meed-logo

line1 line2 line3
SIGN IN / REGISTER

Contractors vie for schemes worth $270bn

21 December 2023

Following one of the best years for project contract awards in the Middle East and North Africa (Mena) region in a decade, 2024 has a lot to live up to if it is to generate a similar amount of project activity. 

By mid-December, the value of contract awards in 2023 had exceeded $230bn and was just $10bn shy of the $240bn-worth of regional contract awards let in 2014 – the best year on record to date. It was also on track to exceed that record year, with $36bn of projects in bid evaluation and expected for award by year’s end.

Nevertheless, 2024 has the potential to be an even better year for the Mena projects markets than 2023, with more than $270bn-worth of projects in the bidding phase and either overdue, due for award in the final weeks of 2023 – at the mid-December mark – or set for award at some point during 2024.

On top of this significant value of projects in the bidding stage, the region also has an estimated $250bn-worth of work in the design phase, with project trajectories that could quite reasonably see the schemes proceed through the prequalification, tendering and main contract award phases within the next 12 months.

Of the $270bn of value in the bidding stage, $126bn is in bid evaluation, with the main contract imminently due for award. A further $67bn is at the bid submission stage and $77bn is at the prequalification stage.

Imminent awards

Among the projects that are in the bidding phase and due for award in 2024 are six projects worth $4bn or more – all of which are in the GCC, with three in the UAE and one in each of Kuwait, Qatar and Saudi Arabia. They include three oil and gas projects, two power plants and one transport scheme.

The largest project contract in both the bidding phase, and specifically bid evaluation, is the estimated $7bn scheme for the development of surface facilities as part of the UZ1000 expansion programme by the offshore arm of Abu Dhabi National Oil Company (Adnoc Offshore) at the UAE’s Upper Zakum oil field. 

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

The next largest project in the bidding phase is the $6bn first package of the Duwaiheen nuclear power plant project, which entails the construction of two 2,800MW nuclear reactors on behalf of the Saudi special purpose vehicle Duwaiheen Nuclear Energy Company. Expected bidders include France’s EDF, China National Nuclear Corporation, Korea Electric Power Corporation and Russia’s Rosatom.

The third largest scheme, and one that is at the prequalification stage, is the estimated $4.8bn Blue Line for the Dubai Metro, tendered by the Roads & Transport Authority after the project was greenlit in November 2023. Expressions of interest for the 12-station line are being sought from three consortiums.

Close behind this is the $4.5bn Ruwais liquefied natural gas terminal, which is being tendered by Adnoc Gas Processing, and for which more than half a dozen companies have submitted bids.

In Kuwait, the $4bn combined phases two and three of Al-Zour North independent water and power project are being tendered by the Ministry of Electricity & Water via the Kuwait Authority for Partnership Projects. Five bidders have submitted prequalification documents for the scheme. 

Pending in Qatar, there is the $4bn phase two, scope D of works on the North Field production sustainability project, for which submissions to QatarEnergy LNG are due by the end of December.

Top markets

The country with the highest value of project work in the bidding phase – and more than double that of the next most active projects market – is Saudi Arabia, which alone has schemes worth $107bn. This includes $46.5bn-worth of work in bid evaluation, $34.3bn in bid submission and $26.4bn at the prequalification stage.

The work in Saudi Arabia is concentrated in the hands of several large clients, led by Saudi Aramco, which has $22bn-worth of work under bid, and Neom, which has $19bn of associated projects under bid. 

There is a further $8.6bn-worth of work associated with the four other official gigaprojects: Diriyah Gate, Qiddiya, the Red Sea Project and Roshn. There is also $7.7bn-worth of work in the bidding phase as part of the Saudi Power Procurement Company’s renewable energy programme.

The projects market with the second-largest value of imminently pending work is the UAE, with $51.5bn-worth of work under bid, including schemes worth about $30bn in bid evaluation. This work is led by the oil and gas sector, with $22.6bn of work being tendered by Adnoc Group. 

Elsewhere in the GCC, Kuwait, Oman and Qatar have, respectively, $19.8bn, $17.9bn and $15.7bn of projects under bid. Overall, the GCC markets account for $216bn or 80 per cent of the $270bn total of work under bid, with Saudi Arabia and the UAE alone accounting for $159bn-worth of work, or 59 per cent of the total.

Close behind these markets is Algeria, which has $15.3bn-worth of schemes in the bidding phase, alongside lesser values in Egypt and Iraq, at $10.7bn and $7.7bn, respectively. There is then a further $24bn-worth of work under bid spread across the other countries in the Mena region.

Strongest sector

Segregated by industry, of the $270bn-worth of work in the bidding stage, there are: projects in the construction and transport sector worth a combined $97.7bn; schemes worth $97.6bn in the power, water and utilities sector; and programmes worth $74.8bn in energy industry.

This breaks down further into $53.1bn of transport projects, $44.6bn of construction projects, $59.7bn of power projects, $37.8bn of water projects, $32.9bn of gas projects, $29.2bn of oil projects, and $12.6bn of chemicals and other industrial schemes.

Top clients

The top 10 project clients in the region by value of projects currently in the bid stage account for $103bn or 38 per cent of the $270bn of total project value under bid. Out of this group of regional heavyweight project owners, five are Saudi entities: Saudi Aramco, Neom, Saudi Power Procurement Company (SPPC), Duwaiheen Nuclear Energy Company (DNEC) and Saudi Electricity Company (SEC).

