meed-logo

line1 line2 line3
SIGN IN / REGISTER

Top 10 GCC contractors by country

29 March 2023

 

This article is part two of MEED's 2023 construction contractor ranking. The first part, MEED's 2023 top 10 GCC contractors, can be accessed here. Key points include: 

> Sentiment runs ahead of construction activity

> Improved outlook for the Gulf region’s construction market is not reflected in the 2023 contractor ranking

> Nesma & Partners retains its position as the most active GCC contractor, but its total value of work this year is down 22 per cent on 2022

PPP progress spurs Bahrain real estate

Bahrain is traditionally the smallest construction market in the GCC, a position that reflects the island kingdom’s small population and land area, combined with energy exports that are limited when compared to its neighbours. 

China Machinery Engineering Corporation continues to lead the ranking in 2023 with $689m-worth of work at the execution phase thanks to its contract to build the East Sitra development for the Housing Ministry.

In second position is Sharjah-based Al-Hamad Building Contracting, which is working on $560m-worth of projects. The contractor was the third-ranked contractor last year. 

In third position this year is the local Kooheji Contractors with $449m of projects. Its rise from eighth position in the ranking reflects the resurgent property market in Bahrain. The firm is part of the Kooheji group, which is developing new real estate projects in Manama, including the Onyx Sky View project that was launched at the end of last year.

Turkey’s Tav Construction – which was ranked fifth last year as it completed work at the airport – has now left the top 10. Its position in the ranking since 2016 demonstrated the importance of major projects to the Bahrain market.

While there has been a lull in construction activity in Bahrain over the past two years, major new projects are planned, including the Bahrain Metro and a second causeway bridge to Saudi Arabia. 

The Transport & Communications Ministry has prequalified companies for the metro, which will be developed as a public-private partnership (PPP). Similarly, the King Fahd Causeway Authority has approached contractors about working on the causeway, which is also being developed as a PPP. 

Airport contractor still leads in Kuwait

Kuwait’s ranking continues to be led by Limak with $5bn-worth of work at the execution stage. The Turkish contractor remains active on the expansion of Kuwait International airport. It could be the last year that Limak heads the Kuwait ranking, however, as the airport work is due for completion this year. 

The rest of the contractors below Limak have endured a significant drop in the value of the projects they are engaged on. The average total value of projects being worked on for the top 10 in 2023 is $1.1bn, down from $1.7bn in 2022.

Occupying the second and third places in this year’s ranking are two of Kuwait’s largest contracting companies. Ahmadiah Contracting & Trading Company is in second place with $1.1bn of work, followed by Mohammed Abdulmohsin al-Kharafi & Sons with $900m. 

With Limak’s work at the airport coming to a close, these two companies are likely to return to the top of the Kuwait ranking in 2024. 

The only other international companies in the Kuwait top 10 are Italy’s Impresa Pizarotti in sixth place with $730m of work and India’s Shapoorji Pallonji in seventh place with $687m of work at the execution stage.

Little change in Oman as big projects loom

Oman’s contractor ranking has remained largely static this year. The local Galfar Engineering & Contracting tops the list again with $1.05bn of work, down slightly on the $1.1bn of projects it was working on in 2022. 

Last year’s second- and third-ranked contractors have switched places. The local Al-Adrak Trading & Contracting Company is now ranked second with $800m of work and the local Al-Tasnim Enterprises is ranked third with $770m.

India’s Larsen & Toubro is the only international company that makes the top 10 this year. It is ranked number five with projects worth $280m at the execution stage. 

International companies could figure more prominently in the ranking in future. Oman-Etihad Rail Company is expected to tender construction contracts connecting Oman and the UAE later this year, and it is likely that international contractors will be involved in delivering that project. 

Similarly, tentative steps have been taken on the proposed Muscat Metro project. This scheme is unlikely to move into construction by next year, but if it goes ahead, it will offer more significant opportunities for international players.  

Qatar numbers drop in post-World Cup lull

After years of doubt and criticism, Qatar’s construction market successfully delivered the infrastructure, stadiums and hotels needed to host the Fifa World Cup last year. 

The problem is, with that 10-year building programme now complete, there are few projects left for contractors to work on. This is most clearly shown in the 2023 contractor ranking by the local Urbacon Trading & Contracting Company’s numbers. 

This year, the firm has $1.8bn-worth of projects at the execution stage, which is significantly less than the $4.9bn it was working on in 2022.

