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
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PIF’s 2025 results back 2026-30 strategy shift3 July 2026
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Contractor wins Qiddiya Speed Park package deal3 July 2026
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Local contractor wins DIFC tower contract3 July 2026
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PIF’s 2025 results back 2026-30 strategy shift3 July 2026
Saudi Arabia’s Public Investment Fund (PIF) has published its audited consolidated financial statements for the year ended 31 December 2025, the first full set of annual results to follow the board’s approval of the fund’s 2026-30 strategy.
The results show a sharp improvement in profitability last year even as leverage rose and volatility in its listed equity holdings widened. The performance helps explain the strategic shift towards capital discipline and focus on private sector partnerships set out in April.
In April, PIF’s board, chaired by Crown Prince Mohammed Bin Salman Al-Saud, approved a new five-year strategy structured around three portfolios, the Vision Portfolio, the Strategic Portfolio and the Financial Portfolio, and organised around six domestic ecosystems: tourism, travel and entertainment; urban development and liveability; advanced manufacturing and innovation; industrials and logistics; clean energy, water and renewables infrastructure; and Neom as a standalone ecosystem.
Project reprioritisation
The strategy followed a period of reprioritisation across PIF’s gigaproject portfolio and set out a renewed emphasis on private capital, with PIF stating it would “further enable the role of the private sector as an effective partner for sustainable economic development”.
PIF’s consolidated profit for 2025 rose to SR65.2bn ($17.4bn) in 2025, up 152% from SR25.8bn in 2024. The increase was driven by operating profit more than doubling, to SR78bn from SR34.7bn, as revenue growth outpaced cost of revenue and general and administrative expenses moderated relative to the prior year. Profit attributable to the owner of the fund rose to SR46.4bn, up from just SR1bn in 2024, a swing that accounts for most of the year-on-year improvement.
Total revenue, comprising SR312bn of operating revenue and SR137.9bn of income from investment activities, rose 8.8% to SR449.9bn. Core operating revenue alone was up 9.9%, from SR284bn in 2024.
Segment mix
The segment breakdown shows where that growth came from, and it lines up closely with the six ecosystems named in the 2026-30 strategy. Banking and financial services remained the largest single revenue line at SR85.3bn, followed by telecommunications at SR76.8bn ($20.5bn), which was down slightly on 2024. Mining revenue rose 19.3% to SR38.8bn, consistent with the strategy’s focus on industrials and logistics, while revenue from electronic gaming and related services held broadly flat at SR15.6bn, an area PIF governor Yasir Al-Rumayyan specifically cited as a sector for strategic investment alongside artificial intelligence and renewable energy. Agricultural and livestock revenue nearly tripled, to SR7.6bn from SR2.5bn, and revenue from events operations rose to SR7.6bn from SR6bn, both pointing to the diversification into domestic ecosystems the strategy describes. Real estate operations revenue and revenue from advanced electronics and aerospace both declined slightly year-on-year.
Total assets grew 5.1% to SR4.54tn from SR4.32tn, continuing the expansion PIF has reported since 2015, when the strategy document put assets under management at $150bn, against more than $900bn today. The two figures are not directly comparable, since the IFRS consolidated balance sheet captures the full assets of consolidated subsidiaries such as the fund’s banking, telecommunications and mining operations, while PIF’s publicly cited assets-under-management figure uses a different valuation methodology, but both point to the same order of scale.
Total equity, by contrast, fell 2% to SR2.63tn ($701bn) from SR2.68tn, despite the sharp rise in reported profit. The gap is explained by other comprehensive income, which swung to a loss of SR113.3bn for the year, driven primarily by a SR112.8bn fair-value loss on equity instruments measured at fair value through other comprehensive income. In other words, unrealised mark-to-market losses on part of PIF’s listed equity portfolio outweighed the operating profit improvement, leaving total comprehensive income attributable to the owner of the fund at a loss of SR64.7bn for the year, though this was narrower than the SR154.4bn loss recorded in 2024.
