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.
Exclusive from Meed
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Saudi Arabia’s growth trend heads up
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March 2025: Data drives regional projects
31 March 2025
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Two bid for Madinat Zayed IPP contract
28 March 2025
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Masdar completes Valencia solar deal
28 March 2025
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Miahona wins $267m Modon wastewater plant deal
28 March 2025
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Abu Dhabi-based utility and offtaker Emirates Water & Electricity Company (Ewec) has received bids for a contract to develop and operate the Madinat Zayed open-cycle gas turbine (OCGT) power generation plant project in the emirate.
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Capacity buildout
Abu Dhabi’s current electricity generation installed capacity sits at about 22GW, with gas-fired plants accounting for 68.7% of the total, and renewable and nuclear power contributing 12% and 19%, respectively.
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Saudi Authority for Industrial Cities and Technology Zones (Modon) has awarded the local Miahona Company a contract for the construction and operation of an industrial wastewater treatment plant in Jeddah.
The contract is valued at SR1bn ($266.7m), Miahona said in a bourse filing on 26 March.
This project scope includes the rehabilitation, development, construction, operation and maintenance of wastewater treatment systems.
The wastewater treatment plant will be located in Jeddah 1st Industrial City.
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