The top project client outside of Saudi Arabia is the UAE’s Adnoc, which comes second only to Saudi Aramco in terms of the value of projects in the bidding stage. Adnoc is accompanied in its representation of the UAE in the ranking by Dubai’s Road & Transport Authority (RTA). 

The list is then rounded out by Algeria’s Sonelgaz and two Kuwaiti entities: Kuwait Authority for Partnership Projects (Kapp) and Kuwait Oil Company (KOC).

Both Saudi Aramco and Adnoc have more than $20bn-worth of projects under bid, followed closely by Neom, which has $17.6bn-worth of projects across its constituent masterplans, led by Oxagon, Trojena and The Line. 

The three Saudi utilities sector clients, SPPC, DNEC and SEC, then have $7.3bn, $6.5bn and $6.3bn under bid, respectively. Sonelgaz is close behind, with $6.2bn under bid, followed by Kapp, the RTA and KOC, with $6bn, $5.4bn and $4.9bn, respectively, under bid.

The line-up reflects the broader pattern of a strong concentration of project activity in the Mena region within the GCC, and especially within Saudi Arabia and the UAE, as the pre-eminent GCC projects markets. 

 Top pending projects in 2024 (to be published on 27 Dec 2023)

https://image.digitalinsightresearch.in/uploads/NewsArticle/11381712/main.gif
John Bambridge

Register for MEED's guest program now to access this article.

Click here to register
Exclusive from Meed
Related Articles
  • Public Investment Fund backs Neom

    16 April 2026

    Commentary
    Colin Foreman
    Editor

    Register 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 push

    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/16417262/main.jpeg
    Colin Foreman
  • 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 PDF

    Economic 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:

    > GCC CONTRACTOR RANKING: Construction guard undergoes a shift
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/16413221/main.png
    Wil Crisp
  • 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 PDF

    Economic 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:

    > GCC CONTRACTOR RANKING: Construction guard undergoes a shift
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/16413290/main.jpg
    Wil Crisp
  • Algeria opens bidding for water treatment plant

    15 April 2026

     

    State-owned Cosider Pipelines, part of Algeria’s public infrastructure group Cosider, has issued a tender for the construction of a demineralisation plant in In Salah in Algeria.

    The contract covers the design, supply, installation, testing and commissioning of a plant with a treatment capacity of 62,000 cubic metres a day (cm/d).

    The tender is open to local and international companies specialising in the design and construction of demineralisation and reverse osmosis desalination plants.

    The bid submission deadline is 26 April.

    The project will be located at In Salah, a key industrial area in southern Algeria, where treated water supply is important for both municipal and industrial use.

    Cosider said that individual bidders must demonstrate that they have completed at least one reverse osmosis demineralisation or desalination plant with a capacity of 20,000 cubic metres a day or more.

    They must also show an average annual turnover of at least AD1bn ($7.7m) for their five best years over the past decade.

    For consortium bids, all partners must share full responsibility for the contract, while the lead company must meet the technical and financial requirements.

    Recent projects

    In 2023, MEED reported that Riyadh-based water utility developer Wetico had won two contracts to develop water desalination plants in Algeria.

    Societe Algerienne de Realisation de Projects Industriels (Sarpi) awarded the contract for the El-Tarf desalination plant, while Entreprise Nationale de Canalisations (Enac) is the client for the Bejaja facility.

    Both plants were commissioned in 2025, each with a production capacity of 300,000 cm/d.

    Separately, Wetico was the main contractor on a third plant commissioned last year. The Cap Dijinet 2 seawater desalination plant in Boumerdes province covers 18 hectares and also has a capacity of 300,000 cm/d.

    Like many countries, Algeria is facing pressure on resources due to longer and more frequent droughts. Seawater desalination is seen as a key driver of the government’s strategy to guarantee drinking water supply.

    According to previous reports, the government is planning to build up to six additional plants by 2030.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16404325/main.jpg
    Mark Dowdall
  • WEBINAR: UAE Projects Market 2026

    15 April 2026

    Webinar: UAE Projects Market 2026
    Tuesday, 28 April 2026 | 11:00 GST  |  Register now

    Agenda:

    • Overview of the UAE projects market landscape
    • 2025 projects market performance
    • Value of work awarded 2026 YTD
    • Impact of the Iran conflict on the projects market and real estate, assessing supply chain disruptions, material cost inflation and war risk premiums
    • Key drivers, challenges and opportunities
    • Size of future pipeline by sector and status
    • Ranking of the top contractors and clients
    • Summary of key current and future projects
    • Short and long-term market outlook
    • Audience Q&A

    Hosted by: Colin Foreman, editor of MEED 

    Colin Foreman is editor and a specialist construction journalist for news and analysis on MEED.com and the MEED Business Review magazine. He has been reporting on the region since 2003, specialising in the construction sector and its impact on the broader economy. He has reported exclusively on a wide range of projects across the region including Dubai Metro, the Burj Khalifa, Jeddah Airport, Doha Metro, Hamad International airport and Yas Island. Before joining MEED, Colin reported on the construction sector in Hong Kong.

    Click here to register

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16401868/main.gif
    Colin Foreman