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
  • Libya and Tunisia reschedule joint oil and gas licensing round

    19 August 2026

    The Libyan-Tunisian Joint Oil Exploration, Exploitation and Petroleum Services Company (Joint Oil) has rescheduled its planned licensing round for offshore exploration and development projects in a zone spanning the waters of both countries.

    The bidding process is now due to open on 7 September 2026, with bid submissions due by 8 January 2027.

    Previously, in May, Joint Oil said it planned to open the bid round on 1 August 2026.

    The upcoming round will offer two oil and gas packages. The first is an exploration package across the 3,000-square-kilometre Joint Oil Block, in water depths of 80-120 metres.

    Significant data are available on the geology of this area, including 6,500km of 2D and 1,900 square kilometres of 3D seismic data. Data also exists from a run of legacy wells dating to 1976.

    The second package covers development of the Zarat discovery specifically. This is a gas-condensate reservoir straddling the boundary between Tunisia’s national acreage and the jointly-held Joint Oil Block.

    Joint Oil is equally owned by Tunisia’s national oil company, ETAP, and OLA Energy Holdings, a subsidiary of the Libya Africa Investment Portfolio (LAIP).

    LAIP is a subsidiary of Libya’s sovereign wealth institution, the Libya Investment Authority.

    Joint Oil was established under a bilateral agreement between Libya and Tunisia in 1988 to explore and develop hydrocarbons in offshore areas shared by the two countries.

    The key dates from the new schedule for the licensing round are:

    • 7 September 2026: Bid round opens; qualified offshore operators can apply for access to the Virtual Data Room
    • 9 September 2026: Joint Oil presents the opportunity at the MMEA Scout Group meeting in London
    • 29-30 September 2026: Joint Oil presents at the World Energy Summit in London
    • 31 December 2026: Bid round closes
    • 8 January 2027: Bid submissions due
    • 26 February 2027: Winning bidders notified
    • 30 April 2027: Formal awards expected

    Texas-based Moyes & Co is acting as a strategic adviser on the licensing round.

    Houston-headquartered Marathon discovered the Zarat field in 1992. It is estimated to hold around 0.4 trillion cubic feet of recoverable gas and 50 million barrels of liquids.

    A previous development project concept centred on a mobile production unit, worth around $1bn, tied back to the nearby Miskar platform.

    Despite this, the field has remained undeveloped for over three decades.

    One of the key challenges to developing the reserve is its high carbon dioxide content.

    Joint Oil has run bid rounds for the acreage before without success, including as recently as late 2023.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/18861047/main.jpg
    Wil Crisp
  • UAE cuts trade and financial links with Iran

    19 August 2026

    Register for MEED’s 14-day trial access 

    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.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/18857953/main0856.jpg
    Colin Foreman
  • Abu Dhabi begins Dar Al-Funoon Saadiyat construction

    19 August 2026

     

    Register for MEED’s 14-day trial access 

    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.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/18852155/main4145.jpg
    Yasir Iqbal
  • Contractor wins Dubai Canal drainage deal

    19 August 2026

     

    Register for MEED’s 14-day trial access 

    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.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/18850438/main.jpg
    Mark Dowdall
  • Maaden and Aramco sign deal to create joint venture

    18 August 2026

    Register for MEED’s 14-day trial access 

    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.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/18833329/main.jpg
    Indrajit Sen