Iraq Gas Field Project Disrupted by Regional Conflict
Progress on Iraq’s Akkas gas field development has stalled as security concerns tied to the US‑Israel war with Iran forced the evacuation of SLB’s foreign staff. The U.S.‑based contractor was hired in July 2025 to lift output to an initial 100 million cubic feet per day and ultimately 400 million cf/d, feeding the Anbar combined‑cycle power plant. The field holds about 5.6 trillion cubic feet of proven reserves, but reduced on‑site activity will extend the project timeline. Iraq hopes the field will cut reliance on Iranian gas and enable future exports.
WEBINAR: Saudi Gigaprojects 2026 & Beyond
MEED and HKA are hosting a live webinar on 31 March 2026 to dissect Saudi Arabia’s accelerating gigaproject pipeline. The session will outline the $200 billion‑plus contract backlog across infrastructure, tourism, real‑estate and energy, and examine shifting financing models. Ed James...
UAE Central Bank Launches Resilience Package
The Central Bank of the UAE approved a five‑pillar Financial Institution Resilience Package to fortify the banking sector amid heightened geopolitical risk and volatile markets. The framework expands access to reserve balances up to 30% of the cash reserve requirement...
Retail Banker International Announces Winners of the Asia Trailblazer Awards 2026
Retail Banker International unveiled the winners of its 17th Asia Trailblazer Awards, recognizing leading retail and digital banks across the Asia‑Pacific. United Overseas Bank captured the top honor, while Citibank’s Kiran Khatri earned the Rising Star People Award. Judges highlighted...
Wynn Resumes Construction on Ras Al-Khaimah Project
Wynn Resorts announced that construction has resumed on its $5.1 billion integrated resort on Al‑Marjan Island, Ras Al‑Khaimah. The 70‑floor, 283‑metre tower, topped out in December 2025, will feature 1,500 rooms, high‑end retail, MICE facilities and the UAE’s first licensed gaming...
Egypt Raises Gas Prices by 30% Amid Iran War
Egypt’s Petroleum & Mineral Resources Ministry raised vehicle natural gas prices by 30% to E£13 per cubic metre, with diesel up 17% and 95‑octane petrol up 14.2%, effective 10 March. The hikes follow the US‑Israel strike on Iran, which has sent...
Delays Expected to $3.3bn Kuwait Gas Project Due to Iran War
Kuwait Gulf Oil Company’s $3.3 billion on‑shore gas processing plant, slated to be tendered in late March, faces significant delays after the United States and Israel launched attacks on Iran. The project, designed to handle 632 million cubic feet of gas and...
Dubai's Real Estate Faces a Hard Test
Dubai’s property market entered 2026 on a record high, with AED 917 bn in 2025 transactions and residential prices up 60‑75% since 2021. In January 2026, residential values surged 44% year‑on‑year, reinforcing the city’s reputation as a safe‑harbour for wealth. The sudden...
Renewables Projects in Oman Near Completion
OQ Alternative Energy (OQAE) announced that its three renewable projects – Riyah 1, Riyah 2 wind farms and the North Solar plant – are on track to deliver 330 MW of capacity by the end of 2026. The developments represent a $230 million investment,...
Oil Companies Evacuate Staff From Iraq
International oil service firms Halliburton, KBR and SLB have evacuated foreign staff from southern Iraq as security deteriorates amid the US‑Israel‑Iran conflict. Iraqi crude output has slumped roughly 60%, falling to about 1.3 million barrels per day after key export routes...
Bahrain Says Refinery Fire From Iran Strike Has Been Contained
A fire erupted at Bahrain's Sitra refinery after an Iranian missile strike, but the blaze was fully contained with no reported injuries and the plant remains operational. The incident comes as the refinery, part of a $7 bn Bapco Modernisation Programme,...
UAE Utilities Say Services Stable Amid Tensions
UAE utility giants Abu Dhabi National Energy Company (Taqa) and Etihad Water & Electricity confirmed that water and electricity services remain fully operational despite recent missile attacks in the region. Both firms activated risk‑management frameworks and precautionary procedures to safeguard...
GCC Banks Show Resilience Amid Regional Conflict
GCC banks have shown resilience as the region endures fresh hostilities between Israel, the United States and Iran. Central Bank of the UAE reported banking assets above AED 5.42 trillion with a 17 % capital adequacy ratio and 146.6 % liquidity coverage ratio, both...
Fujairah Oil Facility Catches Fire From Drone Debris
On March 3, 2026, debris from a drone intercepted by UAE air‑defence systems ignited a fire at the Fujairah Oil Industry Zone. Authorities quickly contained the blaze, reporting no injuries and resuming normal operations within hours. The incident occurred as...
Local Contractor Wins $143m Jeddah Sewage Contracts
Saudi Arabia’s National Water Company awarded two sewage‑network contracts worth SR 536.3 million ($143 million) to local contractor Civil Works Company. The contracts, spanning 32 months, will upgrade pipelines and tunnels across northern Jeddah, covering neighborhoods such as Al‑Bashair, Al‑Asala, Al‑Falah and Al‑Hamdaniya....
Regional Infrastructure Demands Robust PPPs
Lamar Holding CEO Lina Noureddin told MEED that the Middle East’s infrastructure surge is increasingly reliant on public‑private partnerships to close financing gaps. She highlighted that robust PPP frameworks, clear regulatory guarantees and risk‑sharing models are essential for attracting institutional...
Saudi Arabia Prequalifies Firms for Gas Transmission Grids
Saudi Arabia’s Energy Ministry announced the pre‑qualification of eight standalone firms and seven consortia to design, build, own and operate natural‑gas transmission grids in five key industrial cities. The BOO scheme targets Al‑Kharj, Sudair, and three Jeddah industrial zones, with...
Acwa Refinances $2.45bn Hassyan IPP Debt
Acwa announced the refinancing of the Hassyan independent power project’s existing debt, securing a $2.45 bn facility – the largest refinancing the Saudi developer has completed. The 2,400 MW plant, which reached full commercial operation in 2023, was originally coal‑fired but was...
China to Continue Dominance of Global Ammonia Supply
China is projected to supply roughly one‑third of the world’s ammonia by 2030, cementing its role as the dominant producer and consumer. Strong agricultural demand for nitrogen‑based fertilizers and a broad industrial base, from steel to plastics, underpin this growth....
Saudi Arabia Appoints New Investment Minister
Saudi Arabia has appointed Fahad Al‑Saif as the new investment minister, replacing Khalid Al‑Falih who moves to a minister‑of‑state role. Al‑Saif previously led the Investment Strategy and Economic Insights Division at the Public Investment Fund, shaping long‑term capital allocation. The...
SWPC Rebrands as Sharakat to Reinforce PPP Focus
Saudi Water Partnership Company has rebranded as Sharakat to underscore its expanding public‑private partnership (PPP) role in the kingdom’s water sector. The change aligns with Saudi Arabia’s National Privatisation Strategy, which aims to secure more than $64 bn in private‑capital water...