A round-up of this week's top stories

Aramco increases spending despite drop in profits

Saudi Aramco’s profits in the second quarter and first half of 2024 may have slid?year-on-year, but that has not impacted the company’s capital expenditure (capex). Project spending, on the contrary, has spiked sharply. Capex rose to $12.13bn in the second quarter from…read more

[WEBINAR] Saudi Arabia Projects Market 2024

Join our live webinar on the Saudi Arabia Projects Market 2024!

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Discover the latest on Saudi Arabia's dynamic projects market in 2024. This webinar covers key project sectors, upcoming opportunities and the outlook for 2025. Learn about major projects, procurement processes and potential challenges, with a chance to engage in…read more

Kuwaiti developer cancels Sharjah mall plans

In a filing posted on?the Kuwait bourse, the developer said that it would terminate the joint venture Mabanee Shurooq Company?it had set up?with Sharjah Investment & Development Authority (Shurooq) and cancel the project. Mabanee is a 65% shareholder in…read more

US closes deal to finance oil project in Bahrain

Bahrain’s state-owned Bapco Energies has closed a deal to secure a $500m loan guarantee from the US Export-Import Bank (US Exim Bank) to develop the Bahrain Oil Field, which is also known as the Awali Field. The financing will be used to fund the Bahrain Field…read more

Adnoc Gas to increase capacity by 20% in five years

Adnoc Gas has announced it is making progress on core growth projects that?are expected to increase the company’s natural gas processing capacity by 20% within the next five years. The subsidiary of Adnoc Group has made significant investments in those growth…read more

[REPORT]? Saudi Arabia Projects Market 2024

The Saudi Arabia Projects Market Report 2024 is a comprehensive review of the project trends, opportunities and challenges in the Middle East’s biggest market today, worth in excess of $1.6 trillion. The report looks forward at the major opportunities emerging from the Vision 2030 transformation programme, and includes updates on key projects such as Neom, the Red Sea Project, the renewable energy programme and Saudi Aramco’s…read more

Oman tenders airport free zone office complex PPP

Oman’s Asyad Group has issued?a tender inviting firms to bid for a contract to develop an office complex in?the Muscat airport free zone.? The project will be developed as a PPP, with the selected firm developing it on a design, build, finance, operate?and transfer…read more

Sidara wins Aramco engineering services contract

Saudi Aramco, under an amendment to an existing framework agreement, has appointed Dubai-based Dar Al-Handasah Consultants Shair &?Partners Holdings (Sidara) to provide consultancy services, including engineering, design, project management?and…read more