Cop28 ends with fossil fuel compromise; Contractors vie for schemes worth $270bn; Oman’s economic uptick hinges on rise in project activity
The UAE’s Cop28 stopped short of recommending the phasing down of fossil fuels, but scored a major victory by referencing, for the first time since Cop started, the need to transition away from fossil fuels to keep the 1.5-degree-Celsius temperature goal alive.
MEED’s latest issue explores the conference’s imperfect commitment, which, in many ways, was also the best a Cop has ever had.
Cop28 also saw commitments to treble renewable and nuclear power, and secured $89bn in pledges covering climate finance, local climate action and the Loss and Damage Fund. MEED’s energy editor Jennifer Aguinaldo writes about how the promises will spur clean energy in the Middle East and North Africa (Mena) here.
In this month’s industry report, MEED takes a look at the major projects the region has to look forward to in 2024.
While 2023 may have been one of the best years in the past decade for project contract awards activity in the Mena region, a pipeline of upcoming regional projects valued at $270bn bodes well for 2024.
Top schemes to watch include Saudi Arabia’s $17.6bn Neom City Development Programme, the $7bn expansion project at Abu Dhabi’s Upper Zakum offshore oil field and the $4.8bn Dubai Metro Blue Line scheme.
This month’s exclusive 13-page market report, meanwhile, spotlights Oman, as Muscat strives to reinvigorate its economy. The government is having to perform a tricky balancing act as it contends with lower oil revenues and production cuts, and the sultanate is seeking to diversify its hydrocarbons value chain.
MEED’s latest issue is also packed with interviews. Bahrain’s Industry & Commerce Minister, Abdulla bin Adel Fakhro, explains why an outward-looking approach is critical to the country’s industrial development, while the president of Bahrain’s Electricity & Water Authority, Kamal bin Ahmed Mohammed, discusses plans to turn the government entity into a company.
Group CEO of Orascom Development, Omar el-Hamamsy, also talks about the demands of masterplan schemes, and David Edmondson, CEO of Neom Green Hydrogen Company, sheds light on the next phase of the firm’s development.
In addition, this issue also examines the progress being made on UK-GCC trade talks, takes an in-depth look at the Cairo monorail as the project nears completion, and has analysis on topics including Oman’s goal of becoming the region’s top green hydrogen exporter and how construction has picked up pace at Saudi Arabia’s Neom gigaproject during the past year.
We hope our valued subscribers enjoy the January 2024 issue of MEED Business Review.
Must-read sections in the January 2024 issue of MEED Business Review include:
> AGENDA: Cop28 keeps 1.5°C goal within reach
> CLEAN ENERGY: Cop28 pledges spur Mena clean energy
> CURRENT AFFAIRS: UK-GCC trade talks make slow progress
> INTERVIEW: Bahrain industrial development complements GCC goals
> INTERVIEW: Transforming Bahrain’s electricity and water industry
> EGYPT: Cairo monorail nears completion
> INTERVIEW: The changing face of community
> CONSTRUCTION: Neom becomes a busy construction site in 2023
> INTERVIEW: Neom Green Hydrogen mulls next phase
> OMAN MARKET FOCUS:
> GOVERNMENT & ECONOMY: Muscat performs tricky budget balancing act
> BANKS: Omani banks look to projects for growth
> OIL & GAS: Oman diversifies hydrocarbons value chain
> POWER & WATER: Oman expands grid connectivity
> HYDROGEN: Oman seeks early hydrogen success
> CONSTRUCTION: Oman construction is back on track
> DATABANK: Oman growth slips amid oil production cuts
> MEED COMMENTS:
> Restarting projects signals prosperity, but risks remain
> Oil and gas industry commits to climate goals
> Riyadh Expo 2030 will benefit tourism over construction
> Pivotal change for Bahrain’s utilities sector
> GULF PROJECTS INDEX: Gulf projects market value swells in 2023
> NOVEMBER 2023 CONTRACTS: Region remains on track for a bumper year
> MARKET SNAPSHOT: The region’s hydrogen projects in 2024
> OPINION: Troubled end to 2023 bodes ill for stability
> BUSINESS OUTLOOK: Finance, oil and gas, construction, power and water contracts
Hepatitis C is spread through contact with blood infected with the virus, such as by…
A daily weight-loss pill made by the drug firm behind the Mounjaro jab has been…
In July, after months of delicate negotiations, Trump announced a "major milestone" in the implementation…
UNIFIL said Saturday alone accounted for 229 of those projectiles, the highest single-day total since…
“The Bundibugyo virus continues to outpace us,” said Dr. Mohamed Janabi, WHO Regional Director for…
Key pointsThe Taliban have taken steps to promote discipline and oversight according to a new report by…