Related Articles

• 
  Iraq downstream contract completed

  1 July 2025

  

   

  Turkiye’s Tekfen has completed a contract as part of the Basra refinery upgrade project, according to industry sources.

  The contract was worth $25m and the scope included upgrading civil structures and underground facilities.

  The contract is part of the wider Basra refinery upgrade project, which is worth several billion dollars.

  Its scope includes installing new facilities, including a vacuum distillation unit and a diesel desulphurisation unit, on land adjacent to the existing Basra refinery.

  The biggest package is focused on upgrading the project’s fluid catalyst cracking (FCC) unit.

  Iraq’s state-owned South Refineries Company (SRC) sent Japan-based JGC a notice of the main contract award for the Basra refinery upgrade project’s FCC package in August 2020.

  The contract awarded to JGC, which uses the engineering, procurement, construction and commissioning model, was worth $3.78bn.

  The project site is located about 12 kilometres east of Iraq’s southern city of Basra.

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  Wil Crisp
• 
  June 2025: Data drives regional projects

  30 June 2025

  Click here to download the PDF

  Includes: Top 10 Global Contractors | Brent Spot Price | Construction output

  To see previous issues of MEED Business Review, please click here

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  MEED Editorial
• 
  UAE-Turkiye financial links strengthen

  30 June 2025

  This package on UAE-Turkiye relations also includes:

  > UAE-Turkiye trade gains momentum
  > Turkiye’s Kalyon goes global

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  Turkish bank DenizBank is one of Turkiye’s leading private banks and, as a wholly owned subsidiary of Emirates NBD since 2019, it is playing a leading role in developing business links between the UAE and Turkiye.

  Recep Bastug, who was appointed as DenizBank’s CEO in 2024, says there is great potential for trade between the two countries. 

  “Turkiye is a growing country,” he says. “We’ve had volatility over the past five years, but the Turkiye economy and the banking sector have been able to manage those periods successfully.”

  Having spent years with international institutions such as BBVA, Bastug has vast experience in the banking sector. “Turkish banks, especially private ones like DenizBank, are very successful. In terms of capital, balance sheet structure and digital transformation, we are in a strong position,” he says.

  Solid fundamentals

  Turkiye’s fundamentals remain solid with a diversified export-oriented economy, a young and skilled population of 85 million, and relatively low debt levels. “We are not a highly leveraged country. Our household debt-to-GDP ratio is low. With the right policy mix, we offer high potential for foreign investors,” says Bastug.

  That potential is increasingly being realised through growing engagement with the GCC and the UAE. “Turkiye’s connection with the Gulf is going up, and DenizBank is set to play a serious role in these relations. Day by day, Turkish companies are expanding their footprint in the region.”

  GCC projects

  Baştug says that many of these companies approach DenizBank to help facilitate their entry into Gulf markets. “Some of our clients are extremely well capitalised, but others need support for major projects. Just recently, one Turkish company announced a $3bn project in the region. We’re helping them connect with Emirates NBD and navigate the local financial landscape.”

  DenizBank is actively supporting the creation of trilateral partnerships – particularly between Turkiye, the UAE and Saudi Arabia. “We see huge opportunity in forming financial strongholds across these markets, leveraging Turkiye’s contractor experience, the UAE’s capital and Saudi Arabia’s scale,” says Baştug.

  DenizBank is already delivering results. “With Emirates NBD, we’ve identified 10 strategic cooperation areas, including trade finance, payments and capital markets. Thanks to this partnership, Emirates NBD has become the number one debt capital markets bank in Turkiye, even ahead of global players.”

  One area of growing activity is initial public offering (IPO) participation. “We’ve launched a mutual fund that allows Turkish private banking clients to participate in IPOs from the region, including from the UAE and Saudi Arabia. It’s a diversification strategy and helps retain wealth within the group.”

  Turkiye’s connection with the Gulf is going up, and DenizBank is set to play a serious role in these relations. Day by day, Turkish companies are expanding their footprint in the region
  Recep Bastug, DenizBank

  Inflation ends

  Despite the current inflationary environment, Bastug says there is a clear inflection point ahead. “We expect 2027 to be a turning point. Once we exit the inflationary accounting regime [in Turkiye], DenizBank will become one of the biggest contributors to Emirates NBD’s global balance sheet. Last year, we contributed $1.2bn. In 2027, it will be significantly more.”

  DenizBank is the fifth-largest private bank in Turkiye with about a 5% market share. “The largest private bank is at 13%. It’s not easy to close that gap – but we will do it. Our long-term goal, aligned with our shareholder, is to become the biggest and most successful private bank in the country.”

