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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Qiddiya plans $7bn theme park hub near Paris25 August 2026
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Masdar shelves Abu Dhabi green hydrogen project25 August 2026
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Oman invites bids for Musandam renewables study25 August 2026
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US launches sanctions campaign against Iran25 August 2026
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Kuwait tenders $3.3bn gas processing facility25 August 2026
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Qiddiya plans $7bn theme park hub near Paris25 August 2026
Saudi Arabia’s Qiddiya Investment Company plans to develop a mixed-use leisure destination worth about €6bn ($7bn) at Cergy-Pontoise in the Ile-de-France region, in one of the largest Saudi investments in French tourism infrastructure to date.
The plan was set out in a joint statement issued on 24 August at the close of a state visit to France by Crown Prince and Prime Minister Mohammed Bin Salman Bin Abdulaziz Al-Saud. France and Saudi Arabia signed a memorandum of understanding (MoU) covering the project during the two-day visit.
The destination will bring together entertainment, leisure, hospitality, culture and sport, according to the joint statement. Current plans envisage up to three major entertainment anchors, hotels and complementary leisure experiences, with the €6bn figure covering the full development lifecycle.
One of the three parks is expected to be manga-themed, according to the French presidency. The themes of the other two have not been disclosed. The parks will be built and opened in stages, with construction expected to take several years. No opening date has been given.
The parks are expected to create about 22,000 direct jobs, according to the French presidency, compared with about 20,000 at Disneyland Paris. Cergy-Pontoise lies about 30 kilometres northwest of Paris.
Qiddiya is a subsidiary of the Public Investment Fund, Saudi Arabia’s sovereign wealth fund. Its flagship project is a giga-scale entertainment, sports and cultural city on the outskirts of Riyadh, one of several gigaprojects under Vision 2030.
The theme park plan was among a wider set of agreements reached during the visit. Both sides welcomed the announcement of 21 agreements and MoUs at a French-Saudi investment roundtable, spanning energy, industry, financial services, transport and logistics, health, culture, tourism and artificial intelligence. Bilateral trade reached about $11.8bn in 2025.
It is not the first time Saudi capital has backed a French theme park. Kingdom Holding Company was a longstanding investor in the operator of Disneyland Paris, first taking a stake in 1994 and participating in successive recapitalisations before Walt Disney Company moved to near-full ownership in 2017.
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Masdar shelves Abu Dhabi green hydrogen project25 August 2026

Abu Dhabi Future Energy Company (Masdar) has decided to cancel a planned project to build a green hydrogen plant in Abu Dhabi that would have supplied up to 100MW of renewable hydrogen to local steelmaker Emsteel for green steel production.
After contractors submitted bids for the project last year, Masdar asked bidders in the first quarter of this year to extend the validity of their proposals until the end of August to allow “more time to study and evaluate bids”, according to one source.
However, Masdar issued a notification to all bidders on 1 August stating that it had decided to cancel the project, sources told MEED.
Contractors that submitted bids for the Masdar green hydrogen project included:
- Envision (China)
- Larsen & Toubro (India)
- PowerChina (China)
- Samsung E&A (South Korea)
- Sinopec (China)
Masdar did not respond to MEED’s request for comment on the information.
In its current steelmaking process, Emsteel uses hydrogen produced by steam reforming of natural gas as a reducing agent to extract iron from iron ore. The core objective of Masdar’s planned project was to install a 100MW electrolyser at Emsteel’s main manufacturing hub in Musaffah, Abu Dhabi, to supply green hydrogen for future clean steel production.
Masdar initiated work on the project in 2024 by awarding a front-end engineering and design (feed) contract to locally based NT Energies, a joint venture of Abu Dhabi’s NMDC Energy and France-based Technip Energies.
Masdar then sought proposals last year for engineering, procurement, construction, demolition (if needed for brownfield activities), pre-commissioning, commissioning, start-up, and two years of operations and maintenance (extendable up to 20 years) at the planned facility.
Contractors submitted bids by the end of the year, according to sources.