To counter the decline in the domestic market, Urbacon is pursing opportunities internationally. The company recently secured two major contracts in Saudi Arabia for the construction of entertainment complexes. 

Other contractors are likely to pursue a similar strategy as they face fewer new Qatari projects moving into the construction phase in the near term. 

There is a hope that major schemes such as the Doha Bay Crossing and extensions to the metro will move ahead, however. If these schemes do progress, then they are likely to spend the next year in the design and tendering phases before they move into construction.

Gigaprojects shake up Saudi ranking

Saudi Arabia is the region’s most exciting construction market in 2023. After six years of planning, construction work is now well under way on the kingdom’s five gigaprojects – Neom, Qiddiya, The Red Sea, Roshn and Diriyah Gate – as well as on a host of other masterplan projects such as Sports Boulevard and King Salman Park.

As construction ramps up, logic would dictate that the value of projects that contractors are working on would also increase. Somewhat surprisingly, this has not been the case, and in the 2023 ranking, most of the top 10 are working on a lower value of projects than they were in 2022. 

This could be explained by the fact that several legacy projects in the kingdom have been completed in the past year, but it also suggests that while there is an expectation of a significant ramp-up in construction activity, it has not quite happened yet.

The top-ranked contractor, Nesma & Partners, shows this trend clearly. In 2022 it was working on $6.8bn of projects. In 2023 it is working on $5.3bn. 

The second-ranked Saudi Binladin Group has experienced a similar decline, with its total value falling from $6.5bn to $4bn. 

There are several explanations for this trend. Some say projects are moving into construction more slowly than expected as they get bogged down in the design phase, and that decision making at the senior level is hampering design and procurement decisions. Others say that the market is already operating at full capacity and can not take on more work. 

Some respite for the market is in sight. This year, the Public Investment Fund invested in four contractors: Almabani, Nesma, El-Seif Engineering & Construction and Al-Bawani. These firms are expected to grow rapidly and take a leading role in delivering projects for Vision 2030. 

Other companies are also expanding. One is the local Modern Building Leaders, which has entered the top 10 this year at number eight, with $2.3bn of work at the execution stage. Its main project wins have been the Royal Arts Complex in Riyadh and the expansion of Duba Port. 

With so many large projects expected to move into construction in the next year, there will be plenty of opportunities for contractors in Saudi Arabia to build up their order books. This should mean that the kingdom’s ranking will be a dynamic one in the years ahead. 

All change in the UAE construction market

The top 10 contractor ranking for the UAE shows a shift in the order of companies and the growing dominance of Abu Dhabi-based contractors, as well as a general decline in the value of projects being worked on. 

National Marine Dredging Company (NMDC) has taken the top spot with projects worth $2.3bn. The Abu Dhabi-listed contractor has moved up from fourth position in the 2022 ranking.

NMDC replaces Beijing-based China State Construction Engineering Corporation, which was at the top of the 2022 ranking with project values worth $2.6bn. The Chinese firm has dropped to third place this year with projects worth $1.6bn. Its fall from the top of the ranking can largely be explained by it completing a series of real estate projects in Dubai in the past year. 

China State’s orderbooks are expected to swell this year as Dubai’s property market remains buoyant and major projects start moving into construction. An example is Wasl’s Island project, which involves the construction of several high-end hotels on a man-made island close to Marsa al-Arab. 

Abu Dhabi-based Trojan General Contracting has moved up from the sixth position in 2022 to the second position in 2023, with project values worth $1.7bn. 

Another Abu Dhabi-based firm, Al-Amry Transport & General Contracting, has moved into the top 10 to occupy the fourth position in the 2023 raking, with $1.2bn of projects at the execution phase.

In fifth position is iBuild, which is working on $1.2bn of projects. The company is part of Innovo Holding UK, a London-registered firm with ownership links to ASGC, which occupied 10th position in the 2023 ranking with $774m of projects at the executions stage. 

Although they are separate companies, if iBuild and ASGC were taken together they would be working on $2bn-worth of projects and would occupy the second position in the ranking. 

Another contractor in the ranking that has gone through corporate change is Dubai-based Alec. Ranked seventh with $919m of work, it completed the acquisition of Abu Dhabi-based Target Engineering last year, giving it a foothold in the oil and gas market. Both Alec and Target now aim to double their turnover in the next five years, mostly with work from the UAE and Saudi Arabia.

