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.
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Exclusive from Meed
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Public Investment Fund backs Neom16 April 2026
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Kuwait gas project worth $3.3bn put on hold16 April 2026
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Iraq pushes to revive oil pipeline through Saudi Arabia16 April 2026
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Public Investment Fund approves 2026-30 strategy16 April 2026
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SAR extends deadline for Riyadh section of Saudi Landbridge
16 April 2026
Saudi Arabia Railways (SAR) has set a deadline of 29 April for a design-and-build contract for the construction of a new railway line, the Riyadh Rail Link, which will run from north to south Riyadh.
The tender was issued on 29 January. The previous bid submission deadline was 29 March.
The scope of work includes constructing a 35-kilometre-long double-track railway line connecting SAR’s North-South railway to the Eastern railway network.
The contract also covers the procurement, construction and installation of associated infrastructure such as viaducts, civil works, utility installations, signalling systems and other related works.
The project is expected to form a key component of the Saudi Landbridge railway.
In January, SAR said it will deliver the Saudi Landbridge project through a “new mechanism” by 2034, after failing to reach an agreement with a Chinese consortium for the construction of the project, as MEED reported.
In an interview with local media, SAR CEO Bashar Bin Khalid Al-Malik said the consortium failed to meet local content requirements and that the project will now be delivered in several phases under a different procurement model.
The project has been under negotiation between Saudi Arabia and China-backed investors keen to develop it through a public-private partnership.
Al-Malik said that the project cost is about SR100bn ($26.6bn).
It comprises more than 1,500 kilometres (km) of new track. The core component is a 900km new railway between Riyadh and Jeddah, which will provide direct freight access to the capital from King Abdullah Port on the Red Sea.
Other key sections include upgrading the existing Riyadh-Dammam line, a bypass around the capital called the Riyadh Link, and a link between King Abdullah Port and Yanbu.
The Saudi Landbridge is one of the kingdom’s most anticipated project programmes. Plans to develop it were first announced in 2004, but put on hold in 2010 before being revived a year later. Key stumbling blocks were rights-of-way issues, route alignment and its high cost.
MEED’s April 2026 report on Saudi Arabia includes:
> COMMENT: Risk accelerates Saudi spending shift
> GVT &: ECONOMY: Riyadh navigates a changed landscape
> BANKING: Testing times for Saudi banks
> UPSTREAM: Offshore oil and gas projects to dominate Aramco capex in 2026
> DOWNSTREAM: Saudi downstream projects market enters lean period
> POWER: Wind power gathers pace in Saudi Arabia
> WATER: Sharakat plan signals next phase of Saudi water expansion
> CONSTRUCTION: Saudi construction enters a period of strategic readjustment
> TRANSPORT: Rail expansion powers Saudi Arabia’s infrastructure pushTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/16418597/main.gif -
Public Investment Fund backs Neom
16 April 2026
Commentary
Colin Foreman
EditorRegister for MEED’s 14-day trial access
Saudi Arabia’s Public Investment Fund (PIF) has backed Neom by including it as one of six strategic ecosystems in its newly approved 2026-30 strategy.
The future of the $500bn gigaproject had been thrown into doubt following the postponement of the 2029 Asian Winter Games at the Trojena mountain resort, the cancellation of construction contracts – such as the $5bn deal with Italian contractor Webuild for dam works at Trojena – and the slowdown of development at The Line, where tunnelling contracts were cancelled and staff left the project.
The backing comes as Neom’s operational focus appears to be evolving in response to shifting regional dynamics and global economic conditions. For example, on 15 April Neom posted on its official X account about a new Europe-Egypt-Neom-GCC corridor, describing it as a faster route for time-sensitive goods. It said the corridor combines trucking and ferry services to move goods quickly into the Gulf, adding that importers from several European markets are already using it to reach the UAE, Kuwait, Iraq, Oman and beyond.
Powered by Pan Marine, DFDS and regional RoPax services, the initiative is positioned as a way to add flexibility and resilience to regional supply chains. This emphasis on logistics and immediate trade utility suggests a shift away from the more speculative architectural announcements that characterised Neom’s early years, towards activity more directly tied to current market realities.
PIF’s broader 2026-30 strategy places heavy emphasis on “delivering competitive domestic ecosystems to connect sectors, unlock the full potential of strategic assets, maximise long-term returns and continue to drive the economic transformation of Saudi Arabia”.
The inclusion of Neom as a standalone ecosystem within the Vision Portfolio suggests that while the project remains part of the kingdom’s Vision 2030 goals, it will be subject to the fund's focus on working with the private sector.
That means the long-term success of Neom will increasingly depend on its ability to attract external investment and function as a viable economic hub rather than just a state-funded construction site.
