US elections set to disappoint region
22 January 2024

Donald Trump’s thumping victory in the Republican Party’s Iowa caucus on 15 January – the first of the US presidential election year – suggests the former president will clear the first of three obstacles separating him from four more years in the White House.
Trump’s opponents claim the result means little and other challengers will shine in due course. The Republican Party’s nomination for president and vice-president, which will be confirmed at its national convention in Milwaukee in July, is far from certain.
But that was said in 2016. And we all know what happened next.
A larger obstacle is the 91 felony counts across two state courts and two federal districts, together with a civil suit in New York that could wreck Trump’s businesses. These will come to a head in the middle of the campaign and could influence it.
Lawsuits in some US states that seek to have Trump disqualified from the presidency even if he wins in November will certainly be challenged in the Supreme Court. This is unprecedented and the outcome cannot be confidently forecast.
The final hurdle is winning the presidential vote itself. Opinion polls suggest Trump would beat President Joe Biden, but not by much. More worrying for the Democrats is the slump in Biden’s job approval rating to the lowest for any US president in the past 15 years.
As in 2020, when he lost, Trump is loathed by many American voters. This time, however, Biden is the incumbent and Trump is the challenger. This could make all the difference.
Trump agenda
This spring, the world will have to face up to the prospect that Trump could well be back in 2025. But what could that mean?
Trump’s agenda pivots on appeasing social conservatives while pleasing the middle class with tax cuts and a fiscal policy that keeps the economy humming. The main differences with the Democrats are issues that split Americans across all parties – such as immigration, law and order, abortion and same-sex marriage – with little resonance abroad.
Trump has promised, as he did in 2016, to encourage more fossil fuel production. However, his foreign policy is potentially as consequential as any attempted by a US president in living memory.
In speeches and interviews in recent months, Trump has said he will review Nato’s mission and ask Europe to reimburse the US for almost $200bn-worth of munitions that it has sent to Ukraine. He has said he could end the Ukraine war in 24 hours, though no one knows how.
Trump plans to raise retaliatory tariffs against countries with trade barriers of their own and has floated the idea of a 10 per cent universal tariff. He has called for an end to China’s most-favoured nation status and new restrictions on Chinese ownership of US infrastructure. Trump rarely discusses Taiwan, though he asserts that China would never dare to invade it if he were president.
Other contentious ideas include intensifying the war against Mexican drug cartels by designating them as foreign terrorists and using special forces to attack their leadership and infrastructure inside Mexico. Under his presidency, the US Navy would enforce a blockade and the Alien Enemies Act would be used to deport drug dealers and gang members.
Addressing the new Middle East reality created since the Hamas attacks on 7 October last year is probably beyond America’s capacities, whoever is in the White House
Regional letdown
Trump’s pursuit of the unconventional overseas essentially stops at the Middle East, however. What he will do in office depends upon who he appoints as secretary of state and to his national security team, but there are clues.
Trump has shifted from criticising Israel’s leaders at the start of the war in Gaza to focusing on calls to crush Hamas and penalise Iran further. Even he cannot buck the pro-Israel passion of many US voters.
For Trump, the Arab world begins with Saudi Arabia. His first overseas visit as president in 2017 was to Riyadh, where he met King Salman bin Abdulaziz al-Saud and now Crown Prince Mohammed bin Salman al-Saud, heir to the Saudi throne. The kingdom was euphoric, and the memory of the early, heady days of the first Trump presidency still resonates.
His first secretary of state, Rex Tillerson, who the Saudi government knew as Exxon chief executive, was quickly sidelined and replaced in 2018 by Mike Pompeo, a pro-Israel hawk.
The Abraham Accords negotiated by Trump’s son-in-law Jared Kushner fell well short of the kingdom’s long-standing priorities. Riyadh indicated it would follow Bahrain and the UAE into the deal subject to an improbable condition: the creation of a Palestinian state in line with the Arab Peace Initiative approved by the Arab League in 2002.
