Visa agrees to support digital payments in Syria
5 December 2025
Visa and the Central Bank of Syria have agreed on a strategic roadmap that will allow the US-based card and digital payments company to begin operations in Syria and support the development of a modern digital payments system.
Under the agreement, Visa will work with licensed Syrian financial institutions under a phased plan to establish a secure foundation for digital payments.
The early stages will involve Visa supporting the central bank in issuing Europay, Mastercard and Visa (EMV)-compliant payment cards and enabling tokenised digital wallets – bringing the country in line with internationally interoperable standards.
Visa will also provide access to its platforms, including near-field communication (NFC) and QR-based payments, invest in local capacity building and support local entrepreneurs seeking to develop solutions leveraging Visa’s global platform.
“A reliable and transparent payment system is the bedrock of economic recovery and a catalyst that builds the confidence required for broader investment to flow into the country,” noted Visa’s senior VP for the Levant, Leila Serhan. “This partnership is about choosing a path where Syria can leapfrog decades of legacy infrastructure development and immediately adopt the secure, open platforms that power modern commerce.”
The move marks one of the most significant steps yet in Syria’s slow and uneven return to the formal global financial system and carries implications that reach beyond just payments technology.
It lays the groundwork for overturning more than a decade of financial isolation in which Syria has operated largely outside global banking and settlement networks.
Visa’s entry will not erase all existing barriers – as many restrictions remain in force and will continue to shape what is practically possible – but its support signals a reopening of channels that could smooth Syria’s reintegration into financial networks.
The involvement of the US-based payments provider is also a further tacit sign of the US government’s enthusiastic bear hug of the new post-Assad Syrian government under President Ahmed Al-Sharaa.
For investors assessing long-term opportunities, the presence of a globally recognised payments operator will provide reassurance that Syria’s financial system is returning to international norms, and the security and transparency that comes with it.
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Dubai seeks consultants for drainage projects
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Dubai Municipality has invited consultants to qualify for a contract to supervise three stormwater drainage projects under the $8bn Tasreef programme.
The contract, titled TF-15-S1 Supervision of Stormwater Drainage System projects – Package 2, will be awarded as a single package with dedicated teams assigned to each project.
The request for qualifications (RFQs) was issued by the municipality’s Sewerage and Recycled Water Projects Department (SRPD).
The bid submission deadline is 26 February.
The first scheme under the package is TF-16-C1, which involves upgrading and rehabilitating the stormwater system east of the Dubai Canal.
The second, TF-15-C2, will deliver stormwater links along Umm Suqeim Road to serve the Al-Barsha and Al-Quoz communities.
The third project, TF-13-C1, focuses on developing a drainage system for the Al-Marmum area.
Several engineering, procurement and construction (EPC) contracts have been awarded under the Tasreef initiative, which aims to expand Dubai’s rainwater drainage capacity by 700% by 2033
In January, local firm DeTech Contracting won the main contract to construct a stormwater drainage system in Jebel Ali.
The project, listed under TF-05-C1, covers approximately 27 kilometres of stormwater network and will serve major transport routes, including Sheikh Zayed Road and Al-Jamayel Road.
Separately, Dubai Municipality has opened bidding for EPC contracts to expand and rehabilitate the emirate’s sewerage networks.
The four projects cover more than 95km of recycled water and sewerage pipelines.
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Distributed to senior decision-makers in the region and around the world, the February 2026 edition of MEED Business Review includes:
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Modon tenders Ras El-Hekma construction contracts
6 February 2026
Abu Dhabi-based developer Modon Holding has tendered several contracts as part of the first phase of development at Ras El-Hekma, a planned new city on Egypt’s Mediterranean coast.
MEED understands that the tenders were issued in January.
These include:
DP3 assets: covering 146 residential villas, 590 three-bedroom townhouses, 356 four-bedroom townhouses, a mall and other associated works.
Bids due on 23 February.
DP4 assets: DP4 includes 54 villas, a clubhouse and other associated infrastructure.
Bids due on 2 March.
DP5 assets: The scope covers the construction of two hotels, branded residences, a retail facility and other associated works.
Bids due on 10 March.
DP6 assets: This package covers a 200-key Montage hotel, 96-unit Montage-branded residences and related infrastructure.
Bids due on 17 March.
DP7 assets: 120 five-bedroom villas, 230 seven-bedroom villas, 284 branded residential units and other infrastructural works.
Bids due on 3 March.
MEED understands that the contract duration for all these packages is 21 months from the start of construction.
Modon has accelerated development works at Ras El-Hekma this year. In January, MEED reported that Modon Holding had awarded a E£15bn ($316m) contract for the construction of a project at Ras El-Hekma.
The contract was awarded to the local firm Orascom Construction.
The scope of the contract covers the construction of residential units, commercial facilities and a 70-key hotel.
In September, MEED reported that Modon Holding had tendered contracts for the infrastructure works for the first phase of the Ras El-Hekma project.
As part of the first phase, Modon plans to develop more than 50 million square metres (sq m), including hotels and a marina.
Ras El-Hekma is on a spur of land on Egypt’s northern Mediterranean coastline, about 240 kilometres west of Alexandria.
Last year, Abu Dhabi-based holding company ADQ appointed Modon Holding as the master developer for the Ras El-Hekma project.
According to an official statement, Modon will act as the master developer for the entire development, which will cover more than 170 million sq m.
Modon Holding will develop the first phase of the project, which will cover 50 million sq m.
The remaining 120 million sq m will be developed in partnership with private developers under the supervision of the recently established ADQ subsidiary Ras El-Hekma Urban Development Project Company and Modon Holding.
In September 2024, Modon signed several memorandums of understanding (MoUs) with local and international firms to join the development. It signed a framework agreement with Orascom Construction to serve as the primary contractor for the project’s first phase.
