After years of cautious capital discipline, upstream oil and gas spending is gathering pace across the Middle East and beyond, with 2026 shaping up to be a statement year for investment.

In the Middle East and North Africa (Mena) region, oil companies are pushing ahead with projects deemed critical to long-term energy security, even as oil prices soften. Gas and LNG developments are taking an increasingly prominent role, reflecting rising power demand and the search for lower-carbon fuels.

Globally, North America is set to lead upstream spending through to 2030, but the Middle East remains a close follower, underpinned by low-cost reserves and expanding infrastructure. Read more about what’s driving the next wave of upstream investment here.

Meanwhile, February’s market focus covers Qatar, where Doha is beginning to reap the rewards of its long-term gas investment, strategic spending and diplomatic efforts.

This edition also includes MEED’s latest ranking of GCC water developers. In this package, we look at how the water sector has regained momentum, as the value of public-private partnership and engineering, procurement and construction (EPC) contract awards for Mena water infrastructure schemes reached a record level in 2025. 

In the latest issue, we also examine how Iran's recent protests have elevated regional uncertainty, and reveal that GCC contract awards declined by almost a third in 2025. The team also speaks to Mohamed Youssef of AtkinsRealis about demand drivers and challenges for the Canadian EPC specialist; discusses projects market resilience with US engineering firm Parsons' Pierre Santoni; and highlights how DP World underpins Dubai’s economic growth strategy. 

MEED’s February edition is also bursting with exclusive leadership insight. Saeed Mohammed Al-Qatami, CEO of Deyaar Development, talks about the need for tomorrow’s communities to move beyond conventional real estate thinking; Ali Al-Dhaheri, managing director and CEO of Tadweer Group, explains why waste-to-energy infrastructure is critical to future energy needs; and Dal Bhatti of global insurance broker Marsh predicts a breakthrough year for Middle East construction in 2026.

We hope our valued subscribers enjoy the February 2026 issue of MEED Business Review. 

Must-read sections in the February 2026 issue of MEED Business Review include:

> AGENDA: 
> Mena upstream spending set to soar
> Global upstream spending to grow

> CURRENT AFFAIRS: Iran protests elevate regional uncertainty

> PROJECTS: Contract awards decline in 2025

> LEADERSHIP: Tomorrow’s communities must heal us, not just house us

> INTERVIEW: Building faster without breaking the programme

> PORTS: DP World underpins Dubai’s economic growth strategy

> INTERVIEW: Projects show resilience

> LEADERSHIP: Energy security starts with rethinking waste

> LEADERSHIP: Why 2026 is a breakthrough year for Middle East construction

> MARKET FOCUS QATAR: 
> COMMENT: Qatar’s strategy falls into place
> GVT & ECONOMY: Qatar enters 2026 with heady expectations
> BANKING: Qatar banks search for growth
> OIL & GAS: QatarEnergy achieves strategic oil and gas goals in 2025
> POWER & WATER: Dukhan solar award drives Qatar’s utility sector
> CONSTRUCTION: Infrastructure investments underpin Qatar construction

> MEED COMMENTS: 
> Kuwait oil tender delays cause problems for key contractors
> International Financial Centre Oman will have to differentiate
> Chinese firm’s Riyadh skyscraper debut signals a shift
> Ras Al-Khaimah sewage award marks key milestone

> GULF PROJECTS INDEX: Gulf projects index enters 2026 upbeat

> DECEMBER 2025 CONTRACTS: Middle East contract awards

> ECONOMIC DATA: Data drives regional projects

> OPINION: Trump’s distraction is the region’s gain

> BUSINESS OUTLOOK: Finance, oil and gas, construction, power and water contracts