10 September, 2019

Kuwait to award projects worth $16.5bln in 2019: report

Project value highest since 2015

Image used for illustrative purpose. Construction workers are seen on the site of a newly constructed bridge that is nearing completion at the Jahra roundabout in Kuwait City September 1, 2011.

Image used for illustrative purpose. Construction workers are seen on the site of a newly constructed bridge that is nearing completion at the Jahra roundabout in Kuwait City September 1, 2011.

REUTERS/STR New

10 September 2019
Kuwait is expected to award projects in construction, petrochemicals and other sectors worth nearly five billion Kuwaiti dinars ($16.5 billion) in 2019, the highest project value since 2015, according to a local bank.

Projects awarded in the first quarter were worth about 700 million dinars ($2.31 billion) but they slowed down to 450 million dinars ($1.48 billion) in the second quarter, said the study by the National Bank of Kuwait.

The value of projects awarded in the third quarter until Sept 1 surged to nearly 1.4 billion dinars ($4.62 billion), showed the study, which was published on Tuesday by the Kuwaiti Arabic language daily Al-Rai.

"Our projections show that the total value of projects to be awarded this year will reach five billion dinars...this value is the highest since 2015," it said.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)


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