POWER AND WATER

Q2 2016

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MEED Business Review / 83

Business Outlook

While concerns remain over many parts of the region’s projects market in the lower-oil-price era, the water

sector is bucking the trend.One of the most interesting contract

awards in the utility sector this year was the deal secured by France’s Veolia to build an industrial wastewater facility at Ras Laffan in Qatar.

While rapidly growing populations will ensure major residential power and water schemes move forward, there has been much speculation over the pros-pects for utility projects in the industrial sectors. The cancellation of a previous tender for a water scheme at Ras Laffan in 2015, following the shelving of two major chemicals projects, had stoked fears over the demand for industrial util-

ity projects. The award of the Ras Laffan deal should placate those concerns.

Meanwhile, Bahrain is moving ahead with the Tubli treatment plant. Groups are working on proposals for Kuwait’s much-awaited Umm al-Hayman waste-water treatment plant.

Umm al-Hayman will be one of many opportunities for developers and lenders, as more project owners are expected to lean towards public-private partner-ship (PPP) models in response to falling oil revenues.

Rather than whether schemes will be required, the focus is now on how they will be paid for. If project owners are able to successfully implement PPP and other financing models, the Middle East and North Africa will remain a key target for the world’s water companies.Andrew Roscoe

Rapidly growing populations and industrial demand mean many GCC governments are pressing ahead with water and wastewater projects despite falling oil revenues

Water sector remains vibrant

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Business Outlook

Land transfer signed for next Fujairah water and power project

Veolia wins Ras Laffan wastewater deal

Abu Dhabi Water & Electricity Authority can now begin planning for the next plant in the northern emirate

Andrew Roscoe

IWPP. The decision for the type of plant could be infl uenced by a decision on expanding the desalination capacity of the existing F2 facility.

The F2 IWPP, which has a power generation capacity of 2,000MW and a desalination component of 130 million imperial gallons a day (MIGD), was commissioned in 2011. The $2.8bn fa-cility took three years to build. Adwea selected a consortium led by the UK’s International Power (now UK/French Engie) and Japan’s Marubeni Corpora-tion to build the scheme in 2007.

In 2013, Singapore’s Sembcorp In-dustries awarded a contract to Spain’s Acciona to expand the desalination component of the existing 100MIGD Fujairah 1 (F1) IWPP by 30 MIGD. Andrew Roscoe

An agreement to transfer the land next to the exist-ing F2 independent water and power project (IWPP) in Fujairah to Abu Dhabi

Water & Electricity Authority (Adwea) has been completed, paving the way for the next utility scheme at the site.

According to industry sources, Adwea has ownership of the land next to the IWPP to develop a further utility project, which will be known as F3 (Fujairah 3).

Type of plant A decision has yet to be made on the type of plant that will be developed. The possibilities include an independ-ent water project, an independent pow-er project, a cogeneration plant, or an

Andrew Roscoe reports on Bahrain’s progress with the Tubli wastewater plant. Search for ‘New deadline for Tubli’ on www.meed.com

gas plant and the volume of desalinated water purchased from external sources.

The project is scheduled for comple-tion in September 2017.

The Qatar project is the latest of a number of water contracts Veolia has been awarded in the Middle East’s oil sector in recent years.

In October 2015, Iraq’s State Com-pany for Oil Projects (Scop) selected Veolia Water Technologies to engineer, procure and deliver a water recovery unit for the $6.04bn Karbala new refi n-ery scheme in the Karbala province.Andrew Roscoe

France’s Veolia has been appointed to build a wastewater treatment plant for Abu Dhabi-based Dolphin Energy’s natural gas production and processing facilities in Ras Laffan, Qatar.

Increasing effi ciency Veolia’s subsidiary Veolia Water Technologies was awarded the con-tract by Qatar Engineering & Con-struction Company.

The facility will provide water for reuse, which will reduce the volume of wastewater being injected into the exist-ing re-injection wells at the Ras Laffan

UAE

QATAR

STATUS OF QATAR WATER PROJECTS% of $15bn

Source: MEED Projects

Construction 60

Planned/design 40

MEED Business Review / 85

Prequalifiers invited for private water project

Oman Power & Water Procurement Company (OPWP) has invited prequalified bidders to submit proposals for the planned 22 million- imperial-gallon-a-day (MIGD) Salalah independent water project.

