{"id":113733,"date":"2026-03-27T00:00:00","date_gmt":"2026-03-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/another-neom-contract-canceled\/"},"modified":"2026-03-27T00:00:00","modified_gmt":"2026-03-27T00:00:00","slug":"another-neom-contract-canceled","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/menaplus\/2026\/03\/27\/another-neom-contract-canceled\/","title":{"rendered":"Another Neom contract canceled"},"content":{"rendered":"

<\/a> More gigaprojects blues for contractors:<\/strong> In the second gigaproject-related cancellation that we know of this month, Malaysia\u2019s steel firm Eversendai Corp Bhd said its structural steel contract for Neom\u2019s mountain ski resort, Trojena, has been terminated<\/a>.<\/p>\n

Taking out the trash? <\/strong>The company blamed the war, but we\u2019ve been hearing since last<\/a>summer<\/a> plans to scale back gigaprojects as part of a recalibration driven by fiscal concerns. (Taking out the trash is a time-honored PR tactic involving dumping out \u2018bad news\u2019 during a news cycle when nobody will notice \u2014 or late in the afternoon on the last business day of the week.)<\/p>\n

Background: <\/strong>Construction on the project, which was initially scheduled to launch in 2026 with an estimated USD 19 bn ticket, has not been going as planned \u2014 and the Kingdom recently pulled out from the race to host the 2029 Asian Winter Games, which were supposed to be held in a developed Trojena.<\/p>\n

One man\u2019s trash is another\u2019s treasure?<\/p>\n

<\/a> Morocco <\/strong>is <\/strong>moving to launch<\/a><\/strong> a secondary market for non-performing loans <\/strong>(NPLs) as bad debt levels creep up<\/strong>, in a move designed to get those loans off bank books and free up credit for the private sector. NPLs hit MAD 100 bn by the end of 2025 \u2014 roughly 8.2% of total banking assets \u2014 and the ratio ticked up to 8.3% in January.<\/p>\n

By securitizing and selling these NPLs, Rabat hopes to reduce financial fragmentation <\/strong>and prevent a clogged banking system.<\/strong> The Central Bank of Morocco is trying to engineer a domestic credit recovery through the secondary market, the success of which will serve as a signal to businesses of whether local banks have the appetite to fund the infrastructure projects the IMF is currently touting.<\/p>\n

\n

Data point <\/p>\n

80% \u2014 that\u2019s the drop in Iraq\u2019s southern oil output from pre-war levels<\/strong>, with production<\/a>falling to roughly 800k bbl \/ d<\/a> as blocked exports through Hormuz push storage capacity toward critical limits. Basra Oil Company has ordered further cuts at the Rumaila oil field and Zubair oil field.<\/p>\n

This pressure was already building:<\/strong> Iraq already slashed<\/a> nearly 1.5 mn bbl \/ d on 3 March, forcing the country to later declare force majeure<\/a> on foreign-operated oilfields as southern production dropped<\/a> to around 900k bbl \/ d.<\/p>\n

The escape route?<\/strong> Baghdad and the Kurdistan Regional Government have agreed<\/a> to restart oil exports through Turkey\u2019s Ceyhan port \u2014 pushing for more alternative routes. <\/p>\n

\n

\n

<\/a> Jordan\u2019s industrial sector <\/strong>grew 5.2%<\/a><\/strong> in 3Q 2025, accelerating nearly two full<\/strong> percentage points<\/strong> from one year earlier. Overall, industrial growth in 2025 was led by construction industries, which grew 830% y-o-y, while mining grew 16%. Industrial exports rose 10.2% y-o-y in 2025 to JOD 8.9 bn, accounting for 92% of total exports during the year. <\/p>\n","protected":false},"excerpt":{"rendered":"

AND: Morocco to launch secondary market for bad debt<\/p>\n","protected":false},"author":1,"featured_media":113734,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2638],"tags":[2586,2611,2539,2538,2777,2616,2605,2563,2637],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-113733","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking","tag-capital-markets","tag-defense","tag-energy","tag-enterpriseam","tag-gigaprojects","tag-iraq","tag-morocco","tag-saudi-arabia","tag-what-were-tracking","wpautop","entry"],"acf":{"mongo_id":"c9b476d6-ae43-4a71-971d-94fb997b3bcb","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/1878.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Another Neom contract canceled","related_issue":[113719],"teaser":"AND: Morocco to launch secondary market for bad debt"},"yoast_head":"\nAnother Neom contract canceled - 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