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CONSTRUCTION PROJECTS IN KUWAIT

Your Kuwait construction market updates

Kuwait has over US$325BN worth of active projects and in an effort to help ease business through the current year Kuwaiti parliament approved a law to increase protection for troubled businesses and provided two new options before businesses were forced to declare bankruptcy. Kuwait announced that they have begun master planning for different projects which include infrastructure and service works, industrial workshops and basic facilities, malls, stadiums, ports.

In efforts to shore up its ailing economy Kuwait’s Central Bank introduced a 3-month deferral on the collection of payments from affected customers. The Central Bank announced further stimulus adding US$16.6Bn to local banks lending reserves, cut the capital adequacy requirements by 2.5%, and increased the maximum financing for residential real estate development equal to the property’s value or the cost of development.

Between the GCC Countries, Kuwait had the lowest negative GDP growth at -1.1% with KSA behind them at -2.3%.

NEW CONSTRUCTION PROJECTS IN KUWAIT

Trending construction projects in Kuwait

ECONOMIC UPDATES: KUWAIT PROJECTS

  • New Kuwaiti government was sworn in on December 29th 2021, the emirate’s fourth in two years, after the last one resigned in November amid political deadlock.

  • Kuwait is expected to have a projected growth of 5.3% in 2022 after it shrank by 8.9% in 2020 due to the Covid-19 pandemic.

  • Kuwait’s sovereign wealth fund is allegedly the third-largest in the world with over US$ 700 billion, it is meant to support future generations when oil runs out.

  • Strategy for diversification, Vision 2035, includes large infrastructure plans such as brand-new islands, ports and cities and create up to 400,000 jobs.

  • Kuwait aspires to have a low dependence on oil, replacing it with human creativity and innovation, adding that more than US$ 100 billion will be invested by 2035.

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ECONOMIC UPDATES: KUWAIT PROJECTS

Ventures ONSITE’s database of ongoing projects in Kuwait offers relevant insights about construction projects. Our digital library includes significant facts and information that will help individuals and businesses determine the status of a specific project, the people behind these developments, the date of completion, etc.

Our platform provides detailed profiles of Kuwait’s projects from various industries, including oil & gas, industrial, power and water, and infrastructure.

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