Trump probably believes the accords and the transfer of the US embassy to Jerusalem is his lasting Middle East policy initiative. It may well be his only one. Addressing the new Middle East reality created since the Hamas attacks on 7 October last year is probably beyond America’s capacities, whoever is in the White House.
Experience shows that hopes of a US presidential election making a major difference in the Middle East have been dashed time and time again.
The last time Saudi Arabia publicly signalled its backing for a candidate was when the kingdom’s then ambassador to the US, Prince Bandar bin Sultan, appeared at a meeting in support of President George H Bush in 1992. This was probably counterproductive. Bill Clinton won that year, in part because of his charge that Bush’s foreign policy was potentially antisemitic.
There are three foundations to the Middle East’s view of the battle for the White House in 2024.
Firstly, there is little that regional powers can do to influence it.
Secondly, whoever wins will invariably default to the prevailing wisdom and doctrine in Washington, which at present is staunchly pro-Israel.
And thirdly, the region’s future is mainly in its own hands. It is this – not who wins or loses in November – that is the more important realisation.
Image: Trump’s first overseas visit as president in 2017 was to Riyadh, where he met King Salman bin Abdulaziz al-Saud. Credit: Official White House Photo/Flickr
Exclusive from Meed
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Nakheel awards $143m Dubai Islands infrastructure deal20 April 2026
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Borouge International appoints chief financial officer20 April 2026
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Dubai’s RTA opens Hessa Street upgrade20 April 2026
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Kuwait LNG project expected to be worth about $200m20 April 2026
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Saudi Arabia’s Misk tenders residential package17 April 2026
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Nakheel awards $143m Dubai Islands infrastructure deal20 April 2026
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Dubai-based developer Nakheel, now part of Dubai Holding, has awarded a AED527m ($143m) contract for the construction of the primary infrastructure and utilities works on Island B at the Dubai Islands development.
The contract was awarded to local firm Al-Nasr Contracting Company.
The scope covers the construction of roads, water networks, electrical and telecommunications networks, drainage and sewerage systems, and integration with the district cooling plant network at Island A.
In October last year, Nakheel awarded Al-Nasr Contracting Company a AED169m ($46m) contract for the construction of the internal roads and utilities for the Bay Villas development at Dubai Islands.
In August, MEED reported that Nakheel had awarded a AED2.6bn ($708m) contract to Abu Dhabi-based Fibrex Contracting to build the Bay Villas project at Dubai Islands. The contract includes the construction of 636 villas.
The Dubai Islands development consists of five islands spanning 18.6 square kilometres. It features more than 59 kilometres (km) of waterfront and 20km of beaches, as well as parks, golf courses, promenades and cycling paths.
The offshore island project gained renewed momentum in 2022, when Nakheel unveiled a new masterplan and rebranded it as Dubai Islands.
The reclaimed islands were originally part of the Palm Deira project, which was partially completed before being put on hold in 2008.
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:
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Borouge International appoints chief financial officer20 April 2026
Newly formed chemicals giant Borouge Group International AG (Borouge International) has appointed Patrick Jany as chief financial officer (CFO). He will take office from 1 May, until which time Daniel Turnheim will continue to serve as interim CFO.
Jany joins Borouge International with more than three decades of international finance leadership across industrial, logistics and chemical businesses. “With 20 years’ CFO experience in publicly listed companies, he brings deep financial expertise and a disciplined approach to capital management,” Borouge International said in a statement.
Most recently, Jany served as executive vice-president and CFO of Danish shipping company A P Moller-Maersk, where he joined the executive board in 2020 and played a central role in strengthening financial discipline, portfolio management and value creation during a period of major strategic transformation.
Prior to Maersk, he spent 25 years at Swiss specialty chemicals company Clariant AG, holding a range of senior finance, general management and corporate development roles across Europe, Asia and the Americas, eventually becoming group CFO. Earlier in his career, he held finance leadership roles at Sandoz AG, Clariant’s predecessor.
Jany holds a Master of Business Administration degree from ESCP Business School.
