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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Riyadh tenders first Expo 2030 construction work
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Slow year for Maghreb power and water awards
7 July 2025
The Maghreb region has experienced a slow 2025 in terms of power and water project contract awards. Hopes for the year now rely on a strong second half if the sector is to match the performance of previous years.
As of early July, the total value of power project contract awards had reached $663m, according to regional projects tracker MEED Projects. This means that by the end of the year, the market is expected to fall significantly short of the peaks of $3.8bn in 2023 and $4.5bn in 2024.
Libya’s recovery was a major driver in 2023, accounting for $2.9bn of the total for that year, while Algeria contributed $430m and Morocco $210m. There are no recorded power contract awards for Algeria or Libya in 2025. Morocco and Tunisia contributed $353m and $310m, respectively.
The total value of contract awards for water projects has also declined significantly. For the first six months of 2025, the total reached $189m, which is tracking behind the $815m of water project contract awards recorded in 2024.
Both 2025 and 2024 are far behind the peak of $3.6bn registered in 2022, when Algeria alone accounted for $1.8bn of contract awards, followed closely by Morocco with $1.6bn.
For upcoming power and water contract awards, there are over $6bn of contracts in the bid or prequalification stage that are expected to be awarded within the next year.
In the water sector, Libya leads with $210m of soon-to-be-awarded contracts, followed closely by Tunisia at $260m. In the power sector, Morocco stands out with an impressive projected contract value of $5.3bn, while in Tunisia, there are $300m of upcoming power contract awards.
Xlinks disappointment
There have been some notable project developments in the power and water sectors across the Maghreb region over the past year. Most recently, at the end of June, the UK government withdrew its support for the Xlinks Morocco-UK power project.
The UK Department for Energy Security and Net Zero decided not to consider a contract for difference for this large-scale renewable energy initiative, which aimed to deliver 3,600MW of renewable energy from Morocco to the UK via a 4,000-kilometre high-voltage direct current cable system.
Sir Dave Lewis, chair of Xlinks, expressed disappointment, emphasising the project’s potential to significantly lower wholesale electricity prices in the UK.
Power progress
Other projects in Morocco are proceeding. The Ministry of Energy Transition & Sustainable Development has issued an invitation for expressions of interest for a major liquefied natural gas (LNG) infrastructure project at Nador West Med Port. This project includes an LNG import terminal, pipelines and a gas power station with a capacity of approximately 1,200MW. The project aims to enhance Morocco’s energy security and diversify its energy sources.
Additionally, Morocco’s National Office for Electricity and Drinking Water has invited firms to submit expressions of interest for contracts to build three gas-fired power stations with a total capacity of between 300MW and 450MW. These plants are expected to be commissioned by the summer of 2026, further contributing to the country’s energy infrastructure.
Water advancements
In the water sector, Algeria has inaugurated the El-Tarf desalination plant, which has a production capacity of 300,000 cubic metres a day. This facility is part of Algeria’s broader desalination programme, which aims to address water scarcity issues exacerbated by climate change. The Algerian government has allocated $3bn for the second phase of its desalination capacity expansion, with plans to build six new plants by 2030.
Morocco is also advancing its water infrastructure, with Veolia undertaking the detailed design for a new seawater reverse osmosis plant near Rabat. This facility is expected to treat up to 822,000 cubic metres of seawater daily and will cater to regions particularly affected by drought.
Policy focus
For policy, governments have been manoeuvring as they respond to the global challenge of climate change.
Morocco is progressing with its green hydrogen initiatives, which are closely linked to its water projects. The country has set ambitious targets to produce 52% of its energy from clean sources by 2030, with plans to develop large-scale green hydrogen projects. These projects will require significant water resources for electrolysis, further intertwining the power and water sectors.
Morocco also aims to increase its renewable capacity to 10,000MW by 2030, with a focus on solar, wind and hydroelectric power. Despite the recent Xlinks setback, the country is also exploring opportunities for exporting electricity to Europe, which could significantly enhance its energy market.
