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The construction sector in Kuwait is expected to grow by seven percent to nearly $65 billion in 2023 due to an upturn in public projects, according to a local report.
A $16.5 billion budget surplus because of strong oil prices will encourage the government to spend more on projects through 2023, said the report by the Kuwiati
Mudon Ahlia Real Estate Company.
“The government is expected to announce more projects in 2023 and this will boost the construction sector by nearly 7 percent this year,” said the report, quoting industry sources.
Construction activity in 2023 is expected to cover various projects, including infrastructure, housing, industry and roads, the report said.
The report noted that construction activity in OPEC member Kuwait has been buoyant since Kuwait removed restrictions to counter Coronavirus.
(Writing by Nadim Kawach; Editing by Anoop Menon)