Ras El-Hekma is planned as a combined business and leisure destination, with hotels, leisure facilities, a free zone, a financial district and residential components.
The master development has been billed as capable of attracting over $150bn in investment.
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Egypt contractor secures €58m loan for Hungary power plant
6 February 2026
Commercial International Bank Egypt (CIB) has provided €58m in credit facilities to local firm Elsewedy Electric for the construction of a combined-cycle gas turbine (CCGT) power plant in Hungary.
Located in Visonta, the plant will be the largest combined-cycle facility built in Hungary in decades and the country’s first power plant capable of using hydrogen.
Once complete, hydrogen will be able to supply up to 30% of the plant’s fuel needs.
The project is being developed through a consortium comprising Energy Projects, a subsidiary of Elsewedy Electric, and local firms Status KPRIA and West Hungaria Bau (WHB).
It was awarded by MVM Matra Energia, a subsidiary of Hungary’s state-owned power holding company Magya Villamos Muvek (MVM).
As MEED understands, the plant is expected to have a power generation capacity of between 500MW and 650MW.
Total investment in the scheme is estimated at about €700m, with CIB acting as the sole financier for Elsewedy Electric’s portion of the project.
Construction officially began last September, with commercial operations scheduled for 2028.
The scheme also represents Elsewedy Electric’s first major investment in Europe, adding to other foreign investment interests.
Last May, it was reported that Elsewedy Electric intends to build a $100m electrical cable manufacturing plant in Iraq. This project has yet to advance beyond the initial stages.
In 2024, the contractor connected three additional hydro turbine generators to Tanzania’s national power grid in partnership with The Arab Contractors.
This brought the total power supply from the Julius Nyerere hydroelectric power project to 705MW.
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AD Ports signs Jordan Aqaba port PPP deal
6 February 2026
Abu Dhabi’s AD Ports Group has signed an agreement with Jordan’s Aqaba Development Corporation (ADC) to manage and operate the Aqaba multipurpose port.
AD Ports will manage and operate the port under a 30-year concession agreement.
Under the agreement, AD Ports and ADC will establish a joint venture to oversee port operations.
AD Ports will hold a 70% stake in the joint venture, with the remaining 30% held by ADC.
AD Ports Group will also invest AED141m ($38.4m) in the joint venture.
The signing ceremony was held at the Aqaba Special Economic Zone Authority headquarters in Aqaba on 5 February.
The agreement was signed by Hussein Safadi, CEO of ADC, and Ahmed Al-Mutawa, regional CEO of AD Ports Group.
Aqaba port handles about 80% of Jordan’s exports and 65% of its imports.
It serves as a key transit point for Jordan’s neighbouring countries, including Saudi Arabia and Iraq. The port has an annual handling capacity of 11 million tonnes, supported by nine berths, a quay length of 2 kilometres and a draft of 13.5 metres.
In 2025, the terminal handled over 5.3 million tonnes of cargo and nearly 85,000 car equivalent units of Ro-Ro imports.
Abu Dhabi has been deeply involved in making investments in Jordan’s infrastructure sector. In February last year, AD Ports Group signed an agreement to manage and operate the Al-Madouneh customs centre in Amman, as MEED reported.
The Al-Madouneh customs centre covers about 1.3 million square metres (sq m) and was inaugurated in June last year.
The announcement followed AD Ports Group’s signing of a shareholders’ agreement in January 2024 between its digital arm, Maqta Gateway, and Jordan’s Aqaba Development Corporation regarding their existing joint-venture company, Maqta Ayla.
The joint venture company will upgrade operations at the Aqaba port complex in Jordan by implementing a port community system “that leverages Maqta Gateway’s expertise, also marking the first-ever export of Abu Dhabi’s key port digitalisation solution”, AD Ports said in a statement.
AD Ports Group operates the Aqaba cruise terminal, and selected Dubai-based real estate developer Mag Group to lead the first phase of the Marsa Zayed mixed-use project.
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Chinese firm wins Ceer automotive supplier park deal
6 February 2026
Beijing-headquartered Metallurgical Construction Corporation (MCC) has won a contract to undertake the steel structure works on the Ceer automotive supplier park in King Abdullah Economic City (KAEC).
The supplier park is located next to Ceer’s electric vehicle (EV) production facility in KAEC.
The automotive supplier park will include production and ancillary facilities for various suppliers and provide the material supply infrastructure for Ceer’s EV plant.
The facilities include:
- Cold stamping, body-in-white assembly and stamping facility – Shin Young (South Korea)
- Hot stamping, sub-frames and axles subsystem supply facility – Benteler Group (Austria)
- Façade and exterior-trim supply facility – JVIS (US)
- Instrument panel, trims and console supply facility – Forvia (France)
- Seat supplier – Lear Corporation (US)
Earlier this week, MEED exclusively reported that Ceer had awarded a contract to build the automotive supplier park to Jeddah-based construction firm Modern Building Leaders (MBL).
Netherlands-based engineering firm Arcadis is the project consultant, and Pac Project Advisors is the project management consultant.
Ceer retendered the project in September last year.
The latest contract award is another significant contract win for MCC in Saudi Arabia. In January, MEED reported that MCC had won a contract to undertake the steel structure works on Mohammed Bin Salman Stadium at the Qiddiya City project on the outskirts of Riyadh.
The 45,000-seat stadium will feature a fully combined retractable pitch, roof and LED wall.
The stadium’s main construction works are being undertaken by a joint venture of Spanish firm FCC Construction and local firm Nesma & Partners.
In January, MCC won another contract to undertake steel structure works for the expansion of Medina airport in Saudi Arabia.
The scope covers work on boarding bridges, Terminal Two and the renovation of Terminal One.
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