MUST-READS

• Siemens Energy awarded $1.6 billion Supply Contract for Rumah 2 and Nairyah 2 Power Plants

  Siemens Energy announces that it has been awarded a USD 1.6 billion project, with Harbin Electric International as the EPC contractor, to provide key technologies for the Rumah 2 and Nairyah 2 gas-fired power plants in Saudi Arabia. Located in the western and central regions, the plants will add 3.6 gigawatts of power to the national grid – enough to supply around 1.5 million homes. The project includes long-term maintenance agreements to support the plants’ operational reliability over the next 25 years. Core components for the power plants will be manufactured at the Siemens Energy Dammam Hub, which is currently expanding to increase local production capacity and support Saudi Arabia’s energy sector.

• Iranians outraged as Turkey warns action in Syria will boomerang for Iran

  Turkish Foreign Minister Hakan Fidan’s warning that Iran will face instability if it makes any destabilizing move in Syria has sparked widespread condemnation in Tehran. As Iran’s longtime Syrian ally Bashar Al-Assad has been toppled by Turkish-backed Sunni Islamists, some Iranians say Ankara now believes that Tehran is too weak to stand up to Turkey.

• Saudi Arabia awards almost $2bn of contracts in January

  Saudi government entities awarded more than SAR6.5 billion ($1.7 billion) of contracts in January, led by housing, infrastructure and industry. More than half the value of the contracts issued last month – SAR3.7 billion – was allocated towards construction, with the remainder going on water , energy and industry projects, the Saudi Contractors’ Authority (SCA) said last week in its latest Muqawil (contractor) bulletin. There were 15 projects in all, and the capital Riyadh took the lion’s share by value at SAR4.8 billion. This month, the SCA is expecting the number of awarded contracts to rise to 25, from entities including Saudi Electricity Company, the National Housing Company and the Public Investment Fund (PIF).

• GCC contract awards hit new high of $273bln in 2024

  The total value of contracts awarded in the Gulf Cooperation Council (GCC) reached a new high of $273.2 billion in 2024, an increase of 9.6 percent, compared to $249.4 billion in 2023, according to Kamco Invest Research. The growth was mainly driven by project awards in Saudi Arabia and the UAE despite registering an annual dip in contract values, the consultancy said in its latest GCC Projects Market Report. The power and oil sectors led the growth of project awards, recording $67 billion and $29.7 billion in contract awards, respectively. On a quarterly basis, total GCC project awards reached $74.8 billion in the fourth quarter of 2024, the highest quarterly number over six years. Total contracts awarded in Saudi Arabia increased by 16.3 percent quarter-on-quarter (QoQ) in fourth quarter 2024 to $40.4 billion.

• Kuwait awards railway contract to Turkish company

  Kuwait has awarded the tender for the first phase of its plan to build 111 kilometres of railway.  The Central Agency for Public Tenders awarded the contract to Turkish engineering and consulting company Proyapi to carry out a study and detailed design to prepare tender documents for the railway. The first phase is expected to take 12 months, after which the tenders for the construction phase will be issued, the tenders agency said. The railway is scheduled to be completed by 2030. It will connect Kuwait to Saudi Arabia in the northern area of the GCC railway project.

• Behind Saudi Aramco’s Pivot Toward Sustainable Manufacturing

  The soaring demand for lithium, which has tripled over the past five years and is expected to surge exponentially with the rise in EV production and renewable energy deployments, Aramco positions at the forefront of the critical minerals market. Through its partnership with Ma'aden, the largest mining company in the Middle East and North Africa, Aramco is not just participating but potentially leading the lithium supply chain development. By joining forces with Ma'aden, Aramco is significantly enhancing its capabilities in the lithium sector. This partnership merges Aramco's technological prowess and geological knowledge with Ma'aden's mining expertise, setting the stage for a robust lithium production base in Saudi Arabia.

• Diriyah Company awards $202M excavation contract to China

  Diriyah Company, the visionary Saudi mixed-use developer transforming “The City of Earth,” has awarded a $202.2 million contract to China Harbour Engineering Company (CHEC) for bulk excavation works within the second phase of the ambitious Diriyah project. Spanning approximately 6.3 square kilometres of the 14 square kilometre development, this phase is a cornerstone in bringing Diriyah’s integrated urban master plan to life. The project features more than 40 hotels, arts districts, museums, and world-class sporting venues, including the Royal Diriyah Opera House and the 20,000-seat Diriyah Arena. This groundwork will enable the seamless construction of the planned cultural and entertainment landmarks, paving the way for Diriyah to become a premier live-work-play destination on the outskirts of Riyadh.

• Iran’s delicate balancing act as it hails ICC warrant for Netanyahu

  The ICC on Nov. 21 issued arrest warrants for Netanyahu alongside his former defense minister Yoav Gallant. In addition, the court seeks the detention of Mohammad Deif, the commander of the military wing of the Palestinian Hamas movement. While Iranian media are celebrating the development, Iranian officials are more measured in their response—not least because the same court is also seeking the arrest of Russian President Vladimir Putin, a key partner of the Islamic Republic.

• Qiddiya awards SAR 4B stadium project contract to Saudi-Spanish consortium: Report

  Qiddiya Investment Co. (QIC) awarded the construction contract for the Prince Mohammed bin Salman Stadium project to a Saudi-Spanish consortium of Nesma & Partners Contracting Co. and FCC Construcción, at an estimated value of SAR 4 billion, MEED reported.  The contract covers the construction of a multi-purpose stadium in the sports and entertainment zone of Qiddiya City, with a capacity of 45,000 spectators. US architectural design firm Populous is the project’s consultant.

• Saudi Arabia’s Amaala project advances with $6bn in contracts awarded

  Once complete, Amaala will feature nearly 4,000 hotel rooms across 30 hotels, in addition to 1,200 luxury villas, apartments and homes. There will be retail, dining and wellness facilities, and Amaala will be powered entirely by solar energy.

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