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|07 March, 2019

Kuwait-listed firms win $1bln contracts in first two months

The majority of these tenders were awarded by seven local authorities

The value of contracts won by the Kuwaiti companies listed on the country's stock exchange and their subsidiaries during the last two months surged to KD305 million ($1 billion), up 17 per cent compared to last year's figures of KD260 million ($8853 million), said a report.

Since the beginning of the year, the majority of these tenders were awarded by seven local authorities – the Kuwait Municipality, the Ministry of Health, the National Petroleum Company, the Integrated Petroleum, Al Khafji, Kuwait Oil Company (KOC) and Ministry of Works, reported Arab Times.

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Those who clinched these deals include the Al-Qurain Petrochemicals Company which won a contract worth KD44 million with KOC, representing 14 per cent of the total contracts awarded by the government, and the Gulf Insurance Company which 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 six months, it added.

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