|05 March, 2019

Kuwait listed firms win $1bln worth contracts since start of year

The value of tenders and contracts won by Kuwaiti companies listed on the Kuwait Stock Exchange shows an increase of 17% compared to the same period last year

Foreign construction workers are seen on a building site in Kuwait City. Image for illustrative purpose.

Foreign construction workers are seen on a building site in Kuwait City. Image for illustrative purpose.

REUTERS/Jassim Mohammed

KUWAIT CITY -  The value of tenders and contracts won by Kuwaiti companies listed on the Kuwait Stock Exchange and its subsidiaries since the beginning of 2019 was worth 305 million dinars, an increase of 17 percent compared to the same period last year which was 260 million dinars, reports Al-Anba daily. In its statistics the Anba gave detailed reason for the increase in the total value of contracts and tenders saying it is a victory for the joint group which has won two construction contracts outside Kuwait, specifically in Abu Dhabi worth 112 million dinars.

The following are the 10 listed and affiliated Kuwaiti companies that won the 11 contracts. The joint venture company has been the leader in terms of value since the beginning of 2019, by winning the two contracts referred to above, worth 112 million dinars, representing 36% of the total value.

This is followed by the national cleaning company in terms of value, winning 10 service contracts, which are wholly owned or owned by big shareholders, and the value of these contracts is 78 million dinars, which constitute 25% of the total value – generally general cleaning work in all governorates of Kuwait for a period of 5 years.

Third is the Al-Qurain Petrochemicals Company which won a contract worth KD 44 million with Kuwait Oil Company (KOC), representing 14% of the total. The Gulf Insurance Company was ranked fourth in terms of acquisition of the largest share of the value, following the renewal of its contract with the Ministry of Health for citizens’ health insurance for an additional 6 months which is worth 42 million dinars.

The service contracts came in at fifth position with 132 million dinars, which constitutes 43% of the total value. This is followed by construction contracts worth KD 112 million, constituting 37% of the total.

The oil tenders contracts worth 50.5 million dinars constitute 17% of the value and then came the logistics contracts worth 11 million dinars. It was noted through the monitoring that the tenders won by the listed companies and its subsidiaries since the beginning of the year were presented by seven local authorities – the Kuwait Municipality, the Ministry of Health, the National Petroleum Company, the Integrated Petroleum, Al Khafji, Kuwait Oil and Works.

Meanwhile, a group of Kuwaiti and Gulf investors will soon establish a specialized company in the management of heritage markets with a capital of KD 3 million, reports Al-Anba daily quoting reliable sources. The company will start its activity in the market once the rest of the technical and administrative procedures have been completed, say sources.

On the other hand, the sources added the company will manage a group of heritage markets that have been given clearance, and will continue with the institutions concerned with the management of handicraft markets to apply for usufruct, construction and management for 10 years.

The sources pointed out, the list of investors involved in the establishment of the company includes well-known names in the market and heads of major investment companies.

In the same context, the sources said the heritage markets sector needs a qualitative leap and interest from the concerned parties, especially in light of the tendency of the majority of neighboring countries to invest in these types of markets for additional returns

© 2019 Arab Times Kuwait English Daily. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

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