Fast Market Research recommends "Kuwait Infrastructure Report Q4 2013" from Business Monitor International, now available
Boston, MA -- (SBWIRE) -- 11/27/2013 -- Delay in key projects and claims of corruption are putting off foreign investors from investing in infrastructure projects in Kuwait, despite government's support towards development projects. Growing at a between 2013 and 2017, BMI forecast the Kuwaiti construction industry value to increase from US $3.1bn in 2013 to US$6.7bn by 2022, growing at a modest 3.7% year-on-year annually. However, we see energy and non-residential segments as areas offering relatively better growth potential during the medium to long term.
Estimates from the Central Bank of Kuwait reveal that the construction industry value grew by a modest 0.36 % y-o-y and 1.8% y-o-y - in real terms - respectively during 2010 and 2011. However, in the 2013/14 fiscal year alone, the government is planning to invest US$15.8-17.5bn to support development projects. We accordingly forecast growth of 3.9% y-o-y during 2013 - the highest rate until 2017.
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Key developments in Kuwait's infrastructure sector include:
- Kuwait's Ministry of Public Works, State of Kuwait, awarded AECOM a contract to carry out feasibility study for a 40km deep water navigation channel for the port development on Boubyan Island. The project is broadly aimed at turning Kuwait's largest island - Boubyan - into a commercial seaport. Local consultant SQC International will provide AECOM technical assistance and baseline environmental data. Starting from August 2013, the feasibility study is expected to take 11 months.
- In September 2013, UK bank HSBC was awarded a contract for the management of tenders for a 280MW solar power facility to be located in Al-Abdaliya, close to Kuwait City. The project is expected to cost KWD926.75mn (US$3.3bn) to develop.
- Kuwait-based Kharafi National has signed an agreement with Malaysian company Remaco Malaysia for the operation and maintenance of a US$319mn power plant in Kuwait. The plant, in the North Shuaiba industrial area in Kuwait, is believed to be capable of generating around 780MW of electricity, as well as producing 45mn barrels of distilled water every day. The companies announced they have secured a tender for the operation and maintenance of the project for seven years, reports the Kuwait News Agency.
- In pursuit of its policy to promote investment in the education segment, Kuwait has signed two agreements with Hungary towards bolstering education and technological investments. Hungary's State Secretary for Foreign Affairs and External Economic Relations Peter Szijjarto revealed that the educational agreement aims to promote research and to facilitate the exchange of scholarships, students and professors between the two countries.
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