The project owner has set a submission date of 22 August for proposals to construct the desalina-tion facility.

The seven groups invited to participate in the tender are:■ Acwa Power (Saudi Arabia)/Veolia (France)/ Dhofar International Development & Investment Holding Company (local);■ Degremont (France)/Itochu (Japan);■ GS Inima Environment (South Korea);■ Hyflux (Singapore);■ JGC Corporation (Japan);■ Marubeni Corporation (Japan);■ Tecnicas de Desalinizacion de Agua (Spain).

OPWP has set a target date of 30 October for awarding the contract, with a deadline of 28 December for all of the required project documents to be signed.

The scheduled start date for commercial operation of the plant is 1 January 2019.

Other water schemes in Oman are also planned. If government approvals are received, Oman Pow-er & Water Procurement Company will tender a 17.6MIGD desalination facility at Sharqiyah and a smaller 13.2MIGD facility at Duqm.Andrew Roscoe

The water project is sched-uled to start operat-ing on 1 January 2019

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National assembly committee has instead put forward its own proposals

The financial and economic affairs committee of

Kuwait’s National Assembly has rejected the government’s draft bill to increase electric-ity charges.

The National Assembly’s economic committee rejected the proposal on 6 April, and instead approved its own proposal for changes to the electric-ity tariff.

The assembly’s pro-posed electricity tariff increases are lower and not as wide-ranging as those put forward by the cabinet.

Parliamentary proposalsUnder the propos-al by parliament, users of less than 6,000kW a month, or about a third of Kuwaiti nationals, will pay the same rate of KD12 ($39.8) a month under the new rates. The govern-ment will subsidise KD1.8 of this.

Users consuming between 6,000 and 12,000kW a month will pay 5 fils a kW, and 10 fils a kW for those consuming above

this level. Reducing subsidies on power was part of the govern-ment’s wide-ranging structural and fiscal reform programme that it announced in March.

It is estimated that Kuwaitis currently over-consume elec-tricity by about 30 per cent, and the reforms

aim to reduce demand and lower the require-ment for additional power plants to be built in the future.

Consumption is growing at a rapid rate, with the government estimating that an additional 10,500MW will be required to meet the projected 2022 peak load.Andrew Roscoe

Kuwait vetoes draft electricity price hike

12,810Peak demand (MW) in 2015

10,500additional capacity (MW) required by 2022

2,830capacity (MW) tendered

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Business Outlook

SAUDI ARABIA

Value of Saudi construction awards falls by two-thirdsFirst quarter contraction due to low government activity in the construction and transport sectors

MEED Projects

The region’s leading project tracking service. Gain access at:www.meedprojects.com

sector. Simply put, government activity in the sector is practically non-existent.

The outlook for the sector is depend-ent on when Riyadh reopens the taps. The government said it will begin re-leasing some of the SR180bn ($48bn) payment backlog in April, but it is clear it will be some time before all accounts are cleared.

Just as importantly, there are few signs of an increase in public sector tendering activity. The failure of talks among major oil exporters in Doha on 17 April has created a bearish mood and has placed greater pressure on crude prices. With no indication of a rise in oil prices, there is little opti-mism the kingdom’s infrastructure market will recover anytime soon.

However, there is an understanding in the government that the current situation is not viable for much longer.

Transport and construction com-prise just under 10 per cent of Saudi Arabia’s GDP, and a sharp contraction in expenditure on them will have a widespread economic impact beyond the industries themselves. With tens of thousands of jobs at risk, Riyadh knows it needs to resume spending soon. Just as importantly, it has to maintain expenditure in priority sec-tors such as social housing, education and healthcare. The regional unrest in 2011 reminded governments of the importance of ensuring that there are adequate services for the local popula-tion if discontent is to be contained.

In the absence of higher oil revenues, the obvious solutions to the spending crisis would be to borrow to fi nance

Saudi Arabia’s civil infra-structure sector has been in the news a great deal in recent months, and mostly for the wrong reasons.

As oil prices have fallen, the sector has ground to a halt as the government has struggled to fi nd the cash to go through with project plans.