Algeria is pursuing other avenues in its quest to diversify its energy sources. In April, Algerian Minister of Energy, Mines and Renewable Energies, Mohamed Arkab, met with Wang Yongge, president of the China National Nuclear Corporation (CNNC), in Algiers. The two reviewed the ongoing cooperation between Algeria’s Commissariat for Atomic Energy (Comena) and CNNC, focusing on the peaceful use of nuclear energy, its medical applications and prospects for future development.
The Algerian government also plans to invest heavily in desalination projects to ensure a sustainable water supply, with desalinated water expected to account for 60% of drinking water by 2030.
Main image: Noor electric power station close to Ouarzazate, Morocco
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Iraq to retender Baghdad Metro PPP project contract
7 July 2025
Iraq intends to retender the contract to develop and operate the Baghdad Metro project, following the award of the estimated $2.5bn contract last year.
According to local media reports, Nasser Al-Assadi, adviser to Prime Minister Mohammed Sudani, stated that the previous developers had overestimated the project budget; therefore, the government will relaunch the entire process to implement the project.
Iraq’s National Investment Commission (NIC) awarded an estimated $2.5bn contract to develop and operate the Baghdad Metro project in July last year.
The contract was awarded to a consortium comprising France’s Systra, Societe Nationale des Chemins de fer Francais (SNCF) and Alstom; Spain’s Talgo and Sener; and Turkish contractors.
Germany’s Deutsche Bank was the project finance adviser.
The project will be developed as a public-private partnership (PPP) scheme using a design, build, operate, maintain, finance and transfer model.
Malaysian consulting firms ConsultantHSS and HSS Engineering were working on the project.
Project scope
The Baghdad Metro project is one of the largest infrastructure schemes in Iraq.
It will comprise seven main lines totalling 150 kilometres (km), 64 metro stations, four workshops and depots for trains, two metro train control and management centres and power generation stations.
The Green Line will extend 19km and run from the Al-Alawi terminal to the Doura terminal. The Red Line will be 27.7km long and will run from the Al-Alwai terminal to Maisaloun Square.
The Blue Line will run 22km from the Al-Shaab terminal to Al-Zafaraniya. The Purple Line will be 14.5km long and will connect Al-Tayaran Square to Al-Shaab.
The Yellow Line will extend 30km from Al-Baladiyat to Adan Square. The White Line will be 23km long and will run from Al-Kadhimiya to Al-Bayaa, while the Airport Line will run 12km from Baghdad airport to Al-Qadisiya.
Each line will comprise a total of eight stations.
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Ibri 3 construction deal implies Masdar win
7 July 2025
A Chinese consortium of China Energy Engineering International Corporation (CEEC), China Power Construction Group East China Survey & Design Institute Company (East China Institute) and China Energy Construction Group Hunan Thermal Power Construction Company (Hunan Thermal Power) says it has won an early works contract to build the Ibri 3 solar independent power plant (IPP) in Oman.
The engineering, procurement and construction (EPC) contract was awarded by Abu Dhabi Future Energy Company (Masdar), implying it has won the IPP’s development concession.
Masdar, alongside Korea Midland Power (Komipo) and the local Al-Khadra Partners, was one of four groups to bid for the contract to finance, construct and operate the IPP in February.
Under the terms of the EPC contract, the CEEC consortium will build the 500MW solar photovoltaic (PV) power plant together with an associated 150MWh battery energy storage unit.
It will also install a 400kV substation and two 400kV overhead transmission lines as part of the deal, it says.
The client, Nama Power & Water Procurement Company (Nama PWP), received prequalification applications for the Ibri 3 solar PV IPP contract in March last year.
Previous projects
The sultanate’s first 500MW solar IPP scheme, Ibri 2, came onstream in September 2021 and was officially inaugurated in January 2022.
The Manah 1 and Manah 2 solar IPP projects, each with a capacity of 500MW, were recently inaugurated.
A team comprising France’s EDF and South Korea’s Korea Western Power Company (Kowepo) won the contract to develop the Manah 1 solar PV IPP project.
A team of Singapore’s Sembcorp Industries and China-headquartered Jinko Power Technology was awarded the second 500MW solar PV IPP contract.