MEED's 2023 top 10 GCC contractors 

 

https://image.digitalinsightresearch.in/uploads/NewsArticle/10710223/main.gif
Colin Foreman

Register for MEED's guest program now to access this article.

Click here to register
Exclusive from Meed
Related Articles
  • Iraq enters era of resilience, reform and rising risks

    11 May 2026

     

    Iraq’s projects market is at an inflection point. The country has built a sizeable and increasingly diverse projects pipeline, backed by ambitious national plans and an improving reform narrative. But according to MEED’s newly updated Iraq Projects Market report, the near-term outlook is now being tested by renewed regional volatility and persistent structural constraints at home.

    Iraq is the Middle East and North Africa’s fifth-largest economy by nominal GDP, yet it remains heavily exposed to the hydrocarbons cycle. Oil and gas generate about 90% of government revenues and more than 40% of GDP, a dependency that shapes annual capital spending and the bankability of public-private partnership (PPP) deals. Earlier this year, the IMF forecast GDP growth of 3%-4%. In light of the latest regional conflict dynamics involving the US and Israel with Iran, that growth outlook is expected to soften as investor risk perceptions rise and supply chains face renewed stress.

    Even so, Iraq’s projects market is not starting from a blank slate. By the end of March 2026, almost $120bn of contracts were in execution, with a further $300.4bn in the broader pipeline. The scale of that opportunity is underpinned by enduring reconstruction requirements, urgent energy-sector needs and a policy push to translate oil wealth into long-lived productive assets.

    Reconstruction needs

    Nearly a decade after the official end of the Islamic State conflict, Iraq’s reconstruction gap remains substantial. Estimates put the shortfall at about $88bn, reflecting the long tail of damage to housing, utilities, public buildings and transport links. Southern and central regions dominate the live pipeline, largely because they sit close to Iraq’s oil heartlands. Basra, in particular, is pivotal, anchoring major upstream activity and vital export infrastructure.

    At the policy level, Iraq Vision 2030 signals a long-term ambition to diversify into tourism, agriculture, industry and digital transformation. The government’s immediate delivery vehicle is the National Development Plan (NDP) 2024-28, which commits more than $17bn a year in capital expenditure and prioritises energy, transport, housing and water infrastructure. This shift is reinforced by Iraq’s Green Growth Framework (2026), indicating that future procurement may place greater weight on efficiency, emissions reduction and climate resilience.

    Macro risk

    Despite policy ambition, the most immediate determinant of Iraq’s fiscal room is the oil price. A $10-a-barrel drop can reduce government revenue by an estimated $7bn-$9bn annually. Such sensitivity matters because infrastructure spending is still largely funded by the public purse. Oil price swings affect project awards, payment cycles and the government’s willingness to assume up-front capex obligations.

    Iraq’s execution environment continues to be defined by bureaucratic delays, unclear land titles and opaque procurement processes. These factors can add 12-24 months to average delivery timelines. Nevertheless, there are signs of adaptation. PPP legislation is advancing, and developer-led models are gaining traction in large housing programmes. Furthermore, there is a growing reliance on international project management consultancy (PMC) firms—such as Hill International, Worley, and AtkinsRealis—to bridge capacity gaps and improve governance, cost control and scheduling.

    Hydrocarbon driver

    Oil and gas upstream remains the single largest driver of capital expenditure. Major developments, including the Gas Growth Integrated Project (GGIP) and Mansouriya, sit alongside a push to reduce gas flaring and expand downstream processing. The objective is to sustain export revenues while improving domestic fuel availability.

    The power sector is even more urgent. Iraq faces an estimated 8-10GW generation shortfall, which keeps electricity supply at the centre of political risk. This gap is driving rapid procurement of generation capacity and grid upgrade contracts. Beyond traditional infrastructure, Iraq is also moving on digital adoption. Smart city pilots and fibre rollouts are attracting regional technology investors, while AI-enabled data centre projects are beginning to emerge.

    Investment targets

    Foreign direct investment (FDI) remains below $3bn a year, a low figure relative to market size. The most active investors outside the oil sector include the UAE, Saudi Arabia and Kuwait. To convert interest into deals, the National Investment Commission (NIC) is pursuing streamlined licensing and investor-protection reforms. A “one-stop shop” approach has reportedly reduced registration timelines for foreign investors from months to weeks in key sectors.