Total liabilities rose 16.7%, to SR1.91tn from SR1.64tn, driven mainly by loans and borrowings, which climbed 27.2% to SR725.3bn from SR570.4bn. Property, plant and equipment grew 6.3%, to SR429.6bn, reflecting continued capital spending across PIF’s real estate and gigaproject portfolio, including the stadium, hospitality and urban development programmes.
Strategy context
The scale of PIF’s investment activity in the run-up to 2025 is set out in the April strategy announcement rather than the financial statements themselves. Between 2021 and 2025, PIF says it invested more than $199bn in new projects in Saudi Arabia, contributed $243bn to real non-oil GDP and spent more than $157bn with the local private sector, alongside growing assets under management six-fold and delivering an annualised total shareholder return of more than 7% since 2017. Read against the 2025 results, the rise in mining, gaming, agricultural and events revenue is an early indication that this domestic ecosystem investment is beginning to show up in operating performance, even as the wider balance sheet shows the cost of that expansion in higher borrowing and greater sensitivity to listed equity markets.
The results reinforce a theme demonstrated by PIF’s ongoing award of construction contracts for Expo 2030, the 2034 Fifa World Cup and other gigaprojects in the kingdom. Growth is increasingly funded through a combination of retained earnings, debt and, with the new strategy, private co-investment, rather than balance-sheet expansion alone. The explicit retention of Neom as a named ecosystem in the 2026-30 strategy, despite the cancellation of several Trojena contracts and the loss of the Asian Winter Games over the past year, suggests PIF intends to continue funding the project, but within a more disciplined framework most likely centred on industrial development around the Port of Neom, which is also known as Oxagon.
The 2025 results and the 2026-30 strategy point to a fund entering a new phase: profit generation has improved markedly, but leverage has grown and comprehensive income remains exposed to swings in listed markets, both factors consistent with a strategy that emphasises capital efficiency, institutional excellence and a larger role for private capital rather than a further scaling-up of gigaproject spending on PIF’s own balance sheet.
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UAE to add Ajman to its Etihad Rail passenger network3 July 2026

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As part of ongoing procurement for the UAE’s national passenger rail rollout, Abu Dhabi’s Etihad Rail is adding Ajman to the planned network, extending coverage to five of the seven emirates.
Etihad Rail tendered a design-and-build contract in late June to construct a section of the network to Hamriyah in Ajman, branching off from its existing freight network.
The scope includes civil and track works, the construction of a passenger station and other associated infrastructure.
Contractors have until 27 July to submit their proposals.
The extension to Ajman brings Etihad Rail’s passenger network closer to the wider Northern Emirates, where Umm Al-Quwain and Ras Al-Khaimah still sit outside the current rollout, despite lying along the existing freight corridor, which currently terminates at Al-Ghail dry port in Ras Al-Khaimah.
The sequencing of the Ajman section could pave the way for further extensions if this section proves successful.
The latest development follows Etihad Rail’s start of passenger rail operations on 30 June 2026, with an introductory operational phase on the Abu Dhabi-Fujairah route.
The passenger roll-out marked a major milestone for Etihad Rail, which was established in 2009 and tasked with delivering a roughly 900-kilometre railway linking key cities, ports and industrial hubs from Ghuwaifat to Fujairah on the eastern coast.
The launch came less than five years after the UAE announced its ambition to create a national passenger railway under the country’s “Projects of the 50” programme, aiming to support economic diversification and sustainable development.
According to Etihad Rail, passenger services will be introduced in planned phases through 2026 and 2027:
- 23 June 2026: Passenger tickets went on sale via the Etihad Rail app and a dedicated booking website (as well as the contact centre for certain fares)
- 30 June 2026: Introductory operational phase begins with services between Abu Dhabi and Fujairah only
- 30 September 2026: Passenger rail services formally commence and expand to include Abu Dhabi, Dubai, Al-Dhaid and Fujairah
- 30 December 2026: Services extend to Al-Dhafra stations
- 30 March 2027: Services expand further to include Sharjah
In response to MEED’s request for comment on the Ajman section, Etihad Rail said:
“Etihad Rail remains committed to supporting the UAE’s vision for an integrated, efficient and sustainable transport network that enhances connectivity between communities and supports the nation’s long-term economic and social development.
