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%.
TRENDING CONSTRUCTION PROJECTS
Kuwait Economic Updates
- 39% of Construction, Contracting, Architecture firms operations were suspended due to the pandemic, while 31% had a revenue drop by more than 80% but are still operating.
- Kuwait plans to issue between $13 billion to $16 billion in public debt by the end of the fiscal year ending March 2021 if parliament approves a long-debated debt law.
- Kuwait agreed to cut the government entities' budget for fiscal year 2020-2021 by at least 20%.
- Kuwait posted an actual deficit of $18.44 billion in the 2019-2020 fiscal year, a 69% increase year on year.
- Kuwait cabinet approved a bill to increase the budget of ministries and government departments by US$1.6 Billion for the fiscal year 2020-21 to back up government’s efforts in fighting the novel coronavirus.
- Kuwait Central Bank cut the discount rate from 2.50% to 1.50% and a US$32.7 million fund to support COVID 19 containment efforts has been established.
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.
Ventures ONSITE is a leading construction tracking and intelligence portal that offers comprehensive and detailed information about the upcoming and ongoing Kuwait projects. Our portal can provide the necessary data and tools that can help business owners, consultants & contractors track the development of a specific project.
Ventures ONSITE Intelligence portal has all the required information and data about ongoing and upcoming projects in Kuwait. Our team of researchers and data analysts actively monitor and update our database to ensure that information viewed are new and up-to-date.
Major Projects in Kuwait
State-of-the-art business development and forecasting tools
Venture ONSITEs’ goal is to help clients get the best out of the information we offer, which is why we design our platform to ensure ease of navigation and use. Our team of researchers categorize and classify information so users can easily search and verify the data.
Our platform also features Statistics, Analysis & Forecasting Tools to help users analyse data and forecast project progress accurately. Through this, users can make a safe assumption about the feasibility and viability of a specific project.
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