    Investor protection mechanisms, such as access to international arbitration, are being strengthened, though enforcement remains a concern. Iraq’s three free zones—Basra, Karbala and Nineveh—offer additional incentives including tax holidays and customs exemptions, provided they can be paired with reliable utilities and bankable arrangements.

    Conflict premium

    The latest escalation involving the US and Israel with Iran has increased Iraq’s security risk premium. This is inflating materials costs and disrupting supply chains near eastern border zones. Even where projects are far from conflict areas, contractors are pricing in higher contingency for logistics and insurance. Iraq must also balance deep economic ties with Iran—particularly in energy—with Western investor expectations and sanctions-related compliance.

    With more than 60% of its population under 25, Iraq has a potential demographic dividend, but it also faces immediate employment pressure and a shortage of skilled technical labour. Iraq’s projects market outlook for 2026 is best described as cautiously constructive. The pipeline is deep and the need is undeniable, but delivery will hinge on whether Iraq can translate plans into predictable execution. If progress on procurement and contract enforcement continues, Iraq can sustain a broad-based market that extends beyond hydrocarbons.

    Click here to learn more about MEED’s newly updated Iraq Projects Market report

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16782507/main.gif
    Colin Foreman
  • Retal to develop project in Oman’s Sultan Haitham City

    11 May 2026

    Saudi Arabia’s Retal Urban Development Company has entered Oman with its first development agreement, signing a deal to build more than 2,000 residential units in Sultan Haitham City in Muscat.

    In a statement to the Saudi Stock Exchange (Tadawul) on 11 May, the company said it had signed an agreement with Oman’s Ministry of Housing & Urban Planning to develop an integrated residential community at an estimated cost of SR3bn ($823m).

    The community will be developed across zones 3, 15 and 17 within Sultan Haitham City, covering a total area of 1.3 million square metres.

    The project will include villas and apartments, alongside commercial and mixed-use elements and community facilities.

    Retal said the development will be delivered through an off-plan sales model and is expected to take nearly nine years to complete.

    The first phase of the Sultan Haitham City project includes the development of a 5 square-kilometre city centre and six of the development’s 19 planned neighbourhoods. The first phase is set for completion by 2030.

    US-based architectural firm SOM unveiled masterplan proposals for Sultan Haitham City in August 2024.

    The final phase of the project is expected to be completed by 2045.

    > Be recognised among the best in the industry at the MEED Projects Awards 2026 …

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16781867/main.jpg
    Yasir Iqbal
  • Qiddiya seeks firms for light rail transit system

    11 May 2026

     

    Saudi gigaproject developer Qiddiya Investment Company (QIC) has requested contractors to express interest in a contract to design and build the first phase of the light rail transit system at Qiddiya Entertainment City.

    The notice was issued on 5 May, with firms given until 20 June to submit expressions of interest.

    The project, also known as the Primary Urban Axis, comprises a 22-kilometre automated, driverless rail line as part of its first phase.

    The contract scope includes about 16 stations – 11 elevated and five underground – along with 8km of tunnels, viaducts and other associated structures. It covers all civil, architectural, and mechanical, electrical and plumbing works.

    Stations will be located at Resort Core East Village, Grand Central Station, Anime Hub Integrated Station and Primary Urban Axis 1 & 2 Hub Station.

    A subsequent phase will extend the railway network by a further 11km.

    QIC is accelerating plans to develop additional assets at Qiddiya City.

    Separately, QIC, the Royal Commission for Riyadh City and the National Centre for Privatisation & PPP received prequalification statements from firms on 30 April for the public-private partnership (PPP) package of the Qiddiya high-speed rail project in Riyadh. This follows submission of prequalification statements for the engineering, procurement, construction and financing package on 16 April, as previously reported by MEED.

    The Qiddiya high-speed rail project, also known as Q-Express, will connect King Salman International airport and the King Abdullah Financial District (KAFD) with Qiddiya City. The line will operate at up to 250 kilometres per hour, reaching Qiddiya in 30 minutes.

    Contractors are also preparing bids for a 13 May deadline for a contract covering new infrastructure works at Qiddiya Entertainment City. The scope includes two infrastructure development packages for District 0, including the construction of four event park-and-ride facilities.

    QIC’s other major projects include an e-games arena, Prince Mohammed Bin Salman Stadium, a motorsports track, the Dragon Ball and Six Flags theme parks, and Aquarabia.

    QIC officially opened the Six Flags theme park to the public in December last year.

