AZ1/Nariyah Yard to Ras Al-Khair.
Switzerland-based engineering firm ARX is the project consultant.
The project is the first of four packages for the phosphate railway line that SAR is expected to award imminently.
In 2023, MEED reported that SAR was planning two projects to increase its freight capacity, including an estimated SR4.2bn ($1.1bn) project to install a second track on the North Train freight line and construct three new freight yards.
Formerly known as the North-South Railway, the North Train is a 1,550km-long freight line running from the phosphate and bauxite mines in the far north of the kingdom to the Al-Baithah junction. There, it diverges into a line southward to Riyadh and a second line running east to downstream fertiliser production and alumina refining facilities at Ras Al-Khair on the Gulf coast.
Adding a second track and the freight yards will significantly increase cargo-carrying capacity on the network and facilitate growth in industrial production. Project implementation is expected to take four years.
State-owned SAR is also considering increasing the localisation of railway-focused materials and equipment, including the construction of a cement sleeper manufacturing facility.
READ THE AUGUST 2026 MEED BUSINESS REVIEW – click here to view PDFSaudi 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:
> WORLD CUP: What the 2026 World Cup means for Saudi Arabia 2034> MARKET FOCUS: Maghreb fortunes diverge> INDUSTRY REPORT: GCC banks prove resilient amid turmoil> LEADERSHIP: Private capital and the GCC infrastructure inflection> INTERVIEW: Developers look beyond standalone solarTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/18876428/main.jpg -
Libya and Tunisia reschedule joint oil and gas licensing round Administrator19 August 2026
The Libyan-Tunisian Joint Oil Exploration, Exploitation & Petroleum Services Company (Joint Oil) has rescheduled its planned licensing round for offshore exploration and development projects in a zone spanning the waters of both countries.
The bidding process is now due to open on 7 September 2026, with bid submissions due by 8 January 2027.
Previously, in May, Joint Oil said it planned to open the bid round on 1 August 2026.
The upcoming round will offer two oil and gas packages. The first is an exploration package across the 3,000-square-kilometre Joint Oil Block, in water depths of 80-120 metres.
Significant data is available on the geology of this area, including 6,500km of 2D and 1,900 square kilometres of 3D seismic data. Data also exists from a run of legacy wells dating to 1976.
The second package covers development of the Zarat discovery specifically. This is a gas-condensate reservoir straddling the boundary between Tunisia’s national acreage and the jointly-held Joint Oil Block.
Joint Oil is equally owned by Tunisia’s national oil company, ETAP, and OLA Energy Holdings, a subsidiary of the Libya Africa Investment Portfolio (LAIP).
LAIP is a subsidiary of Libya’s sovereign wealth institution, the Libya Investment Authority.
Joint Oil was established under a bilateral agreement between Libya and Tunisia in 1988 to explore and develop hydrocarbons in offshore areas shared by the two countries.
The key dates from the new schedule for the licensing round are:
- 7 September 2026: Bid round opens; qualified offshore operators can apply for access to the Virtual Data Room
- 9 September 2026: Joint Oil presents the opportunity at the MMEA Scout Group meeting in London
- 29-30 September 2026: Joint Oil presents at the World Energy Summit in London
- 31 December 2026: Bid round closes
- 8 January 2027: Bid submissions due
- 26 February 2027: Winning bidders notified
- 30 April 2027: Formal awards expected
Texas-based Moyes & Co is acting as a strategic adviser on the licensing round.
Houston-headquartered Marathon discovered the Zarat field in 1992. It is estimated to hold around 0.4 trillion cubic feet of recoverable gas and 50 million barrels of liquids.
A previous development project concept centred on a mobile production unit, worth around $1bn, tied back to the nearby Miskar platform.
Despite this, the field has remained undeveloped for over three decades.
One of the key challenges to developing the reserve is its high carbon dioxide content.
Joint Oil has run bid rounds for the acreage before without success, including as recently as late 2023.
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L&T seeks approvals for Kuwaiti oil project Administrator19 August 2026
India’s Larsen & Toubro (L&T) is going through the required approvals processes ahead of starting work on the ground for a planned oil project in Kuwait worth $979.2m, according to industry sources.
The engineering, procurement and construction (EPC) contract for the project to develop Jurassic Light Oil storage and export facilities in Kuwait, as well as upgrades to Kuwait Oil Company’s (KOC's) existing export network, was awarded on 15 July 2026.
Site work is expected to start once the required approvals for the project have been given, sources said.
One source close to the company said that L&T is progressing with the development and does not see geopolitical factors as having a major impact on the project.
Kuwait’s oil and gas sector is currently in crisis due to the regional war that started after the US and Israel attacked Iran on 28 February.
The war has severely disrupted exports through the Strait of Hormuz, which Kuwait relies on in order to ship crude exports.
