For Abu Dhabi and Doha-based developers, the award is a live demonstration of how multi-country Gulf consortiums are securing large-scale capacity at competitive terms. The project — a 1,700-megawatt combined-cycle gas plant to be built approximately 20 kilometres west of Muscat — positions South Korean engineering at the centre of regional power development for the rest of this decade.
Who Is Driving the Deal?
Doosan Enerbility leads engineering, procurement and construction. Its Chinese partner, SEPCOIII Electric Power Construction Corporation, co-executes the EPC work. Doosan will also supply the steam turbines and generators. According to Yonhap news agency, the total contract value is approximately 9,300 billion Korean won — roughly US$670 million at current exchange rates.
The developer consortium awarded the contract comprises three Gulf-linked entities. Qatar’s Nebras Power, the UAE’s Emirates Utilities Development Company, and Oman’s Bahwan Infrastructure Services together form the project sponsor group. That combination of Qatari, Emirati and Omani capital on one ticket signals growing cross-border appetite for Gulf baseload assets.
What Does the Deal Mean for Gulf Investors?
The structure tells investors several things at once. First, Gulf developers are actively sourcing Asian contractors to deliver scale capacity on schedule and within budget. Second, combined-cycle gas technology remains the format of choice for large regional procurements — it delivers both fuel efficiency and the output volume that fast-growing Gulf grids require. Third, multi-country sponsor consortiums are proving competitive against vertically integrated regional players.
Commissioning is targeted for April 2029. Revenue recognition for Doosan extends across that full construction window. However, for Nebras Power and its co-investors, the more immediate question is whether this template — Korean-Chinese EPC, multi-GCC sponsor group — can be replicated efficiently across Saudi Arabia, the UAE and Qatar’s own pipeline of gas-fired procurements.
Korean Engineering Deepens Its Gulf Footprint
‘Doosan’s Oman win shows that Gulf power projects still reward scale, execution and consortium reach.’ That observation will resonate with project finance teams in Riyadh and Dubai currently evaluating bid structures for upcoming capacity tenders.
South Korean firms have supplied equipment and engineering expertise to Gulf power systems for decades. This contract moves Doosan further along the value chain — from equipment supplier to integrated EPC partner on a flagship cross-border platform. Other Korean engineering groups are simultaneously active in Saudi Arabia and the UAE, reinforcing Seoul’s standing as a preferred partner for Gulf energy procurement.
Oman’s Grid Needs and the Wider Regional Signal
At 1,700 megawatts, the Muscat-area plant will rank among the larger gas-fired additions to Oman’s grid in recent years. Oman requires reliable baseload power to serve industrial growth, urban expansion and rapidly scaling data infrastructure. Those demand drivers are common across the GCC — making this award a template worth watching rather than a one-off procurement.
The contracting mix itself carries a deeper signal for MENA investors. A Korean builder, a Chinese EPC partner and a multi-country Gulf developer consortium have converged on one project. That flexibility in procurement indicates a market that remains open to international bidders. It also demonstrates that cross-border consortiums can compete effectively on large-scale assets. Investors and project finance teams should monitor construction progress milestones through 2026 and 2027, and watch whether this award generates follow-on contracts for Doosan and SEPCOIII across Oman and the broader region.
Quick answers
The developer consortium comprises Qatar’s Nebras Power, the UAE’s Emirates Utilities Development Company, and Oman’s Bahwan Infrastructure Services — a three-country Gulf sponsor structure that reflects growing cross-border appetite for baseload assets.
The US$670 million contract runs to an April 2029 commissioning target, giving Doosan Enerbility multi-year revenue visibility and providing the Gulf sponsor consortium with a fixed EPC timeline against which project finance drawdowns can be structured.
The Doosan-SEPCOIII partnership demonstrates that Asian contractor consortiums can deliver large GCC baseload projects competitively, signalling that Saudi Arabia and UAE power tenders may increasingly attract similar Korean-Chinese joint bids.