    The park covers 320,000 square metres and features 28 rides and attractions, including 10 thrill rides and 18 aimed at families and young children.

    The Qiddiya project is a key part of Riyadh’s strategy to boost leisure tourism in the kingdom.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16779176/main.jpg
    Yasir Iqbal
  • RCRC awards $1bn Sheikh Jaber Al-Sabah Road contract

    11 May 2026

     

    Register for MEED’s 14-day trial access 

    Saudi Arabia’s Royal Commission for Riyadh City (RCRC) has awarded an estimated SR5bn ($1.3bn) contract for the construction of the Sheikh Jaber Al-Sabah Road project in Riyadh.

    The contract was awarded to the joint venture of Riyadh-based Al-Rashid Trading & Contracting Company (RTCC) and Turkiye’s IC Ictas.

    The project stretches 12 kilometres (km) from Khurais Road to Al-Thumama Road in Riyadh.

    The Sheikh Jaber Al-Sabah Road project is a key component of the Second Eastern Ring Road scheme. 

    The project includes the construction of five interchanges: Prince Bandar interchange, King Abdullah interchange, Imam Abdullah interchange, Dammam Road interchange and Al-Thumama interchange.

    The latest contract marks another significant project award to the RTCC-IC Ictas joint venture by RCRC. 

    In June 2024, RCRC awarded an estimated SR4bn ($1bn) design-and-build contract to upgrade the Wadi Laban cable bridge in Riyadh to the joint venture of RTCC and IC Ictas.

    The project aims to ease traffic congestion around the Western Ring Road in the area extending from Ibn-Hazm Road to Jeddah Road. The contract also covers the construction of an intersection at Jeddah Road.

    The construction of the bridge originally began in August 1993 and was completed in 1997.

    The existing bridge is 763 metres long and 35 metres wide, with two 14-metre-wide carriageways. 

    In 2021, Saudi Arabia’s Crown Prince Mohammed Bin Salman Bin Abdulaziz Al-Saud said the population of Riyadh would double to 15-20 million people by 2030. 

    He directed government entities to work closely with the RCRC to prepare the city’s development strategy.

    The RCRC’s major projects include Riyadh Metro, Riyadh Art, Sports Boulevard, King Salman International Park, Green Riyadh and several road development projects in the capital.

    > Be recognised among the best in the industry at the MEED Projects Awards 2026 …

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16775717/main.jpg
    Yasir Iqbal
  • Aecom to supervise Dubai Loop construction

    11 May 2026

     

    Register for MEED’s 14-day trial access 

    US-based Aecom has been selected for a contract to undertake design review and construction supervision services for the Dubai Loop transportation system.

    The contract was tendered by Dubai’s Roads & Transport Authority (RTA), which signed a construction agreement with Elon Musk-backed firm The Boring Company.

    The first phase comprises a 6.4-kilometre route with four stations, linking the Dubai International Financial Centre (DIFC) and Dubai Mall.

    Stations will be located at DIFC 2, ICD Brookfield Place, Dubai Mall Zabeel Parking and Burj Khalifa.

    The first phase is expected to cost about AED565m ($154m) and be delivered within one year of design work and other preparations being completed. Tunnelling is expected to begin in the second half of this year.

    The latest update follows the appointment of Parsons Corporation to deliver programme management services for the Dubai Loop transportation system.

    Next phase

    The second phase will connect the Dubai World Trade Centre and DIFC with Business Bay.

    The tunnels will extend up to 22km and include 19 stations.

    The total cost across both phases is expected to be around AED2bn ($545m), with completion scheduled within three years.

    The pilot route is expected to serve around 13,000 passengers a day, while the full route is projected to have a capacity of about 30,000 passengers a day.

    The RTA and The Boring Company signed a memorandum of understanding on the sidelines of the World Governments Summit in Dubai in February last year to explore the development of the Dubai Loop transportation system.

    The Dubai Loop is expected to be similar to The Boring Company’s Las Vegas Convention Centre (LVCC) Loop project. The LVCC Loop is a 2.7km underground tunnel system that connects different convention centre halls, reducing walking time across the site to about two minutes.

    The LVCC Loop has been in operation since 2021. It uses Tesla Model 3 cars to carry passengers between five stations. The Boring Company began construction in November 2019 at an estimated cost of $49m.

    > Be recognised among the best in the industry at the MEED Projects Awards 2026 …

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16775632/main.jpg
    Yasir Iqbal