In September last year, Nama PWP tendered the contracts to develop two wind IPPs.
The Jalan Bani Bu Ali wind IPP will cater to Oman’s Main Interconnection System (MIS), while the Dhofar 2 wind IPP will cater to the smaller Dhofar Power System (DPS).
Three other wind IPPs are expected to be tendered separately. They are:
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- Mahoot wind 1 IPP: Located in Mahoot in the Al-Wusta Governate, the wind farm will have a capacity of 342MW-400MW, with a commercial operation target of Q4 2027
- Sadah wind IPP: Located in Sadah in the Dhofar Governorate, it will have a capacity of 81MW-99MW and is due for commercial operation in Q4 2027
READ THE JULY 2025 MEED BUSINESS REVIEW – click here to view PDF
UAE and Turkiye expand business links; Renewed hope lies on the horizon for trouble-beset Levant region; Gulf real estate momentum continues even as concerns emerge
Distributed to senior decision-makers in the region and around the world, the July 2025 edition of MEED Business Review includes:
> AGENDA: UAE-Turkiye trade gains momentum> INTERVIEW 1: Building on UAE-Turkiye trade> INTERVIEW 2: Turkiye's Kalyon goes global> INTERVIEW 3: Strengthening UAE-Turkiye financial links> INTERVIEW 4: Turkish Airlines plans further growth> CURRENT AFFAIRS: Middle East tensions could reduce gas investments> GCC REAL ESTATE: Gulf real estate faces a more nuanced reality> PROJECTS MARKET: GCC projects market collapses> INTERVIEW 5: Hassan Allam eyes role in Saudi Arabia’s transformation> INTERVIEW 6: Aseer region seeks new investments for Saudi Arabia> LEADERSHIP: Nuclear power makes a global comeback> LEVANT MARKET FOCUS: Levant states wrestle regional pressures> GULF PROJECTS INDEX: Gulf projects index continues climb> CONTRACT AWARDS: Mena contract award activity remains subdued> ECONOMIC DATA: Data drives regional projects> OPINION: A farcical tragedy that no one can endTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/14211645/main.gif -
Kuwait tenders renewables substation job
7 July 2025
Kuwait’s Ministry of Electricity, Water & Renewable Energy (MEWRE) has tendered a contract for the construction of the Shagaya Z 400/132/11kV substation to serve the Shagaya solar power complex.
Interested prequalified firms have until 5 August to bid for the contract, which has an estimated value of $120m. A date of 20 July has been set for the pre-bid meeting.
MEWRE, through the Kuwait Authority for Partnership Projects (Kapp), issued a request for proposals in June for the contract to develop the state’s first utility-scale solar photovoltaic plant at Shagaya.
Prequalified developers have until 14 September to submit technical and commercial bids for the Al-Dibdibah power and Al-Shagaya renewable energy phase three, zone one independent power project (IPP), which will have a total power generating capacity of 1,100MW.
Kapp issued the request for qualifications for the developer concession in January 2024, with six prequalified companies and consortiums announced the following August.
Unlike the solar project, the Shagaya Z substation is being procured on an engineering, procurement and construction (EPC) basis directly by the ministry. Associated transmission and distribution work often form part of the developers’ scope of work, but will not be the case in this instance.
READ THE JULY 2025 MEED BUSINESS REVIEW – click here to view PDF
UAE and Turkiye expand business links; Renewed hope lies on the horizon for trouble-beset Levant region; Gulf real estate momentum continues even as concerns emerge
Distributed to senior decision-makers in the region and around the world, the July 2025 edition of MEED Business Review includes:
> AGENDA: UAE-Turkiye trade gains momentum> INTERVIEW 1: Building on UAE-Turkiye trade> INTERVIEW 2: Turkiye's Kalyon goes global> INTERVIEW 3: Strengthening UAE-Turkiye financial links> INTERVIEW 4: Turkish Airlines plans further growth> CURRENT AFFAIRS: Middle East tensions could reduce gas investments> GCC REAL ESTATE: Gulf real estate faces a more nuanced reality> PROJECTS MARKET: GCC projects market collapses> INTERVIEW 5: Hassan Allam eyes role in Saudi Arabia’s transformation> INTERVIEW 6: Aseer region seeks new investments for Saudi Arabia> LEADERSHIP: Nuclear power makes a global comeback> LEVANT MARKET FOCUS: Levant states wrestle regional pressures> GULF PROJECTS INDEX: Gulf projects index continues climb> CONTRACT AWARDS: Mena contract award activity remains subdued> ECONOMIC DATA: Data drives regional projects> OPINION: A farcical tragedy that no one can endTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/14211467/main.gif -
Riyadh tenders first Expo 2030 construction work
7 July 2025
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Saudi Arabia’s Expo 2030 Riyadh Company (ERC), tasked with delivering the Riyadh Expo 2030 venue, has tendered a contract to build the site offices required for the initial construction works at the project site in Riyadh.
