Read the October 2024 MEED Business Review

Riyadh intensifies the hunt for investment; Saudi ambitions shift to meet market realities; More local firms debut in power developer ranking top 10

If Saudi Arabia is to deliver its ambitious array of gigaprojects, leisure and tourism developments and sporting events – not to mention its Expo 2030 promise – the kingdom needs to be able to rely on a steady stream of foreign direct investment (FDI).

According to a report by GlobalData, there was a decline in both project numbers and capital investment in 2023, so the October issue of MEED Business Review examines how Riyadh’s new investment law aims to attract foreign capital and expertise to the kingdom.

We also take an in-depth look at how FDI trends are aligning with Vision 2030. A detailed analysis of FDI data reveals that sectors such as metals and minerals, renewables and alternative power and electronics are among the most attractive to foreign investors, making them top priorities as Saudi Arabia diversifies its economy away from hydrocarbons.

The latest issue also includes MEED’s 2024 GCC Power Developer Ranking, in which two more Saudi Arabia-headquartered firms, Aljomaih Energy & Water Company and Ajlan & Bros, have broken into the top 10, highlighting the improving fortunes of regional utility developers.

With more than 22GW of renewable energy and gas-fired independent power producer capacity under bid in the GCC, project awards in the sector are set to continue apace thanks to the region’s relentless demand and aggressive national net-zero targets. Indeed, up to 88% of this capacity could be awarded in the next six to 12 months.

Meanwhile, this month’s exclusive 17-page market report highlights how economic realities in Saudi Arabia are causing Riyadh to temper its project ambitions. The kingdom is reassessing its spending priorities and companies working on official gigaprojects have expressed concerns about the pace of development in the country, despite increased levels of contract awards this year.

This month’s issue is packed with insight and analysis. The team explores how Iran is benefitting from energy disruption in Iraqi Kurdistan; assesses the gains that were made by the Islamist political party Islamic Action Front in Jordan’s general election in September; and discovers that companies from China have won 95% of all Iraqi energy projects, having been awarded contracts worth $12.1bn so far in 2024.

What’s more, the October issue features an interview with Derek Amidon, chief operating officer of Global Infrastructure Solutions Inc (GISI), in which he explains that the ability to call on the experience of a global network of staff is supporting efforts by the project services company to strengthen its presence in the Middle East. We also round up the progress being made on the UAE’s high-speed rail projects and learn that UAE industrial company Ducab is investing in a new aluminium products facility to cater to core industries such as oil and gas.

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