23 January, 2020

Kuwaiti firms win deals worth $3.9bln in 2019

Health ministry was the largest tender issuer last year

Image used for illustrative purpose. Construction workers looking at blueprint on construction site.

Image used for illustrative purpose. Construction workers looking at blueprint on construction site.

Getty Images

23 January 2020

Kuwaiti companies listed on the local bourse were awarded projects worth nearly 1.2 billion Kuwaiti dinars ($3.96 billion) in 2019, with oil and services accounting for more than half the contracts, a Kuwaiti newspaper reported on Thursday.

The project value in 2019 was nearly 27 percent higher than in 2018, when it totalled nearly 950 million dinars ($3.13 billion), Alanba said, citing official data.

The report showed 24 firms won 66 contracts in 2019 while 19 companies were awarded 62 projects in 2018.

Services projects in 2019 topped the list with a value of 469 million dinars ($1.54 billion), followed by oil contracts for around 244 million dinars ($805 million).

The report showed 13 construction projects were awarded in 2019 with a total value of about 242 million dinars ($798 million).

The Health Ministry emerged as the largest tender issuer in 2019, awarding projects worth nearly 349 million dinars ($1.16 billion). Contracts awarded by state oil firms were worth around 220 million dinars ($726 million).

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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