It has also disrupted the importation of equipment and materials for projects, causing project costs to increase.
Sheikh Nawaf Saud Al-Sabah, deputy chairman and CEO of Kuwait Petroleum Corporation (KPC), the country’s state energy conglomerate, recently described the current conflict as the biggest oil crisis the country has faced since Iraq’s 1990 invasion.
Despite the significant reduction in crude exports, Kuwait’s state-owned oil companies have continued to tender some projects.
Project scope
The scope of work under the contract awarded to L&T in July includes the EPC of six new crude oil storage tanks, each with an operating capacity of 618,000 barrels, along with associated facilities, the Mumbai-headquartered company said on 29 July.
The project also involves “the installation of new pipelines and comprehensive upgrades to Kuwait’s existing crude loading and export network, to seamlessly accommodate increased production and enhance the country’s crude handling capabilities”, the Bombay Stock Exchange-listed company said.
It also said that the contract will be executed on a lump-sum turnkey basis.
Only two companies submitted bids for the contract in October last year:
- L&T (India): KD303.5m ($988m)
- Petrofac (UK): KD310.6m ($1.01bn)
Following bid submission, KPC – KOC’s parent company – discussed the potential cancellation of the tender due to bids coming in significantly over budget and Petrofac becoming ineligible to win contracts in Kuwait.
The contractor was temporarily barred from participating in tenders in Kuwait’s oil and gas sector in December last year.
Petrofac received the ban after the company announced it had applied to appoint administrators, a move that potentially put thousands of jobs at risk and increased uncertainty for projects worth billions of dollars in the Middle East and North Africa region.
Despite discussions about cancelling the tender, KPC ultimately decided to proceed with the award process because it considered the project a high priority.
One source previously told MEED: “Around the same time, projects worth around $8bn were cancelled because of bids coming in over budget, but this one has gone ahead because KPC sees it as an essential project.”
The project was originally tendered in November 2024, with a bid deadline of 1 December the same year. The bid deadline was extended several times before bids were ultimately submitted.
READ THE AUGUST 2026 MEED BUSINESS REVIEW – click here to view PDFSaudi 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:
> WORLD CUP: What the 2026 World Cup means for Saudi Arabia 2034> MARKET FOCUS: Maghreb fortunes diverge> INDUSTRY REPORT: GCC banks prove resilient amid turmoil> LEADERSHIP: Private capital and the GCC infrastructure inflection> INTERVIEW: Developers look beyond standalone solarTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/18860985/main2200.jpg -
Frontrunner emerges for Jafurah fifth expansion phase Administrator19 August 2026
A frontrunner appears to have emerged to win the main contract from Saudi Aramco for a project representing the fifth expansion phase of the Jafurah unconventional gas development programme in Saudi Arabia.
The main scope of work on the fifth expansion phase of Jafurah involves the engineering, procurement and construction (EPC) of three gas compression plants at the gas basin in the kingdom’s Eastern Province. Each plant will be capable of processing up to 200 million cubic feet a day (cf/d).
Aramco set 19 July as the final deadline for proposals, and contractors submitted their bids by that date, MEED previously reported.
Following Aramco's initial evaluation of the proposals, China Petroleum Engineering & Construction Company (CPECC) is understood to be in a favourable position to secure the main EPC contract for the project, according to sources.
“It is still early days, and Aramco is still in discussions with the other bidders for Jafurah 5,” one source said.
“CPECC is leading the race, based upon initial evaluation [by Aramco], but the situation remains subject to change as negotiations [between the client and bidders] continue,” another sources told MEED.
ALSO READ: Aramco moves apace with Jafurah unconventional gas campaign
The Saudi energy giant is understood to have issued the main EPC tender for the project in the first quarter of this year.
Aramco issued a solicitation of interest for the Jafurah fifth expansion phase in mid-November, with contractors submitting responses by 30 November, MEED previously reported.
UK-headquartered Wood Group has carried out the front-end engineering and design for the project.
The Jafurah basin is the largest liquid-rich shale gas play in the Middle East, spanning about 17,000 square kilometres. The reserve is estimated to contain 229 trillion cubic feet of gas and 75 billion stock-tank barrels of condensate.
Aramco recently brought the greenfield Jafurah gas processing plant online, with a production capacity of 450 million cf/d, marking the commissioning of the first phase of its $100bn capital expenditure programme to produce gas from the unconventional resource base.
The company had previously stated it expected to start gas production at Jafurah in 2025, with the intention of progressively ramping up to 2 billion cf/d of sales gas, 420 million cf/d of ethane and 630,000 barrels a day (b/d) of high-value liquids by 2030.
Aramco has said that its unconventional gas programme, at peak production, is expected to generate electricity equivalent to displacing 500,000 b/d of oil.
Jafurah gas development phases
Along with evaluating bids for EPC works on the fifth expansion phase project at Jafurah, Aramco also recently kicked off EPC works on the fourth expansion phase.
