New Construction market report from Timetric: "Construction in Kuwait - Key Trends and Opportunities to 2017"
Boston, MA -- (SBWIRE) -- 03/03/2014 -- The Kuwaiti construction industry recorded a CAGR of 7.50% during the review period (2008-2012). Cash surplus from oil and gas revenues allowed the government to make concessions and provide subsidies, which helped it to avoid the civil uprisings that have affected much of the Arab region. However, the government is trying to lower the country's reliance on oil revenues and announced a KWD39 billion (US$130 billion) National Economic Development Plan for 2010-2014, with the aim of diversifying the country's economy. Subsequently, significant investments are being made to improve the country's transport infrastructure and increase participation in the private sector; although progress has slowed due to excessive bureaucracy and corruption. The industry's output is expected to record a CAGR of 4.94% over the forecast period (2013-2017).
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- The construction industry in Kuwait is set to thrive, due to new projects from the private sector and an increase in demand for residential, commercial and infrastructure activity. A number of large projects are currently planned or underway, accounting for a total of KWD52.6 billion (US$188 billion). The following projects are likely to be completed over the next six to seven years: the government's ongoing metro project at KWD1.9 billion (US$7 billion), Kuwait International Airport at KWD0.9 billion (US$3.3 billion), a motorway construction project at KWD1.7 billion (US$6.2 billion) and the Subiya causeway at KWD0.7 billion (US$2.6 billion).
- According to the National Bank of Kuwait (NBK), the real growth of GDP, in terms of oil production, slowed from 6.1% in 2012 to 3.2% in 2013, whereas the growth of non-oil GDP increased from 4% in 2012 to 4.7% in 2013. Kuwait is small, but has emerged as the second-wealthiest nation in the Gulf Corporation Council (GCC), with a per capita GDP of around KWD51.5 billion (US$184 billion). The country accounted for 7% of the total world reserves, with crude oil reserves of 104 billion barrels in 2012. In 2010, the Kuwaiti government introduced the National Economic Development Plan 2010-2014 to diversify from oil reserves and increase participation in the private sector. The plan is expected to allocate KWD36.4 billion (US$130 billion) to the development of residential, infrastructure, commercial and industrial markets.
Companies Mentioned in this Report: Combined Group Contracting Company KSCC, Kharafi National, Heavy Engineering Industries and Shipbuilding Company KSC, Mushrif Trading & Contracting Co., Mohammed Abdulmohsin Al-Kharafi & Sons Company
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