Tracking the Gulf’s megaproject pipeline: what’s in talks, open for bids, signed, and launched

TERMS + TALKS-

#1- India wants US cargoes under its Qatar LNG contract: India’s Petronet LNG is in talks with QatarEnergy to source part of its 7.5 mn tons a year from the US. The timing is the sticking point. Petronet’s renewed contract starts in 2028, two years before QatarEnergy’s first Woodside’s Louisiana LNG project is due, and three years before Cheniere’s.

#2- Adnoc weighs a storage exit: India’s Adani Group is among the suitors for Dutch terminal operator VTTI in a potential agreement that could value the whole company at around EUR 3 bn. Adnoc may sell its entire 10% stake, while Vitol and IFM Investors, which own 45% each, could also sell down.

#3- GCC rail agreement heads for signature: Gulf transport ministries are expected to sign the rail connectivity agreement in Bahrain on 8 November. The planned 2.1k-km network would run from Kuwait to Muscat, with trains due to start running by end-2030.

#4- Saudi AI Cloud contract awaits signature: Go Telecom selected Total Technical Triangle Company for a SAR 185.9 mn contract to supply and install the computing equipment for a Saudi AI cloud. The one-year project would let Go rent computing capacity to government and corporate customers.

PENDING

#1- Still open from last week — Jeddah’s Al Khumrah logistics zone: Developers, logistics operators, and shipping companies have until 20 November to submit expressions of interest to develop and operate the 2.4 mn sqm site.

DEALS + LAUNCHES

#1- Adnoc gives Ruwais Diyab the go-ahead. Adnoc took a final investment decision on its first large-scale unconventional gas development. The project is expected to produce 345 mn cbf of raw gas a day from 2029 for 25 years.

#2- XRG agrees to buy into Australian LNG: Adnoc’s international investment arm agreed to buy Shell’s 16.7% stake in Australia’s North West Shelf project for USD 1.4 bn, plus a payment tied to project milestones. The agreement gives XRG access to about 2.4 mn tons of annual liquefaction capacity on a route to Asian buyers that avoids Hormuz.

#3- Qatar and Brookfield back a UK data center with power already secured: QIA’s AI arm Qai and Brookfield agreed to invest GBP 2.5 bn in a data center at Drax’s power station in northern England. Using the station’s existing grid connection, the first phase could bring up to 100 MW online by 1Q 2028.

#4- DP World links Chinese exporters to two of its African ports: The Dubai-based operator will start a weekly shipping service in late November connecting Shanghai, Ningbo, and Nansha with Dar es Salaam and Maputo via Malaysia and Singapore. DP World operates the Tanzanian terminal and is backing a USD 2 bn expansion at the Mozambican port.

#5- Acwa and EIG set up a US power venture: Saudi Arabia's Acwa and US investor EIG signed definitive agreements to form Plenum Power, targeting about USD 4 bn in initial equity commitments. The acquisition will be the main route in, alongside new builds and upgrades across conventional power, renewables, and storage.

#6- Aramco closes its Humain investment: Aramco completed its purchase of 49% of Saudi AI company Humain, contributing USD 2.6 bn and leaving PIF with 51%.

#7- Adia backs a USD 1.4 bn aircraft-leasing platform: Adia, Avolon, and I Squared Capital are setting up Constellation Aviation with 22 Avolon aircraft already leased to 17 airlines. The USD 1.4 bn is the fleet’s market value.

#8- Edge’s investment arm agrees to take control of Marix: Strategic Development Fund agreed to raise its minority holding in the Emirati builder of uncrewed surface vessels to a majority stake.