MEED’s April 2026 report on Saudi Arabia includes:
> COMMENT: Risk accelerates Saudi spending shift
> GVT &: ECONOMY: Riyadh navigates a changed landscape
> BANKING: Testing times for Saudi banks
> UPSTREAM: Offshore oil and gas projects to dominate Aramco capex in 2026
> DOWNSTREAM: Saudi downstream projects market enters lean period
> POWER: Wind power gathers pace in Saudi Arabia
> WATER: Sharakat plan signals next phase of Saudi water expansion
> CONSTRUCTION: Saudi construction enters a period of strategic readjustment
> TRANSPORT: Rail expansion powers Saudi Arabia’s infrastructure pushTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/16417262/main.jpeg -
Kuwait gas project worth $3.3bn put on hold
16 April 2026
State-owned Kuwait Gulf Oil Company’s (KGOC’s) planned tender for the development of an onshore gas plant next to the Al-Zour refinery has been put on hold due to uncertainty created by the US and Israel’s war with Iran, according to industry sources.
The project budget is estimated to be $3.3bn, and the last meeting with contractors to discuss the project took place in Kuwait on 10 February.
Previously, it was expected to be tendered in late March, but the tendering process was delayed due to the regional conflict and disruption to shipping through the Strait of Hormuz.
One source said: “This tender is now effectively on hold while KGOC waits for increased stability in the region before it invites companies to bid for the contract.”
Under current plans, the plant will have the capacity to process up to 632 million cubic feet a day of gas and 88.9 million barrels a day of condensates from the Dorra offshore field, located in Gulf waters in the Saudi-Kuwait Neutral Zone.
Ownership of the field is disputed by Iran, which refers to the field as Arash.
Iran claims the field partially extends into Iranian territory and asserts that Tehran should be a stakeholder in its development.
It is believed that the Dorra field’s close proximity to Iran will make development difficult due to the current security environment.
The offshore elements of the project are expected to be especially difficult to protect from attacks from Iran.
In July last year, MEED reported that KGOC had initiated the project by launching an early engagement process with contractors for the main engineering, procurement and construction tender.
France-based Technip Energies completed the contract for the front-end engineering and design.
READ THE APRIL 2026 MEED BUSINESS REVIEW – click here to view PDFEconomic shock threatens long-term outlook; Riyadh adjusts to fiscal and geopolitical risk; GCC contractor ranking reflects gigaprojects slowdown.
Distributed to senior decision-makers in the region and around the world, the April 2026 edition of MEED Business Review includes:
> AGENDA: Gulf economies under fire> GCC CONTRACTOR RANKING: Construction guard undergoes a shift> MARKET FOCUS: Risk accelerates Saudi spending shift> QATAR LNG: Qatar’s new $8bn investment heats up global LNG race> LEADERSHIP: Shaping the future of passenger rail in the Middle EastTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/16413221/main.png -
Iraq pushes to revive oil pipeline through Saudi Arabia
16 April 2026
Iraq is pushing to revive an oil pipeline that passes through Saudi Arabia, allowing it to diversify export routes.
Saheb Bazoun, a spokesman for Iraq’s Oil Ministry, said the pipeline would help to insulate Iraq from any future blockades of the Strait of Hormuz, which has been largely closed since 28 February.
The original pipeline through Saudi Arabia has not been used for more than 30 years and would need work to be done in order to bring it online.
It is 1,568km long, extending from the city of Zubair in Iraq to the Saudi port of Yanbu on the Red Sea.
The pipeline was built in two phases during the 1980s. The first phase stretches between Zubair and Khurais, while the second extends to Yanbu. The pipeline’s operating capacity reached over 1.6 million barrels a day (b/d).
Following the Gulf War, the pipeline was shut down in August 1990. It has remained out of operation for decades, despite Iraq’s several attempts to restart it.
The original pipeline project cost over $2.6bn, including storage tanks and loading terminals.
In the wake of the US and Israel attacking Iran on 28 February, global markets have lost 11 million barrels a day (b/d) of oil supply due to the effective closure of the Strait of Hormuz.
READ THE APRIL 2026 MEED BUSINESS REVIEW – click here to view PDFEconomic shock threatens long-term outlook; Riyadh adjusts to fiscal and geopolitical risk; GCC contractor ranking reflects gigaprojects slowdown.
