Gulf countries are accelerating their non-oil diversification plans by investing in large-scale non-oil industrial complexes while also looking to boost existing industrial clusters. 

As part of their non-oil economic journey, regional governments are backing industries such as aluminium, steel, other metals and minerals, and industrial equipment manufacturing, as well as providing impetus to the hydrocarbon value chain – in the form of petrochemicals and their derivatives.

By doing so, they aim to attract foreign direct investments, drive national revenue, create jobs, improve workforce skills and usher in advanced technology. They also have economic targets to hit, such as Saudi Arabia’s National Industrial Development and Logistics Programme and the UAE’s Operation 300bn.

With more private entities and foreign industrial players joining with state entities to partake in the Gulf’s non-oil economic development campaign, MEED’s October 2022 issue of MEED Business Review takes stock of the level of investments and volume of projects being generated.

This month, MEED also presents its 2022 Power Developer Ranking, covering 93 independent power producer (IPP) and independent water and power producer (IWPP) schemes procured over the past two-and-a-half decades across the six GCC states.

With a net capacity of close to 10.5GW across 28 projects, Saudi Arabia-headquartered utilities developer and investor Acwa Power has managed to pull away and extend its lead over other developers in this year’s index.

Meanwhile, October’s 19-page Market Focus on Saudi Arabia finds high oil prices turbocharging the kingdom’s spending-heavy Vision 2030 plans.

We hope you enjoy the October 2022 edition of MEED Business Review – and if you're not already a subscriber, please do take advantage of our special offer allowing you to buy a single digital issue here.

Must-read sections in the October 2022 edition of MEED Business Review include:

> AGENDA: Gulf states diversify with purpose

> SEZs: Maximising the benefits of GCC economic zones 

> GAS: Gas becomes a key economic enabler

> OPINION: Europe’s plans will change world energy

> MEED COMMENTS: 
    > Frothy Dubai market attracts project prospecting
    > Power developers must confront new realities

> MONTHLY BRIEFING: 22 key developments in the region

> LEBANON: IMF warns of slow pace of reforms in Lebanon

> IRAQ: Iraq violence risk still high

> KUWAIT: Kuwait upstream awards expected to rise in 2023

> MEED 2022 POWER DEVELOPER RANKING:
    > Acwa Power widens lead in developer ranking
    > Renewables redraw future developer ranking

> LEADERSHIP: How family businesses can create a meaningful future

> INTERVIEW: Rene Matthies, Ewec’s CFO and executive director of corporate operations

> ISLAMIC FINANCE: Plugging the gap with Islamic finance

> MEED INSIGHT REPORT: Oil companies roll out new policies and investments

> PROPTECH: Enhancing the real estate marketplace

> SAUDI ARABIA MARKET FOCUS: Riyadh's finances and ambition align
    > ECONOMY | Saudi economy soars as globe flounders
    > GOVERNMENT | Riyadh looks to renew investor appetite
    > BANKING | Saudi lenders eye new growth opportunities
    > UPSTREAM | Aramco paces ahead with upstream projects
    > DOWNSTREAM | Downstream schemes register progress
    > CHEMICALS | Saudi Arabia accelerates chemical projects
    > POWER | Saudi Arabia needs to ramp up renewables
    > WATER | Riyadh to implement over $30bn of water projects
    > CONSTRUCTION | Major projects drive Saudi construction

> MARKET SNAPSHOT: Saudi Arabia hotels

> GULF PROJECTS INDEX: Gulf projects market continues to decline

> AUGUST 2022 CONTRACTS: Egypt tops regional ranking once more this year

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