Kuwait plans to invest $60 billion in infrastructure, green initiatives
The country will use public-private partnerships for 5% of its projects, with $3.2 billion allocated to 14 major public projects and four partnership projects.
• In 2023, the Kuwaiti government invested $6.8 billion to develop the South Saad Al-Abdullah suburb, a 64.4-square-kilometer smart city with over 30,000 housing units for 400,000 residents.
According to a report from Research & Markets cited by Al Anba newspaper, Kuwait plans to invest over $60 billion in infrastructure, health, environment, and energy projects, with 5% of these projects being conducted through the public-private partnership system.
The report explained that this substantial expenditure is driven by increased investment in public infrastructure projects across the Gulf countries. It highlighted that Kuwait plans to allocate funds to 14 major public projects and four partnership projects, totaling approximately $3.2 billion.
Research & Markets noted that the Kuwaiti government invested about $6.8 billion in 2023 to develop the South Saad Al-Abdullah residential suburb project. This initiative aims to create an environmentally friendly smart city that meets international standards. The city will cover an area of 64.4 square kilometers and will feature over 30,000 housing units designed to accommodate 400,000 people.
The report also noted that the Ministry of Electricity, Water, and Renewable Energy is overseeing the Al-Shagaya Renewable Energy Project, a major solar energy initiative that combines photovoltaic and concentrated solar power technologies.
Additionally, Kuwait is planning other renewable energy projects, including a 200-megawatt photovoltaic project in Abdali.
Regarding the construction equipment market in the Gulf countries for the period between 2023 and 2029, the report forecasts growth from 73,280 construction units in 2023 to 102,040 units in 2029, reflecting a compound annual growth rate of 5.67%.