The project involved green hydrogen production using alkaline water electrolysis, with a total installed electrolyser capacity of 100MW.
The scope of work involved building electrolyser stacks and modules, hydrogen separation and compression units, associated utilities and storage systems, and electrical, instrumentation and control systems.
It also included tie-ins to pre-defined interface points, including (but not limited to):
- a grid power supply connection to the MOSF substation in Musaffah that exists within the Emsteel complex and is operated by Taqa Transmission
- a water supply connection to a nearby Taqa Distribution network
Supporting infrastructure included a substation, a motor control centre, and ancillary plant buildings and facilities.
Masdar’s planned 100MW electrolyser project at the Emsteel facility would have represented a step up from a previous pilot project by the two Abu Dhabi-owned companies.
The partners inaugurated a pilot green hydrogen plant at Emsteel’s manufacturing complex in Musaffah in October 2024. It incorporates a 2.1MW electrolyser and is designed to support the production of up to 5,000 tonnes of green steel a year.
This made Emsteel the only steelmaker in the Middle East to use green hydrogen to produce green steel on a pilot basis.
“Sustainability is central to Emsteel’s innovation, competitiveness and long-term growth. Today, approximately 89% of our steel business electricity consumption comes from clean sources, and our steel carbon emissions intensity is around 40% lower than the World Steel Association global average,” Michael Rion, chief commercial officer of Emirates Steel, part of Emsteel Group, told MEED in a recent interview.
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Oman invites bids for Musandam renewables study25 August 2026
Oman’s Nama Power & Water Procurement Company (PWP) has issued a request for proposals (RFP) for techno-economic consultancy services to assess the feasibility of renewable energy options in Musandam Governorate.
The study will examine solar photovoltaic (PV), wind and hybrid renewable energy configurations. It will also assess battery energy storage systems (bess) and other renewable energy and energy storage technologies.
The consultant will be required to determine which technologies are technically and economically justified for the governorate.
The bid submission deadline is 24 September.
The Musandam power system is served primarily by the 123MW Musandam independent power plant (IPP), which began operating in 2017. The governorate has historically relied on small diesel-fired units, but has been seeking to move away from diesel-fired power generation for several years.
Nama PWP has previously said it was exploring renewable energy options in Musandam to meet future additional capacity requirements.
Its latest seven-year statement, released in March, forecasts peak electricity demand in Musandam to rise from 91MW in 2024 to 130MW in 2031, an average annual increase of 5%. Average demand is forecast to rise from 52MW to 73MW over the same period.
The plan says demand growth is being driven by distribution-level load and projects aimed at boosting tourism, economic and commercial activity.
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The bid submissions deadline is 10 September.
The three projects covered by the financial and commercial consultancy tender are understood to also be part of the 4GW programme, for which a technical advisory tender was issued on 15 July.
Bidding for this tender closes on 26 August.
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US launches sanctions campaign against Iran25 August 2026
The US has launched a sweeping sanctions campaign against Iran and the entities that trade with it, imposing measures on almost 60 individuals, companies and vessels while expanding the reach of secondary sanctions across five sectors of the Iranian economy.
The campaign, named Operation Economic Outcast, was announced on 24 August by US treasury secretary Scott Bessent, who described it as an economic D-Day for Iran. He said Washington’s objective was to sever every economic lifeline sustaining the Iranian regime.
The treasury’s Office of Foreign Assets Control (Ofac) issued five sectoral sanctions determinations under Executive Order 13902, covering digital assets, technology, gold, aviation and shipping. The determinations allow Ofac to sanction any person operating in those sectors, regardless of location. Washington said Iran uses cryptocurrency for sanctions evasion, seeks advanced technology for its weapons programmes, uses gold to stabilise the rial, and relies on commercial aviation and shipping networks to move fighters, weapons and oil revenue.
The measures build on earlier determinations targeting Iran’s financial, petroleum and petrochemical sectors.
