Read the December 2024 MEED Business Review

GCC cooperation makes for better business; Italian firms top EPC contractor ranking; Project weakness imperils non-oil growth in Bahrain

Regional integration is crucial to the GCC’s ongoing economic success story.

After signing the Al-Ula Accords in January 2021, there has been a renewed sense of togetherness across the GCC that has manifested itself in several important ways.

The December 2024 issue of MEED Business Review examines how close collaboration between the GCC states is driving regional growth and attracting investment.

In 2024, the six GCC states have enjoyed warm relations, and tensions with Iran have cooled following a series of diplomatic rapprochements involving Tehran, Riyadh and Abu Dhabi.

These diplomatic efforts have resulted in a more stable business environment that has produced robust economic growth, record levels of inward investment and record spending on projects.

At the same time, transport projects, including the GCC railway, causeways and road links, are being driven forwards to connect the GCC states. Once built, these schemes should provide a catalyst for further economic activity. Read more about the transport links that are stitching the GCC together here.

The December issue also includes our annual engineering, procurement and construction (EPC) contractor ranking.

The past four quarters have seen the award of an unprecedented value of oil, gas and chemicals projects in the Middle East and North Africa. Between Q4 2023 and Q3 2024, the combined value of regional schemes reached $94bn, soaring above the already elevated $67bn of awards in the previous four quarters.

The surge in contract awards over the past two years is a boon for the EPC sector, with Italian firms emerging as the top EPC contract winners.

This month’s exclusive 15-page market report focuses on Bahrain, where the projects sector is dragging on the economy. MEED’s analysis finds that Manama must course correct after seven straight years of project sector value contraction.

Meanwhile, in this month’s issue, the team assesses the potential impact of the joint resolution issued by Arab and Islamic leaders from across the Middle East and North Africa region when they gathered in Riyadh on 11 November, calling for a ceasefire to end the expanding regional conflict centred on Israeli actions in Gaza and Lebanon.

We also examine Kuwait’s hopes that newly appointed Oil Minister Tariq Suleiman Al-Roumi can push forward key hydrocarbons projects after years of stalled progress, look at how the award of high-profile construction contracts and financial support from the Saudi government have helped Jeddah-based Saudi Binladin Group (SBG) to make a comeback in 2024, and learn why international arbitration is becoming the mechanism of choice for resolving legal disputes arising in the energy sector amid escalating geopolitical tensions.

The December issue is also packed with exclusive interviews. Gregory Jasmin, Khazna Data Centres’ senior director of business development strategy, tells MEED about the firm’s plans to build more 100MW-scale data centres; Mohammad Abdelqader El-Ramahi, chief green hydrogen officer at Abu Dhabi Future Energy Company (Masdar), discusses Abu Dhabi’s low-carbon hydrogen agenda; and Sener’s Middle East managing director, Mario Neves, details the Spanish engineering company’s plans for the Middle East region.

We hope our valued subscribers enjoy the December 2024 issue of MEED Business Review.