In the fourth quarter of last year, Riyadh announced a hiatus on awards while it evaluated its projects pipeline. In the same period, the industry was rocked by the mobile crane accident in Mecca, which resulted in a ban of the kingdom’s largest contractor, Saudi Binladin Group, from being awarded new work.

Bankruptcy rumoursMore recently, in the fi rst three months of this year, headlines have focused on delays in payments to contractors and their inability to pay their work-ers, some of whom have been waiting months for their salaries.

It is fair to say the local construc-tion and transportation markets are in trouble. According to regional projects tracker MEED Projects, in the fi rst quarter of 2016, the value of contracts let in the two sectors was just $3.1bn, compared with more than $9.3bn in the same period last year, a decline of more than two-thirds.

At the current rate of inactivity, rumours of contractor bankruptcies could well come true. It is not hard to see where the problem lies. Of the handful of major deals signed this year, all but two were awarded by the private

Q1 CONTRACT AWARDS IN SAUDI$m

5,5

73

8,16

5

5,8

11

9,4

01

3,15

8

Source: MEED Projects

20122013

20142015

2016

MEED Business Review / 87

The Gulf Projects Index experienced an uplift of 1 per

cent in the week ending 15 April, thanks to a major boost in the UAE projects market, which gained 3.5 per cent.

New schemes worth an estimated total of $8.8bn were introduced into the UAE portfolio. More than a quarter of this value is accounted for by the 2,200MW power plant project planned by the Federal Electricity & Water Authority (Fewa) in the northern emirates.

Other major new schemes include Emir-ates National Oil Com-pany’s (Enoc’s) refinery expansion and jet fuel pipeline in Jebel Ali, and

two mixed-use projects, Yas Acres and Saadiyat Lagoons District, both in Abu Dhabi.

All the other GCC states recorded gains too, except for Qatar, which remained flat.

Saudi Arabia’s projects market grew by 0.4 per cent on the back of $1bn-worth of new schemes, the two largest of which include an oil pipeline connecting Qassim and Hail and a 500-bed hospital in West Dammam.

Iran’s projects market shed 0.2 per cent, mainly due to the Sefid Baghoon field development being put on hold.Jennifer Aguinaldo

Gulf index recovers as UAE market lifts

0

300000

600000

900000

1200000

1500000

GUlf projEcTs indExValue of projects planned or under way ($bn)

Source: MEED Projects

Dec 2014

Dec 2013

Dec 2012

Dec 2011

Dec 2010

Dec 2009

Dec 2008

Dec 2007

Dec 2006

Dec 2005

1,500

1,200

900

600

300

0

15 A

pr 2016

UAE

Saudi Arabia

Iraq

Iran Kuwait

Qatar Oman

Bahrain

Read updates through the month on: www.meed.com/gulf-projects-index

projects, or pass on the funding burden to the private sector through public-pri-vate-partnership (PPP) frameworks.

Unfortunately for Riyadh, the bulk of borrowing will likely be destined to in-violable public spending commitments such as social welfare, salaries and defence, while the PPP model cannot be quickly or easily implemented on schemes where it has not been adopted at the conceptual stage or in the ab-sence of a defined legal framework.

Obviously, the government has other means of raising revenue, such as

privatisations, the introduction of a sales tax, and a selling off of its landbank, and it is clear that some projects considered vital to the king-dom’s infrastructure plans will have to go ahead regardless of the econom-ic environment.

These schemes, which are likely to be clarified following the release of the National Transformation Plan on 25 April, may first have to be value-en-gineered or reconfigured, but should proceed in the second half of the year.Ed James

Contract value ($m)

dar al-Hijrah: pilgrim city – four-star hotels (group 4A) 850

Midad: four seasons Hotel in jeddah 665

saudi Electricity company: Headquarters building in riyadh 480

saudi Aramco: Ajyal residential development – 2,400 villas (packages 3 and 4) 420

saudi Aramco: Ajyal residential development – 2,400 villas (package 2) 285

Ministry of defence: Armed forces housing project in Eastern province (phase 2) 250

fAl residential compound: durrat fAl housing compound 50

Ministry of Transport: Al-Baha ring road (section 9) 30

osool international – saudi Arabia: nasima hotel 30

riyadh chamber of commerce: radisson Blu hotel 27

Source: MEED Projects

sAUdi consTrUcTion dEAls, Q1 2016

MEED Business Review / 83

Business Outlook

The submission of a world record-low 3 cents a kilowatt hour ($c/kWh) tariff for the third phase of Dubai’s Sheikh Mohammed bin Rashid

al-Maktoum solar park is a game changer for the region’s energy sector.