“As previously announced, Etihad Rail’s passenger services are being introduced in phases, with further expansion planned over time. We do not comment on market speculation, commercial discussions, procurement activity, or projects that have not been formally announced.
“Any updates regarding future developments will be communicated through official channels in due course.”

Passenger rail operations
Tickets for the Abu Dhabi-Fujairah route are already on sale through the operator’s digital platforms.
Customers can book tickets up to four weeks before travel. Tickets for new destinations will be released in line with the phased roll-out.
At this point, Etihad Rail’s passenger service will officially connect 11 cities and regions across the UAE, supported by a station network that links key urban and economic centres. The station list includes:
- Abu Dhabi – Mohamed Bin Zayed City Station
- Dubai – Al-Yalayis Station
- Sharjah – University City Station
- Fujairah Station
- Al-Dhaid Station
- Al-Dhannah Station
- Madinat Zayed Station
- Liwa Station
- Al-Mirfa Station
- Al-Sila Station
- Al-Faya Station
Construction history
The first phase of Etihad Rail comprised a 264-kilometre freight line spanning Shah, Habshan and Ruwais. This was primarily delivered by a consortium of Italy’s Saipem and Maire Technimont, alongside UAE-based Dodsal Engineering & Construction.
Stage 2 of Etihad Rail comprises four major packages.
India’s Larsen & Toubro worked with Chinese state-owned PowerChina International on the design and construction of freight facilities for Stage 2 under a AED1.87bn contract.
A joint venture comprising China State Construction Engineering Corporation and South Korea’s SK Engineering worked on the first of four civil and track works packages for the 139km line between Ghuwaifat and Ruwais. The contract, worth AED1.5bn, was confirmed in March 2019.
Packages B and C of Stage 2 were awarded to a joint venture of Beijing-based China Railway Construction Corporation and local Ghantoot Transport & General Contracting in June 2019.
Both packages are understood to have a combined value of AED4.4bn and cover 310km of the rail network.
In December 2019, a joint venture of CRCC and local National Projects & Construction was formally confirmed for the AED4.6bn Package D.
Package D will link the ports of Fujairah and Khorfakkan to the network at the Dubai-Sharjah border and stretches over a distance of 145km.
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IHC deepens India links with $11.5bn aluminium venture3 July 2026
Abu Dhabi’s International Holding Company (IHC) has struck its third major partnership with India’s Adani Group in a year, signing an agreement to co-develop an $11.5bn greenfield aluminium complex in the eastern Indian state of Odisha.
Under a memorandum of understanding signed with the Odisha state government on 2 July, Adani Enterprises (AEL) and International Resources Holding (IRH), the natural resources investment platform IHC operates through its 2PointZero subsidiary, will form a 50:50 joint venture to build an integrated alumina and aluminium complex. The project comprises a 4-million-tonne-a-year (t/y) alumina refinery, a 2 million t/y aluminium smelter, a 4,000MW captive power plant and a 1 million t/y downstream manufacturing park.
The deal marks Odisha’s largest foreign direct investment proposal to date and what the partners describe as India’s largest single foreign investment in the metallurgy sector. It is expected to create about 53,500 jobs, split between roughly 35,000 during construction and 18,500 in ongoing mining, refining, smelting and manufacturing operations once the complex is running.
The tie-up extends a fast-growing relationship between IHC and Adani that began with a renewable energy joint venture between IHC subsidiary ePointZero and Adani Green Energy earlier this year. For IHC, which has built a $233bn portfolio spanning more than 1,300 subsidiaries across technology, infrastructure, financial services and consumer sectors, the Odisha project deepens a strategy of using IRH as a vehicle to secure positions across the minerals value chain underpinning the energy transition, moving beyond passive investment into direct industrial development.
Odisha holds some of India’s largest bauxite reserves and is already a significant alumina and aluminium producer. State officials cast the project as central to plans to position the region as a global manufacturing hub, tying it to the state’s Samruddha Odisha 2036 development programme and the national Viksit Bharat 2047 agenda.
