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RELATED ARTICLES: Kuwait set for potential building boom | Elster supplies 170 000 water meters to Kuwait | City update: Kuwait
Kuwait is the world’s fourth-largest oil exporter, and estimates its own reserves at 100 billion barrels, or more than 100 years of production.
Endowed with plentiful hydrocarbon reserves and a small population, it remains one of the world’s most affluent countries, with per capita GDP in excess of US$50 000.
According to Nomura, a leading global investment bank headquartered in Japan, the Kuwaiti economy’s limited absorption capacity means that it regularly runs large fiscal and current account surpluses, and has built a substantial pool of foreign assets, held both privately and publicly.
The Kuwaiti economy weathered the global financial crisis and economic downturn relatively well due to its oil cushion, though noisy domestic politics hampered the adoption of potentially beneficial fiscal stimulus. The eventual passage of legislation to increase infrastructure spending sharply over the next four years was a welcome development, though implementation will be the key to ensuring a more widespread economic impact.
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Kuwaiti Minister of Finance Mustafa Al-Shimali has said his country has already overcome the negative implications of the global financial crisis. In a speech delivered on his behalf by Undersecretary of the Ministry of Finance Khalifa Hamada at the recent Country Risk Conference, the minister affirmed the strength of the economic and financial conditions of Kuwait and other GCC member states.
Coface, in its 2009 report, underlines that Middle East countries have shown good resilience during the crisis and confirmed the A2 rating of Kuwait, he added. The A2 rating of Kuwait is mainly based on key oil and financial resources, as well as its strategic alliances with main powers in the world, notably the US, the UK and France. Al-Shimali cited the recently approved development plan, which envisions the spending of over KD30 billion (approximately USD 104 billion) between 2010 and 2014.
MEP Projects in Kuwait
Petroleum Research Laboratory in Ahmadi - Phase 2
Client: Kuwait Institute for Scientific Research
Consultant: Al Zamami Consultants
Main contractor: Bader Al Mulla & Bros Co.
MEP contractor: In House
Value (US$m): 2.5 - 15
Project status: project under construction
Al Hamra Tower
Client: Ajial Real Estate Company
Consultant: Al Jazeera Consultants
Main contractor: Ahmadiah Trading & Contracting
MEP contractor: Kharafi National
Value (US$m): 241
Project status: project under construction
Project type: Commercial Buildings
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i m mechanical engineer having experienc in mep in uae and in saudi arabia please contact shahid.gspi@gmail.com