Distributed to senior decision-makers in the region and around the world, the April 2026 edition of MEED Business Review includes:
> AGENDA: Gulf economies under fire> GCC CONTRACTOR RANKING: Construction guard undergoes a shift> MARKET FOCUS: Risk accelerates Saudi spending shift> QATAR LNG: Qatar’s new $8bn investment heats up global LNG race> LEADERSHIP: Shaping the future of passenger rail in the Middle EastTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/16413290/main.jpg -
Public Investment Fund approves 2026-30 strategy
16 April 2026
Saudi Arabia’s Public Investment Fund (PIF) has approved and released details of its long-awaited strategy for 2026-30. The sovereign wealth fund has taken a leading role in driving the development of the kingdom since 2016 and its strategic goals will shape the kingdom’s economy for the coming five years.
The new strategy, which was approved by the PIF’s board of directors chaired by Crown Prince Mohammed Bin Salman Bin Abdulaziz Al-Saud, follows a significant period of reprioritisation for the fund. After several years of reviewing the scale and delivery timelines of various gigaprojects, the fund is now pivoting towards a more focused investment model.
According to the announcement, “The strategy will focus on delivering competitive domestic ecosystems to connect sectors, unlock the full potential of strategic assets, maximise long-term returns and continue to drive the economic transformation of Saudi Arabia and further enhance the quality of life of its citizens.”
The emphasis on domestic priorities comes at a pivotal time for Saudi Arabia and the region. The internal focus gives the Saudi projects market greater resilience, fortifying local supply chains and industrial clusters that will help safeguard the kingdom’s economy amid heightened uncertainty resulting from the recent conflict involving the US, Israel and Iran.
To achieve its goals, the PIF has structured its investments into three distinct portfolios: the Vision Portfolio, the Strategic Portfolio and the Financial Portfolio. Central to the Vision Portfolio is a renewed commitment to the private sector. “PIF will further enable the role of the private sector as an effective partner for sustainable economic development,” it stated.
READ MORE: Saudi Arabia’s private sector picks up the baton
The drive for investment marks a shift in the Saudi development model; as the state-led initial investment phase matures, the entry of private capital is seen as vital for the long-term viability and operational efficiency of these massive undertakings.
The strategy identifies six core domestic ecosystems intended to drive non-oil GDP, specifically targeting tourism, travel and entertainment; urban development and liveability; advanced manufacturing and innovation; industrials and logistics; and clean energy, water and renewables infrastructure.
The list also includes Neom as a dedicated ecosystem. This explicit inclusion is significant given the scrutiny the project has faced over the past year. In January, it was confirmed that the Asian Winter Games would no longer take place at the Trojena mountain resort, and more recently, several major construction and consultancy contracts at Trojena have been cancelled.
READ MORE: Neom terminates $5bn Trojena dams contract with WeBuild
With reports of high-level departures and a general slowdown in work across various sites, many market observers had questioned the PIF’s continued backing of the project. This strategy signals a formal commitment to the development, albeit within a more structured framework that emphasises capital efficiency and institutional excellence.
PIF said the new strategy builds on a decade of rapid expansion that has seen assets under management grow from $150bn in 2015 to more than $900bn, achieving an annualised total shareholder return of over 7% since 2017.
Between 2021 and 2025, the fund invested more than $199bn in new projects in Saudi Arabia and contributed $243bn to real non-oil GDP. Furthermore, the PIF and its portfolio companies spent more than $157bn with the local private sector during that same period.
Yasir Al-Rumayyan, governor of PIF, said: “PIF’s strategy continues to deliver results as we grow domestically and internationally. In less than a decade, we have launched unprecedented projects, including gigaprojects and major real estate developments, in addition to unique investments in strategic sectors such as artificial intelligence, gaming and esports, and renewable energy.
“PIF also grew assets under management six-fold and attracted global partners and capital to take part in Saudi Arabia’s transformation. PIF will continue to support Saudi Vision 2030 objectives by delivering competitive domestic ecosystems, investing in national champions that have the potential to scale globally, and forming global economic partnerships, building on what has been achieved under PIF’s 2021-25 strategy.
“The 2026-30 strategy is a natural next step in PIF’s growth journey. It offers our partners more opportunities to invest in high-quality assets and ecosystems, alongside PIF. In the next five years, we will continue to build on our great achievements and strengthen our global leadership to deliver success for PIF and Saudi Arabia.”
MEED’s April 2026 report on Saudi Arabia includes:
> COMMENT: Risk accelerates Saudi spending shift
> GVT &: ECONOMY: Riyadh navigates a changed landscape
> BANKING: Testing times for Saudi banks
> UPSTREAM: Offshore oil and gas projects to dominate Aramco capex in 2026
> DOWNSTREAM: Saudi downstream projects market enters lean period
> POWER: Wind power gathers pace in Saudi Arabia
> WATER: Sharakat plan signals next phase of Saudi water expansion
> CONSTRUCTION: Saudi construction enters a period of strategic readjustment
> TRANSPORT: Rail expansion powers Saudi Arabia’s infrastructure pushTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/16417217/main.gif