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Top pending projects in 2024

27 December 2023

 

This report on 2024 projects also includes: Upcoming regional projects hit $270bn

$17.6bn
Neom City Development Programme

Project client: Neom

Since its launch in 2017, Saudi Arabia’s Neom has announced numerous masterplans – among them the 170-kilometre-long The Line, the partly offshore industrial city Oxagon and the Trojena mountain resort. These projects make up a large part of the $17.6bn of work currently under bid within the gigaproject.

As the $500bn gigaproject becomes a busy construction site, the construction industry has started to benefit from a sharp increase in contract awards. In 2023, Neom contract awards hit $10bn, making it a major regional market in its own right – one that is only surpassed by Saudi Arabia, the UAE and Qatar.

$3.6bn
The Line

Significant progress has been made on the construction of The Line. Work on The Line’s backbone infrastructure tunnels began in June 2022, when Neom awarded $2.7bn-worth of contracts for lots two and three of the scheme to a joint venture of Shibh al-Jazira Contracting, China State Construction Engineering Corporation and FCC Construction.

Another contract worth about $1.8bn for lots four and five was awarded to a team of Archirodon, Samsung Engineering and Hyundai Engineering.

Neom is prioritising the construction of the railway that forms part of the infrastructure corridor known as the Spine within its phased delivery plan. In August 2023, Neom awarded package A3 for the mountain railway tunnels on The Line to China Construction Third Engineering Bureau. The same month, Neom invited companies to bid for the $500m track works as part of the railway network programme along the spine of The Line. The contract award is expected in the first quarter of 2024.

$4.1bn
Oxagon

The Oxagon industrial city, launched in late 2021, is a 48 square-kilometre development that includes onshore elements as well as floating structures offshore. Its port, Duba Port, is being expanded to act as a key conduit for the delivery of materials into Tabuk Province. Construction at the site is now well under way, with a team of Boskalis, Besix and the local Modern Building Leaders delivering the $800m first phase of the Duba Port expansion project. In October 2023, Belgium’s Deme and Greece’s Archirodon were also awarded the $1bn contract to complete the next phase of the port.

Looking ahead, contractors have submitted bids for packages one and two of the Delta Junction tunnel project as part of the Neom Industrial City Connector at Oxagon. The scheme is likely to be awarded in early 2024 and is split into two packages covering 26.5km of tunnelling.

$3.7bn
Trojena

Neom is steadily advancing its plans to deliver several key components of Trojena, with Saudi Arabia set to host the 2029 Asian Winter Games at the location in 2022. It recently completed the technical evaluation of the proposals for the Trojena dams, and the client and selected contractors are now negotiating the commercial aspects of the project.

In 2023, Neom engaged three contractors on an early contractor involvement basis: a consortium of the local Al-Ayuni with Turkiye-headquartered Limak; Beijing-based PowerChina; and Italy’s WeBuild. In October, Neom awarded a $1.2bn infrastructure development contract at Trojena to a joint venture of the local Al-Ayuni Investment & Contracting and Turkish Limak Holding. In August 2023, the tender was issued for the contract to construct the shell and core components of the Vault at Trojena. 

In 2023, Neom contract awards hit $10bn, making it a major market in its own right – surpassed only by Saudi Arabia, the UAE and Qatar

$7.7bn
National Renewable Energy Programme

Project client: SPPC

In November 2023, Saudi Power Procurement Company (SPPC) kicked off the procurement process for the fifth round of Saudi Arabia’s National Renewable Energy Programme, issuing the request for qualifications for a new batch of four solar power plant projects.

Saudi Arabia has publicly tendered over 6.6GW of renewable energy capacity since 2017, of which about 4.4GW, or 66 per cent of the total tendered capacity, has been for photovoltaic solar schemes. SPPC is set to procure 30 per cent of the kingdom’s target installed renewable energy capacity of 58.7GW by 2030. 

