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  UAE cuts trade and financial links with Iran

  19 August 2026

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  The UAE has halted all trade, commercial exchanges and financial transactions with Iran until further notice, the Ministry of Foreign Affairs said on 19 August.

  The suspension has been imposed in light of escalations that undermine regional and international peace and security, the ministry said. It did not specify a timeframe for any resumption.

  The ministry rejected allegations regarding the status of the economic relationship between the UAE and Iran, and restated the UAE's commitment to dialogue, cooperation and regional integration as means of advancing peace, stability and prosperity in the region.

  It said the UAE remains committed to safeguarding the integrity of the financial system, in line with international law and global standards.

  The suspension covers the full range of commercial and financial links between the two countries. The UAE has historically been one of Iran's most significant trading partners, with much of the relationship built on re-export trade routed through Dubai to Iranian ports across the Gulf.

  The ministry statement did not detail the mechanism for enforcing the halt, the sectors affected, or arrangements for existing contracts and in-transit cargo.

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  Colin Foreman
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  Abu Dhabi begins Dar Al-Funoon Saadiyat construction

  19 August 2026

  

   

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  Abu Dhabi-based piling contractor APCC Piling & Marine Contracting has started the enabling works on Dar Al-Funoon, a cultural development near the Saadiyat Cultural District.

  The project, commissioned by the Department of Culture & Tourism – Abu Dhabi, was designed by the late Canadian-American architect Frank Gehry.

  The venue is scheduled to open in 2030.

  MEED understands that the main contract bids are under evaluation and the project is slated for award soon.

  The complex will feature a multipurpose hall with more than 2,000 seats, a 3,500-seat open-air amphitheatre, a 400-seat studio theatre and a 250-seat jazz venue, bringing total capacity to more than 6,000 across its performance spaces.

  The venue will host leading international productions, delivering high-quality cultural experiences for audiences locally, regionally and globally.

  Upon completion, it will become one of the region’s largest performing arts venues.

  The project was announced by Sheikh Khaled Bin Mohamed Bin Zayed Al-Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council in June, as MEED reported.

  During a review of the plans, he was briefed on the architectural concept and the development and construction phases, as well as the venue’s advanced technical capabilities, which are being designed to meet the highest international standards for staging major global productions.

  The announcement is part of the ongoing development of Saadiyat Island, which already includes Louvre Abu Dhabi, Zayed National Museum, Natural History Museum Abu Dhabi, teamLab Phenomena Abu Dhabi and the upcoming Guggenheim Abu Dhabi.

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  Yasir Iqbal
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  Contractor wins Dubai Canal drainage deal

  19 August 2026

  

   

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  Local firm Detech Contracting has won an engineering, procurement and construction (EPC) contract to upgrade and rehabilitate the East Dubai Canal stormwater system.

  The project, known as TF-16-C1, is part of Dubai’s Tasreef strategic plan to improve the emirate’s stormwater network, increase flood protection and enhance the resilience of Dubai’s infrastructure.
   
  According to a source, Lebanon's Khatib & Alami has also been appointed as a consultant on the project.

  The works will focus on upgrading existing stormwater infrastructure to increase capacity and improve reliability during heavy rainfall.

  The scope includes upgrading the stormwater drainage system, laying pipelines and constructing manholes and gullies. It also includes the construction of pumping stations and diversion works, site clearance and other associated facilities.

  In February, MEED reported that the municipality had invited consultants to qualify for a contract to supervise three stormwater drainage projects (TF-16-C1, TF-15-C2 and TF-13-C1)

  China State Construction Engineering Corporation announced in July that it had won the EPC contract for the TF-15-C2 stormwater drainage network project located on Umm Suqeim Road in the Al-Barsha and Al-Quoz areas of Dubai.

  MEED understands contractor bids are still being evaluated for the TF-13-C1 project, which focuses on developing a drainage system for the Al-Marmum area.

  Detech has been awarded several packages under the Tasreef programme in the past 18 months.

  These include:

  • TF-16-C1: upgrading and rehabilitation of East Dubai Canal stormwater system
  • TF-15-C1: stormwater drainage system at Al-Wasl Road for communities west of Dubai Canal
  • TF-05-C1: stormwater drainage system in Jebel Ali 
  • TF-04: stormwater drainage system on Sheikh Mohammed Bin Zayed Road and Al-Yalayis Road
  • DS-419: Tasreef rainwater drainage network: West Deira stormwater system upgrade and rehabilitation 

  As MEED exclusively reported, the municipality recently issued a letter of award for the TF-15-C1 project, covering the construction of a stormwater drainage system on Al-Wasl Road and communities west of Dubai Canal.