Ofac also sanctioned close to 60 entities, individuals and vessels across multiple jurisdictions, including UAE-based entities, over alleged involvement in nuclear and missile procurement, cyber operations and oil revenue networks. The designations named a network of brokers, companies and shadow fleet vessels operating across the UAE, Hong Kong, China, Singapore, Switzerland and other regions to transport Iranian oil and channel revenue to the Islamic Revolutionary Guard Corps.
Among those designated were shipping brokers and bunkering firms based in the UAE that Washington said facilitated Iranian oil shipments and provided services to sanctioned vessels. The treasury also identified several shadow fleet tankers as blocked property, saying they had moved millions of barrels of Iranian crude and petroleum products, mainly to China.
Separately, the treasury targeted a procurement network spanning the Middle East and East Asia that it said supported Iran’s acquisition of proliferation-sensitive equipment, along with a cyber group directed by Iran’s Ministry of Intelligence & Security.
Bessent said Washington was pressing governments to shut down Iran-related activity within defined timelines, warning that entities facilitating money laundering or sanctions evasion for Iran risked being cut off from the US financial system. He declined to name specific countries.
The campaign follows the UAE’s own move against Tehran. On 19 August, the UAE suspended all trade, commercial exchanges and financial transactions with Iran with immediate effect, citing regional escalation. 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.
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Kuwait tenders $3.3bn gas processing facility25 August 2026

State-owned Kuwait Gulf Oil Company (KGOC) has issued the tender for the development of an onshore gas plant next to the Al-Zour refinery, according to industry sources.
The project budget is estimated at $3.3bn, and the bid deadline is 29 December, with a meeting for contractors scheduled for 14 September.
The tender was issued on 23 August.
The proposed plant will have the capacity to process up to 632 million cubic feet a day of gas and 60,000 b/d a day of condensates from the Dorra offshore field, located in Gulf waters in the Saudi-Kuwait Neutral Zone.
In February, MEED reported that at least seven companies had shown interest in participating in the tender.
Contractors that sent representatives to previous meetings to discuss the project include:
- Samsung E&A (South Korea)
- Larsen & Toubro (India)
- Tecnicas Reunidas (Spain)
- Saipem (Italy)
- Hyundai Engineering & Construction (South Korea)
- Hyundai Engineering Company (South Korea)
- JGC (Japan)
The tender process is using a fast-track model, which means that Kuwait’s Central Agency for Public Tenders (Capt) will not be involved in the tender process.
Capt typically reviews the technical and commercial evaluations of bids and verifies that the bidding process is competitive.
It is understood that not requiring Capt to approve this tender is expected to speed up the tender process.
Iran disputes ownership of the field, referring to it as Arash.
Iran claims the field partially extends into Iranian territory and asserts that Tehran should be a stakeholder in its development.
The Dorra field’s close proximity to Iran could make development difficult due to current security concerns.
The offshore elements of the wider Dorra field development project are expected to be especially difficult to protect from attacks from Iran.
Earlier this month, MEED revealed that Al-Khafji Joint Operations (KJO) had selected contractors for two major offshore packages under the Dorra field facilities development project.
KJO, which is jointly owned by Aramco subsidiary Aramco Gulf Operations Company and Kuwait Petroleum Corporation subsidiary KGOC, has divided the engineering, procurement and construction (EPC) scope for the Dorra gas production project into four packages: three offshore and one onshore.
US-based McDermott International has secured offshore package 2A, valued at about $1.5bn, according to sources.
A consortium of India’s Larsen & Toubro Energy Hydrocarbon (LTEH) and Italian contractor Saipem has secured package 2B, sources told MEED.
Estimated at about $3.7bn, package 2B is the largest of the three offshore EPC packages under the Dorra field facilities project.
MEED reported in March that the LTEH/Saipem consortium had emerged as the lowest bidder for offshore package 2B.
Contractors submitted bids for offshore packages 2A and 2B by the 9 March deadline, MEED previously reported. Bid validity was understood to expire on 15 August, prompting KJO to issue letters of intent to the selected contractors earlier this month, sources said.
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