MENA Project Tracker— KOC receives bids for $100m flowline; CHEC wins Red Sea contract

Kuwait Oil Co. has tendered its $100 million oil flow line project and received  bids from six Kuwait-based companies. File
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Updated 11 August 2022
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MENA Project Tracker— KOC receives bids for $100m flowline; CHEC wins Red Sea contract

CAIRO: Kuwait Oil Co. has tendered its $100 million oil flow line project and received  bids from six Kuwait-based companies.
The contract includes the construction and civil work of the flow line — a pipeline that connects the oilfield wellhead to the manifold which connects to the rest of the equipment, according to MEED.

OQ gas delays pipeline bids

OQ Gas Networks, a subsidiary of Oman’s public energy company OQ, has delayed its contract bid submissions for a major pipeline project until Aug. 31.

The 42-inch pipeline is to transport natural gas 193 km from the Fahud station in Oman’s center to reach the industrial hub of Sohar in the north, reported MEED.

However, the energy conglomerate has been contemplating the construction of a shorter pipeline that extends only 128 km from the Fahud compressor station to BVS 4 in Sohar instead.

Hill International selected

Hill International— a US construction consulting firm— has been selected as project manager for two projects by the UAE-based Aldar properties.

The contract includes construction, and schedule control, in addition to health, safety, and environment management, reported Gulf Daily News.

Located in the Saadiyat Cultural District of Abu Dhabi,  the first phase of the project will lie in the heart of the city surrounded by many of its attractions, such as Abu Dhabi Louvre and the Sheikh Zayed National Museum.

The second phase of Al-Reeman residential development will be built in the southeast of Abu Dhabi. It will also offer facilities for different  healthy activities such as bicycle paths and community centers.

 “We will bring our expertise and experience to help ensure Aldar’s vision is realized for this first phase of the Grove and the critical second phase of Al-Reeman,” stated Samer Tamimi, senior vice president at Hill International.

CHEC lands another Red Sea Contract

China Harbour Engineering Co.— a subsidiary of China Communications Construction Co.— has landed the contract for bridges and culverts construction in Shurayrah, Saudi Arabia.

This contract is part of the Red Sea Project development, in which the CHEC has won six other different contracts.

The scope of work includes building 12 bridges and culverts on the Saudi island, in addition to four bridges for a planned golf course, reported MEED.


Closing Bell: Saudi main market closes the week in red at 10,526 

Updated 25 December 2025
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Closing Bell: Saudi main market closes the week in red at 10,526 

RIYADH: Saudi equities ended Thursday’s session modestly lower, with the Tadawul All Share Index slipping 14.63 points, or 0.14 percent, to close at 10,526.09.    

The MSCI Tadawul 30 Index also declined 3.66 points, or 0.26 percent, to 1,389.66. In contrast, the parallel market outperformed, as Nomu jumped 237.72 points, or 1.02 percent, to close at 23,430.93.  

Market breadth on the main market remained tilted to the downside, with 156 stocks ending lower against 99 gainers.    

Trading activity eased further, with volumes reaching 80.46 million shares and total traded value amounting to SR1.66 billion ($442 million).    

On the movers’ board, Saudi Industrial Export Co. led the gainers, rising 6.6 percent to SR2.10, followed by Consolidated Grunenfelder Saady Holding Co., which advanced 6.43 percent to SR9.60.    

Raoom Trading Co. climbed 4.36 percent to SR61.05, while Astra Industrial Group gained 4.35 percent to close at SR139. Riyadh Cables Group Co. added 3.77 percent to end the session at SR135.00.    

On the downside, Methanol Chemicals Co. topped the losers’ list, falling 5.96 percent to SR7.41.  

Flynas Co. retreated 5.43 percent to SR61.00, while Leejam Sports Co. dropped 5 percent to close at SR100.80.    

Alramz Real Estate Co. slipped 4.64 percent to SR55.50, and Almasane Alkobra Mining Co. declined 4.55 percent to SR84.00.  

On the announcement front, ACWA Power said it has completed the financial close for the Ras Mohaisen First Water Desalination Co., a reverse osmosis desalination project with a capacity of up to 300,000 cubic meters per day, alongside associated potable water storage facilities totaling 600,000 cubic meters in Saudi Arabia’s Western Province.    

The project was financed through a consortium of local and international banks, with total funding of SR2.07 billion and a tenor of up to 29.5 years, while ACWA Power holds an effective 45 percent equity stake.  

Shares of ACWA Power ended the session at SR185.90, up SR0.2, or 0.11 percent.     

Meanwhile, Consolidated Grunenfelder Saady Holding Co. announced the sign-off of a customized solutions project with Saudi Aramco Nabors Drilling Co., valued at SR166.0 million excluding VAT.    

The 24-month contract covers the sale and maintenance of field camp facilities, with the financial impact expected to begin from the first quarter of 2026.