MEED reported in April that Aramco had selected Indian contractor Larsen & Toubro Energy Hydrocarbon (L&TEH) as the main contractor for the fourth phase, which sources estimate could be valued at about $1.5bn.
The main scope of work on Jafurah's fourth expansion phase involves the EPC of two gas compression trains at the gas basin. Each plant will be able to process up to 200 million cf/d.
Aramco has only issued a draft letter of award for the project to L&TEH, however, based on which the contractor has started EPC works. The official contract award and final investment decision are pending, according to sources.
EPC work on the third phase of the Jafurah unconventional gas development programme is also advancing.
In July 2024, Aramco issued a non-binding letter of intent to a consortium of Tecnicas Reunidas and Sinopec Group for the EPC contract for phase three. The value of the contract is estimated to be $2.24bn.
The objective of the third expansion phase is similar to that of the fourth phase of development. The main scope of work involves the EPC of three gas compression plants, each with a capacity of 200 million cf/d.
The third phase’s scope of work also includes building a 230kV substation to power the new gas compression plants, and installing other utilities units, piping systems and safety equipment.
The selection of contractors for the third expansion phase of the development came within weeks of Aramco officially awarding EPC contracts for the second phase, which aims to raise the field's processing potential to up to 2 billion cf/d of raw gas.
Aramco awarded 16 contracts, worth a combined total of about $12.4bn, for the second expansion phase on 30 June 2024.
The EPC scope of work on that project involves the construction of gas compression facilities and associated pipelines, and the expansion of the Jafurah gas plant, including the construction of gas processing trains, utilities, sulphur and export facilities, Aramco said in a statement.
The main EPC packages of the Jafurah second expansion phase project, their estimated values and the selected contractors are:
- Package 1 – gas processing plant and main process units – $2.9bn: Larsen & Toubro Energy Hydrocarbon (India)
- Package 2 – utilities and offsites – $2.4bn: Hyundai Engineering (South Korea)
- Package 3 – gas compression units – $1bn: Larsen & Toubro Energy Hydrocarbon
- Riyas natural gas liquids (NGL) package 1 – NGL fractionation trains – $1bn: Tecnicas Reunidas / Refining & Chemical Engineering Group (part of China’s Sinopec Group)
- Riyas NGL package 2 – utilities, storage and export facilities – $2.2bn: Tecnicas Reunidas/Refining & Chemical Engineering Group
- Riyas NGL package 6 – site preparation works – $107m: Mofarreh Alharbi & Partners (Saudi Arabia)
- Riyas NGL package 9 – temporary construction facilities – $80m: Mofarreh Alharbi & Partners
Aramco kickstarted EPC works on the first phase of the programme in November 2021 by awarding $10bn-worth of subsurface and EPC contracts.
In February 2020, Aramco received a capital expenditure grant of $110bn from the Saudi government for the long-term phased development of the Jafurah unconventional gas resource base.
The Jafurah programme is central to Aramco’s goal of increasing gas production capacity. The target has recently been raised to 80%, with 2021 as the baseline, up from 60%, to meet rising domestic and global demand. The company expects life-cycle investment in Jafurah to exceed $100bn.
Aramco completed an $11bn lease-and-leaseback deal in late October 2025 for gas processing facilities at the Jafurah unconventional gas reserve with a consortium led by funds managed by Global Infrastructure Partners (GIP), part of US asset manager BlackRock.
Under the transaction, a newly formed subsidiary, Jafurah Midstream Gas Company (JMGC), will lease development and usage rights to the Jafurah field gas processing plant and the Riyas natural gas liquids fractionation facility.
After 20 years, JMGC will lease the assets back to Aramco. JMGC will collect a tariff payable by Aramco in exchange for granting Aramco the exclusive right to receive, process and treat raw gas from the Jafurah resource base.
Aramco will hold a 51% majority stake in JMGC, while the GIP-led consortium will hold the remaining 49%. Investors participating in the GIP-led consortium include Hassana Investment Company, the Arab Energy Fund and Aberdeen Investcorp Infrastructure Partners, as well as other institutional investors from North and Southeast Asia and the Middle East.
READ THE AUGUST 2026 MEED BUSINESS REVIEW – click here to view PDFSaudi 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:
> WORLD CUP: What the 2026 World Cup means for Saudi Arabia 2034> MARKET FOCUS: Maghreb fortunes diverge> INDUSTRY REPORT: GCC banks prove resilient amid turmoil> LEADERSHIP: Private capital and the GCC infrastructure inflection> INTERVIEW: Developers look beyond standalone solarTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/18859466/main1036.jpg -
UAE cuts trade and financial links with Iran Administrator19 August 2026
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The UAE has halted all trade, commercial exchanges and financial transactions with Iran until further notice, the Ministry of Foreign Affairs said on 19 August.
