MEED magazine reported that the Public Authority for Housing Welfare received offers from contracting companies to establish two residential projects, explaining that the two projects are to build 1,777 homes with accompanying infrastructure in sector “BB3” and to build 1,568 homes with their infrastructure in sector “BP1.”
The magazine previously reported that PAHW had set a deadline of December 21, 2023 to solicit offers for the two aforementioned tenders, and extended the date for submitting offers to December 26 for the main contract for the construction of 60 residential buildings in the Sabah Al-Ahmad Residential City, reports Al-Rai daily.
Meanwhile, MEED added that the construction sector last year was the second largest project sector in Kuwait. In 2022, contracts worth about $627 million were awarded, while the volume of contracts in 2023 is about 600 million, but the two numbers are lower than the average. Annual between 2018 and 2022 amounting to 1.8 billion, and from an average of 4 billion dollars annually spent in the previous five years.
The magazine estimated the value of planned and non-awarded construction projects in Kuwait at about 22.9 billion dollars, including projects worth 8.7 billion dollars under study, 6.6 billion dollars in the design stage, and 7.6 billion dollars in the proposals stage.
The magazine revealed that among the latest scheduled projects are real estate development projects worth $8 billion in the region divided between Saudi Arabia and Kuwait.