The first three bids were all below the 4$c/kWh threshold, which had been re-garded as unobtainable for an unsubsi-dised renewable energy tariff. While the prices submitted have smashed previous global unsubsidised tariff records for photovoltaic (PV) solar schemes, even more significantly, the tariffs have fallen to below the cost of conventional power generation from fossil fuel resources.

When Saudi Arabia’s Acwa Power signed a power purchase agreement in 2015 with Dubai Electricity & Water Authority for a levelised cost

tariff of 5.85$c/kWh for a 200MW PV scheme, many wondered if this could be matched, never mind beaten, in the lat-est round of bidding. The dramatic fall in price a little more than a year later has shocked many in the power sector.

While the price of PV solar has con-tinued to fall, there were concerns that financing costs would rise as a result of major disruptions to the global economy in 2015. It was presumed that changes such as the US Federal Reserve’s decision to increase interest rates would affect the tariffs submitted for the region’s largest planned solar project. The submission of three tariffs below the 4$c/kWh mark has batted away these concerns and positioned the Middle East as the world’s most com-petitive renewable energy market.Andrew Roscoe

The record-breaking bids submitted for Dubai’s next solar project are lower than those submitted for conventional power generation from fossil fuel resources

Solar tariff is a game changer

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Power & waTer

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Business Outlook

Dubai receives world-record tariff for 800MW solar scheme

Firms to prequalify for private water plant

Five consortiums submitted bids for the third phase of the Mohammed bin Rashid al-Maktoum solar park

Andrew Roscoe

A UK/French and Japanese consortium of Engie and Marubeni submitted the fourth-ranked tariff of 4.382$c/kWh, with France’s EDF Renovables and Qatar’s Nebras submitting the final bid of 4.482$c/kWh.

The scheme will be developed in three phases, with bidders having been invited to submit proposals for part or all of the 800MW capacity. The prices listed are for the mandatory 200MW base proposal only. It is understood that all of the bidders also submitted alternative proposals.

Phase A (200MW) is planned to be commissioned by April 2018. Phase B (300MW) will be commissioned by April 2019, and phase C (300MW) by April 2020.Andrew Roscoe

Aconsortium led by Saudi Arabia’s Abdul Latif Jameel, Spain’s Fotowatio Renewable Ventures and the UAE’s Masdar has

submitted a world-record low tariff of 3 cents a kilowatt hour ($c/kWh) for the 800MW third phase of Dubai’s Moham-med bin Rashid al-Maktoum solar park.

Low bid Dubai Electricity & Water Authority received bids from five teams on 1 May for the photovoltaic solar project. The low bid was 18 per cent lower than the 3.65$c/kWh price submitted by China’s Jinko Solar Holding.

A consortium of Saudi Arabia’s Acwa Power and the US’ First Solar submitted the third-lowest tariff of 3.95$c/kWh.

Andrew Roscoe reports on the deadline exten-sion for a Saudi desali-nation plant. Search for ‘Jeddah desalination’ on www.meed.com

The reverse osmosis plant will be located in the northern part of Umm al-Quwain, adjacent to the Ras al-Khaimah border.

Under the independent water project (IWP) model, Fewa will appoint a devel-oper to form a special-purpose vehicle to enter into a long-term water purchase agreement and a power supply agreement. Fewa will be the offtaker for all water produced by the facility.

MEED reported in January that Aus-tria’s ILF Consulting Engineers had been awarded the consultancy services deal for the IWP in Umm al-Quwain.Andrew Roscoe

The Federal Electricity & Water Authority (Fewa), the utility provider for the UAE’s northern emirates, has invited companies to prequalify for the con-tract to develop a 45 million-imperial- gallon-a-day desalination plant in Umm al-Quwain.

Fewa sent request for qualification (RFQ) documents to selected firms after expressions of interest were received in early April. Developers have until 11 June to submit RFQs. Fewa is planning to issue a request for proposals to prequalified firms by 3 August, with a probable submis-sion date in late October.

