Kuwait construction sector to continue growth
Report says Kuwait construction market will be worth $3.5bn next year
Kuwait's construction market is set to continue growing over the next two years, despite delays to key infrastructure projects, according to a new report.
The value of the Kuwait construction market will grow by 3.6% this year to $3.2bn, and although growth will slow slightly next year to 3.4%, the overall value of work carried out will increase to $3.5bn, according to a report by Kuwait Finance House.
It also said that despite new project announcements taking the infrastructure pipeline to $20.5bn, delays and disputes over contract awards meant many foreign investors are still maintaining a watching brief on progress as opposed to embracing its potential.
Government stimulus remains a key source of project generation, with the government pledging to spend $15.8-417.5bn in the current fiscal year on infrastructure projects such as roads and bridges.