Middle East

Industry News

Arctic Trade Route Surges as Shippers Seek Alternatives to Suez and Hormuz

Maritime traffic along Russia's Northern Sea Route reached 133 voyages in September, more than quadrupling the level from 2022 as operators seek alternatives to vulnerable Middle Eastern chokepoints. Chinese shipping operators are stepping up Arctic operations, with the container vessel Dubai Tower completing a 24-day journey from Qingdao to the UK. While Arctic transit reduces voyage lengths compared to Suez Canal routes, high operational costs and insurance considerations remain key challenges.

Industry News

China Eleventh Chemical Construction Secures Two Packages at Oman’s Duqm IPP

China Eleventh Chemical Construction Company has secured two construction packages for the $910 million, 890-megawatt Duqm Independent Power Project in Oman. The packages cover civil works and temporary site facilities issued through Power Construction Corporation of China's Oman branch. The facility is being developed by a consortium that includes UAE-based Etihad Water and Electricity, with commercial operation slated for 2029.

Industry News

ACWA Power Reaches Financial Close for Rabigh 2 IPP Expansion with Chinese Lenders

Al-Morjan Two Electricity Company has achieved financial close for the SAR 9.69 billion Rabigh 2 IPP Expansion Project in Saudi Arabia. ACWA Power holds a 40 percent equity stake in the 2,313.5 MW gas-fired facility. Debt financing was backed by a syndicate including major Chinese commercial banks.

Industry News

OCBC Raises Aluminium Price Forecast Amid Slower Gulf Smelter Output Recovery

OCBC has lifted its end-2026 aluminium price forecast to roughly US$3,150 per tonne due to subdued recovery across Gulf smelters. GCC smelter production growth slowed to 2 percent month-on-month in August, while Chinese output rose 4.7 percent year-on-year. Chinese unwrought aluminium and product exports also increased by 17.3 percent during the month.