UAE

UAE

FEWA WAtEr iMportsMillion gallons

6,7

30

7,78

4

8,7

70

12,9

22

15,6

11

Source: Adwec

20102012

20112013

2014

MEED Business Review / 85

Riyadh restructures utility sector

Riyadh has scrapped its Electricity & Water Ministry in the latest round of organisational reforms, and has cre-ated new energy and environment authorities that will play a prominent role in the power and water sectors.

The electricity sector will now be overseen by the Energy, Industry & Natural Resources Ministry. MEED reported in May 2015 that Riyadh was planning to create a ‘super ministry’ to oversee the sector. The Environment, Water & Agriculture Ministry has been established to oversee the water sector.

Coordinated strategyThe announcement of the restructuring of Saudi Arabia’s utility sector came just two weeks after the electricity and water minister was replaced, reportedly due to problems in implementing new water tariffs.

The restructuring appears to be taking place across all the major entities. MEED recently reported that National Water Company (NWC), the state entity in charge of the water transmission and wastewater sectors, had replaced its CEO with the governor of Saline Water Conversion Corporation, the company in charge of the water desalination sector.

NWC was planning to take over water services in 22 Saudi cities by 2020, in addition to its portfolio of Jeddah, Mecca and Taif. This involves preparing masterplans for water and wastewater services, increasing levels of wastewater treatment and reuse, improving efficiency and restructuring the provision of services to prepare for privatisation.Andrew Roscoe

New energy and envi-ronment minis-tries will govern electricity and water sectors

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scheme will boost emirate’s position in region’s renewables market

Abu Dhabi Water & Electricity Author-ity (Adwea) has set a submission date of 19 September for prequalified companies to submit bids for its planned 350MW solar independent power project (IPP).

MEED reported on 25 April that 34 com-panies had been pre-qualified to participate in the tender.

Eight firms have been prequalified as standalone bidders, or as part of a consorti-um, with the remaining 26 companies having been conditionally prequalified to partic-ipate as a member of a consortium.

Time frameThe project owner specified that the con-ditionally prequalified bidders have 28 days from the issue of the request for proposals (25 April) to join or form a consortium.

Adwea has specified that a maximum of 15 bids can be received for the project.

MEED reported in March that Abu Dhabi Electricity & Water

Company (Adwec) had appointed Germa-ny’s Fichtner as the technical adviser for the scheme.

US-headquartered Akin Gump Strauss Hauer & Feld has been appointed as legal adviser and the UK’s Alderbrook Finance will provide financial advisory services.

For the financial advisory position, Alderbrook saw off competition from major international firms, including the UK’s EY, PwC and Deloitte, and Nether-lands-based KPMG.

The planned 350MW IPP will use photovolta-ic solar technology. The plant will be located near the town of Sweihan in the eastern region of Abu Dhabi.

The scheme will reassert the emirate’s position as a major regional player in the renewable energy market. It had started to trail others follow-ing the commissioning of Shams 1 in March 2013, the region’s first utility-scale solar energy plant.Andrew Roscoe

abu dhabi invites bids for solar project

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Business Outlook

GCC

Healthcare spending stays resilient despite low oil pricesGCC governments continue to prioritise hospital schemes, driven by demographic growth and political pressures

MEED Projects

The region’s leading projects tracking service. Gain access at:www.meedprojects.com

enhancement in company insurance coverage underpinned by legislative reform, and a need to modernise exist-ing facilities with the most up-to-date equipment and infrastructure.

In the four years following 2011, total spending on new hospital schemes exceeded $25bn, at $6.4bn a year on average, according to regional projects tracker MEED Projects. This was almost triple the average annual spending of just $2.7bn in the prior four years.

Saudi ArabiaSaudi Arabia has been the biggest spender on healthcare schemes. With the largest population, it has the most pressing need to develop new clinic and hospital infrastructure.

It also has the somewhat unique regional challenge of having to build new facilities in far-fl ung and more remote areas, given its geographic size. Other states have the more cost-effective option of building large, specialised facilities in their main city.