  The project includes the construction of a gravity-based stormwater pipeline network with diameters of up to 3.5 metres. It is estimated to cost $100m.

  This week, Dubai Municipality also issued three tenders for stormwater and sewerage infrastructure projects serving Hind City, Dubailand and surrounding areas.

  The projects cover drainage networks for Hind 4, connections to the stormwater network in Dubailand and a stormwater trunk line serving Hind 3, Hind 4 and Umm Al-Daman.

  All three have bid submission deadlines of 10 September.

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  Mark Dowdall
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  Maaden and Aramco sign deal to create joint venture

  18 August 2026

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  Saudi Arabian Mining Company (Maaden) and Saudi Aramco have signed a shareholders’ agreement to form a joint venture (JV). Maaden will hold a 51% stake in the JV, while Aramco will own the remaining 49%.

  Before signing the shareholders’ agreement, the two Saudi state-owned companies signed a non-binding heads of agreement in January 2025 aimed at establishing the JV.

  “Combining the strengths of two leaders in their respective fields, the JV will focus on copper and other minerals critical to the energy transition,” the two parties said in a joint statement.

  The JV will focus on exploration across Zone 4, also known as the Transition Zone, within the Arabian Platform in Saudi Arabia. Spanning approximately 182,000 square kilometres – nearly 10% of the kingdom’s total land area – the expected exploration area stretches along a 100-kilometre-wide corridor running parallel to the Arabian Shield.

  “It represents a major new opportunity for mineral discovery in the kingdom,” Maaden and Aramco said.

  Copper, which is increasingly significant for electric vehicles, power networks, energy storage and renewable energy systems, will be a main focus of the JV.

  Copper accounts for more than 20% of the $1.2tn mined-metals market. The copper market is currently valued at about $250bn and is projected to grow to more than $400bn by 2035.

  The JV will also explore for other energy transition minerals, including zinc, lead and rare earth elements, “that are expected to be crucial to industries of the future”.

  “Leveraging advanced computational algorithms, [artificial intelligence] AI, and high-performance computing, the JV intends to target areas most likely to contain copper and valuable minerals, accelerating the path from regional screening to target definition and discovery. This is expected to support long-term sector development, reinforce the kingdom’s role in the global minerals value chain, and help meet rising demand for transition minerals,” the partners said.

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  Indrajit Sen
• 
  Kuwait awards oil contract to Baker Hughes

  18 August 2026

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  Kuwait’s state-owned upstream operator Kuwait Oil Company (KOC) has awarded a multi-year contract to the Houston-based oil services company Baker Hughes, according to a statement from the US company.

  The contract is focused on accelerating technology innovation in the country’s upstream energy sector, the statement said.

  Baker Hughes did not disclose the contract value.

  It said that the deal positioned Baker Hughes as a key technology collaborator in the Ahmadi Innovation Valley (AIV), KOC’s flagship initiative aimed at establishing an in-country research and innovation hub to address its strategic oil and gas development priorities.

  Under the terms of the agreement, Baker Hughes and KOC will focus on developing and deploying technology solutions that optimise production as well as addressing other issues.

  Baker Hughes said it is planning to use its portfolio of digital and artificial intelligence (AI) automation solutions as part of the deal.

  These solutions are designed to help operators increase recovery from existing wells, lower operating costs, reduce water production and minimise power consumption, it said.

  Baker Hughes chairman and CEO Lorenzo Simonelli said: “Baker Hughes is committed to deeply understanding KOC’s development aspirations and providing the solutions needed to help achieve them.

  “Working together, we aim to deliver tailored technology solutions at scale that improve production performance and efficiency, supporting KOC’s goals to maximise value from their assets.”

  As part of the agreement, Baker Hughes will build a dedicated research and technology development centre in the AIV to deliver technology solutions and build local expertise.

  Kuwait’s oil and gas sector is currently in crisis due to the regional war that started after the US and Israel attacked Iran on 28 February.

  The war has severely disrupted exports through the Strait of Hormuz, which Kuwait relies on in order to ship crude exports.

  Shaikh Nawaf Saud Al-Sabah, deputy chairman and CEO of Kuwait Petroleum Corporation (KPC), the country’s state energy conglomerate, has described the current crisis as the biggest oil crisis the country has faced since Iraq’s 1990 invasion.

  Kuwait relies on the oil and gas sector for more than 90% of government revenues.

  Despite the dramatic reduction in crude exports, Kuwait’s state-owned oil companies continue to tender some projects.

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  Wil Crisp