Boston, MA -- (SBWIRE) -- 05/05/2014 -- Despite plenty of project oppurtunities in Kuwait's construction sector, particularly in industrial construction and transport and energy infrastructure, the country's business environment is limiting investment and investor interest. Political involvement in awarding of contracts, claims of corruption and numerous project redesigns have been putting off foreign investors from key infrastructure projects in Kuwait, despite government's support towards development projects. In comparison to its GCC neighbours, Kuwait's industry size is small and will exprience more moderate growth rates. Between 2014 and 2018, BMI forecasts the value of the Kuwaiti construction industry will increase on average by 4.2% yo- y, taking it from US$3.5bn in 2014 to US$5bn by 2018.
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Overall, BMI forecasts the GCC (excluding Kuwait) to average 7.4% growth in fixed capital investment in 2014, with Kuwait seeing growth of 5.0%. Given this investment outlook, we forecast Kuwait's construction industry will experience comparatively low y-o-y growth over our ten-year forecast period to 2023 in comparison to other GCC nations, averaging 3.9%. The value of the construction industry is expected to reach US$3.5bn in 2014, rising to US$7.4bn by 2023.
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