Over the past decade, the kingdom has invested more than $18bn in new hospitals, just under half the $40bn spent overall on the sector in the GCC. The UAE invested $8.5bn, while Kuwait spent $7.6bn over the same period.

Public hospitals dominate spending. That is not to say, however, that the pri-vate sector does not play a role. In some locations, such as Dubai, the private sector is thriving, providing the majority of beds in the market.

Changes in legislation compelling companies to provide mandatory health insurance to their employees

While the projects mar-ket is in the doldrums in most GCC coun-tries, it is not true to say that all sectors

and markets have been equally affected.There has been a lot of talk about

ring-fenced sectors such as social hous-ing, education, healthcare and defence, and indeed there is evidence to suggest spending in these areas has held up.

The rationale for protecting ex-penditure in these critical sectors is primarily political. Particularly since the 2011 regional unrest, governments have been acutely aware of the need to maintain a minimal level of quality provision for key sectors if they are to avoid social discontent. While spending on iconic, or ‘nice-to-have’ schemes can wait, expenditure on social infra-structure cannot.

Healthcare especially has prospered, driven by strong demographic growth,

UAE

Saudi Ara

biaQata

r

Oman

Kuwait

Bahrain

7,56

4

4,74

6

8,5

98

18,3

27

Source: MEED Projects

GCC HEALTHCARE AWARDS$m

Bahrain

Kuwait

Oman

Qatar

Saudi A

rabia

UAE

1,188476

MEED Business Review / 87

The Gulf Projects Index fell 0.1 per cent in the week

ending 13 May, and is now 0.9 per cent down year-on-year.

Kuwait was the only country to post a big rise in the value of its projects market, and is up by 1.6 per cent. Korea Land & Housing Corporation has agreed to cooperate with the Public Authority for Housing Welfare on its South Saad al-Abdullah City, which could be worth $4bn.

Iran saw a small up-tick, growing by 0.3 per cent. The resumption of real estate, industrial and gas schemes was tempered by delays on oil projects. Iran

is the fastest-growing market in the Gulf, with a 37.5 per cent year-on-year rise in value.

Qatar recorded the biggest contraction of the week, declining by 0.5 per cent due to project completions.

The value of the Saudi projects market fell by 0.4 per cent, also on project completions. The kingdom is down 12.7 per cent year-on-year, which is the largest fall in the GCC.

The UAE recorded a 0.2 per cent fall in value. New construction schemes worth more than $900m combined did not outweigh the value of projects put on hold or completed.Philippa Wilkinson

Kuwait and Iran only bright spots on index

0

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900000

1200000

1500000

Gulf projecTs IndexValue of projects planned or under way ($bn)

Source: MEED Projects

Dec 2014

Dec 2013

Dec 2012

Dec 2011

Dec 2010

Dec 2009

Dec 2008

Dec 2007

Dec 2006

Dec 2005

1,500

1,200

900

600

300

0

13 M

ay 2016

UAE

Saudi Arabia

Iraq

Iran Kuwait

Qatar Oman

Bahrain

Read updates through the month on: www.meed.com/gulf-projects-index

have spurred the development of this important component of the market.

There are some $27bn-worth of hospital and healthcare schemes in the pipeline spread across the six GCC states. Saudi Arabia again is the leading player, but is closely followed by Kuwait, Qatar and the UAE.

As populations continue to grow, governments understand well the need to make continued investments in healthcare. At the same time, the rising financial burden of sending their citi-zens overseas for specialist treatment

is becoming increasingly untenable in the face of lower oil prices.

The need for in-country specialised medical institutions is now more impor-tant than ever. And it is no surprise that many future hospitals will be focused on specific illnesses and conditions rather than being general purpose.

No wonder, therefore, that specialist medical contractors, equipment provid-ers and engineering consultants remain upbeat while general contractors suffer from falls in project spending. The prognosis may be cloudy for the re-gion’s projects market as a whole, but for the healthcare sector it has rarely been healthier.Ed James

UAE

Saudi Ara

biaQata

r

Oman

Kuwait

Bahrain

5,0

00

7,8

75

5,5

59

2,0

17

6,5

11

325

*=Planned. Source: MEED Projects

Gcc medIcal projecTs*$m

Bahrain

Kuwait

Oman

Qatar

Saudi A

rabia

UAE