Boston, MA -- (SBWIRE) -- 09/04/2012 -- BMI View: Kuwait IT spending is expected to reach US$913mn in 2012, up 6%, with BMI downwardly revising its forecast due to macroeconomic factors. Kuwait, the third-largest computer market in the Gulf, reported strong PC sales in 2011, and local IT spending should continue to provide opportunities for IT vendors over our five-year forecast period. Drives will include government projects, population growth, and strong demand from the construction and oil and gas sectors.
Headline Expenditure Projections
Computer hardware sales: US$362mn in 2011 to US$383mn in 2012, +6% in US dollar terms. Forecast in US dollar terms downwardly revised due to macroeconomic factors, following stronger than expected growth in 2011.
Software sales: US$233mn in 2011 to US$247mn in 2012, +6% in US dollar terms. Forecast in US dollar terms downwardly revised due to analyst modification but trade liberalisation and growing regional competition are fuelling enterprise spending on software and systems.
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IT Services sales: US$267mn in 2011 to US$283mn in 2012, +6% in US dollar terms. Forecast in US dollar terms downwardly revised due to macroeconomic factors and analyst modification, but high oil prices will fuel spending growth over the forecast period.
Risk/Reward Ratings: Kuwait's score was 57.4 out of 100.0. Kuwait ranks fourth out of 11 countries in our latest RRR table, behind the Qatar, the UAE and Israel, but ahead of Bahrain and Saudi Arabia.
Key Trends & Developments
- Expected increases in oil output and prices, and a forecast bumper year in 2012, should provide support for higher IT budgets in the key oil and gas vertical. Oil companies such as Kuwait leader Kuwait National Petroleum Company (KNPC) continue to invest in IT, and work is under way on the US$14bn Al-Zour refinery. However, Kuwait's Development Plan should encourage a gradual pick-up in the non-hydrocarbons sector over the coming years.
- Construction should be a promising IT spending vertical. Kuwait is emerging as a regional construction hub and projects such as the US$2bn expansion of Kuwait International Airport (KIA) should drive opportunities for IT vendors. Combined public and sector investment in construction is forecast to surpass US$11bn over the next five years.
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