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Contracts awarded by the Kuwaiti government to companies listed on the local stock market declined by nearly 18 percent in 2022, a newspaper reported on Wednesday.
From around 1.24 billion Kuwaiti dinars ($4.09 billion) in 2021, the value of awarded projects slumped to nearly KD1.01 billion ($3.33 billion) in 2022, the Arabic language daily Alanba said, citing corporate financial reports.
In 2022, the first quarter was the business period for contract awarding, with the value of projects standing at nearly KD512 million ($1.69 billion), the report showed.
The ship-building company “Sofon” grabbed the largest non-service contract, with a value of nearly KD289 million ($953 million), it showed.
The services sector had the lion’s share of awarded contracts in 2022, with the value of 13 projects standing at nearly KD381 million ($1.25 billion).
It was followed by the construction sector, with nine contracts worth around KD222 million ($732.6 million), according to the report.
(Writing by Nadim Kawach; Editing by Anoop Menon)
