PHOTO
Public contracts won by companies listed on the Kuwaiti bourse surged by nearly 23 percent in the first quarter of 2023, press reports showed on Monday.
From around 512 million Kuwaiti dinars ($1.689 billion) in the first quarter of 2022, the value of contracts awarded to those firms swelled to around KWD 632 million ($2.085 billion) in the first quarter of 2023, showed the figures published by Alanba newspaper.
The report, citing bourse data, showed the Heavy Engineering Industries and Shipbuilding Co had the lion’s share of the contracts awarded in the first quarter of 2023, grabbing 10 projects with a combined value of around KWD 517.4 million ($1.7 billion), accounting for more than 80 percent of the total value. The second largest winner was Combined Group Contracting Co, which bagged six projects worth about KWD 60.8 million ($200.6 million), according to the report.
(Writing by Nadim Kawach; Editing by Anoop Menon)