The project will proceed in two phases. Following the MoU signing, AEL and IRH said they would move to land acquisition, statutory approvals and infrastructure planning alongside the Odisha government.
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Contractor wins Qiddiya Speed Park package deal3 July 2026

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Riyadh-based contractor El-Seif Engineering Contracting has won a contract to build the Exclusive Viewing Lounge (EVL) project in Qiddiya Entertainment City.
Saudi gigaproject developer Qiddiya Investment Company (QIC) awarded the contract.
The EVL comprises a four-storey structure designed for race-day viewing and guest hospitality. It will include dedicated spectator viewing areas, indoor lounge spaces, guest amenities and back-of-house service areas to support operations.
Local firm Ammico Contracting carried out the project’s enabling works.
The EVL is part of the Speed Park project at Qiddiya, which El-Seif Engineering Contracting and UAE-based Alec are jointly executing, as previously reported by MEED. The wider scope includes the construction of buildings around the racetrack.
The racetrack is being delivered by local United Maintenance & Contracting Company (Unimac). In February 2024, MEED exclusively reported that QIC had awarded an estimated SR1.8bn ($480m) contract for the racetrack and associated infrastructure at Qiddiya’s Speed Park.
The contract scope includes the track build and all infrastructure works, including electrical networks, storm drainage systems, water and sewer networks, landscaping, and associated underground and above-ground structures, along with related civil works.
The Speed Park is being built around a Federation Internationale de l’Automobile (FIA) Grade 1 racetrack as part of the resort core in Qiddiya Entertainment City. Once complete, the circuit will be capable of hosting Formula 1 Grand Prix and motorcycling MotoGP races.
The Speed Park is one of several major projects within the greater Qiddiya development. Other projects include an e-games arena, the Prince Mohammed Bin Salman Stadium, a horse race venue, a performing arts centre, the Dragon Ball and Six Flags theme parks, and Aquarabia.
The project is a key part of Riyadh’s strategy to boost leisure tourism in the kingdom. According to GlobalData, leisure tourism in Saudi Arabia has experienced significant growth in recent years.
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Local contractor wins DIFC tower contract3 July 2026
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Dubai-based contractor Al-Basti & Muktha has been awarded a contract to build the DIFC Heights Tower mixed-use development.
The state-backed Dubai International Financial Centre (DIFC) awarded the contract.
The project comprises a 43-storey building with 366 residential units, office space, and retail and food-and-beverage outlets. Construction is expected to commence shortly, with completion slated for 2029.
Enabling works are under way and are being undertaken by Germany’s Bauer.
Lebanese engineering firm Dar Al-Handasah is the lead and supervision consultant, while UAE-based Time is the project manager. Canadian engineering firm AtkinsRealis is the architect and concept designer, and local firm Omnium is the cost consultant.
In a statement, DIFC said the project is being developed on the final remaining plot within its original land bank in the Gate District.
Earlier this year, Dubai announced a AED100bn ($27bn) expansion of DIFC through the creation of the DIFC Zabeel District. A statement from the Government of Dubai Media Office said the new district will add more than 7 million square feet (sq ft), bringing total gross floor area to 17.7 million sq ft.
The Zabeel District is expected to more than double DIFC’s capacity to more than 42,000 businesses, support a workforce exceeding 125,000, and allocate more than 1 million sq ft for future technologies and artificial intelligence. Planned in six phases, the expansion is scheduled to open to the public in 2030, with the masterplan due for completion in 2040.
A bridge will link the DIFC Zabeel District to the existing DIFC Gate District.
READ THE JULY 2026 MEED BUSINESS REVIEW – click here to view PDFStress test for Gulf aviation; Mixed performance as country outlooks diverge in the Levant; GCC tourism sector pivots from crisis to recovery mode.
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> AIRPORTS: Dubai and Riyadh reaffirm airport ambitions> INDUSTRY REPORT: Dubai eyes tourism sector recovery> DATA CENTRES: Big Tech falls short on data centre promise> LEADERSHIP: Aramco’s citizen developers accelerate digital changeTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/17538278/main.jpg