$7bn
UZ1000 Upper Zakum Expansion

Project client: Adnoc Offshore

The UZ1000 Upper Zakum expansion will increase the oil production potential of Abu Dhabi’s largest producing oil asset – the Upper Zakum offshore field – to 1.2 million barrels a day (b/d). The $7bn contract for the development of surface facilities on the project is the largest single project package currently under bid in the region. 

Bids for the work have been submitted by the UK’s Petrofac, the local Target Engineering Construction Company and Spain’s Tecnicas Reunidas.

$6bn
Duwaiheen nuclear power plant

Project client: Duwaiheen Nuclear Energy Company

The $6bn first package of Saudi Arabia’s Duwaiheen nuclear power plant entails the construction of two 2,800MW nuclear reactors on behalf of the special purpose vehicle the Duwaiheen Nuclear Energy Company. In November, the deadline for the tendering process was extended to 31 December, two months later than the previous deadline. Expected bidders include China National Nuclear Corporation, France’s EDF, Korea Electric Power Corporation and Russia’s Rosatom.

$4.8bn
Dubai Metro Blue Line

Project client: Dubai’s Roads & Transport Authority

The Dubai Metro Blue Line is a $4.8bn project that will connect the existing Red and Green lines by means of an additional 30km of track, 15.5km underground and 14.5km above ground, together with 12 additional stations and the expansion of connecting stations. The scope of the contract also includes the supply of 28 driverless trains, the construction of the train depot and all associated works. The project was tendered by the Roads & Transport Authority after the project was greenlit in November 2023. Expressions of interest are being sought from three experienced international consortiums.

$4.5bn
Ruwais LNG Terminal

Project client: Adnoc Gas Processing

Adnoc Gas Processing is evaluating bids for a liquefied natural gas (LNG) terminal at Ruwais, UAE, worth an estimated $4.5bn. This project involves constructing a plant that will add 9.6 million tonnes a year of liquefaction capacity and will be the first electric LNG plant in the Mena region. Bids for the projects have been submitted by South Korea’s Hyundai E&C, Japan’s JGC Corporation, the US’ McDermott, local firm NPCC, Italy’s Saipem and France’s Technip Energies.

$4bn
Al-Zour North IWPP: Phases 2 and 3

Project client: Kapp

The $4bn phases two and three of Kuwait’s Al-Zour North independent water and power project (IWPP) involve constructing a 2,700MW power plant coupled with a desalination facility with a capacity of 165 million gallons a day. The Kuwait Authority for Partnership Projects (Kapp) is currently reviewing the prequalification documents for five potential bidders.

$4bn
North Field Production Sustainability: Phase 2

Project client: QatarEnergy LNG

The $4bn phase two, scope D of the North Field Production Sustainability project in Qatar involves the delivery of two large offshore gas compression complexes that will weigh between 25,000 and 35,000 tonnes as part of a total of 100,000 tonnes of fabrication. Bid submissions are due in December 2023, and the expectation is that both US’ McDermott and Italy’s Saipem will make bids.

 Upcoming regional projects hit $270bn 

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John Bambridge

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    The offshore oil and gas production business of Abu Dhabi National Oil Company (Adnoc Offshore) has divided the UZ 1.5MMBD project’s engineering, procurement and construction (EPC) scope of work into three packages, MEED previously reported.

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    Adnoc Offshore is understood to have issued the main tender for EPC works for the UZ 1.5MMBD project in the third quarter of last year.

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    The UZ 1.5MMBD project is the latest crude output expansion undertaken by Adnoc Offshore at the Upper Zakum field development.

    Upper Zakum expansion

    The first phase of the programme to raise the Upper Zakum offshore field development’s oil production capacity to 1.2 million b/d was launched in 2019. The initial goal was to increase the field’s output potential to 1 million b/d by 2024, which was later increased to 1.2 million b/d, with the project execution timeline eventually extended.

