Kuwaiti Projects Market makes significant contribution valued at $193 billion

Kuwait maintained its fifth position among the GCC countries.
Key infrastructure projects include building smart cities, expanding Kuwait International Airport T2, and improving public transport networks.
These projects support the ‘New Kuwait’ vision, aiming to diversify the economy and reduce oil dependency.

The MEED Magazine revealed that the Kuwaiti Projects Index (KPI) reached $193 billion, recording a growth rate of 0.20%, from October 8 to 11.

Consequently, Kuwait maintained its fifth position among the GCC countries. Saudi Arabia leads the region with an impressive $1.9 trillion in projects, followed by the UAE with $854 billion and Qatar with $240 billion.

Oman holds the fourth spot with $235 billion in projects, while Bahrain is in sixth place with projects worth $66 billion.
In recent months, Kuwait experienced significant momentum in its projects sector, awarding projects worth $1.2 billion, with the majority focused on the construction, oil, and gas sectors.

The largest contract signed was worth $495 million, awarded by the Kuwait Municipality and the Public Authority for Partnership Projects between the public and private sectors, for the construction of a workers’ city in South Jahra.

Kuwait’s projects market plays a vital role in the country’s economic activity, showing continuous growth across various sectors, including oil and gas, infrastructure, technology, and real estate.

These projects align with the ‘New Kuwait’ vision, which seeks to diversify the economy and reduce reliance on oil. Key initiatives include infrastructure development, such as constructing smart cities, expanding airports like Kuwait International Airport T2, and enhancing public transport networks.

The MEED magazine reported that the Gulf Projects Index grew by 0.6% from October 11 to November 8, up from 0.2% in the previous month, marking its third consecutive month of growth. This performance reflects renewed project activity in the GCC countries, signaling a recovery after a brief 1.6% decline last August.

This growth highlights the market’s steady overall rise, with nearly a 25% increase over the past two years. Kuwait, Oman, and Qatar have contributed to this trend, showing gradual growth in their respective project markets.

Furthermore, the MEED magazine reported that Gulf markets saw projects worth $23.9 billion, driven by significant growth in the UAE projects market, which expanded by 3.6% or $29.6 billion. This increase raised the GCC projects index to $3.49 trillion, a 0.74% rise from $3.467 trillion in the previous period.

Elsewhere in the GCC, the UAE projects market saw significant growth, while Bahrain also experienced a 3.6% increase, adding $2.3 billion in value.

In the broader Gulf index, Iraq’s projects market reached $369 billion, showing incremental growth, while Iran’s projects market, valued at $265 billion, which contracted by 0.7% or $1.8 billion, from the previous period. This brought the total Gulf projects index to $4.126 trillion during the period.