Fast Market Research recommends "Kuwait Infrastructure Report Q1 2013" from Business Monitor International, now available
Boston, MA -- (SBWIRE) -- 12/28/2012 -- BMI View: High oil prices continue to buoy the economy but contentious politics in Kuwait remain a significant drag on implementation of infrastructure plans. The government has long failed to implement planned large scale infrastructure projects especially the Kuwait Development Plan, which has really struggled to get off the ground since US$108bn of funding was announced in 2010. Year on year (y-o-y) growth is improving in 2013, although still relatively low at 3.6%, compared with previous performance. Construction industry value is expected to rise from US$2.6bn in 2013 to US$5.0bn by 2021.
Key developments in Kuwait's infrastructure sector include:
- Kuwait's Public Works Minister Fadhel Safar has signed a financing deal for new infrastructure projects in the country. The financing worth US$20.5mn will be directed towards infrastructure for the first phase of a project to construct five major blocks in the Funaitees area. The first phase will entail the installation of subsidiary roads, traffic signs, street lights, and water and sewerage networks.
- The Kuwait National Petroleum Company (KNPC) is to construct the largest oil refinery in the Middle East. Five engineering companies have submitted bids for the project, with the KNPC to unveil the winning bidder in August 2012. The US$14.5bn facility will have a daily processing capacity of 615,000 barrels from 2018. The largest oil refinery in the region is currently the Ras Tanura facility in Saudi Arabia, which has a daily processing capacity of 550,000 barrels.
- The North Zour power plant in Kuwait will be ready in 2015, one year later than planned, according to Suhaila Marafi, the director of studies and research at the Kuwait Ministry of Electricity & Water. A joint venture company, named Al Zour North, is yet to be established for construction of the 1,500MW plant, which is to be developed by GDF Suez.
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Kuwait's political backdrop is complicated by labour and population imbalances, as well as a parliament which has consistently blocked the government's reform efforts. Meanwhile, with three elections in the past four years, the prospect of new polls and policy instability is always on the horizon.
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