MEED understands that the contract was tendered on 29 May, with bids due in the first week of July.
The announcement follows the establishment of ERC as a wholly owned subsidiary of the Public Investment Fund (PIF) that will build and operate facilities for Expo 2030 in June.
In a statement, the PIF said: “During its construction phases, Expo 2030 Riyadh and its legacy are projected to contribute around $64bn to Saudi GDP and generate approximately 171,000 direct and indirect jobs. Once operational, it is expected to contribute approximately $5.6bn to GDP.”
The masterplan for Expo 2030 Riyadh encompasses an area of 6 square kilometres, making it one of the largest sites designated for a World Expo. Situated to the north of the city, the expo site will be located near the future King Salman International airport, providing direct access to various landmarks within the Saudi capital.
Countries participating in Expo 2030 Riyadh will have the option to construct permanent pavilions, contributing to the event’s legacy. This initiative is expected to create opportunities for business and investment growth in the region.
The expo is projected to attract over 40 million visitors. After the event concludes, ERC plans to convert the expo’s secured area into a global village, to serve as a multicultural centre for retail and dining. This development will also feature an international residential community with a range of amenities, with a focus on sustainable tourism practices.
Expo 2030 Riyadh will run from 1 October 2030 to 31 March 2031.
Last month, MEED reported that the PIF had named Talal Al-Marri as the CEO of ERC.
Al-Marri has previously held several senior executive roles at Saudi Aramco, including president and CEO of Aramco Europe, senior vice-president of community services and senior vice-president of industrial services.
In May, MEED exclusively reported that Riyadh had begun talks with stakeholders in preparation for the commencement of construction work for the event.
The discussions were understood to have been held with the Royal Commission for Riyadh City and the PIF.
German architectural firm Lava Architects and US-based engineering firm Jacobs are assisting with the project masterplan and the design of infrastructure for the site.
READ THE JULY 2025 MEED BUSINESS REVIEW – click here to view PDF
UAE and Turkiye expand business links; Renewed hope lies on the horizon for trouble-beset Levant region; Gulf real estate momentum continues even as concerns emerge
Distributed to senior decision-makers in the region and around the world, the July 2025 edition of MEED Business Review includes:
> AGENDA: UAE-Turkiye trade gains momentum> INTERVIEW 1: Building on UAE-Turkiye trade> INTERVIEW 2: Turkiye's Kalyon goes global> INTERVIEW 3: Strengthening UAE-Turkiye financial links> INTERVIEW 4: Turkish Airlines plans further growth> CURRENT AFFAIRS: Middle East tensions could reduce gas investments> GCC REAL ESTATE: Gulf real estate faces a more nuanced reality> PROJECTS MARKET: GCC projects market collapses> INTERVIEW 5: Hassan Allam eyes role in Saudi Arabia’s transformation> INTERVIEW 6: Aseer region seeks new investments for Saudi Arabia> LEADERSHIP: Nuclear power makes a global comeback> LEVANT MARKET FOCUS: Levant states wrestle regional pressures> GULF PROJECTS INDEX: Gulf projects index continues climb> CONTRACT AWARDS: Mena contract award activity remains subdued> ECONOMIC DATA: Data drives regional projects> OPINION: A farcical tragedy that no one can endTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/14211012/main.jpg