“As CFO, he will be part of a strong management team, leading and shaping Borouge International into a global industrial leader with scale, reach and financial discipline, supporting its long-term growth ambitions,” the company said in its statement.
Chemicals giant
Abu Dhabi National Oil Company’s (Adnoc Group) overseas investment arm XRG and Austrian energy major OMV completed the creation of Borouge International, a global chemicals giant with the fourth-largest polyolefins production capacity in the world, on 31 March.
The new entity was formed by the merger of Adnoc Group and OMV’s respective shareholdings in Abu Dhabi chemicals producer Borouge and Austria-based Borealis, as well as the acquisition of Canada-based Nova Chemicals.
Adnoc and OMV started the transaction to merge their interests in Borouge and Borealis, as well as acquire Nova Chemicals, in March last year. In July, Adnoc announced it would transfer its stake in Borouge International to XRG upon completion of the transaction.
Borouge International is headquartered and tax-domiciled in Austria, with regional headquarters in Abu Dhabi, UAE. The new company will operate corporate hubs across North America, Europe and Asia, with innovation centres in the UAE, Austria, Canada, Finland and Sweden.
Financial prospects
Borouge International will benefit from a superior resilient margin profile and well over $500m in identified earnings before interest, taxes, depreciation, and amortisation (ebitda) run-rate synergies per annum, with 75% expected to be realised within the first three years, XRG said at the time of creation of the entity.
“The company’s global reach, combined with long-term shareholders and a robust capital structure, will deliver resilience throughout the business cycle and an enhanced ability to drive consistent performance and sustainable value for shareholders,” XRG said in its statement.
The new company has also secured credit ratings of A (Negative) / Baa1 (Stable) / A- (Stable) ratings from S&P, Moody’s and Fitch, respectively, “confirming its robust financial position and capital structure and ability to access a range of long-term financing options”.
“XRG and OMV are committed to maintaining investment-grade credit ratings for Borouge International,” they said.
Additionally, Adnoc and OMV plan to tender an offer to convert Borouge Plc shares to Borouge International AG shares, thereby “creating a simplified structure that will enable value creation from the new global growth platform”.
The tender offer is expected to take place in 2027, subject to market conditions and approval by the UAE Capital Market Authority, with its timing “aligning with the new company’s future equity raise, to maximise value for all shareholders”.
Until then, Borouge International will be privately held, and Borouge Plc shares will remain listed on the Abu Dhabi Securities Exchange (ADX). The recently received credit ratings factor in the impact and flexibility on timing of both the future equity raise and the planned acquisition of Borouge 4 at cost by Borouge International.
Borouge International also recently announced a dividend payment of $1.32bn for 2025, “reflecting the company’s strong operational performance and record sales”.
The final shareholder-approved dividend payment for 2025 amounts to $658m (8.1 fils per share), bringing the total 2025 dividend to approximately $1.32bn (16.2 fils per share). The dividend will be paid on or around 7 May to all shareholders of record as of 17 April.
Including this dividend, Borouge Plc will have distributed $4.89bn in dividends since listing, one of the largest payout levels on the ADX over this period.
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Dubai’s RTA opens Hessa Street upgrade20 April 2026
Dubai’s Roads & Transport Authority (RTA) has opened Hessa Street for public traffic after announcing that the construction of the road’s expansion has been completed.
The scope of the project included expanding Hessa Street from two to four lanes in each direction and developing four intersections with Sheikh Zayed Road, First Al-Khail Street, Al-Asayel Street and Al-Khail Road.
The project increases the road’s capacity from 8,000 to 16,000 vehicles an hour in both directions.
It will reduce the travel time from Sheikh Zayed Road to Hessa Street from 15 minutes to just four minutes.
The Sheikh Zayed Road intersection will have a two-lane road heading from Sheikh Zayed Road to Hessa Street, eastwards to Emirates Road.
The upgrade of the First Al-Khail intersection includes increasing the number of lanes from three to four in each direction on the existing Hessa Street Bridge.
The third improvement covers upgrading the Hessa Street and Al-Asayel Street intersection by increasing the number of lanes from two to four in each direction.