    In April last year, MEED reported that Adnoc Offshore had awarded the main EPC contract for the UZ 1.2MMBD EPC-1 project to UAE-based Target Engineering Construction Company. The value of the contract was estimated to be $825m.

    The project’s main scope involved the EPC of several surface facilities and plants at the Upper Zakum offshore development’s four main artificial islands: Al-Ghallan, Umm Al-Anbar, Ettouk and Asseifiya – also known as Central Island, West Island, North Island and South Island, respectively.

    Spanish contractor Tecnicas Reunidas won the contract for the feed works on the UZ 1.2MMBD EPC-1 project in 2019. UK-headquartered Wood Group was appointed as the project management consultant for the EPC phase.

    In November 2024, MEED reported that Adnoc Offshore had also selected Target for the second phase of the Upper Zakum 1.2 million b/d project (UZ 1.2MMBD EPC-2). The value of the contract was estimated to be about $500m, according to sources.

    Target began work on the project in December last year, MEED previously reported.

    The scope of work on the UZ 1.2MMBD EPC-2 project covers the EPC of several structures on Assefiya Island.

    Adnoc Offshore performed the feed work on the UZ 1.2MMBD EPC-2 project in-house.

    Upper Zakum oil production

    Adnoc Offshore has committed to a total capital expenditure budget of approximately $30bn, along with its operating partners in the Upper Zakum hydrocarbons concession, Japan Oil Development Company (Jodco) and US-based ExxonMobil.

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    Zakum Development Company (Zadco), which later merged into Adnoc Offshore, awarded EPC contracts for the UZ 750 project in 2012 and early 2013.

    The $817m first package was awarded to a consortium of Abu Dhabi’s NMDC Energy (then known as National Petroleum Construction Company) and Technip Energies. Package two, the project’s largest EPC package, worth $3.7bn, was awarded to a consortium of UK-headquartered Petrofac and South Korea’s Daewoo Shipbuilding & Engineering.

    EPC work on UZ 750 began in 2014 and was completed in 2022.

    In October 2022, Adnoc Group subsidiary Adnoc Drilling set a world record for drilling the longest oil and gas well at the Upper Zakum concession, stretching 50,000 feet.

    The extended-reach wells will tap into an undeveloped part of the Upper Zakum reservoir, potentially increasing the field’s production capacity by 15,000 b/d without expanding or building any new infrastructure, Adnoc said.

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  • Neom cancels The Line tunnels contracts

    16 March 2026

     

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    Neom has cancelled the contracts related to the construction of the tunnel sections of The Line in northwest Saudi Arabia.

    In a stock exchange announcement filed on 13 March, South Korean contractor Hyundai E&C said that Neom cancelled its contract on 29 December last year.

    Hyundai E&C was executing the drill-and-blast section of The Line’s tunnels in a joint venture with Greece’s Archirodon and South Korean counterpart Samsung C&T.

    The firm said its share of the joint venture was about 35%, amounting to $483m.

    Neom awarded contracts for constructing the mountain tunnel sections of The Line in June 2022.

    The drill-and-blast works were split into four packages, with two contracting teams winning two packages each.

    The other joint-venture team comprised Spain’s FCC, the local Shibh Al-Jazira Contracting Company (Sajco) and Beijing-based China State Construction Engineering Corporation. 

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    By July last year, with the sovereign wealth fund facing tightening liquidity, the kingdom was reported to have conducted a “strategic review” to determine whether The Line was feasible – a process described as a “recalibration” of Vision 2030.

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    The project will be developed under a build‑own‑operate‑transfer (BOOT) model with a 25‑year concession term.

    The plant will have a treatment capacity of 200,000 cubic metres a day (cm/d) in its first phase, expanding to 500,000 cm/d in the second phase.

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    The development comprises a 3.5-kilometre waterfront promenade and a park.

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    This development covers an area of about 600,000 square metres.

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