Kuwait News

General Corporation for Housing Welfare initiates tenders for major construction projects

MEED magazine has reported that the General Corporation for Housing Welfare has issued invitations for offers in two tenders, setting a deadline of December 21. The tenders are for the construction of 1,777 homes, buildings, and associated infrastructure in Sector “BP3,” and 1,568 homes, buildings, and related infrastructure in Sector “BP1.”

Furthermore, the Corporation has extended the bid submission deadline to December 26 for the main contract concerning the construction of 60 residential buildings in Sabah Al-Ahmad Residential City, reported Al-Rai Daily.

According to MEED, construction emerged as the second-largest project sector in Kuwait in the past year, witnessing awards totaling approximately $627 million in 2022. In the ongoing year, bids worth around $600 million have already been awarded, maintaining a trajectory similar to the previous year.

However, MEED emphasizes that these figures fall significantly below the annual average of awards observed between 2018 and 2022, which amounted to $1.8 billion, or the average of the previous five years, standing at $4 billion.

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