The Hessa Street and Al-Khail Road intersection upgrade includes the construction of a two-lane road to serve traffic travelling northwards to Al-Khail Road in the direction of Sharjah.
The project mainly serves residential areas, including Al-Sufouh 2, Al-Barsha and Jumeirah Village Circle.
In February 2024, MEED exclusively reported that the RTA had awarded a AED689m ($187.5m) contract to Turkiye’s Gunal Construction for the first phase of the Hessa Street improvement project.
The RTA recently started the construction works on the second phase of the project.
The scope covers upgrade works on three intersections, including the construction of bridges totalling 8.8 kilometres (km), a 480-metre tunnel, and enhancements to access points on surrounding roads to improve entry and exit flow on a 3km stretch between Al-Khail Road and Sheikh Mohammed Bin Zayed Road.
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Kuwait LNG project expected to be worth about $200m20 April 2026

The planned Kuwaiti project to develop a reliquefaction unit at the Al-Zour LNG import terminal is expected to be worth about $200m, according to industry sources.
The client on the project is state-owned Kuwait Integrated Petroleum Industries Company (Kipic).
The project is focused on the development of a boil-off-gas unit at the import terminal, according to a report in Kuwait’s Al-Anba newspaper.
The project scope includes engineering, procurement and construction works, along with pre-commissioning, commissioning and performance testing services.
The list of prequalified companies is:
- Fluor (US)
- GS Engineering & Construction (South Korea)
- Tecnicas Reunidas (Spain)
- Larsen & Toubro (India)
- Hyundai Engineering (South Korea)
- CTCI Corporation (Taiwan)
- Daewoo Engineering & Construction (South Korea)
- Hyundai Engineering & Construction (South Korea)
- Saipem (Italy)
- Samsung Engineering (South Korea)
- Sinopec Engineering (China)
- JGC Holdings (Japan)
- KBR (US)
- China National Petroleum Corporation (China)
- Technip (France)
Kuwait’s LNG import terminal is currently not operating due to disruption caused by the US and Israel’s war with Iran.
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Distributed to senior decision-makers in the region and around the world, the April 2026 edition of MEED Business Review includes:
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Saudi Arabia’s Misk tenders residential package17 April 2026

Saudi Arabia’s Mohammed Bin Salman Foundation (Misk Foundation) has floated two tenders for the construction of a residential community in District 5 of Prince Mohammed Bin Salman Nonprofit City in Riyadh.
The first tender is split into two packages, one that covers the construction of 237 villas and the other covering 223.
The second tender covers the construction of a community centre, swimming pool, mosque and school.
The bid submission deadline for both tenders is 27 April.
Misk Foundation is jointly developing the project in collaboration with local real estate developer Kinan.
The estimated SR900m ($240m) project will span an area of about 121,692 square metres.
In March 2022, the Misk Foundation released the masterplan for Prince Mohammed Bin Salman Nonprofit City.
Saudi Crown Prince Mohammed Bin Salman Bin Abdulaziz Al-Saud said in November 2021 that the Misk Foundation development in Riyadh will be the world’s first non-profit city.
“Prince Mohammed Bin Salman Nonprofit City, which implements the digital twin model, will host academies; colleges; Misk schools; a conference centre; a science museum; and a creative centre offering a space to support the ambitions of innovators in sciences and new-generation technology, such as AI [artificial intelligence], IoT [Internet of Things] and robotics,” he said.
“It will also feature an arts academy and art gallery, a performing arts theatre, a play area, a cooking academy and an integrated residential complex.
“In addition, the city will host venture capital firms and investors to support and incubate innovative enterprises to drive community contributions from around the world.”
The consultants working on the project include Germany’s Albert Speer + Partner as master planner and architect, and UK-based Buro Happold as the engineer. The project manager for the first phase of construction is UK-based Mace.
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> GVT &: ECONOMY: Riyadh navigates a changed landscape
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> UPSTREAM: Offshore oil and gas projects to dominate Aramco capex in 2026
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