The suspension has been imposed in light of escalations that undermine regional and international peace and security, the ministry said. It did not specify a timeframe for any resumption.
The ministry rejected allegations regarding the status of the economic relationship between the UAE and Iran, and restated the UAE's commitment to dialogue, cooperation and regional integration as means of advancing peace, stability and prosperity in the region.
It said the UAE remains committed to safeguarding the integrity of the financial system, in line with international law and global standards.
The suspension covers the full range of commercial and financial links between the two countries. The UAE has historically been one of Iran's most significant trading partners, with much of the relationship built on re-export trade routed through Dubai to Iranian ports across the Gulf.
The ministry statement did not detail the mechanism for enforcing the halt, the sectors affected, or arrangements for existing contracts and in-transit cargo.
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Abu Dhabi begins Dar Al-Funoon Saadiyat construction Administrator19 August 2026
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Abu Dhabi-based piling contractor APCC Piling & Marine Contracting has started the enabling works on Dar Al-Funoon, a cultural development near the Saadiyat Cultural District.
The project, commissioned by the Department of Culture & Tourism – Abu Dhabi, was designed by the late Canadian-American architect Frank Gehry.
The venue is scheduled to open in 2030.
MEED understands that the main contract bids are under evaluation and the project is slated for award soon.
The complex will feature a multipurpose hall with more than 2,000 seats, a 3,500-seat open-air amphitheatre, a 400-seat studio theatre and a 250-seat jazz venue, bringing total capacity to more than 6,000 across its performance spaces.
The venue will host leading international productions, delivering high-quality cultural experiences for audiences locally, regionally and globally.
Upon completion, it will become one of the region’s largest performing arts venues.
The project was announced by Sheikh Khaled Bin Mohamed Bin Zayed Al-Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council in June, as MEED reported.
During a review of the plans, he was briefed on the architectural concept and the development and construction phases, as well as the venue’s advanced technical capabilities, which are being designed to meet the highest international standards for staging major global productions.
The announcement is part of the ongoing development of Saadiyat Island, which already includes Louvre Abu Dhabi, Zayed National Museum, Natural History Museum Abu Dhabi, teamLab Phenomena Abu Dhabi and the upcoming Guggenheim Abu Dhabi.
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Contractor wins Dubai Canal drainage deal Administrator19 August 2026
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Local firm Detech Contracting has won an engineering, procurement and construction (EPC) contract to upgrade and rehabilitate the East Dubai Canal stormwater system.
The project, known as TF-16-C1, is part of Dubai’s Tasreef strategic plan to improve the emirate’s stormwater network, increase flood protection and enhance the resilience of Dubai’s infrastructure.
According to a source, Lebanon's Khatib & Alami has also been appointed as a consultant on the project.The works will focus on upgrading existing stormwater infrastructure to increase capacity and improve reliability during heavy rainfall.
The scope includes upgrading the stormwater drainage system, laying pipelines and constructing manholes and gullies. It also includes the construction of pumping stations and diversion works, site clearance and other associated facilities.
In February, MEED reported that the municipality had invited consultants to qualify for a contract to supervise three stormwater drainage projects (TF-16-C1, TF-15-C2 and TF-13-C1)
China State Construction Engineering Corporation announced in July that it had won the EPC contract for the TF-15-C2 stormwater drainage network project located on Umm Suqeim Road in the Al-Barsha and Al-Quoz areas of Dubai.
MEED understands contractor bids are still being evaluated for the TF-13-C1 project, which focuses on developing a drainage system for the Al-Marmum area.
Detech has been awarded several packages under the Tasreef programme in the past 18 months.
These include:
- TF-16-C1: upgrading and rehabilitation of East Dubai Canal stormwater system
- TF-15-C1: stormwater drainage system at Al-Wasl Road for communities west of Dubai Canal
- TF-05-C1: stormwater drainage system in Jebel Ali
- TF-04: stormwater drainage system on Sheikh Mohammed Bin Zayed Road and Al-Yalayis Road
- DS-419: Tasreef rainwater drainage network: West Deira stormwater system upgrade and rehabilitation
As MEED exclusively reported, the municipality recently issued a letter of award for the TF-15-C1 project, covering the construction of a stormwater drainage system on Al-Wasl Road and communities west of Dubai Canal.
The project includes the construction of a gravity-based stormwater pipeline network with diameters of up to 3.5 metres. It is estimated to cost $100m.
This week, Dubai Municipality also issued three tenders for stormwater and sewerage infrastructure projects serving Hind City, Dubailand and surrounding areas.
The projects cover drainage networks for Hind 4, connections to the stormwater network in Dubailand and a stormwater trunk line serving Hind 3, Hind 4 and Umm Al-Daman.
All three have bid submission deadlines of 10 September.
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