  The bank is especially focused on agriculture, SMEs, and export financing – sectors that are deeply relevant to
  Turkiye’s economic growth and to regional demand. “We are the leading agricultural bank in Turkiye, and we believe strongly in the sector’s future – both for local consumption and exports.”

  Regional opportunities

  Bastug also sees potential for engagement beyond the GCC, including in post-conflict reconstruction. “In the past, Turkiye had strong trade volumes with Syria. Even during wartime, commercial links remained. Once a stable environment emerges, there will be opportunities – especially in infrastructure.”

  While a physical branch presence is not currently being considered, DenizBank is prepared to support Turkish contractors operating in neighbouring countries. “We have the relationships and expertise to facilitate this growth. And culturally, we’re well aligned with the region – it helps make business smoother.”

  As Turkiye re-establishes economic momentum and Gulf economies look to deliver on long-term visions, DenizBank is positioning itself for a more active role in the region in the future. “We are preparing the bank for the next stage, and with the backing of Emirates NBD, we’re confident in our ability to lead.” 

  READ MORE
  > UAE-Turkiye trade gains momentum
  > Turkiye’s Kalyon goes global

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  Colin Foreman
• 
  Multiply agrees to sell Pal Cooling to Tabreed and CVC

  30 June 2025

  Abu Dhabi-based investment company Multiply Group has agreed to sell all of its shares in its district cooling subsidiary Pal Cooling Holding (PCH) for AED3.8bn ($1bn) to a consortium comprising Engie-backed National Central Cooling Company (Tabreed) and CVC DIF.

  The transaction is still subject to regulatory approvals.

  MEED exclusively reported in May that a team comprising Tabreed and CVC was holding exclusive discussions to acquire PCH.

  Multiply Group initially acquired a 100% stake in PCH and its subsidiaries in July 2021.

  Multiply Group has been advised by Standard Chartered and Clifford Chance. Tabreed and CVC DIF have been advised by Citi, Synergy Consulting and White & Case.

  The transaction brings together two of the UAE’s leading district cooling players. PCH was founded in 2006 and operates five active district cooling plants across the UAE. The company maintains eight long-term concessions and strategic partnerships with some of the UAE’s leading real estate developers, servicing key residential, commercial and mixed-use developments – most notably on Abu Dhabi’s Reem Island.

  Tabreed owns and operates 92 plants, including 76 in the UAE, five in Saudi Arabia, eight in Oman, one in Bahrain, one in India and one in Egypt, in addition to other international projects and operations.

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  Colin Foreman
• 
  Iraq approves Basra housing project

  30 June 2025

  Iraq has approved plans to build a housing project in Basra that will offer about 5,000 homes in the first phase to tackle the country’s rising housing shortage.

  The project, which is endorsed by Iraq’s National Investment Commission (NIC), will cover an area of about 3 square kilometres.

  According to local media reports, Basra province governor Asaad Al-Idani said the project has already been awarded to a developer.

  Iraq has been gradually recovering since the war. The government initially prioritised infrastructure and public housing to stimulate economic growth, improve living standards and attract foreign investment.

  More recently, benefitting from higher oil prices and a period of relatively stable governance, Baghdad has expanded its focus to reconstructing and modernising the country’s deteriorating infrastructure.

  The Iraqi construction market has also seen significant investments from private real estate developers from the region. In May, Egyptian real estate developer Ora Developers announced that it had started construction on the Al-Wardi residential city project, which consists of more than 100,000 residential units covering about 61 million square metres (sq m) on the southeastern side of Baghdad.

  The move is the latest sign of international investors’ growing appetite for developing real estate in Iraq as part of the country’s post-war building initiatives.

  Also in May, another Egyptian firm, Talaat Moustafa Group Holding, said it was in negotiations with the NIC to develop a mixed-use project. The project, which will cover an area of about 14 million sq m and will be located in the southwest of Baghdad, is expected to contain about 45,000 residential units.

  The positive sentiment has been particularly buoyed by a robust 2024 budget, which allocated nearly $42bn to transport, social infrastructure and housing initiatives.

  Looking ahead, Iraq’s construction industry is expected to register an annual average growth rate of 4.9% in 2025-28, supported by further investments in energy, infrastructure and housing projects, according to UK analytics firm GlobalData.

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  MEED’s June 2025 report on Iraq includes:

  > COMMENT: Iraq maintains its pace, for now
  > GOVERNMENT & ECONOMY: Iraq’s economy faces brewing storm
  > OIL & GAS: Iraqi energy project value hits decade-high level
  > PIPELINES: Revival of Syrian oil export route could benefit Iraq
  > POWER: Iraq power sector turns a page
  > CONSTRUCTION: Iraq pours billions into housing and infrastructure projects
  > DATABANK: Iraq forecast dips on lower oil prices

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  Yasir Iqbal